# EDGAR Filing Document

**Accession Number:** 0001944831
**File Stem:** 0001944831-26-000004
**Filing Date:** 2026-3
**Character Count:** 1564532
**Document Hash:** 644b8b6551c5fd3b655a7e3bc2f85fc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001944831-26-000004.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001944831-26-000004

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 404

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Willow Tree Capital Corp
- **CENTRAL INDEX KEY:** 0001944831

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

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01797
- **FILM NUMBER:** 26785784

**BUSINESS ADDRESS:**
- **STREET 1:** 450 PARK AVENUE
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 218-1099

**MAIL ADDRESS:**
- **STREET 1:** 450 PARK AVENUE
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

?xml version='1.0' encoding='ASCII'? wt-20251231

**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

_______________________________

**FORM 10-K**

_______________________________

**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.**

**For the fiscal year ended December 31, 2025**

**OR** 

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

**For the transition period from ________ to ________**

**Commission file number 814-01698**

_______________________________

**Willow Tree Capital Corporation**

**(Exact Name of Registrant as Specified in Its Charter)** 

_______________________________

---

| | |
|:---|:---|
| **Maryland** | **93-2706372** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **450 Park Avenue, 29**<sup>th</sup> **Floor,**<br>**New York, NY** | **10022** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (212) 218-1090**

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

**None** 

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

**Shares of Common Stock, par value $0.001 per share** 

**(Title of Class)** 

_______________________________

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

As of June 30, 2025, there was no established public market for the registrant's shares of common stock.

As of March 23, 2026, the registrant had 24,524,008 shares of common stock, par value $0.01 per share, outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE** 

Portions of the registrant's definitive proxy statement relating to the registrant's 2026 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days following the end of the registrant's fiscal year, are incorporated by reference in Part III of this Annual Report on Form 10-K as indicated herein.

------

**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**Willow Tree Capital Corporation** 

**FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **<u>[Part I](#i977704620ab3438e8579796242b87679_16)</u>** | **<u>[Part I](#i977704620ab3438e8579796242b87679_16)</u>** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1.](#i977704620ab3438e8579796242b87679_19) | <u>[Business](#i977704620ab3438e8579796242b87679_19)</u> | [3](#i977704620ab3438e8579796242b87679_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1A.](#i977704620ab3438e8579796242b87679_19) | <u>[Risk Factors](#i977704620ab3438e8579796242b87679_22)</u> | [26](#i977704620ab3438e8579796242b87679_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1B.](#i977704620ab3438e8579796242b87679_25) | <u>[Unresolved Staff Comments](#i977704620ab3438e8579796242b87679_25)</u> | [80](#i977704620ab3438e8579796242b87679_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1C.](#i977704620ab3438e8579796242b87679_28) | <u>[Cybersecurity](#i977704620ab3438e8579796242b87679_28)</u> | [80](#i977704620ab3438e8579796242b87679_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 2.](#i977704620ab3438e8579796242b87679_31) | <u>[Properties](#i977704620ab3438e8579796242b87679_31)</u> | [81](#i977704620ab3438e8579796242b87679_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 3.](#i977704620ab3438e8579796242b87679_34) | <u>[Legal Proceedings](#i977704620ab3438e8579796242b87679_34)</u> | [81](#i977704620ab3438e8579796242b87679_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 4.](#i977704620ab3438e8579796242b87679_37) | <u>[Mine Safety Disclosures](#i977704620ab3438e8579796242b87679_37)</u> | [81](#i977704620ab3438e8579796242b87679_37) |
| **<u>[Part II](#i977704620ab3438e8579796242b87679_40)</u>** | **<u>[Part II](#i977704620ab3438e8579796242b87679_40)</u>** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 5.](#i977704620ab3438e8579796242b87679_43) | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i977704620ab3438e8579796242b87679_43)</u> | [82](#i977704620ab3438e8579796242b87679_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 6.](#i977704620ab3438e8579796242b87679_46) | <u>[\[Reserved\]](#i977704620ab3438e8579796242b87679_46)</u> | [83](#i977704620ab3438e8579796242b87679_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 7.](#i977704620ab3438e8579796242b87679_49) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i977704620ab3438e8579796242b87679_49)</u> | [83](#i977704620ab3438e8579796242b87679_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 7A.](#i977704620ab3438e8579796242b87679_76) | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i977704620ab3438e8579796242b87679_76)</u> | [99](#i977704620ab3438e8579796242b87679_76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 8.](#i977704620ab3438e8579796242b87679_79) | <u>[Consolidated Financial Statements and Supplementary Data](#i977704620ab3438e8579796242b87679_79)</u> | [101](#i977704620ab3438e8579796242b87679_79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 9.](#i977704620ab3438e8579796242b87679_151) | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i977704620ab3438e8579796242b87679_151)</u> | [141](#i977704620ab3438e8579796242b87679_151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 9A.](#i977704620ab3438e8579796242b87679_154) | <u>[Controls and Procedures](#i977704620ab3438e8579796242b87679_154)</u> | [141](#i977704620ab3438e8579796242b87679_154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 9B.](#i977704620ab3438e8579796242b87679_157) | <u>[Other Information](#i977704620ab3438e8579796242b87679_157)</u> | [141](#i977704620ab3438e8579796242b87679_157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 9C.](#i977704620ab3438e8579796242b87679_160) | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](#i977704620ab3438e8579796242b87679_160)</u> | [141](#i977704620ab3438e8579796242b87679_160) |
| **<u>[Part III](#i977704620ab3438e8579796242b87679_163)</u>** | **<u>[Part III](#i977704620ab3438e8579796242b87679_163)</u>** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 10.](#i977704620ab3438e8579796242b87679_166) | <u>[Directors, Executive Officers and Corporate Governance](#i977704620ab3438e8579796242b87679_166)</u> | [142](#i977704620ab3438e8579796242b87679_166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 11.](#i977704620ab3438e8579796242b87679_169) | <u>[Executive Compensation](#i977704620ab3438e8579796242b87679_169)</u> | [142](#i977704620ab3438e8579796242b87679_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 12.](#i977704620ab3438e8579796242b87679_172) | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i977704620ab3438e8579796242b87679_172)</u> | [142](#i977704620ab3438e8579796242b87679_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 13.](#i977704620ab3438e8579796242b87679_175) | <u>[Certain Relationships and Related Transactions, and Director Independence](#i977704620ab3438e8579796242b87679_175)</u> | [142](#i977704620ab3438e8579796242b87679_175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 14.](#i977704620ab3438e8579796242b87679_178) | <u>[Principal Accountant Fees and Services](#i977704620ab3438e8579796242b87679_178)</u> | [142](#i977704620ab3438e8579796242b87679_178) |
| **<u>[Part IV](#i977704620ab3438e8579796242b87679_181)</u>** | **<u>[Part IV](#i977704620ab3438e8579796242b87679_181)</u>** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 15.](#i977704620ab3438e8579796242b87679_184) | <u>[Exhibits and Financial Statement Schedules](#i977704620ab3438e8579796242b87679_184)</u> | [143](#i977704620ab3438e8579796242b87679_184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 16 | <u>[Form 10-K Summary](#i977704620ab3438e8579796242b87679_632)</u> | [144](#i977704620ab3438e8579796242b87679_632) |
| <u>[SIGNATURES](#i977704620ab3438e8579796242b87679_187)</u> | <u>[SIGNATURES](#i977704620ab3438e8579796242b87679_187)</u> | [145](#i977704620ab3438e8579796242b87679_187) |

---

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**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**FORWARD LOOKING STATEMENTS**

This report contains forward-looking statements regarding the plans and objectives of management for future operations. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "target," "goals," "plan," "forecast," "project," other variations on these words or comparable terminology, or the negative of these words. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors discussed in Item 1A under "Risk Factors" in this Annual Report on Form 10-K (this "Annual Report"), as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our future operating results;

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

&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;• Changes in political, economic, or industry conditions, the interest rate environment, the imposition of tariffs, a prolonged shutdown of government services or conditions affecting the financial and capital markets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility of leveraged loan markets;

&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;• Risk of borrower default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate volatility could adversely affect our results, particularly because we intend to use leverage as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual and potential conflicts of interest with Willow Tree Capital Corp Advisors LLC (the "Adviser") and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to make distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the fair value of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geo-political conditions, including revolution, insurgency or war including those arising out of the ongoing conflicts between Russia and Ukraine, the ongoing turmoil in Europe, the Middle East and South America, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of increased competition among other entities and our affiliates for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competition with other entities and our affiliates for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of our Adviser to attract and retain highly talented professionals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to maintain tax treatment as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future changes in laws or regulations and conditions in our operating areas.

Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Annual Report because we are an investment company.

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**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**PART I.**

Unless indicated otherwise in this Annual Report or the context so requires, references to "Company," "we," "us," and "our" mean Willow Tree Capital Corporation. The term "Adviser" refers to Willow Tree Capital Corp Advisors LLC, our external investment adviser. The terms "Administrator" and "Willow Tree" refer to Willow Tree Credit Partners LP, our administrator.

**ITEM 1. BUSINESS** 

**The Company — Willow Tree Capital Corporation** 

We were formed on June 29, 2022 as a Maryland corporation. We seek attractive risk-adjusted returns (a measure of the excess return per unit of risk in an investment strategy) by investing primarily in floating rate middle market senior secured loans. We define "middle market" as companies with annual earnings before interest expense, income tax expense, depreciation and amortization, or "EBITDA" ranging from approximately $5 million to $75 million. These loans are typically secured with a priority lien on assets. Our investment objective is to maximize the total return to our shareholders in the form of current income and capital appreciation. To achieve our investment objective, we will leverage the Adviser's investment team's extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. We expect to generate returns primarily from interest income and fees from senior secured loans, with some capital appreciation through nominal junior capital co-investments.

We are externally managed by our Adviser, a Delaware limited liability company, pursuant to an investment management agreement between us and the Adviser (the "Investment Management Agreement"). Willow Tree Credit Partners LP ("Willow Tree") serves as our administrator (the "Administrator") pursuant to an administration agreement (the "Administration Agreement"). The Administrator provides all administrative services necessary for us to operate.

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

**The Adviser** 

Willow Tree Capital Corp Advisors LLC, serves as our external investment adviser. The Adviser is an indirect majority owned subsidiary of Willow Tree. The Adviser acts as our investment adviser pursuant the Investment Management Agreement, and is a registered investment adviser with the Securities and Exchange Commission (the "SEC") under the Advisers Act of 1940, as amended (the "Advisers Act"). Subject to the overall supervision of our Board of Directors (our "Board"), the Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments and monitoring our portfolio companies on an ongoing basis through a team of investment professionals. The Adviser has entered into a Resource Sharing Agreement (the "Resource Sharing Agreement") with Willow Tree, pursuant to which Willow Tree makes available to the Adviser certain of its employees, facilities, premises and systems to conduct its business. The Adviser is located at 450 Park Avenue, 29<sup>th</sup> Floor, New York, NY 10022.

The Adviser and its affiliates may provide management or investment services to others whose objectives overlap with ours. The Adviser may face conflicts in the allocation of investment opportunities to us and others. To address these conflicts, the Adviser has put in place an investment allocation policy that seeks to ensure fair and equitable allocation of investment opportunities over time. See "*Item 1A. Risk Factors — Risks Related to the Adviser and its Affiliates — The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us.*"

**Administrator** 

Willow Tree Credit Partners LP serves as our Administrator. The principal executive office of the Administrator is located at 450 Park Avenue, 29<sup>th</sup> Floor, New York, NY 10022. The Administrator provides the administrative services necessary for us to operate pursuant to an administration agreement between us and the Administrator (the "Administration Agreement"). See "*Item 1. Business—Administration Agreement*" below for a discussion of the fees and expenses we are required to reimburse to the Administrator.

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**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

The Administrator, on behalf of us and at our expense, may retain one or more service providers that may or may not also be affiliates of Willow Tree to serve as sub-administrator, custodian, accounting agent, investor services agent, transfer agent or other service provider for us. Any fees we pay, or indemnification obligations we undertake, in respect of the administrator and those other service providers that are Willow Tree affiliates, will be set at arm's length and approved by our Board. The Administrator entered into a sub-administration agreement with State Street Bank and Trust Company ("State Street") pursuant to which State Street receives compensation for its services.

**The Investment Team and Willow Tree**

Our investment objective is to maximize the total return to our shareholders in the form of current income and capital appreciation. We believe that the secondary markets in liquid credit, where debt instruments are freely traded and have a readily available market price, and illiquid credit, where loans are not publicly traded and do not have a readily available market price, may afford substantial opportunity to purchase loans at discounts to par. Discounts to par represent the excess of a debt instrument's stated redemption price at maturity over its issue price, generally characterized and paid out as upfront fees and/or original issue discounts. In addition, we believe there may be attractive opportunities in the primary market, where investments are purchased and participated in at issuance, to provide capital at what we believe to be attractive risk-adjusted returns, with limited competition based on the number of direct lending peers, to borrowers who may have more limited financing alternatives due to macroeconomic pressures.

Willow Tree and its affiliates, led by industry veterans Timothy Lower and James Roche, as of December 31, 2025 manages in excess of $5 billion across multiple funds, discretionary and non-discretionary accounts, subscriptions and leveraged loan investment strategies, along with available leverage. Having worked together previously at the merchant banking business unit of Royal Bank of Canada and invested alongside each other at legacy institutions Ares Management and Blackstone/GSO, Mr. Lower and Mr. Roche share a common view on the execution of our investment strategy in the current market environment. We believe their backgrounds are particularly well suited for investing during periods of market dislocation, or significant volatility in the financial markets, where companies are navigating the impact of macroeconomic pressures. Their experience includes the execution of large portfolio purchases and the management of large pools of leveraged loans during and after the Great Financial Crisis of 2007-2008 ("GFC"). They are supported by a seasoned team of investment professionals with many years of private credit investing experience, many of whom have been with Willow Tree since shortly after its inception.

The Adviser's diligence process and deployment strategy is further supported by operating advisors to Willow Tree who provide a local market presence throughout the country and expertise across industry sectors, including technology, business services, industrials and manufacturing, healthcare and consumer products and services (the "Operating Advisors"). Our Operating Advisors are a network of former C-suite executives, business founders, principals of private investment firms (including private equity funds), former investment bankers, industry sector thought leaders and similar individuals with whom we have developed close working relationships. Having invested for decades with both middle market and liquid credit market participants, Willow Tree senior management believes that it can leverage relationships for advantaged deployment opportunities, where relationships forged over decades with sponsors and borrowers may afford us a potential first look at new deployment opportunities providing a potential advantage over peers. In addition, Willow Tree generally does not have restrictions on the minimum size of its investment, and has few advisor conflicts or competing internal mandates that larger players in the market experience, which we believe leaves Willow Tree poised to execute on its niche strategy.

All investment decisions will require the unanimous consent of the members of the Investment Committee comprised of Timothy Lower, James Roche and Alex Dashiell. The Investment Committee may be advised by certain senior investment professionals of Willow Tree from time to time. The Investment Committee draws upon the experience of Willow Tree's investment team and Operating Advisors to source and evaluate investments. The current members of the Investment Committee have over 80 years of combined investment experience across credit asset classes, in companies both large and small, and through all phases of credit cycles.

Our administrative and executive offices are located at 450 Park Avenue, 29<sup>th</sup> Floor, New York, NY 10022.

**Formation Transactions** 

Prior to us electing to be regulated as a BDC (the "BDC Election"), on November 8, 2024, we entered into an agreement and plan of merger (the "Onshore Merger Agreement") with Willow Tree Capital Fund, LLC, a Delaware limited liability company managed by the Adviser (the "Onshore Fund"). Under this agreement, the Onshore Fund would merge with and

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into us, with us surviving the merger (the "Onshore Merger"). Before completing the Onshore Merger, the Adviser served as the investment adviser to the Onshore Fund. According to the Onshore Merger Agreement, the members of the Onshore Fund would receive approximately 0.99 shares of our common stock, par value $0.01 per share (the "Common Stock"), for each unit of membership interest held by such members. The Onshore Merger closed on November 8, 2024, prior to the BDC Election. As a result, we issued 6,939,661 shares of Common Stock and acquired a portfolio of assets consisting of 96 loans to 32 borrowers (including term loans, delayed draw term loans, and revolvers), cash, and other assets (collectively, the "Onshore Assets"), which had an aggregate net asset value of $108.9 million.

Contemporaneously with entering the Onshore Merger Agreement, and prior to us making the BDC Election, on November 8, 2024, we entered into an agreement and plan of merger (the "Offshore Merger Agreement" and, together with the Onshore Merger Agreement, the "Merger Agreements") with Willow Tree Capital Offshore Fund, LLC, a Cayman Islands limited liability company managed by the Adviser (the "Offshore Fund"). Under this agreement, the Offshore Fund would merge with and into us, with us surviving the merger (the "Offshore Merger" and, together with the Onshore Merger, the "Mergers"). Before completing the Offshore Merger, the Adviser served as the investment adviser to the Offshore Fund. According to the Offshore Merger Agreement, the members of the Offshore Fund would receive one (1) share of Common Stock for each unit of membership interest held by such members. The Offshore Merger closed on November 8, 2024, prior to the BDC Election. As a result, we issued 4,803,384 shares of Common Stock and acquired a portfolio of assets consisting of 51 loans to 26 borrowers (including term loans, delayed draw term loans, and revolvers), cash, and other assets (collectively, the "Offshore Assets"), which had an aggregate net asset value of $75.4 million.

Immediately following the completion of the Mergers, our total assets were approximately $389.0 million, consisting of 99 loans to 33 borrowers (including term loans, delayed draw term loans, and revolvers), cash, and other assets.

**Competition** 

We operate in a highly competitive market for investment opportunities. We compete for investments with various other investors, such as other public and private funds, other BDCs, commercial and investment banks, commercial finance companies and to the extent they provide an alternative form of financing, private equity funds, some of which may be our affiliates. Other entities on the Willow Tree platform (the "Willow Tree Funds") may have investment objectives that overlap with ours, which may create competition for investment opportunities. Many competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that will not be available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we do, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act and the Code impose on us. The competitive pressures could impair our business, financial condition, and results of operations. As a result of this competition, we may not be able to take advantage of attractive investment opportunities.

**Our Business Strategy** 

***Investment Objective***

**Overview**

Our investment strategy is to leverage the differentiated strengths of the Willow Tree platform to source, originate, purchase, and manage illiquid and liquid leveraged loans and provide capital solutions to borrowers in need of liquidity and strategic deleveraging capital. Specifically, we may offer deleveraging capital solutions geared towards reducing borrowers' cash outlay to meet debt service obligations and to enhance free cash flow generation that can be reinvested into the business.

We believe the Adviser possesses the following strengths that distinguishes it from other market participants. Highlights of our investment strategy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cycle-Tested, Experienced Team**. The Adviser team is led by Mr. Lower and Mr. Roche, who reunited at Willow Tree in 2017 after successful careers building two large direct lending businesses at Ares Management and Blackstone/GSO, respectively. Mr. Lower and Mr. Roche together have more than 50 years of investment experience across credit asset classes, in companies both large and small, and through all phases of credit cycles. Throughout their respective careers, Mr. Lower and Mr. Roche have managed very large pools of leveraged loans before, during and after the GFC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Distinctive Origination Capabilities**. The Adviser expects to originate investment opportunities through the existing relationships of the Willow Tree investment team and the local market presence provided by Willow Tree's network of Operating Advisors, who are not compensated by us, but with whom we have developed close working relationships.

![WT Image - distinctive origination capabilities.jpg](wt-20251231_g1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Avenues of Deployment in Dislocated Liquid Credit Market**. Willow Tree believes that it has built relationships with market makers and advisors forged over decades of participating in the private debt markets and the broadly syndicated leveraged loan space. Willow Tree has cultivated strong relationships with the C-suites of many collateralized loan obligation ("CLO") managers who may provide sourcing opportunities for CCC names, single-B names facing downgrades, and even potential portfolio purchases. Further, Willow Tree believes that it has knowledge and access to CLO managers, their respective portfolios and underlying borrowers, thereby favorably positioning Willow Tree to bid for quality, well-diligenced assets at discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Established Relationship Network of Private Credit Managers.** Prior to Willow Tree, the Adviser's senior management was involved in the founding and/or growth of two of the largest private credit platforms in the world. As leaders in the growth of the private credit asset class, Mr. Lower and Mr. Roche believe that they have developed longstanding relationships with the C-suites of asset management firms. These relationships may provide advanced looks and advantageous purchase opportunities of loans or portfolios of loans as managers look to rebalance or deleverage funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating Advisors Support Diligence and Bespoke Local Market Origination**. Willow Tree's network of Operating Advisors provides the platform with a local market presence throughout the country. As of December 2025, the platform includes Operating Advisors based across the U.S., including Atlanta, Charleston, Charlotte, Chicago, Dallas, Detroit, Los Angeles, New Orleans, and New York. Willow Tree believes that this will enable it to build and maintain relationships with underserved financial sponsors outside the major metropolitan markets, as well as to generate what we believe to be attractive, proprietary non-sponsored investment opportunities through the fragmented and hard-to-reach universe of regional business owners, executives and intermediaries.

***Portfolio Construction Considerations***. In constructing a portfolio to generate what we believe to be attractive risk-adjusted returns, the Adviser will adhere to the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Illiquid Credit**. The Adviser focuses on directly originated floating rate middle market senior secured loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquid Credit.** The Adviser may, from time to time, consider opportunities in the liquid credit market to purchase broadly syndicated loans ("BSL") when such loans are sold at discounts, which could be a result of, among other things, overall economic disruption, ratings downgrades and potential forced selling behavior within the CLO market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Senior Secured Loan Focus**. Our focus is to invest in senior secured, floating rate middle market loans, which are loans that are secured by a pledge of collateral with a priority lien on assets upon repayment. On a selective basis, we will also potentially make junior capital investments, which are unsecured and take a subordinated

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position in the capital structure, in situations where the Adviser possesses a high degree of conviction, based on industry knowledge or other factors, in the attractiveness of the investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Floating Rate Assets**. We intend to make investments in securities primarily with floating rate structures to insulate investors from the risk of rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Judicious Use of Company Leverage to Enhance Returns**. We utilize modest leverage to enhance the return potential to investors but plan to target a debt-to-total equity ratio of less than 1.25:1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emphasis on Capital Preservation**. We seek to invest in middle market businesses with proven, experienced management teams and with low or manageable exposure to cyclical end markets. Downside protection may come in a variety of forms, including targeting investments where there is marketable property, plant or equipment, available working capital, or separable, non-strategic divisions or hard assets that can be monetized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disciplined Investment Processes**. The Adviser anticipates maximizing risk-adjusted returns through disciplined investment underwriting, rigorous surveillance and analysis of macroeconomic, market and industry factors, and active monitoring and management of portfolio investments. In order to seek to achieve our objectives of maximizing the total return to our shareholders in the form of current income and capital appreciation, our investment orientation will be defensive and patient. Structuring and monitoring will be focused on early detection of credit risks and immediate intervention to the extent such situations surface.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Geographic Focus on U.S. Borrowers**. We expect to invest primarily in companies located and primarily operating in the U.S. The Adviser intends to manage our geographic diversification within the U.S. and seeks to limit any concentrated exposure to individual regions, states or cities. We may occasionally make investments in non-U.S. companies in North America on favorable terms, accounting for risks associated with such investments.

***Investment Process***

The investment process spans the entire lifecycle of an investment, from initial screening through underwriting and execution to exit. The Adviser leverages its differentiated platform to drive both sponsored and non-sponsored originations, and it employs deep-dive, private equity-style due diligence by utilizing the substantial resources of the Adviser and the

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Willow Tree investment team and its Operating Advisors. The Adviser also believes that active portfolio monitoring, including regular internal investment ratings updates, will position us to generate strong risk-adjusted returns.

![WT - Investment Process.jpg](wt-20251231_g2.jpg)

***Sourcing***

We believe that the combined resources of Willow Tree—its experienced team, multi-channel origination model, specialized investment capabilities, industry expertise, merchant banking services, and access to proprietary investment opportunities—create a differentiated business model with unique capabilities to source and execute investments with attractive risk-adjusted return profiles.

***Distinctive Origination Capabilities.*** The Adviser expects to originate investment opportunities through the existing relationships of the Willow Tree investment team and the local market presence provided by Willow Tree's network of Operating Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's direct origination activities is led by Mr. Lower, Mr. Roche and Mr. Alex Dashiell, who are seasoned investors with broad networks in the middle market lending sector. Mr. Lower, our President and Chief Executive Officer, also serves as the Chief Executive Officer and Chief Investment Officer of the Adviser and Willow Tree, and Mr. Roche serves as the Chief Credit Officer of the Adviser and Willow Tree. Prior to joining Willow Tree, they each were instrumental in leading the origination efforts for the direct lending businesses of their respective predecessor institutions. As a founding member of the Ares private debt team, Mr. Lower was a significant contributor in driving the growth of that platform from $165 million of assets under management ("AUM") at inception to $30.7 billion as of December 31, 2016. Mr. Roche was the head of private credit origination during the ramp up of a private BDC complex advised by Blackstone/GSO. During Mr. Roche's tenure, this complex at Blackstone/GSO grew to become the world's largest manager of BDCs with $17.2 billion in AUM as of December 31, 2016. Mr. Dashiell has served as Head of Origination at Willow Tree since 2020. Prior to joining Willow Tree, Mr. Dashiell served as a Managing Director in BlackRock's Global Credit Group and Ares Management. Mr. Dashiell has been investing across the capital structure in private middle market businesses since 2007 and as a result has developed strong relationships with financial sponsors and market participants. Willow Tree believes that the origination capabilities and experience of its senior management team represent an important competitive advantage compared to other middle market direct lending businesses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Willow Tree's network of Operating Advisors provides the platform with a local market presence throughout the country. As of December 31, 2025, the platform includes Operating Advisors based across the U.S., including Atlanta, Charleston, Charlotte, Chicago, Dallas, Detroit Los Angeles, New Orleans, and New York. Willow Tree believes that this will enable it to build and maintain relationships with underserved financial sponsors outside the major metropolitan markets, as well as to generate attractive, proprietary non-sponsored investment opportunities through the fragmented and hard-to-reach universe of regional business owners, executives and intermediaries.

***New Avenues of Deployment in Dislocated Liquid Credit Market.*** Willow Tree maintains relationships with market makers and advisors that have been forged over decades of participating in the private debt markets and the broadly syndicated leveraged loan space. Willow Tree has cultivated strong relationships with the C-suites of many CLO managers who may provide sourcing opportunities for CCC names, single-B names facing downgrades and even potential portfolio purchases.

***Established Relationship Network of Private Credit Managers.*** The Adviser's senior management have been involved in the founding and/or growth of two of the largest private credit platforms in the world. As leaders in the growth of the private credit asset class, Mr. Lower, Mr. Roche and Mr. Dashiell have developed longstanding relationships with the C-suites of asset management platforms. These relationships may provide advanced or advantaged purchase opportunities of loans or portfolios of loans as managers look to rebalance or deleverage funds.

***Screening and Due Diligence***

The Adviser's due diligence process focuses on in-depth credit research intended (1) to evaluate investment opportunities consistent with the Adviser's investment thesis and (2) to identify risks and opportunities that can inform transaction structuring. The Adviser's investment professionals will conduct extensive analysis and due diligence to determine which investment opportunities exhibit strong risk-adjusted return profiles. The diligence process carried out by the Adviser's investment professionals may include, but is not limited to, analysis of publicly available information, on-site information gathering and analysis of company specific, sector specific and general market trends. The Adviser also leverages its network of Operating Advisors for industry and market perspectives.

***Initial Deal Screening.*** Inbound investment opportunities will be assigned a deal team (with respect to any investment opportunity, the "Deal Team"), which will be responsible for creating an initial screen of the investment opportunity to be reviewed by the Investment Committee. The Deal Team will review all of the preliminary information provided (e.g., Confidential Information Memorandum, Management Presentation, etc.), conduct desktop research and prepare a screening memorandum (the "Deal Screen") which will include: (i) the nature of the investment that the Adviser is considering, (ii) how the opportunity was sourced, (iii) the anticipated timeline, (iv) how competitive the process is expected to be, (v) initial impressions about the merits and risks associated with the proposed transaction and (vi) an early assessment of the prospective portfolio company's positioning within its served end markets. Once completed, Deal Screens will be submitted to the Investment Committee for review and discussed at the weekly pipeline meeting. Based on the information provided, the Investment Committee will decide whether to proceed further with the investment opportunity.

***Due Diligence.*** If an investment opportunity passes through the initial Deal Screening process, the Deal Team will begin a more rigorous due diligence process and maintain a dialogue with the Investment Committee about its findings at the weekly pipeline meetings. The due diligence process will typically include a combination of: (i) attending a management meeting, (ii) reviewing the contents of an electronic data room, (iii) reviewing available third-party materials (including Quality of Earnings Report, Industry Study, Legal Report, etc.), (iv) conducting customer and supplier calls whenever possible, and (v) conducting calls with industry experts (through third-party services such as Gerson Lehrman Group or Alpha Insights) or Operating Advisors.

Key diligence topics that the Deal Team will research include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structure (pricing, leverage, key terms, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment rationale, key risks and the way those risks are expected to be mitigated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nature of the business and its future prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Positioning relative to its closest competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industry trends, especially whether there are significant headwinds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory or legal factors that pose a risk to the business or may serve as growth catalysts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analysis of historical financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unique legal and tax factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forecasting potential outcomes, ranging from management's growth case to a conservative downside case.

In addition, although the Adviser does not have any specific environmental, social and governance ("ESG") objectives for our investments, the Adviser may incorporate ESG factors obtained from third party service providers into its fundamental company analysis, believing that ESG issues have the potential to materially impact future business prospects or earnings power. The Deal team may use ESG inputs to help identify the potential effect on certain individual investments. While ESG factors may be considered as an input into the overall research process, these factors not expected to be the primary factor in the selection or exclusion of an issuer for investment.

During the diligence process, the Deal Team will prepare an early stage Investment Committee update covering preliminary due diligence findings to be reviewed by Investment Committee. The Deal Team and Investment Committee will then discuss updated views on the investment opportunity at the weekly pipeline meeting and the Investment Committee will determine whether or not to proceed with further diligence of the investment opportunity.

***Final Due Diligence and Investment Committee Approval.*** If after preliminary due diligence findings, an investment opportunity is deemed to be attractive, the Deal Team will complete its due diligence and finalize an Investment Committee Memorandum ("IC Memo"). After the Investment Committee has reviewed the IC Memo, preliminary questions will be collated and sent to the Deal Team. Prior to the Investment Committee meeting, the Deal Team will conduct research to answer submitted questions.

***Monitoring and Risk Management***

The active monitoring of portfolio investments is an indispensable component of the Adviser's overall strategy for achieving attractive risk-adjusted returns for us. The Deal Team for an investment retains responsibility for tracking the performance of that investment and providing timely updates to the Adviser's Investment Committee. The Adviser believes that actively monitoring an investment allows the team to identify problems early and work with companies to develop constructive solutions when necessary. Its portfolio monitoring protocols are based on the conviction that optimal outcomes for lenders cannot be achieved without maintaining a deep understanding of both company-specific issues and more general industry trends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Analysis of Portfolio Company Reporting.*** The receipt and analysis of the borrower's financial reporting package forms the basis of the Adviser's portfolio monitoring effort. The Adviser typically receives detailed financial information either on a monthly or quarterly basis, and the Deal Team tracks the performance of the borrower against its budget for the year as well as compared to its prior year's performance. The Deal Team also compares the borrower's actual performance against both the borrower's projections from the initial investment as well as the Adviser's own underwriting forecast. This latter analysis forms the basis of the Adviser's periodic internal investment rating discussions. When evaluating performance, the Adviser's team emphasizes not only income statement measures such as revenue and EBITDA, but also free cash flow generation and credit statistics such as leverage, interest coverage ratio, and fixed charge coverage ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Management and/or Sponsor Dialogue.*** Another critical component of the Deal Team's ongoing portfolio monitoring is frequent dialogue with management and (when applicable) the private equity sponsor. In some cases, this may take the form of a scheduled monthly or quarterly update call with a presentation, prepared remarks followed by a question and answer session. In most instances, however, the Adviser expects to have a more open dialogue with management and/or the private equity sponsor as a result of longstanding relationships with sponsors. The Adviser typically seeks to establish multiple points of contact within a borrower's organization (e.g., CEO, CFO, and Controller) to more efficiently direct specific questions or data requests. The Adviser may also have in-person lender meetings, either on site at one of our facilities or elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Continuous Consultation with Experts.*** The Adviser continues to seek outside expert opinions and industry insights throughout its investment hold period. In addition to the review of financial reporting and discussions with management, the active monitoring of investments also includes industry research by the Deal Team and periodic calls with outside experts to help corroborate information provided by management or the sponsor. As

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with the underwriting of new investments, the Adviser is able to access a wide network of industry veterans through its own relationships and those of the Operating Advisor network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Internal Reporting.*** The Adviser's portfolio monitoring process entails keeping the Investment Committee apprised of the borrower's financial performance, including any significant deviations from the underwriting forecast at the time of the initial investment. On at least a quarterly basis, the Deal Team prepares detailed memoranda and other relevant documents for the Investment Committee's review that provide a clear picture of the financial health of the borrower and of our investment. These documents summarizes the information gathered by the Deal Team from financial reporting and other materials provided by the borrower, conversations with management and the controlling shareholders, and any feedback from third-party experts pertaining to recent developments in the industry and the overall state of the borrower's market and competitive landscape.

***Investment Ratings.***

The portfolio monitoring process includes the establishment of internal risk ratings for each investment in the portfolio and reassessment of such ratings during the investment hold period. Memoranda prepared to update the Investment Committee and document the Deal Team's ongoing portfolio monitoring efforts will also be utilized to determine whether changes to internal risk ratings are warranted. The following risk rating scale is used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Investment Rating 1</u> is strong financial condition, trending positive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Investment Rating 2</u> is stable and performing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Investment Rating 3</u> is trending downward, but no expected principal loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Investment Rating 4</u> is non-accrual, possible principal impairment.

All investments that carry a risk rating of 4 is reviewed at least once per month with the Adviser's Chief Credit Officer, who is responsible for overseeing our restructuring processes. Activities relating to such investments ranges from a heightened level of interfacing with management and all other capital constituents to hiring financial and legal advisers in furtherance of a balance sheet restructuring. When deemed necessary, the Adviser professionals may participate as members or leaders of ad hoc creditors' committees and/or be called upon to testify in bankruptcy court on behalf of a certain class of creditors.

***Exit***

With respect to the investments in which the Adviser will hold an equity or quasi-equity position, the Adviser will attempt to identify an exit approach prior to making an investment and will proactively monitor exit possibilities throughout the investment cycle. Many factors may influence the Adviser's decision to exit a portfolio company, including our potential for future growth and relevant market conditions. In certain circumstances, the Adviser will seek to monetize a portion of its equity investment with proceeds from a recapitalization, debt raise or divisional or asset sale. These partial realizations can serve to reduce the risk of an investment by decreasing our exposure while simultaneously preserving some of the upside return associated with a potential change of control sale or public equity offering.

***Payment of the Company's Expenses***

All investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine compensation-related overhead expenses of such personnel allocable to these services, are provided and paid for by the Adviser and/or its affiliates, and not by us. We bear all other out-of-pocket costs and expenses of its operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all direct and indirect costs and expenses incurred by the Adviser for office space rental, office equipment, utilities and other non-compensation related overhead allocable to performance of investment advisory services under the Investment Management Agreement by the Adviser, including the costs and expenses of due diligence of potential investments, monitoring performance of our investments, serving as directors and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing our rights in respect of our investments and disposing of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational and offering expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred in valuing our assets and computing our net asset value ("NAV") per share (including the cost and expenses of any independent valuation firm);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred by our Administrator or payable to third parties, including agents, consultants or other advisors, in monitoring financial, legal, regulatory, and compliance affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest payable on debt, if any, incurred to finance our investments and other fees and expenses related to our borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses related to unsuccessful portfolio acquisition efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offerings of our shares of Common Stock and other securities (including underwriting, placement agent and similar fees and commissions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management fees and incentive fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third party investor hosting and similar platforms and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent and custody fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs of registration and listing our shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing and filing reports or other documents required by the SEC or other regulators;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investor hosting and similar platforms and service providers, and outside legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other expenses incurred by us, the Adviser, or Willow Tree in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent, and the allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs.

**Distributions; Dividend Reinvestment Program**

We have adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of our dividends and other distributions on behalf of our shareholders, unless a shareholder elects to receive cash as provided below. As a result of adopting such a plan, if our Board authorizes, and we declare, a cash dividend or distribution, our shareholders who have not opted out of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of our Common Stock, rather than receiving cash. No action will be required on the part of a registered shareholder to have his or her cash dividends and distributions reinvested in shares of our Common Stock. A registered shareholder could instead elect to receive a dividend or distribution in cash by notifying the Adviser in writing, so that such notice is received by the Adviser no later than 10 days prior to the record date for distributions to the shareholders. The Adviser will set up an account for shares of our Common Stock acquired through the DRIP for each shareholder who does not elect to receive dividends and distributions in cash and hold such shares of Common Stock in non-certificated form. Those shareholders whose shares of Common Stock are held by a broker or other financial intermediary could receive dividends and distributions in cash by notifying their broker or other financial intermediary of their election. There will be no brokerage charges or other charges to shareholders who participate in the plan.

The number of shares of our Common Stock to be issued to a shareholder under the DRIP will be determined by dividing the total dollar amount of the distribution payable to such shareholder by the NAV per share, as of the last day of the calendar quarter immediately preceding the date such distribution was declared. We intend to use newly issued shares of Common Stock to implement the DRIP.

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The DRIP will be terminable by us upon notice in writing mailed to each shareholder of record at least 30 days prior to any record date for the payment of any distribution by us.

**Investment Management Agreement** 

***General***

The description below of the Investment Management Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference to the Investment Management Agreement.

Under the terms of the Investment Management Agreement, the Adviser is responsible for the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating and negotiating the structure of the investments made by us (including by performing due diligence on prospective portfolio companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing, closing, servicing and monitoring our investments;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising voting rights in respect of portfolio securities and other investments for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving on, and exercising observer rights for, boards of directors and similar committees of our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

The Adviser's services under the Investment Management Agreement are not exclusive, and it is free to furnish similar services to other entities.

***Term*** 

We have entered the Investment Management Agreement, dated as of November 8, 2024 with the Adviser. The Investment Management Agreement initially has a term of two years. Thereafter, the Investment Management Agreement will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case, a majority of directors who are not "interested persons" as such term is defined in Section 2(a)(19) of the 1940 Act (the "independent directors").

The Investment Management Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of penalty, we may terminate the Investment Management Agreement with the Adviser upon 60 days' written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares of Common Stock. "Majority of the outstanding shares" means the lesser of (1) 67% or more of the outstanding shares of Common Stock present at a meeting, if the holders of more than 50% of the outstanding shares of our Common Stock are present or represented by proxy or (2) a majority of outstanding shares of our Common Stock. In addition, without payment of penalty, the Adviser may generally terminate the Investment Management Agreement upon 60 days' written notice.

***Removal of the Adviser***

The Adviser may be removed by the Board or by the affirmative vote of a majority of holder of outstanding shares.

***Compensation of the Adviser***

Under the Investment Management Agreement, we pay the Adviser a fee for its services. The fee consists of two components: a Management Fee (as defined below) and an Incentive Fee (as defined below). Each of the Management Fee and the Incentive Fee are payable on the terms described below.

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*Management Fee*

The management fee ("Management Fee") is payable quarterly in arrears and will be payable at an annual rate of 1.25% of our net assets (defined as total assets less total liabilities at the end of the most recently completed calendar quarter). The Management Fee for any partial quarter will be prorated during the relevant calendar quarter.

*Incentive Fee*

We pay the Adviser an incentive fee ("Incentive Fee") as set forth below. The Incentive Fee consists of two parts: an investment-income component and a capital gains component. These components are largely independent of each other, with the result that one component may be payable even if the other is not.

*Investment Income Incentive Fee*

Under the investment-income component, we pay the Adviser an incentive fee with respect to pre-incentive fee net investment income. The investment-income component will be calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding fiscal quarter. Payments based on pre-incentive fee net investment income will be based on the pre-incentive fee net investment income earned for the quarter.

For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees received from portfolio companies) accrued during the fiscal quarter, minus operating expenses for the quarter (including the Management Fee, expenses payable under any administration agreement and dividends paid on any issued and outstanding preferred stock, 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 payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash; provided, however, that the portion of the investment-income incentive fee attributable to deferred interest features will be paid, only if and to the extent received in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write off or similar treatment of the investment giving rise to any deferred interest accrual, applied in each case in the order such interest was accrued. Such subsequent payments in respect of previously accrued income will not reduce the amounts payable for any quarter pursuant to the calculation of the investment-income component described above. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income, expressed as a rate of return on the value of net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.50% per quarter (6.00% annualized). We will pay the Adviser an investment-income incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.No investment-income incentive fee in any calendar quarter in which pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.714% in any calendar quarter (6.857% annualized) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.714% is referred to as the "catch-up"; the "catch-up" is meant to provide the Adviser with 12.50% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.714% in any calendar quarter); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.50% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.714% in any calendar quarter (6.857% annualized) payable to the Adviser (once the hurdle is reached and the catch-up is achieved, 12.50% of all pre-incentive fee net investment income thereafter is allocated to the Adviser).

The following is a graphical representation of the calculation of the investment-income component of the incentive fee:

Pre-Incentive Fee Net Investment Income (express as a percentage of the value of net assets)

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| | | |
|:---|:---|:---|
| 0% | 1.50% | 1.714% |
| ← 0% → | ← 100% → | ← 12.5% → |

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*Capital Gains Incentive Fee*

Under the capital gains component, we will pay the Adviser at the end of each calendar year 12.50% of aggregate cumulative realized capital gains from the date of our election to be regulated as BDC through the end of that year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees.

We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation. The capital gains component of the Incentive Fee will not be subject to any minimum return to shareholders.

***Limitations of Liability and Indemnification***

The Adviser and its officers, members of the Board, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its sole member, are not liable to us for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under the Investment Management Agreement or otherwise as our adviser (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services).

We will indemnify the Adviser and its officers, members of the Board, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the "Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under the Investment Management Agreement or otherwise as our adviser. However, the Indemnified Parties shall not be entitled to indemnification in respect of, any liability to us or our shareholders to which the Indemnified Parties would otherwise be subject by reason of criminal conduct or bad faith, gross negligence, actual fraud or willful misconduct with respect to our affairs.

***Board Approval of the Investment Management Agreement***

At an in-person meeting held on October 24 - 25, 2024, our Board considered, deemed to be in our best interest, and approved the Investment Management Agreement in accordance with applicable 1940 Act requirements, including any SEC exemptive relief, no-action or other guidance issued by the staff of the SEC. Our Board was provided with information it required to consider the Investment Management Agreement, including: (a) the nature, quality and extent of the advisory and other services that the Adviser will provide to us; (b) the investment performance of individuals affiliated with us and the Adviser; (c) comparative data with respect to advisory fees or similar expenses paid by other BDCs with similar investment objectives; (d) our projected operating expenses and expense ratio compared to BDCs with similar investment objectives; (e) any existing and potential sources of indirect income to the Adviser from its relationship with us and the profitability of those relationships; (f) information about the services to be performed and the personnel performing such services under the Investment Management Agreement; (g) the organizational capability and financial condition of the Adviser and its affiliates; (h) the Adviser's practices regarding the selection and compensation of brokers that may execute portfolio transactions for us and the broker's provision of brokerage and research services to the Adviser; (i) and the possibility of obtaining similar services from other third party service providers or through an internally managed structure.

**Administration Agreement** 

We have entered into an Administration Agreement with Willow Tree on November 8, 2024. The description set forth below is qualified in its entirety by reference to the Administration Agreement.

Under the terms of the Administration Agreement, Willow Tree performs, or oversees the performance of, administrative services, which include, but are not limited to, 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, which could include employees of Willow

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Tree or its affiliates. We reimburse Willow Tree for services performed for us pursuant to the terms of the Administration Agreement.

In addition, pursuant to the terms of the Administration Agreement, Willow Tree may delegate its obligations under the Administration Agreement to an affiliate or to a third party, and we will reimburse Willow Tree for any services performed for us by such affiliate or third party. To the extent that Willow Tree outsources any of its functions, we will pay the fees associated with such functions on a direct basis, without profit to Willow Tree. Willow Tree entered into a Sub-Administration agreement with State Street Bank and Trust Company on November 8, 2024.

The Board, including a majority of independent directors, will review the compensation paid to the Administrator to determine if the provisions of the Administrative Agreement are carried out satisfactorily and to determine, among other things, whether the fees payable under the Administrative Agreement are reasonable in light of the services provided.

Unless earlier terminated, the Administration Agreement will remain in effect for a period of two years from the date it first became effective, and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of its outstanding voting securities and, in each case, a majority of the independent directors. We may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares of Common Stock. In addition, the Administrator may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice.

The Administration Agreement provides that the Administrator and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any of them, including the Adviser (the "Indemnified Parties"), are not liable to us for any action taken or omitted to be taken by the Administrator in connection with the performance of the Administrator's duties or obligations under the Administration Agreement or otherwise as our administrator and we shall indemnify, defend and protect such Indemnified Parties, and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or our right or our shareholders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for us, subject to certain exceptions.

**License Agreement** 

On November 8, 2024, we entered into a license agreement with Willow Tree under which Willow Tree has agreed to grant us a non-exclusive royalty-free license to use the name "Willow Tree" and the Willow Tree logo. Under the License Agreement, we have the right to use the "Willow Tree" name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Willow Tree" name. The License Agreement will remain in effect for so long as the Investment Management Agreement with the Adviser is in effect.

The description above is only a summary of the material provisions of the License Agreement and is qualified in its entirety by reference to the copy of the License Agreement.

**Resource Sharing Agreement** 

The Adviser has entered into the Resource Sharing Agreement with Willow Tree, pursuant to which Willow Tree makes available to the Adviser certain of its employees, facilities, premises and systems to conduct its business.

**The Private Offering**

We are offering on a continuous basis shares of our Common Stock (the "Private Offering"), pursuant to the terms set forth in subscription agreements that we will enter into with investors in connection with the Private Offering (each, a "Subscription Agreement"). Shares of our Common Stock described herein have not been registered under the 1933 Act, the securities laws of any other state or the securities laws of any other jurisdiction. Our Common Stock will be offered and sold (i) in the United States under the exemption provided by Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, and (ii) outside of the United States in accordance with Regulation S of the 1933 Act. Shares of our

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Common Stock described herein will constitute "restricted securities" under the 1933 Act and as such will be subject to certain restrictions on transferability. Shares of our Common Stock may not be transferred or sold unless the shares have been registered under the 1933 Act or an exemption from registration is available. There is no assurance that our Common Stock will be registered for sale under the 1933 Act or under securities laws of any other jurisdiction.

Investors have the following two options available to them in connection with their proposed purchase of our Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enter into capital commitment arrangements (the "Capital Commitments") with us to purchase shares of our Common Stock, pursuant to which the investor will be required to fund drawdowns to purchase shares of our Common Stock up to the amount of their respective Capital Commitments each time we deliver a drawdown notice (investors electing this option are referred to herein as "Capital Commitment Investors"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make an immediate cash investment in connection with their purchase of shares of our Common Stock (investors electing this option are referred to herein as the "Upfront Cash Payment Investors").

Investors will be required to enter into a different subscription agreement with us depending on which option they have selected. Please find below information about the two different types of subscription agreements (i.e., one for Capital Commitments Investors and the other for Upfront Cash Payment Investors) and related matters and processes with respect thereto.

Beginning in the second quarter after the one-year anniversary of the date of the BDC Election, we intend to conduct quarterly tender offers to repurchase up to 5% quarterly (up to 20% annually) of the value of our outstanding shares of Common Stock (the "Share Repurchase Program"), subject to certain restrictions and limitations, including the approval of our Board; provided, however, that the shares of Common Stock held by certain anchor investors (the "Anchor Investors") may be subject to lock-up periods, during which there will be no liquidity available in respect of any shares of Common Stock held by the Anchor Investors (each, a "Lock-up Period"). Additionally, we may, from time to time, undertake special tender offers to repurchase amounts in excess of 5% of the value of our outstanding shares of Common Stock, subject to certain restrictions and limitations. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the Share Repurchase Program if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, and subject to compliance with applicable covenants and restrictions under our financing arrangements. All shares purchased by us pursuant to the terms of each tender offer thereafter will be authorized and unissued shares.

**JOBS Act**

We are and expect to remain an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of our fiscal year in which we have total annual gross revenues of 1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of our fiscal year in which the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the previous three-year period, issued more than 1.0 billion in non-convertible debt, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of a fiscal year in which we (1) have an aggregate worldwide market value of our Common Shares held by non-affiliates of $700.0 million or more, computed at the end of each fiscal year as of the last business day of our most recently completed second fiscal quarter and (2) have been an Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act).

Under the JOBS Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), we are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act, which would require that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting, until such time as we cease to be an emerging growth company and become 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 our internal control over financial reporting go undetected. In addition, under the JOBS Act, emerging growth companies can

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delay adopting new or revised accounting standards until such time as those standards apply to private companies. We intend to take advantage of the extended transition period.

**Employees** 

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates, pursuant to the terms of the Investment Management Agreement and the Administration Agreement. Each of our executive officers described under "*Item 10. Directors, Executive Officers and Corporate Governance*" is employed by the Adviser or its affiliates. Our day-to-day investment operations are managed by the Adviser. The services necessary for the origination and administration of our investment portfolio are provided by investment professionals employed by the Adviser or its affiliates. The Investment Team will focus on origination and transaction development and the ongoing monitoring of our investments. In addition, we will reimburse the Administrator and Adviser for our allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement and the Investment Management Agreement, respectively, including our allocable portion of the cost of our officers and their respective staffs. See "*Item 1. Business — Investment Management Agreement*" and "*Item 1. Business — Administration Agreement.*"

**Determination of Net Asset Value** 

Our Board determines the NAV per share quarterly. The NAV per share is equal to the value of total assets minus liabilities divided by the total number of shares of our Common Stock outstanding at the date as of which the determination is made.

Investment transactions are recorded on the trade date. Realized gains or losses will be computed using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

As part of the valuation process, our Board takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, our Board considers whether the pricing indicated by the external event corroborates its valuation.

Our Board undertakes a multi-step valuation process, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are not readily available, our quarterly valuation process begins with each portfolio company or investment being initially valued by the respective Willow Tree's valuation team. Preliminary valuations are then reviewed and discussed with the principals of Willow Tree. Separately, an independent valuation firm engaged by our Board will provide third party valuation consulting services with respect to our investments at least twice annually for all investments held in the portfolio for at least six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuation conclusions will be documented and discussed with Willow Tree's valuation committee. Agreed upon valuation recommendations will be presented to the audit committee of our Board (the "Audit Committee");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will review the valuation recommendations and recommend values for each investment to our Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board will review the recommended valuations and determine the fair value of each investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board will conduct this valuation process on a quarterly basis.

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We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"), as amended, which establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America ("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. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Unobservable inputs for the asset or liability. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by the Board, which is consistent with ASC 820. Under the valuation policy, we evaluate the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), we will subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, we, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

***Determinations in Connection with a Drawdown or Subsequent Closing***

In connection with a drawdown or a subsequent closing, as applicable, the Board or a committee thereof will, within 48 hours (excluding Sundays and holidays) prior to the drawdown date make the determination that we are not selling shares of our Common Stock at a price per share that is below its then-current NAV. The Board or a committee thereof will consider the following factors, among others, in making such determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The NAV per share of Common Stock disclosed in the most recent periodic report we filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management's assessment of whether any material change in the NAV per share has occurred (including through the realization of net gains on the sale of portfolio investments), or any material change in the fair value of portfolio investments has occurred, in each case, from the period beginning on the date of the most recently completed calendar quarter to the period ending 48 hours (excluding Sundays and holidays) prior to the drawdown date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The magnitude of the difference between (i) a value that the Board or an authorized committee thereof or the Adviser has determined reflects the current (as of a time within 48 hours, excluding Sundays and holidays) NAV of the shares of our Common Stock, which is based upon the NAV of the shares of our Common Stock disclosed

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in the most recent periodic report we filed with the SEC, as adjusted to reflect our management's assessment of any material change in the NAV of the shares of our Common Stock since the date of the most recently disclosed NAV, and (ii) the offering price of the shares of our Common Stock in the proposed offering.

These processes and procedures are part of our compliance policies and procedures. Records will be made contemporaneously with all determinations described in this section and these records will be maintained with other records that we are required to maintain under the 1940 Act.

**Regulation as a BDC**

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

***SEC Reporting***

We are subject to the reporting requirements of the Exchange Act, which includes annual and quarterly reporting requirements.

***Governance***

We are a corporation and, as such, are governed by a board of directors. The 1940 Act requires that a majority of our directors be persons other than "interested persons," as that term is defined in the 1940 Act. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by the holders of a majority of the outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67% or more of such company's shares present at a meeting if more than 50% of the outstanding shares of such company are present or represented by proxy, or (ii) more than 50% of the outstanding shares of such company.

***Ownership Restrictions***

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, a BDC generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of its total assets in the securities of one investment company or invest more than 10% of the value of its total assets in the securities of investment companies in the aggregate.

***Qualifying Assets***

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made and after giving effect to such acquisition, qualifying assets represent at least 70% of the BDC's total assets. The principal categories of qualifying assets relevant to our business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is not an investment company (other than a small business investment company wholly owned by us) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)has an equity capitalization of less than $250 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)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 director of the eligible portfolio company; or

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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;(3)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;(b)Securities of any eligible portfolio company that we control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)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;(d)Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Securities received in exchange for or distributed on or with respect to securities described in (1) through (3) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Cash, cash equivalents, "U.S. Government securities" (as defined in the 1940 Act) or high-quality debt securities maturing in one year or less from the time of investment.

Control, as defined by the 1940 Act, is presumed to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company, but may exist in other circumstances based on the facts and circumstances.

The regulations defining qualifying assets may change over time. We may adjust our investment focus as needed to comply with and/or take advantage of any regulatory, legislative, administrative or judicial actions.

***Limitations on Leverage***

As a BDC, we generally must have at least 200% (or 150% if we meet certain requirements under the 1940 Act) asset coverage for our debt after incurring any new indebtedness. On October 24, 2024 we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%. Under a 150% asset coverage ratio, for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. We may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

***Managerial Assistance to Portfolio Companies***

A BDC must be operated for the purpose of making investments in the types of securities described in "—Qualifying Assets" above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance. Where the BDC purchases such securities in conjunction with one or more other persons acting together, the BDC will satisfy this test if one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, 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.

***Temporary Investments***

As a BDC, pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to, collectively, as temporary investments, such that at least 70% of our assets are qualifying assets. When investing in temporary investments, we will typically invest in highly rated commercial paper, U.S. Government agency notes, U.S. Treasury bills or in repurchase agreements relating to such securities that 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 the Company, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that 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. However, certain diversification tests in order to qualify as a RIC for federal income tax purposes will typically require us to limit the amount we invests with any one counterparty.

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***Senior Securities; Asset Coverage Ratio***

We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our Common Stock if our asset coverage, as defined in the 1940 Act, is at least equal to 200% (or 150% if we meet certain requirements under the 1940 Act) after each such issuance. In addition, while any preferred stock or publicly traded debt securities are outstanding, we may be prohibited from making distributions to our shareholders or the repurchasing of such securities or shares unless we meet the 200% (or 150% if we meet certain requirements under the 1940 Act) asset coverage ratio at the time of the distribution or repurchase. On October 24, 2024 we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. The 1940 Act imposes limitations on a BDC's issuance of preferred shares, which are considered "senior securities" subject to the applicable asset coverage requirement described above. In addition, (i) preferred shares must have the same voting rights as the common shareholders (one share one vote); and (ii) preferred shareholders must have the right, as a class, to appoint two directors to the board of directors.

***Code of Conduct and Code of Ethics***

We expect each of its officers and directors, as well as any person affiliated with its operations, to act in accordance with the highest standards of personal and professional integrity at all times and to comply with our policies and procedures and all laws, rules and regulations of any applicable international, federal, provincial, state or local government. To this effect, we have adopted a Code of Conduct pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Code of Conduct"), which applies to our Chief Executive Officer and Chief Financial Officer. There have been no material changes to the SOX Code of Conduct or material waivers of the SOX Code of Conduct. Requests to receive a copy of the SOX Code of Conduct may be made in writing addressed to Willow Tree Capital Corporation, Attn: Secretary, 450 Park Avenue, 29<sup>th</sup> Floor, New York, NY 10022.

We and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures that apply to our and the Adviser's directors, managers, partners, officers, and employees, as applicable, with respect to their personal investments and investment transactions. The code of ethics generally does not permit investments by our directors, officers or any other covered person in securities that may be purchased or held by us. The code of ethics is available on the EDGAR Database on the SEC's website at http://www.sec.gov.

***Affiliated Transactions***

We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with its affiliates, including our officers, directors, investment adviser, principal underwriters and certain of their affiliates, without the prior approval of the members of board of directors who are not interested persons and, in some cases, prior approval by the SEC through an exemptive order (other than pursuant to current regulatory guidance). On December 16, 2025, we, our Adviser and certain of its affiliates were granted a new order for exemptive relief (the "Order") that supersede the prior order for exemptive relief by the SEC for us to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board oversees our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.

***Other***

We have adopted an investment policy that complies with the requirements applicable to us as a BDC. We expect to be periodically examined by the SEC for compliance with the 1940 Act, and are subject to the periodic reporting and related requirements of the Exchange Act.

We are also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any

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liability to our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

We are also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

Rule 18f-4 under the 1940 Act requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as "limited derivatives users" from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC's derivatives risks and comply with certain recordkeeping requirements. We currently qualify as a "limited derivatives user" and expect to continue to do so. We have adopted a derivatives policy and comply with the recordkeeping requirements of Rule 18f-4.

We are not generally able to issue and sell shares of our Common Stock at a price below NAV per share. We may, however, issue and sell shares of our Common Stock, at a price below the current NAV of the shares of our Common Stock, or issue and sell warrants, options or rights to acquire such shares of our Common Stock, at a price below the current NAV of the shares of our Common Stock if the Board determines that such sale is in our best interest and in the best interests of our shareholders, and our shareholders have approved the policy and practice of making such sales within the preceding 12 months. In any such case, the price at which the securities are to be issued and sold may not be less than a price that, in the determination of the board of directors, closely approximates the market value of such securities.

**Proxy Voting Policies and Procedures.** 

We have delegated our proxy voting responsibility to the Adviser. The proxy voting policies and procedures of the Adviser are described below. The guidelines are reviewed periodically by the Adviser and our directors who are not "interested persons," and, accordingly, are subject to change. For purposes of these proxy voting policies and procedures described below, "we," "our," and "us" refer to the Adviser.

As an investment adviser registered under the Advisers Act, we have a fiduciary duty to act solely in the best interests of our clients. As part of this duty, we recognize that we must vote client securities in a timely manner free of conflicts of interest and in the best interests of our clients.

These policies and procedures for voting proxies for our investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 promulgated under, the Advisers Act.

The Adviser will seek to vote each proxy to maximize the value of the client's assets, if the client has not retained proxy voting authority. In doing so, the Adviser will consider whether it is subject to any material conflict of interest in voting such proxy. Employees must notify the Adviser's chief compliance officer if they are aware of any such conflict of interest. If the Adviser has such conflict of interest, the Adviser will seek to address such conflicts, including but not limited to, by asking the client to vote, following recommendations of an independent third party, "echo" voting or abstain from voting.

***Proxy Voting Records***

Shareholders may obtain information about how the Adviser voted proxies by making a written request for proxy voting information to: Willow Tree Capital Corporation, Attention: CCO/CFO, 450 Park Avenue, 29<sup>th</sup> Floor, New York, NY 10022.

**Privacy Policy**

Any and all nonpublic personal information received by us and/or the Adviser with respect to our investors who are natural persons, including the information provided to us by an investor in subscription documents, will not be shared with nonaffiliated third parties which are not service providers to us and/or the Adviser. Such service providers include but are not limited to our Administrator, auditors and legal advisors. Additionally, we and/or the Adviser may disclose such nonpublic personal information as required by law.

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**Reporting Obligations and Available Information** 

We file annual, quarterly and current reports, proxy statements and all amendments to these reports and other information with the SEC. We will provide, without charge, upon written request, a copy of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and all amendments to those filings. Requests for copies should be addressed to: Willow Tree Capital Corporation, Attn: CFO/CCO, 450 Park Avenue, 29<sup>th</sup> Floor, New York, NY 10022. Reports, proxy statements and other information regarding issuers that file electronically with the SEC, including our filings, are also available to the public from the SEC's website at http://www.sec.gov.

**Certain U.S. Federal Income Tax Considerations** 

The following discussion is a general summary of the material U.S. federal income tax considerations applicable to us. This discussion is based on the provisions of the Code and the regulations of the U.S. Department of Treasury promulgated thereunder, or "U.S. Treasury Regulations," each as in effect as of the date of this Annual Report.

These provisions are subject to differing interpretations and change by legislative or administrative action, and any change may be retroactive. This discussion does not constitute a detailed explanation of all U.S. federal income tax aspects affecting us. This discussion also does not address any aspects of U.S. federal estate or gift tax, or foreign, state or local tax.

***U.S. Federal Income Taxation of the Company****.* 

We have elected to be treated, and intend to qualify annually, as a RIC under the Code, however no assurance can be given that we will be able to maintain our RIC treatment. As a RIC, we generally will not be subject to U.S. federal income taxes on any ordinary income or capital gains that we timely distribute to our shareholders as dividends.

To qualify as a RIC for U.S. federal income tax purposes, we must, among other things, satisfy the domestic corporation requirement, registration requirement, election requirement, source-of-income requirement, and asset diversification requirement, each of which is discussed below. In addition, in order to qualify as a RIC for U.S. federal income tax purposes, we generally must satisfy the Distribution Requirement, which is also discussed below.

*Domestic corporation requirement*. The domestic corporation requirement generally will be satisfied if the Company is classified as a corporation created or organized in or under the laws of the United States, any state thereof, or the District of Columbia for U.S. federal income tax purposes*.*

*Registration requirement*. The registration requirement generally will be satisfied if the Company has in effect an election to be treated as a BDC on every day of its taxable year.

*Election requirement*. The election requirement generally will be satisfied if the Company files with its U.S. federal income tax return for the taxable year an election to be treated as a RIC for U.S. federal income tax purposes or filed such an election with respect to a previous taxable year.

*Source-of-income requirement*. The source-of-income requirement generally will be satisfied if the Company obtains at least 90% of its gross income for each taxable year from dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of stock or other securities or foreign currency; other income (including, but not limited to, gains from options, futures, or forward contracts) derived with respect to our business of investing in the aforementioned stock, securities, or currencies; or net income derived from an interest in a "qualified publicly traded partnership" ("Source-of-Income Requirement").

*Asset Diversification Requiremen*t. The Diversification Requirement will be met if we diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer (which for these purposes includes the equity securities of a "qualified publicly traded partnership"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No more than 25% of the value of our assets is invested in (i) the securities, other than U.S. Government securities or securities of other RICs, of one issuer (ii) the securities, other than securities of other RICs, of two or more

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issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) the securities of one or more "qualified publicly traded partnerships" (the "Diversification Requirement").

In the case of a RIC that furnishes capital to development corporations, there is an exception relating to the Asset Diversification Requirement described above. This exception is available only to RICs which the SEC determines to be principally engaged in the furnishing of capital to other corporations which are principally engaged in the development or exploitation of inventions, technological improvements, new processes, or products not previously generally available ("SEC Certification"). We have not sought SEC Certification, but it is possible that we may seek SEC Certification in future years. If we receive SEC Certification, we generally will be entitled to include, in the computation of the 50% value of our assets (described above), the value of any securities of an issuer, whether or not we own more than 10% of the outstanding voting securities of the issuer, if the basis of the securities, when added to our basis of any other securities of the issuer that we own, does not exceed 5% of the value of our total assets.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal income tax on our "investment company taxable income" (within the meaning of the Code) and net capital gains that we distribute to our shareholders in any taxable year with respect to which we distribute an amount equal to at least the sum of (i) 90% of our investment company taxable income (which includes, among other items, dividends, interest, the excess of any net realized short-term capital gains over net realized long-term capital losses and other taxable income (other than any net capital gain), reduced by certain deductible expenses), determined without regard to the deduction for dividends paid and (ii) 90% of our net tax-exempt interest income, or the Distribution Requirement (defined above). We intend to distribute annually all or substantially all of such income. Generally, if we fail to meet this Distribution Requirement for any taxable year, we will fail to qualify as a RIC for U.S. federal income tax purposes for such taxable year. To the extent we meet the Distribution Requirement for a taxable year, but retain our net capital gains for investment or any investment company taxable income, we are subject to U.S. federal income tax on such retained capital gains and investment company taxable income. We may choose to retain our net capital gains for investment or any investment company taxable income, and pay the associated corporate U.S. federal income tax, including the 4% U.S. federal excise tax described below.

As a RIC, we are subject to a nondeductible 4% U.S. federal excise tax on certain of our undistributed income, unless we timely distribute (or are deemed to have timely distributed) an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 98.2% of our net capital gains for a one-year period generally ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any income and gains recognized, but not distributed, from previous years on which we paid no U.S. federal income tax ("Excise Distribution Requirement").

While we may plan to distribute any income and capital gains in order to avoid imposition of this 4% U.S. federal excise tax, we may not be successful in entirely avoiding the imposition of this tax. In that case, we will be liable for the 4% U.S. federal excise tax only on the amount by which we do not meet the Excise Distribution Requirement.

We are authorized to borrow funds and to sell assets in order to satisfy the Distribution Requirement and the Excise Distribution Requirement. However, under the 1940 Act, we will not be permitted to make distributions to our shareholders while any senior securities are outstanding, unless we meet the applicable asset coverage ratios. Moreover, our ability to dispose of assets to meet either the Distribution Requirement or the Excise Distribution Requirement may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC for U.S. federal income purposes, including the Asset Diversification Requirement. If we dispose of assets in order to meet the Distribution Requirement or to avoid the 4% U.S. federal excise tax, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus the excess of net short-term capital gains over net long-term capital losses). If our expenses in a given year exceed investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years and such net operating losses do not pass through the shareholders of a RIC. In addition, expenses can be used to offset only investment company taxable income, not net capital gain. Due to these limits on the deductibility of expenses, we may, for U.S. federal income tax

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purposes, have aggregate taxable income for several years that we are required to distribute and that is taxable to our shareholders, even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, shareholders may receive a larger capital gain distribution than they would have received in the absence of such transactions.

**Failure to Qualify as a RIC for U.S. Federal Income Tax Purposes**

We have elected to be treated as a RIC for U.S. federal income tax purposes, and we intend to qualify as a RIC annually thereafter; however, no assurance can be provided that we will qualify as a RIC for any given taxable year. If we fail to satisfy either the Source-of-Income Requirement or the Asset Diversification Requirement for any taxable year, we may nevertheless continue to qualify as a RIC for such year, if certain relief provisions are applicable (which may, among other things, require us to pay certain U.S. federal income taxes at corporate rates or to dispose of certain assets). If we were unable to qualify for treatment as a RIC for U.S. federal income tax purposes and the foregoing relief provisions are not applicable, we would be subject to U.S. federal income tax on all of our taxable income at regular corporate rates, regardless of whether we make any distributions to our shareholders. In such case, distributions would not be required to be paid, and any distributions that are paid would be taxable to our shareholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain holding period and other limitations under the Code, our corporate shareholders would be eligible to claim a dividends received deduction with respect to such dividends, and our non-corporate shareholders generally would be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. The amount of any distribution in excess of our current and accumulated earnings and profits would first be treated as a return of capital to the extent of the shareholder's adjusted tax basis in its shares, and the amount of any distribution that is not a dividend and that exceeds the shareholder's adjusted tax basis in its shares would be treated as gain from the sale or exchange or property. To requalify as a RIC for U.S. federal income tax purposes in a subsequent taxable year, we would be required to satisfy the RIC qualification requirements for that year and dispose of any earnings and profits from any year in which we failed to qualify as a RIC. Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the non-qualifying year, we could be subject to tax on any unrealized net built-in appreciation on the assets held by us during the period in which we failed to qualify as a RIC that are recognized within the subsequent five years, unless we made a special election to pay U.S. federal income tax at corporate rates on such built-in gain at the time of our requalification as a RIC.

**ITEM 1A. RISK FACTORS** 

**SUMMARY OF RISK FACTORS** 

*The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section entitled "Item 1A. Risk Factors" in this report.*

*Risks Related to Our Business and Structure*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited operating history, as does the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investment strategy depends on the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financial condition and results of operations depend on the Adviser's ability to effectively manage and deploy capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The compensation we pay to the Adviser was not determined on an arm's-length basis. Thus, the terms of such compensation may be less advantages to us than if such terms had been the subject of arm's-length negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Incentive Fee may induce the Adviser to purchase assets with borrowed funds and to pursue speculative investments and to use leverage when it may be unwise to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital commitment investors may face negative consequences if they default on their capital commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no or limited availability of insurance against certain catastrophic losses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks associated with a breach in cybersecurity.

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

&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;• We may have difficulty sourcing investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We generally will not control the business operations of our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may borrow money, 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;• Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions in a credit facility or other borrowings may limit discretion in operating our business and defaults thereunder may adversely affect our business, financial condition, results of operations and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Compliance with the privacy laws to which we are subject may require the dedication of substantial time and financial resources, and non-compliance with such laws could lead to regulatory action being taken and/or could negatively impact the business, financial condition and operating results of us or our portfolio companies.

*Risks Related to the Adviser and its Affiliates*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to conflicts of interest with our Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser may face conflicts of interests caused by compensation arrangements with us, which could result in increased risk-taking or speculative investments or cause our Adviser to use substantial leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The time and resources that individuals associated with our Adviser devote to us may be diverted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of interest may exist with respect to our Adviser's selection of service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on the relationships Willow Tree has with third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser experiences conflicts of interest in the management of our business affairs relating to its allocation of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser's allocation of co-investment opportunities may result in conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser reserves the right to structure the terms of co-investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience potential conflicts due to our Adviser's overlapping client investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may bear broken deal expenses in connection with co-investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser's liability is limited under the Investment Management Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser and its affiliates have existing relationships that may influence whether or not our Adviser undertakes particular investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our access to confidential information may restrict our ability to take action with respect to some investments, which in turn, may negatively affect our results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks involved with investment through CLOs and other SPVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks associated with securitization of investments through CLOs to obtain leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distributions on CLO securities may be affected by yield, maturity, distributions and other performance considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CLO securities are illiquid and may lack a liquid trading market, which may negatively impact our operations.

&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;• We may be subject to risks on investments with unaffiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may make investments that could give rise to a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment by Willow Tree employees in the Company may give rise to conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser's failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on our Adviser, and thus, us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to achieve our investment objective depends on the Adviser's ability to manage and support our investment process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be obligated to pay the Adviser an Incentive Fee even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interset income is not payable in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The recommendations given to us by the Adviser may differ from those rendered to their other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are risks associated with any potential merger with or purchase of assets of another fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Administrator can resign from its role as Administrator under the Administration Agreement, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any sub-administrator that the Administrator engages to assist the Administrator in fulfilling its responsibilities could resign from its role as sub-administrator, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.

*Risks Related to Economy*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a BDC, we may face risks during periods of disruption and instability in capital markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public health emergencies and outbreaks of existing or new epidemic diseases could have a significant adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse global economic conditions could harm our business and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade negotiations and related government actions may create regulatory uncertainty for the portfolio companies and our investment strategy and adversely affect the profitability of the portfolio companies.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Downgrades of U.S. credit rating and government shutdowns could negatively impact our liquidity, financial condition and earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased global unrest, terrorist attacks, acts of war, global health emergencies or natural disasters impact the business in which we invest, and harm our business, operating results and financial conditions.

*Risks Related to Our Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The success of our activities will be affected by general economic and market conditions, including but not limited to interest rates, commodity prices, availability of credit, credit defaults, inflation rates and economic uncertainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks that Financial Institutions may experience Distress Events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in the market prices of securities may effect the value of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investment strategy is subject to general risks related to lending, secured lending and loan origination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may rely on the ability of our Adviser to make investments consistent with our investment objective and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investment in healthcare providers and services industry face considerable uncertainties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investment in the commercial services and supplies industry face considerable uncertainties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be competing for investments with many other investors, including BDCs, private equity funds, hedge funds, CLOs and other institutional investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser endeavors to diversify our investments, but may face difficulties involving potentially limited number of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on our Adviser to perform due diligence and research related to our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks related to fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defaults by our portfolio companies may harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks related to calls and prepayments that could adversely impact our results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may acquire investments subject to contingent liabilities and indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in smaller issuers may involve higher risk than well-established companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The success of portfolio companies may depend on the portfolio company's management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may invest in highly leveraged portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies face operating and financial risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is uncertainty with financial projections regarding portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our illiquid investments and long-term investments may lead to uncertain exit strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There can be no assurance that we will be able to maintain adequate financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risk of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We trade in privately placed debt investments of private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies may become publicly traded and subject to risks inherent to investing in public companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our leveraged loans and high-yield instruments have more credit risk and higher price volatility than investment grade bonds and loans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may own secured loans, which involves risk of a loss of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks associated with unitrache and mezzanine debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks associated with syndicated debt, loan participations and secondary market investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments may be involved in distressed situations or restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks in our investments in structured equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in Equity Items may be subject to substantial risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may invest in corporate bonds and risk that the issuers of the corporate bond may not be able to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may have investments that are rated below investment grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks associated with currency and exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser may participate in limited hedging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks in our investment in junior securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks associated with purchasing portfolios of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in portfolio companies may be risky, and we could lose all or part of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in common and preferred equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient, or if the portfolio company has debt that ranks equally with, or senior to, our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences, or we could become subject to lender liability claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and/or our portfolio companies may be materially or adversely impacted by global climate change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not have the funds or ability to make additional investments in our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prices of the debt instruments and other securities in which we invest may decline substantially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent original issue discount (OID) and payment-in-kind (PIK) interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.

*Risks Related to Legal, Tax and Regulatory Risks.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact of changes in U.S. federal income tax laws are uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be required to withhold U.S. federal tax with respect to non-U.S. Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a BDC, we are subject to the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There can be no assurances that our underlying assets will not be treated as Plan Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and/or our Adviser may be required to obtain licenses or authorizations to engage in certain type of lending activities.

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*Risks Related to Business Development Companies*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to qualify as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our shareholders could receive shares of our Common Stock as dividends, which could result in adverse tax consequences to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations governing the operations of BDCs will affect our ability to raise additional capital as well as our ability to issue senior securities or borrow for investment purposes, any or all of which could have a negative effect on our investment objectives and strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 1940 Act permits us to incur additional leverage with certain consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may have difficulty paying our required distributions, if we recognize income for U.S. federal income tax purposes before or without receiving cash representing such income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrealized depreciation on our loan portfolio indicating future realized losses and reduction in income available for distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to maintain our status as a BDC would reduce our operating flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any period that we do not qualify as a "publicly-offered regulated investment company," as defined in the Code, shareholders will be taxed as though they received a distribution of some of our expenses.

*Risks Related to our Common Stock*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Common Stock are an illiquid investment for which there will not be a secondary market, nor is it expected that any such secondary market will develop in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Common Stock have not, and will, not be registered under the Securities Act or under any state securities law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to limited restrictions with respect to the proportion of our assets that may be invested in a single issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders will be obligated to fund drawdowns and may need to maintain a substantial portion of their Capital Commitments in assets that can be readily converted to cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders who default on their Capital Commitment to us will be subject to significant adverse consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fiduciary of any investor governed by the fiduciary rules under ERISA, Section 4975 of the Code or the provisions of any other applicable federal, state, local, non-U.S., or other laws or regulations that are similar to Title I of ERISA or Section 4975 of the Code (collectively, "Similar Laws") must determine that an investment in the Company is appropriate for such investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in our Common Stock may involve a high degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of any distributions we may make on our Common Stock is uncertain. We may not be able to pay distributions, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limit on the extent to which we may use borrowings, if any, and we may use offering proceeds to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholders's interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain provisions of our Articles of Amendment and Restatement (the "Charter") and actions of our Board could deter takeover attempts and have an adverse impact on the value of shares of our Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The net asset value of our Common Stock may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders will experience dilution in their ownership percentage if they do not elect to reinvest their distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we issue preferred stock or convertible debt securities, the net asset value of our Common Stock may become more volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred stock could be issued with rights and preferences that would adversely affect holders of our Common Stock, including the right to elect certain members of our Board and have class voting rights on certain matters.

*General Risks*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience fluctuations in our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will expend significant financial and other resources to comply with the requirements of being a reporting entity under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not currently have comprehensive documentation on our internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Stock less attractive to investors.

An investment in our securities involves significant risks. Prospective investors should carefully consider, among other factors, the risks factors set forth below before deciding to purchase our securities. 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, results of operations and cash flows could be materially and adversely affected. In such case, the NAV of our securities could decline, and investors may lose all or part of their investment.

**Risks Related to Our Business and Structure**

***We have a limited operating history, as does the Adviser.***

We have a limited operating history and we have limited financial information on which a prospective investor can evaluate an investment in us or our prior performance. As a result, 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, including investment and financial experience of the investment team will increase the likelihood that the Adviser will be able to manage us successfully, there can be no assurance that this will be the case.

In addition, because we have elected to be regulated as a BDC and intend to elect and to qualify annually as a RIC, we will be subject to the regulatory requirements of the SEC, in addition to the specific regulatory requirements applicable to BDCs under the 1940 Act and RICs under the Code. Neither Willow Tree nor the Adviser has any prior experience operating under this regulatory framework, and we may incur substantial costs, and expend significant time or other resources to operate under this regulatory framework.

Additionally, the results of any other funds and accounts managed by our Adviser, the Investment Team or their affiliates are not indicative of the results that we may achieve.

***Our investment strategy depends on the Adviser.***

Successful execution of our investment strategy depends on the efforts of certain investment professionals of the Adviser, including Timothy Lower and James Roche. There can be no assurance that such investment professionals will be actively involved in our affairs. If one or more of these investment professionals became incapacitated or were no longer associated with the Adviser for any reason, our performance could be adversely affected.

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***Our financial condition and results of operations depend on the Adviser's ability to effectively manage and deploy capital.***

Our ability to achieve our investment objective depends on our ability to effectively manage and deploy capital, which depends, in turn, on the Adviser's ability to identify, evaluate and monitor, and our ability to finance and invest in, companies that meet our investment criteria. Accomplishing our investment objective on a cost-effective basis is largely a function of the Adviser's handling of the investment process, its ability to provide competent, attentive and efficient services and our access to investments offering acceptable terms. In addition to monitoring the performance of our existing investments and other responsibilities under the Investment Management Agreement, the Adviser's investment team may also be called upon, from time to time, to provide managerial assistance to some of our portfolio companies. These demands on their time may distract them or slow the rate of investment.

Even if we are able to grow and build upon our initial investment portfolio, any failure to manage our growth effectively could have a material adverse effect on our business, financial condition, and results of operations. Our results of operations depend on many factors, including, but not limited to, the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if we cannot successfully operate our business or implement our investment policies and strategies as described herein, it could negatively impact our ability to pay dividends.

***The compensation we pay to the Adviser was not determined on an arm's-length basis. Thus, the terms of such compensation may be less advantageous to us than if such terms had been the subject of arm's-length negotiations.***

The compensation we pay to the Adviser was not determined on an arm's-length basis with an unaffiliated third party. As a result, the form and amount of such compensation may be less favorable to us than they might have been had the respective agreements been entered into through arm's-length transactions with an unaffiliated third party. In addition, we may choose not to enforce, or to enforce less vigorously, our respective rights and remedies under the Investment Management Agreement because of our desire to maintain our ongoing relationship with the Adviser and its affiliates. Any such decision, however, could cause us to breach our fiduciary obligations to our shareholders.

***Our Incentive Fee may induce the Adviser to purchase assets with borrowed funds and to pursue speculative investments and to use leverage when it may be unwise to do so.***

The Incentive Fee payable by us to the Adviser may create an incentive for the Adviser to purchase assets with borrowed funds when it is unwise to do so or to pursue investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. A portion of the Incentive Fee payable to the Adviser is calculated based on a percentage of our return on invested capital. The Incentive Fee arrangement may encourage the Adviser to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of our shares of Common Stock. In addition, the Adviser receives the Incentive Fee based, in part, upon net capital gains realized on our investments. As a result, in certain situations the Adviser may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in us investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

***Capital commitment investors may face negative consequences if they default on their capital commitments.***

If a Capital Commitment Investor fails to make a capital contribution when due, interest will accrue at the default rate, specified in the Subscription Agreement, on the outstanding unpaid balance of such capital contribution. In addition, we may, in our discretion, and subject to applicable law, take any action available at law or at equity against a Defaulting Investor, which may include causing such Defaulting Investor to forfeit a significant portion of its Shares or to transfer such Defaulting Investor's Shares to a third party for a price that is less than the NAV of such Shares. We also have the right to charge interest on defaulted amounts and terminate the Capital Commitment of a defaulting Capital Commitment Investor and shall have certain other remedies available to it, as more fully described in the Subscription Agreement.

***There is no or limited availability of insurance against certain catastrophic losses.***

Certain losses of a catastrophic nature, such as wars, pandemics and other public health emergencies, earthquakes, typhoons, terrorist attacks or other similar events, may be either uninsurable or insurable at such high rates that to maintain such coverage would cause an adverse impact on the related investments. In general, losses related to terrorism are becoming harder and more expensive to insure against. Some insurers are excluding terrorism coverage from their all-risk policies. In some cases, the insurers are offering significantly limited coverage against terrorist acts for additional

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premiums, which can greatly increase the total cost of casualty insurance for a property. As a result, all investments may not be insured against terrorism. If a major uninsured loss occurs, we could lose both invested capital in and anticipated profits from the affected investments.

***Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.***

The financial services industry has been the subject of heightened scrutiny by regulators around the globe. In particular, the SEC and its staff have focused more narrowly on issues relevant to alternative asset management firms, including by forming specialized units devoted to examining such firms and, in certain cases, bringing enforcement actions against the firms, their principals and employees. In recent periods there have been a number of enforcement actions within the industry, and it is expected that the SEC will continue to pursue enforcement actions against asset managers. Although the current administration and the current leadership of the SEC have indicated that they intend to modify or repeal certain regulations perceived as burdensome to private fund advisers, particularly those related to sustainability investing and cybersecurity, the administration has also proposed new rules aimed at increasing transparency and accountability, such as expanded disclosure requirements for private fund advisers and enhanced oversight of investment practices involving AI technologies and digital assets. This enforcement activity and the evolving regulatory landscape have caused, and could further cause us to reevaluate certain practices and adjust our compliance control function as necessary and appropriate.

***We are subject to risks associated with a breach in cybersecurity.***

We and our service providers are subject to risks associated with a breach in cybersecurity. Cybersecurity is a generic term used to describe the technology, processes and practices designed to protect networks, systems, computers, programs and data from cyber-attacks and hacking by other computer users, and to avoid the resulting damage and disruption of hardware and software systems, loss or corruption of data, and/or misappropriation of confidential information. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks may cause losses to us or the shareholders by interfering with the processing of investor transactions or impeding or sabotaging Company investment and/or asset management activity. We may also incur substantial costs as the result of a cybersecurity breach, including those associated with forensic analysis of the origin and scope of the breach, increased and upgraded cybersecurity, identity theft, unauthorized use of proprietary information, litigation, adverse investor reaction, the dissemination of confidential and proprietary information and reputational damage. Any such breach could expose the Adviser and us to civil liability as well as regulatory inquiry or action. Shareholders could be exposed to additional losses because of unauthorized use of their personal information. While the Adviser has established business continuity plans and systems designed to prevent cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, particularly as threat actors use artificial intelligence technologies to deploy these attacks. Artificial intelligence tools may also be susceptible to new forms of cyberattacks, such as prompt injection attacks, which may increase our cybersecurity risks where we implement artificial intelligence technologies in our business.

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

We depend heavily upon computer systems to perform necessary business functions. In this Annual Report we sometimes refer to hardware, software, information, and communications systems maintained by Willow Tree and used by us and the Adviser, as "our" systems. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber incidents. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us or our portfolio companies. These incidents may be an intentional attack, such as unauthorized access, use, alteration, or destruction, from physical and electronic break-ins, or unauthorized tampering, or an unintentional event, such as a natural disaster, an industrial accident, failure of our disaster recovery systems, or employee error. These events could involve gaining unauthorized access to our information systems or those of our portfolio companies for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, regulatory penalties, increased cybersecurity protection and insurance costs, litigation and damage to business relationships, reputational damage, and increased costs associated with mitigation of damages and remediation. As our and our portfolio companies' reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, and the information systems of our portfolio companies. We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, do not guarantee that a

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cyber-incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Third parties with which we do business may also be sources of cybersecurity or other technological risk. We may outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incidents that adversely affects our data, resulting in increased costs and other consequences as described above.

In addition, cybersecurity is a priority for regulators in the U.S. and around the world. The SEC has adopted rules related to cybersecurity risk management for registered investment advisers, registered investment companies and business development companies. In addition, the SEC requires public companies to disclose material cybersecurity incidents on Form 8-K and provide periodic disclosure regarding their cybersecurity risk management, strategy, and governance in annual reports. In May 2024, the SEC adopted cybersecurity regulations as an amendment to Regulation S-P designed to establish a federal "minimum standard" for covered institutions to adopt an incident response program to govern their response to any unauthorized access of customer information. The adopted rule requires compliance as of December 2025 and applies to us as it includes investment companies and registered investment advisers. The amendments require implementation of written policies and procedures to safeguard customer records and information by imposing notification requirements to affected individuals whose sensitive customer information was or is reasonably likely to have been accessed or used without authorization and other requirements, such as review of incident response programs and having policies and procedures regarding compliance by third-party service providers. With the SEC particularly focused on cybersecurity, we expect increased scrutiny of our policies and systems designed to manage cybersecurity risks and related disclosures. We also may face increased costs to comply with the new SEC rules, including our increased costs for cybersecurity training and management, a portion of which may be allocated to us. In addition, the SEC has indicated in recent periods that one of its examination priorities for the Division of Examinations is to continue to examine cybersecurity procedures and controls, including testing the implementation of these procedures and controls.

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

There continues to be significant evolution and developments in artificial intelligence and machine learning technology may pose risks to our Company and our portfolio companies. We and our portfolio companies 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 partly accessible by other third-party artificial intelligence and machine learning technology applications and users. The rapid evolution and scale of artificial intelligence technologies may also increase the likelihood or effectiveness of a cyberattack against us, the Adviser, or our third-party service providers. For example, artificial intelligence-enabled fraud can materially impact the effectiveness of our traditional cybersecurity controls by accelerating and scaling social engineering, creating realistic synthetic documents, and defeating common authentication methods.

Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error, which may be material, 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 companies are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our Company or our investments.

In addition, regulators are also increasing scrutiny and considering regulation of the use of artificial intelligence technologies. While comprehensive U.S. regulation has not been enacted to date, various U.S. governmental agencies and

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departments, including the SEC and Department of the Treasury, have recently released reports or otherwise indicated interest in assessing risks relating to uses of artificial intelligence by businesses such as ours. Some specific laws governing artificial intelligence have already been passed in certain U.S. states and in the EU. We cannot predict what, if any, actions may be taken or the impact such actions may have on our business and results of operations. Uncertainty in the legal and regulatory regime relating to artificial intelligence, such as evolving review by the SEC, the U.S. Federal Trade Commission, and other U.S. and non-U.S. agencies and regulators, may require significant resources to modify and maintain business practices to comply with such regulations.Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is not yet known what future risks that may arise from such developments.

***We may have difficulty sourcing investment opportunities.***

We have not identified all of the potential investments for our portfolio that we wish to acquire. We cannot assure investors that we will be able to locate a sufficient number of suitable investment opportunities to allow us to deploy all Capital Commitments successfully. In addition, privately negotiated investments in loans and illiquid securities of private middle market companies require substantial due diligence and structuring, and we cannot assure investors that we will achieve our anticipated investment pace. As a result, investors will be unable to evaluate any future portfolio company investments, and the economic merits, transaction terms or other financial or operational data thereof, prior to making a decision to invest. Additionally, our shareholders will have no input with respect to the Adviser's investment decisions and its selection of investments. Investors, therefore, must rely on the Adviser to implement our investment policies, to evaluate all of its investment opportunities and to structure the terms of its investments. These factors increase the uncertainty, and thus the risk, of investing in our Common Stock. To the extent we are unable to deploy all Capital Commitments, our investment income and, in turn, our results of operations, will likely be materially adversely affected.

In addition, we anticipate, based on the amount of proceeds raised in our initial closing or subsequent closings that it could take some time to invest substantially all of the capital we expect to raise due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies.

***We generally will not control the business operations of our portfolio companies.***

We anticipate that we will acquire a significant percentage of our portfolio company investments from privately held companies in directly negotiated transactions. We do not expect to control most of our portfolio companies, although we may have board representation or board observation rights, and our debt agreements may impose certain restrictive covenants on our borrowers. 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 a debt investor and could decrease the value of our portfolio holdings.

***We may borrow money, 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 are permitted to borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities will have fixed-dollar claims on our assets that are senior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions on our Common Stock. Although borrowings by us have the potential to enhance overall returns that exceed our cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than our cost of funds.

***Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures.***

We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.

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As a BDC, 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 stock, if any, must be at least 150% (or 200% if certain requirements under the 1940 Act are not met).

If our asset coverage ratio were to fall below 150% (or 200%, as applicable), we could not incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to you may be significantly restricted or we may not be able to make any such distributions at all.

In addition to having fixed-dollar claims on our assets that are superior to the claims of our shareholders, if we have senior debt securities or other credit facilities, any obligations to such creditors may be secured by a pledge of and security interest in some or all of our assets, including our portfolio of investments, our cash and/or our right to call unused Capital Commitments from the shareholders. If we enter into a subscription credit facility, the lenders (or their agent) may have the right on behalf of us to directly call unused Capital Commitments and enforce remedies against the shareholders. In the case of a liquidation event, lenders and other creditors would receive proceeds to the extent of their security interest before any distributions are made to the shareholders.

The following table illustrates the effect of leverage on returns from an investment in our Common Stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** |
| | **-10%** | **-5%** | **—%** | **5%** | **10%** |
| Corresponding Return to Common Shareholder <sup>(1)</sup> | -31.9% | -20.5% | -9.1% | 2.3% | 13.7% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Assumes, as of December 31, 2025, (i) $941.9 million in total assets, (ii) $531.2 million in debt outstanding, (iii) $387.6 million in net assets and (iv) weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs) of 6.64%.

***Provisions in a credit facility or other borrowings may limit discretion in operating our business and defaults thereunder may adversely affect our business, financial condition, results of operations and cash flows.***

Our wholly-owned subsidiary, WT Capital Fund -SPV1, LLC (the "Financing SPV") entered into a revolving credit facility with by Ally Bank, as administrative agent, which is secured by all assets held by the Financing SPV (the "Leverage Facility"). We have also entered into a subscription facility with by City National Bank, as administrative agent (the "Subscription Facility"). We have also entered into participation agreements with Macquarie Bank Limited with respect to certain assets held by us. We may enter into one or more additional credit facilities or other borrowings, either directly or through one or more subsidiaries. However, there can be no assurance that we will be able to close additional credit facilities or obtain other financing. See "*Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources*" for more information regarding the WT Capital Fund - SPV1, LLC.

Further, if our borrowing base under the Leverage Facility, Subscription Facility or any additional credit facilities or other borrowings 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, the Leverage Facility, and any additional credit facility may require, that we repay advances under the Leverage Facility or other credit facility or other borrowings, as applicable, sell portfolio investments or make deposits to a collection account, any of which could have a material adverse impact on our ability to fund future investments and to make distributions.

The Leverage Facility contains, and any additional credit facilities or other borrowings may contain, certain limitations as to how borrowed funds may be used, including restrictions on geographic and industry concentrations, obligor size, payment frequency and status, time to maturity, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. The Leverage Facility includes, and additional credit facilities or other borrowings may include, borrowing base breach triggers based on portfolio performance, which if triggered could limit further advances and, in some cases, result in an event of default. An event of default could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our

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business and financial condition and could lead to cross defaults under other credit facilities and other borrowings. This could reduce our liquidity and cash flow and impair our ability to manage and grow our business.

Also, the financing documents governing the Leverage Facility restrict, and any additional credit facilities or other borrowings may restrict, our ability to create liens on assets to secure additional debt, which may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. The obligations to our creditors under the Leverage Facility are, and any additional credit facilities or other borrowings may be, secured by a pledge of and a security interest in some or all of our assets, including our portfolio of investments and cash. If we default, we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

As part of the Subscription Facility, the right to make capital calls upon shareholders has been pledged as collateral, which will allow our creditors to call for capital contributions upon the occurrence of an event of default. To the extent such an event of default does occur, shareholders could therefore be required to fund any shortfall up to their remaining Capital Commitments, without regard to the underlying value of their investment.

***Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.***

There is not a public market or active secondary market for many of the types of investments in privately held companies that we hold and make. As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policy and procedures approved by our Board. Our Board values our investments, no less frequently than quarterly, including with the assistance of one or more independent valuation firms. As part of the valuation process, the Board, takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in recommending to the Board the fair value of our investments, as the Adviser's Management Fee is based in part on the value of such assets. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by our Board of Directors may differ materially from the values that would have been used if an active market and market quotations existed for such investments. 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 net asset value. Our net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.

***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, portfolio monitoring, 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. There could be:

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

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• outages due to idiosyncratic issues at specific service providers; and

&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 net asset value of our Common Stock and our ability to pay distributions to our shareholders.

***Compliance with the privacy laws to which we are subject may require the dedication of substantial time and financial resources, and non-compliance with such laws could lead to regulatory action being taken and/or could negatively impact the business, financial condition and operating results of us or our portfolio companies.***

We and our portfolio companies, as well as the Adviser and Willow Tree, may be subject to laws and regulations related to privacy, data protection and information security in the jurisdictions in which we/they do business, including such laws and regulations as enacted, implemented and amended in the United States, the European Union (the "EU") (and its member states), and the United Kingdom (the "UK") (regardless of where the Adviser, Willow Tree, we and our portfolio companies, and their/our affiliates have establishments) from time to time, including the General Data Protection Regulation (EU 2016/679) (the "GDPR") and the California Consumer Privacy Act of 2018 (as amended, the "CCPA") (collectively, the "Privacy Laws").

Compliance with the applicable Privacy Laws may require adhering to stringent legal and operational obligations and therefore the dedication of substantial time and financial resources by the Adviser, Willow Tree, us and our portfolio companies, and/ or each of their affiliates, which may increase over time (in particular in relation to any transfers of relevant personal data to third parties located in certain jurisdictions).

Further, failure to comply with the Privacy Laws may lead to the Adviser, Willow Tree, us and our portfolio companies, and/or our affiliates incurring fines and/or suffering other enforcement action or reputational damage. For example, failure to comply with the GDPR, depending on the nature and severity of the breach (and with a requirement on regulators to ensure any enforcement action taken is proportionate), could (in the worst case) attract regulatory penalties up to the greater of: (i) €20 million / £17.5 million (as applicable); and (ii) 4% of an entire group's total annual worldwide turnover, as well as the possibility of other enforcement actions (such as suspension of processing activities and audits), liabilities from third-party claims.

Our United States operations in particular will be impacted by a growing movement to adopt comprehensive privacy and data protection laws similar to the GDPR, where such laws focus on privacy as an individual right in general. For example, California has passed the CCPA, which took effect on January 1, 2020. The CCPA generally applies to businesses that collect personal information about California consumers, and either meet certain thresholds with respect to revenue or buying and/or selling consumers' personal information. The CCPA imposes stringent legal and operational obligations on such businesses as well as certain affiliated entities that share common branding. The CCPA is enforceable by the California Attorney General. Additionally, if unauthorized access, theft or disclosure of a consumer's personal information occurs, and the business did not maintain reasonable security practices, consumers could file a civil action (including a class action) without having to prove actual damages. Statutory damages range from $100 to $750 per consumer per incident, or actual damages, whichever is greater. The California Attorney General also may impose civil penalties ranging from $2,500 to $7,500 per violation. Further, California passed the California Privacy Rights Act of 2020 (the "CPRA") to amend and extend the protections of the CCPA. When the CPRA became effective on January 1, 2023, California established a new state agency focused on the enforcement of its privacy laws, likely leading to greater levels of enforcement and greater costs related to compliance with the CCPA (and CPRA).

Other states in the United States, have either passed, proposed or are considering similar law and regulations to the GDPR and the CCPA (such as the Nevada Privacy of Information Collected on the Internet from Consumers Act, which became effective on October 1, 2021, and the Virginia Consumer Data Protection Act passed March 2, 2021, the Colorado Privacy Act passed on July 8, 2021, the Utah Consumer Privacy Act passed on March 24, 2022, and the Connecticut Data Privacy Act passed on May 10, 2022, all of which became effective in 2023), which could impose similarly significant costs, potential liabilities and operational and legal obligations. Such laws and regulations are expected to vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens, and the potential for significant liability on regulated entities.

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**Risks Related to the Adviser and Its Affiliates**

***Investors should be aware that potential and actual conflicts of interest may arise between the Company, on the one hand, and the Adviser and/or their respective affiliates, on the other.***

***We are subject to conflicts of interest with our Advisor and its affiliates.***

The Adviser and its affiliates receive substantial fees from us in return for their services. These fees may include certain incentive fees based on the amount of appreciation of our investments. These fees could influence the advice provided to us. Generally, the more equity we sell in public offerings and the greater the risk assumed by us with respect to our investments, including through the use of leverage, the greater the potential for growth in our assets and profits, and, correlatively, the fees payable by us to the Adviser. These compensation arrangements could affect the Adviser's or its affiliates' judgment with respect to public offerings of equity, incurrence of debt and investments made by us, which allow the Adviser to earn increased asset management fees.

The Adviser and its affiliates may also provide a broad range of financial services to companies in which we may invest, including providing arrangement, syndication, origination structuring and other services to our portfolio companies, and will generally be paid fees for such services, in compliance with applicable law, by the portfolio company. Any compensation received by the Adviser or its affiliates for providing these services will not be shared with us and may be received before we realize a return on our investment.

We acknowledge and agree that the Adviser and its affiliates may make and/or hold investments on behalf of themselves or on behalf of their respective clients in our obligations or securities that may be pari passu, senior or junior in ranking to an investment in our obligations or securities made and/or held by us, or otherwise may have interests different from or adverse to ours and may consider such interests in the course of managing our investments.

***Our Adviser may face conflicts of interests caused by compensation arrangements with us, which could result in increased risk-taking or speculative investments or cause our Adviser to use substantial leverage.***

The Incentive Fee payable by us to the Adviser may create an incentive for the Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. These compensation arrangements could affect the Adviser's or its affiliates' judgment with respect to investments made by us, which allow the Adviser to earn increased Management fees and Incentive fees. The way in which the Incentive Fee is determined may encourage the Adviser to use leverage to increase the leveraged return on our investment portfolio.

In addition, the fact that our base Management Fee is payable based upon our net assets (which includes any borrowings used for investment purposes) may encourage the Adviser to use leverage to make additional investments. Such a practice could make such investments more risky than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of substantial leverage may increase the likelihood of our defaulting on our borrowings, which would be detrimental to holders of our securities.

The "catch-up" portion of the Incentive Fee may encourage our Adviser to accelerate or defer interest payable by portfolio companies from one calendar quarter to another, potentially resulting in fluctuations in timing and dividend amounts.

***The time and resources that individuals associated with our Adviser devote to us may be diverted.*** 

Subject to the terms of the Investment Management Agreement, the investment professionals and other employees of the Adviser and its affiliates are permitted to spend a portion of their business time on activities other than us and our investments. As a result, such persons may spend less time on Company activities than may be required under certain circumstances and, subject to the terms of the Investment Management Agreement, they may spend a portion of their time on behalf of funds or account which may invest in the same kind of investments being targeted by us.

In addition, the Adviser's personnel, as well as the personnel of Willow Tree, will work on matters related to other funds and accounts. Employees of affiliates of the Adviser may also serve as directors, or otherwise be associated with, companies that are competitors of businesses in which we have made investments. These businesses may also be counterparties or participants in agreements, transactions, or other arrangements with businesses in which other affiliated investment vehicles have made investments that may involve fees and/or servicing payments to the Adviser or its affiliates.

***Conflicts of interest may exist with respect to our Adviser's selection of service providers.***

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Conflicts of interest may exist with respect to the Adviser's selection of brokers, dealers, transaction agents, counterparties and financing sources for the execution of our transactions. When engaging these services, the Adviser may, subject to best execution, take into consideration a variety of factors, including, to the extent applicable, the ability to achieve prompt and reliable execution, competitive pricing, transaction costs, operational efficiency with which transactions are effected, access to deal flow and precedent transactions, and the financial stability and reputation of the particular service provider, as well as other factors that the Adviser deems appropriate to consider under the circumstances. Service providers and financing sources may provide other services that are beneficial to the Adviser and its affiliates, but that are not necessarily beneficial to us, including capital introductions, other marketing assistance, client and personnel referrals, consulting services, and research-related services. These other services and items may influence the Adviser's selection of service providers and financing sources.

In addition, the Adviser or an affiliate thereof may exercise its discretion to recommend to a business in which we have made an investment, that it contract for services with (i) the Adviser or a related person of the Adviser (which may include a business in which we have made an investment); (ii) an entity with which the Adviser or its affiliates and their employees has a relationship or from which the Adviser or its affiliates otherwise derives financial or other benefit, including relationships with joint venturers or co-venturers; or (iii) certain investors (including shareholders) or its affiliates. Such relationships may influence decisions that the Adviser makes with respect to us. Although the Adviser and its affiliates select service providers that it believes are aligned with our operational strategies and will enhance portfolio company performance and, relatedly, our returns, the Adviser has a potential incentive to make recommendations because of its or its affiliates' financial or other business interest. There can be no assurance that no other service provider is more qualified to provide the applicable services or could provide such services at lesser cost.

***We rely on the relationships Willow Tree has with third parties.***

Willow Tree depends on its relationships with third parties, including its network of Operating Advisors, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities. The investment management business is intensely competitive, with competition based on a variety of factors, including investment performance, business relationships, quality of service provided to clients, fund investor liquidity, fund terms (including fees and economic sharing arrangements), brand recognition and business reputation. If Willow Tree fails to maintain its reputation it may not be able to maintain its existing relationships or develop new relationships or sources of investment opportunities, and we may not be able to grow our investment portfolio. In addition, individuals with whom Willow Tree has relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us.

***Our Adviser experiences conflicts of interest in the management of our business affairs relating to its allocation of investments.***

The Adviser will experience conflicts of interest in connection with the management of our business affairs relating to and arising from a number of matters, including: the allocation of investment opportunities by the Adviser and its affiliates; compensation to the Adviser; services that may be provided by the Adviser and its affiliates to issuers in which we may invest; investments by us and other clients of the Adviser and its affiliates; the formation of additional investment funds managed by the Adviser and/or its affiliates; differing recommendations given by the Adviser to us versus other clients; the Adviser's use of information gained from issuers in our portfolio for investments by other clients, subject to applicable law; and restrictions on the Adviser's use of "inside information" with respect to potential investments by us.

Specifically, we may compete for investments with the Adviser's and its affiliates' other clients. In making allocation decisions with respect to limited investment opportunities that could reasonably be expected to fit the investment objectives of multiple clients and/or accounts, the Adviser and its affiliates will allocate such opportunities in accordance with its allocation policy. With respect to the allocation of investment opportunities among us and other affiliated funds and accounts, the ability of the Adviser and its affiliates to recommend such opportunities to us may be restricted by applicable laws or regulatory requirements (including under the 1940 Act) and the Adviser will allocate investment opportunities and realization opportunities between us and other affiliated funds and accounts in a manner that is consistent with the adopted written investment allocation policies and procedures established by the Adviser and its affiliates, which may be amended from time to time, designed to ensure allocations of opportunities are made over time on a fair and equitable basis. The outcome of any allocation determination by the Adviser and its affiliates may result in the allocation of all or none of an investment opportunity to us.

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To the extent we and such other funds and accounts invest in the same portfolio investments, actions taken by the Adviser or its affiliates on behalf of such other funds and accounts may be adverse to us and our investments, which could harm our performance. As a result, prices, availability, liquidity and terms of our investments may be negatively impacted by the activities of such funds and accounts, and transactions for us may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

***Our Adviser's allocation of co-investment opportunities may result in conflicts of interest.***

The Adviser reserves the right to co-invest on our behalf in one or more investments with certain strategic investors, lenders, limited partners (or affiliates thereof) and/or other third parties through partnerships, joint ventures or other entities. Further, certain of our investments, particularly our larger investments (in terms of capital invested), are expected to generate the opportunity for certain persons or entities to co-invest in such investments alongside us. The Adviser will allocate co-investment opportunities among its investors and/or their affiliates and other persons in accordance with the Adviser's co-investment policy.

In general, the Adviser may make these opportunities available to certain shareholders, but it may also choose to offer some or all of any available co-investment opportunity to one or more non-shareholders. The Adviser will not be obligated to offer co-investment opportunities to all (or any) shareholders and it may offer such opportunities to certain shareholders, but not others (including to a single shareholder or small group of shareholders), and other non-shareholders, based on such factors as the Adviser, in its sole discretion, determines is relevant or appropriate under the circumstances, including but not limited to such factors as: (1) The Adviser's assessment that a co-investor will be able to consummate a co-investment within the time frame established by the Adviser (including completion of due diligence and obtaining all required internal approvals) as demonstrated by, among other things, the Adviser's prior co-investment experience with such co-investor, a co-investor's financial resources and its industry reputation; (2) the Investor Manager's assessment that a co-investor's participation in a co-investment may provide certain strategic benefits to us; (3) a co-investor's ability to fund minimum co-investment amounts; (4) applicable legal, regulatory and tax considerations that may impact selection of co-investors; and (5) such other factors as may be set forth in the Adviser's co-investment policy.

As part of its evaluation, the Adviser may decide to weight certain factors from its policy more than others, depending on the facts and circumstances of a particular co-investment opportunity. If applicable, the amount of each co-investment opportunity allocated to participating shareholder co-investors will be determined by the Adviser, in its sole discretion, and may not be proportional to the respective capital commitments of such participating co-investor. Investing in us does not entitle any shareholder to allocations of co-investment opportunities. The Adviser is permitted to grant certain investors special priorities, rights and economic and other terms with respect to co-investment allocation and participation, as well as economic terms in respect of co-investments. Granting such rights may not be in the best interest of other co-investors and could potentially have the effect of limiting the ability of other co-investors to be allocated co-investment opportunities.

A co-investor will not receive a share of any topping, break up or broken deal fees received in connection with an unconsummated co-investment, unless otherwise agreed in writing by the Adviser and such co-investor.

***Our Adviser reserves the right to structure the terms of co-investment opportunities.***

The Adviser reserves the right, in its discretion: (i) charge carried interest, incentive allocation, management fees or other similar fees to co-investors, (ii) make an investment, or otherwise participate, in any vehicle formed to structure a co-investment to facilitate, among other things, receipt of such carried interest, incentive allocation, management fees or other similar fees; and (iii) collect customary fees in connection with actual or contemplated portfolio investments that are the subject of such co-investment arrangements. Further, in those circumstances where co-investors include one or more members of a portfolio company's management group, such co-investors may receive compensation arrangements relating to the investment, including incentive compensation arrangements. Finally, some of the co-investors with whom we may co-invest may have pre-existing investments with the Adviser, and the terms of such pre-existing investments may differ from the terms upon which such persons may co-invest with us.

The terms of any co-investment will be determined by the Adviser on a case-by-case basis in its sole discretion and any opportunity may be presented on an as is basis and may therefore not be suitable for certain co-investors due to legal, tax, regulatory or similar considerations. The Adviser may structure co-investments through one or more co-investment vehicles.

***We may experience potential conflicts due to our Adviser's overlapping client investments.***

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Where the Adviser managed funds hold the same investment, the differing investment objectives of such funds, as well as other factors applicable to the specific situation, may cause the Adviser to dispose of, or retain, all or a portion of such investment on behalf of a fund at different times than other funds. In addition, particularly for illiquid or private investments, conflicts of interest can arise when disposing of a particular investment that would be beneficial for one fund while retaining such investment would be beneficial for another fund. The Adviser may also invest in securities on behalf of one fund that may differ from investments made on behalf of other funds, even though the investment objectives of these funds may be similar. Moreover, the Adviser, its funds, or its personnel may make investments or engage in other activities that express inconsistent views about an investment, a particular security or relevant market conditions.

The Adviser expects to make business decisions on behalf of certain funds regarding their investments independently of the manner in which it approaches a similar or even the same investment held by other funds. Consequently, the Adviser, on behalf of certain funds, may choose not to hedge certain risks that another fund hedges, or certain funds may be exposed to risks of financing on an investment when other funds are not. Further, in some instances, the Adviser may coordinate its funds' activities (e.g., timing dispositions in an orderly way in order to avoid affecting the price of an investment in an unduly volatile manner) in investments held by more than one fund, when it would theoretically be possible for the Adviser to act unilaterally as to a particular fund's holdings in such investment. Such coordination could have the effect of lowering returns for a particular fund as to an investment. Should a particular fund invest in entities or assets in which other funds hold an investment, the investment by such fund could be viewed, especially in hindsight, to have been made on a non-arm's- length basis and could have an effect (either positive or negative) on the market price of the initial investment.

***We may bear broken deal expenses in connection with co-investments.***

In general, we bear out of pocket expenses and costs in connection with transactions not consummated as determined by the Adviser using a fair and reasonable allocation methodology given the circumstances of such expenses. This may potentially result in a potential co-investor who co-invests alongside us not bearing any portion of such expenses for a particular transaction with us potentially bearing such expenses.

***Our Adviser's liability is limited under the Investment Management Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.***

The Adviser has not assumed any responsibility to us other than to render the services described in the Investment Management Agreement, and it will not be responsible for any action of the Board in declining to follow its advice or recommendations. Pursuant to the Investment Management Agreement, the Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of, the Adviser will not be liable to us for their acts under the Investment Management Agreement, absent willful malfeasance, bad faith, or gross negligence in the performance of their duties. We have also agreed to indemnify, defend and protect the Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith or gross negligence in the performance of their duties. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own accord.

***Our Adviser and its affiliates have existing relationships that may influence whether or not our Adviser undertakes particular investments.***

The Adviser and/or its affiliates (including its partners, members and employees) have long-term relationships with a significant number of companies and their respective senior management. The Adviser and/or their respective affiliates (including its partners, members and employees) also have relationships with numerous investors, including institutional investors and their senior management. The existence and development of these relationships may influence whether or not the Adviser undertakes a particular investment on our behalf and, if so, the form and level of such investment. Similarly, the Adviser may take the existence and development of such relationships into consideration in its management of us and our investments. Without limiting the generality of the foregoing, there may, for example, be certain strategies involving the management or realization of particular investments that the Adviser will not employ on our behalf in light of these relationships.

***Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.***

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We, directly or through the Adviser and its affiliates, may obtain confidential information about the companies in which we have invested or may invest or be deemed to have such confidential information. The possession of such information may, to our detriment, limit the ability of us and the Adviser and its affiliates to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of the Adviser may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of the Adviser and its affiliates come into possession of material non-public information with respect to our investments, such personnel will be restricted by the Adviser's information-sharing policies and procedures or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of the Adviser to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of the Adviser in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with the Adviser will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of the Adviser.

***We may be subject to risks involved with investment through CLOs and other SPVs.***

In order to finance our investments or to obtain leverage, we may restructure or repackage some of our investments and/or other assets into one or more CLOs or other special purpose vehicles ("SPVs") managed by the Adviser or its affiliates, which investments may be contributed on an individual or cross-collateralized basis with other investments and/or our assets and/or other clients of the Adviser. Formation of such CLOs typically would involve creating one or more investment vehicles, contributing our assets to such vehicle or a related entity, and issuing debt or preferred equity interests in such entity to third parties, or having such entity make borrowings or incur other indebtedness on a non-recourse or limited-recourse basis to purchasers or lenders, as the case may be, or engaging in such transactions with existing investment vehicles.

***We may be subject to risks associated with securitization of investments through CLOs to obtain leverage.***

We intend to form other borrower structures for the purposes of obtaining leverage and may engage in other leverage methods, including but not limited to, securitization of investments through a CLO following which we generally expect to hold at least a majority of the economic equity (subordinated notes) of such securitization. Equity or residual interests expected to be held by us in relation to any CLO ("CLO Securities") are limited-recourse obligations of the CLO issuer thereof payable solely from the underlying assets of such CLO or proceeds thereof. Moreover, CLO Securities represent economic residual interests in the relevant CLO only and are not secured. Consequently, holders of CLO Securities must rely solely on distributions on the underlying assets or proceeds thereof for payment in respect thereof. If distributions on such collateral are insufficient to pay required fees and expenses, to make payments on CLO Securities or to pay dividends or other distributions on the CLO Securities, all in accordance with the applicable priority of payments, no other assets of the CLO issuer or any other person will be available for the payment of the deficiency. Once all proceeds of the collateral have been applied, no funds will be available for payment or distributions on the CLO Securities. Therefore, whether holders of the CLO Securities receive repayment or a return thereon will depend upon the aggregate amount of payments and other distributions paid on the other CLO notes in issue prior to any final redemption date and the amount of available funds on the final redemption date available for distribution to holders of the CLO Securities.

***Distributions on CLO securities may be affected by yield, maturity, distributions and other performance considerations.***

The amount of distributions on any CLO Securities will be affected by, among other things, the timing of purchases of loans, rates of repayment of or distributions on the underlying assets, the timing of reinvestment in substitute underlying assets and the interest rates available at the time of reinvestment. The longer the period of time before reinvestment of cash in underlying assets, the greater the adverse impact may be on the aggregate interest collected, thereby lowering yields and otherwise affecting performance of the CLO Securities. The amount of distributions on CLO Securities may also be affected by rates of delinquencies and defaults on and liquidations of the underlying assets, sales of the underlying assets and purchases of underlying assets having different payment characteristics. The yield and other measures of performance may be adversely affected to the extent that the CLO issuer incurs any significant unexpected expenses.

***CLO Securities are illiquid and may lack a liquid trading market, which may negatively impact our operations.***

CLO Securities to be held by us are themselves illiquid securities and may lack a liquid trading market, which may result in our inability to sell any such CLO Securities or to close out a transaction in the event they would otherwise be permitted to do so. As a result of this illiquidity, our ability to sell certain CLO Securities quickly, or at all, in response to changes in

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economic and other conditions and to receive a fair price when selling such CLO Securities may be limited, which could prevent us from making sales to mitigate losses on such investments.

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

As a BDC, we are generally limited in our ability to invest in any portfolio company in which our affiliates, the Adviser or its affiliates currently has an investment or to make co-investments with our affiliates, the Adviser or its affiliates. Specifically, we are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, an order from the SEC or exemptive relief. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of the Board and, in some cases, the SEC. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, including other funds or clients advised by the Adviser or its affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves a joint investment), without prior approval of the Board and, in some cases, the SEC.

If a person acquires more than 25% of our voting securities, we will be prohibited from buying any security from or selling any security to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates or anyone who is under common control with us. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment advisor. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a Company managed by either of our Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment or disposition opportunities that would otherwise be available to us.

In situations when co-investment with the Adviser or its affiliates' other clients is not permitted under the 1940 Act and related rules, or existing or future staff guidance, the Adviser will need to decide which client or clients will proceed with the investment. Generally, we would not be entitled to make a co-investment in these circumstances and, to the extent that another client elects to proceed with the investment, we would not be permitted to participate. Moreover, except in certain circumstances, we will not invest in any issuer in which an affiliate's other client holds a controlling interest.

On December 16, 2025, we, our Adviser and certain of its affiliates were granted the Order that supersede the prior order for exemptive relief by the SEC for us to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board oversees our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.

If the Adviser manages certain 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 or an exemptive order from the SEC and our allocation procedures.

***We may be subject to risks on investments with unaffiliated third parties.***

We may co-invest in one or more investments with certain unaffiliated third parties, including but not limited to, limited partners of funds or other clients managed by the Adviser or its affiliates, which parties in certain cases may have different interests to ours. Such co-investments may be structured through partnerships, joint ventures or other entities. Our investments will be subject to risks in connection with third-party involvement, including the possibility that a third party may have financial difficulties resulting in a negative impact on such investment, may have economic or business interests or goals that are inconsistent with ours, or may be in a position to block action in a manner contrary to our investment objectives. We may also, in certain circumstances, be liable for the actions of our third-party partners or co-investors. In

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addition, such co-investments may or may not be on substantially the same terms and conditions, and such different terms may be disadvantageous to us or to any investor participating directly or indirectly therein.

***We may make investments that could give rise to a conflict of interest.***

We do not expect to invest in, or hold securities of, companies that are controlled by an affiliate and/or an affiliate's other clients. However, the Adviser or an affiliate's other clients may invest in, and gain control over, one of our portfolio companies. If the Adviser or an affiliate's other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions the Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, the Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, the Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate's other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned.

***Investment by Willow Tree employees in the Company may give rise to conflicts of interest.***

Employees of Willow Tree, including members of the Investment Committee are permitted to invest, and at times will invest significantly, in the Willow Tree platform, including us. Such investments can operate to align the interests of Willow Tree and its employees with the interests of the Willow Tree platform and its investors but will also give rise to conflicts of interest as such employees can have an incentive to favor the Willow Tree platform in which they participate or from which they are otherwise entitled to share in returns or fees.

***Our Adviser's failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on our Adviser, and thus, us.***

A number of U.S. states and municipal pension plans have adopted so-called "pay-to-play" laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including those seeking investments by public retirement funds. The SEC has adopted a rule that, among other things, prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates. If the Adviser, any of its employees or affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on the Adviser, and thus, us.

***Our ability to achieve our investment objective depends on the Adviser's ability to manage and support our investment process.***

We do not have any employees. Additionally, no internal management capacity other than our appointed executive officers and will be dependent upon the investment expertise, skill and network of business contacts of the Adviser and Willow Tree to achieve our investment objective. The Adviser evaluates, negotiates, structures, executes, monitors and services our investments. Our success will depend to a significant extent on the continued service and coordination of the Adviser, including its key professionals. We cannot provide any assurance that unforeseen business, medical, personal or other circumstances would not lead any such individual to terminate his or her relationship with us and/or the Adviser. The departure of a significant number of key professionals from the Adviser could have a material adverse effect on our ability to achieve our investment objective. The Adviser also depends upon investment professionals to obtain access to deal flow generated by Willow Tree.

Our ability to achieve our investment objective will also depend on the ability of the Adviser to identify, analyze, invest in, finance, and monitor companies that meet our investment criteria. The Adviser's capabilities in structuring the investment process and providing competent, attentive and efficient services to us depend on the involvement of investment professionals of adequate number and sophistication to match the corresponding flow of transactions. To achieve our investment objective, the Adviser may need to retain, hire, train, supervise, and manage new investment professionals to participate in our investment selection and monitoring process. The Adviser may not be able to find qualified investment professionals in a timely manner or at all. Any failure to do so could have a material adverse effect on our business, financial condition and results of operations. The Adviser may also be called upon to provide managerial assistance to 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.

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In addition, the Investment Management Agreement has a termination provision that allows the agreement to be terminated by us on 60 days' notice without penalty by the vote of a majority of the outstanding shares of our Common Stock or by the vote of our Board of Directors. The Investment Management Agreement generally may be terminated at any time, without penalty, by the Adviser upon 60 days' notice to us. Furthermore, the Investment Management Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of our shareholders and our Board approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms prior to the termination of the Investment Management Agreement, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays. Our financial condition, business and results of operations, as well as our ability to meet our payment obligations under any indebtedness and to pay distributions, are likely to be adversely affected, and the value of our Common Stock may decline.

***The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us.***

The Adviser and its affiliates may, from time to time, manage assets for funds and accounts other than us. While the Adviser and its affiliates will seek to manage potential conflicts of interest in good faith, the portfolio strategies employed by the Adviser and its affiliates in managing its other funds and accounts could conflict with the transactions and strategies employed by the Adviser in managing us and may affect the prices and availability of investments. The Adviser and its affiliates may, from time to time, give advice and make investment recommendations to other affiliate-managed investment vehicles that differ from advice given to, or investment recommendations made to, us, even though their investment objective may be the same or similar to ours. Other affiliate-managed investment vehicles, whether now existing or created in the future, could compete with us for the purchase and sale of investments.

With respect to the allocation of investment opportunities among us and other affiliated funds and accounts, the ability of the Adviser to recommend such opportunities to us may be restricted by applicable laws or regulatory requirements (including under the 1940 Act) and the Adviser will allocate investment opportunities and realization opportunities between us and other affiliated funds and accounts in a manner that is consistent with the adopted written investment allocation policies and procedures established by the Adviser and its affiliates, which may be amended from time to time, designed to ensure allocations of opportunities are made over time on a fair and equitable basis. The outcome of any allocation determination by the Adviser and its affiliates may result in the allocation of all or none of an investment opportunity to us. Willow Tree's allocation of investment opportunities among us and other affiliated investment funds and accounts in the manner discussed above may not result in proportional allocations, and such allocations may be more or less advantageous to some relative to others.

To the extent we and such other funds and accounts invest in the same portfolio investments, actions taken by the Adviser or its affiliates on behalf of such other funds and accounts may be adverse to us and our investments, which could harm our performance. For example, we may invest in the same credit obligations, although, to the extent permitted under the 1940 Act, our investments may include different obligations or levels of the capital structure of the same issuer. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held. Conflicts may also arise because portfolio decisions regarding our portfolio may benefit such funds and accounts. On the other hand, such funds and accounts may pursue or enforce rights with respect to one of our portfolio companies, and those activities may have an adverse effect on us. As a result, prices, availability, liquidity and terms of our investments may be negatively impacted by the activities of such funds and accounts, and transactions for us may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

In addition, a conflict of interest exists to the extent the Adviser, its affiliates, or any of their respective executives, portfolio managers or employees have proprietary or personal investments in other investment companies or accounts or when certain other investment companies or accounts are investment options in the Adviser's or its affiliates' employee benefit plans. In these circumstances, the Adviser has an incentive to favor these other investment companies or accounts over us. Our Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts.

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***We will be obligated to pay the Adviser an Incentive Fee even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.***

The Investment Management Agreement entitles the Adviser to receive an Incentive Fee that is based on our Pre-Incentive Fee Net Investment Income regardless of any capital losses. In such case, we may be required to pay the Adviser an Incentive Fee for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.

Any Incentive Fee payable by us that relates to Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash ("payment-in-kind", or "PIK", income). PIK income will be included in the Pre-Incentive Fee Net Investment Income used to calculate the incentive fee to the Adviser even though we do not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not obligated to reimburse us for any part of the Incentive Fee it received that was based on accrued interest income that we never receive as a result of a subsequent default.

The quarterly Incentive Fee on income is recognized and paid without regard to: (i) the trend of Pre-Incentive Fee Net Investment Income as a percent of adjusted capital over multiple quarters in arrears which may in fact be consistently less than the quarterly preferred return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods.

For federal income tax purposes, we may be required to recognize taxable income in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to maintain our tax treatment as a RIC and/or minimize corporate-level U.S. federal income or excise tax. Under such circumstances, we may have difficulty meeting the annual distribution requirement necessary to maintain RIC tax treatment under the Code (the "Annual Distribution Requirement"). This difficulty in making the required distribution may be amplified to the extent that we are required to pay the incentive fee on income with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

***The recommendations given to us by the Adviser may differ from those rendered to their other clients.***

The Adviser and its affiliates may, from time to time, give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, us even though such other clients' investment objectives may be similar to ours, which could have an adverse effect on our business, financial condition and results of operations.

***There are risks associated with any potential merger with or purchase of assets of another fund.***

The Adviser may in the future recommend to our Board that we merge with or acquire all or substantially all of the assets of one or more funds including a fund that could be managed by the Adviser or its affiliates (including another BDC). We do not expect that the Adviser would recommend any such merger or asset purchase unless it determines that it would be in the best interest of us and our shareholder, with such determination dependent on factors it deems relevant, which may include our historical and projected financial performance and any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of directors and common equity holders of both funds. If the Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to the Adviser by us and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to the Adviser as a result of managing a single, larger fund instead of two separate funds.

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***Our Administrator can resign from its role as Administrator under the Administration Agreement, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.***

Willow Tree has the right to resign under the Administration Agreement upon 60 days' written notice, whether a replacement has been found or not. If Willow Tree resigns, it may be difficult to find a new administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If a replacement is not found quickly, our business, results of operations and financial condition are likely to be adversely affected and the value of our Common Stock may decline. Even if a comparable service provider or individuals to perform such services are retained, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition.

***Any sub-administrator that the Administrator engages to assist the Administrator in fulfilling its responsibilities could resign from its role as sub-administrator, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.***

Willow Tree has the right under the Administration Agreement to enter into one or more sub-administration agreements with other administrators (each a "Sub-Administrator") pursuant to which Willow Tree may obtain the services of the Sub-Administrator(s) to assist Willow Tree in fulfilling its responsibilities under the Administration Agreement. If any such Sub-Administrator resigns, it may be difficult to find a new Sub-Administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If a replacement is not found quickly, our business, results of operations and financial condition are likely to be adversely affected and the value of our Common Stock may decline. Even if a comparable service provider or individuals to perform such services are retained, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition.

**Risks Related to the Economy**

***As a BDC, we may face risks during periods of disruption and instability in capital markets..***

As a BDC, we must maintain our ability to raise additional capital for investment purposes. Without sufficient access to the capital markets or credit markets, we may be forced to curtail our business operations or we may not be able to pursue new business opportunities. From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, significant write-offs, the re-pricing of credit risk and the failure of major financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt an d equity capital for the market as a whole and financial services firms in particular. Global markets have experienced heightened volatility in recent periods and there can be no assurance these market conditions will not continue or worsen in the future, including as a result of inflation and rising interest rates, the ongoing conflicts between Ukraine and Russia, the ongoing turmoil in Europe, the Middle East and South America, and health epidemics and pandemics, rising interest rates or renewed inflationary pressure.

Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. Such conditions could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. 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 what we have historically experienced, including the current rising interest rate environment. If we are unable to raise or refinance debt, then our equity investors 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.

Significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While we expect most of our investments will not be 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).

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Significant changes or volatility in the capital markets may adversely affect the pace of our investment activity and economic activity generally.

The illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital, and any required sale of all or a portion of our investments as a result, could have a material adverse effect on our business, financial condition or results of operations.

***Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.***

Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, war, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund our investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

In addition, recent disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to 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 limit our investment originations, limit our ability to grow and have a material negative impact on our and our prospective portfolio companies' operating results and the fair values of our debt and equity investments.

***Public health emergencies and outbreaks of existing or new epidemic diseases could have a significant adverse effect on our business, financial condition and results of operations.***

The extent of the impact of any public health emergency on our and our portfolio companies' operational and financial performance depends on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies' operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies' personnel. This could create widespread business continuity issues for us and our prospective portfolio companies.

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These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information.

Any public health emergency, pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

***Adverse global economic conditions could harm our business and financial condition.***

Adverse macroeconomic development, including without limitation, inflation, slowing growth, rising interest rates or recession, could negatively affect our business and financial condition. These developments or other global events, including those related to the conflict between Ukraine and Russia and the current conflicts in the Middle East, have caused, and could, in the future, cause disruptions and volatility in global financial markets and increased rates of default and bankruptcy, and could impact consumer and small business spending and have other unforeseen consequences. For example, in response to increasing inflation, the U.S. Federal Reserve began to raise interest rates from March 2022 to July 2023, the Federal Reserve periodically raised interest rates to combat inflation and maintained the same rate benchmark from July 2023 to September 2024. The Federal Reserve cut its benchmark rate three times in 2024 and for three consecutive quarters in 2025, then held interest rates steady in February 2026, bringing the benchmark rate to the 3.50% to 3.75% range. While Federal Reserve has indicated that there may be additional rate cuts in the future, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. It is difficult to predict the impact of such events on our portfolio companies or economic markets more broadly and the effectiveness of those actions. Adverse economic conditions, including inflation, may also increase the costs of operating our business.

***Inflation may adversely affect our business.***

Inflation and fluctuations in inflation rates have had in the past, and may in the future have, adverse effects on economies and financial markets, particularly in emerging economies. For example, wages and prices of inputs increase during periods of inflation, which can adversely impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy. Governmental efforts to curb inflation often have adverse effects on the level of economic activity. There can be no assurance that inflation will not become a serious problem in the future and have an adverse impact on the Company's returns.

Economic activity has continued to accelerate across sectors and regions. Nevertheless, global supply chain issues have led, and may in the future lead, to a rise in energy prices. Inflation may continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy continues to tighten in response. Ongoing inflationary pressures could affect our portfolio companies' profit margins.

***Trade negotiations and related government actions may create regulatory uncertainty for the portfolio companies and our investment strategy and adversely affect the profitability of the portfolio companies.***

In recent years, the U.S. government has indicated its intent, and taken actions to renegotiate or potentially terminate certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. For example, the current U.S. presidential administration has imposed significant increases to tariffs on goods imported into the U.S., including from China, Canada, and Mexico. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Existing, new, or increased tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions, which could cause the net asset value of our Common Shares to decline. Although the Supreme Court recently invalidated the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to the Trade Act of 1974, effective February 24, 2026. The administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court's decision may create market uncertainty as it relates to the availability of refunds for prior tariffs and the imposition of new tariffs to replace those imposed under IEEPA. These developments, or the continued uncertainty relating to U.S. trade policies, may further increase market volatility and have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly

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reduce global trade and, in particular, trade between the impacted nations and the U.S. We 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 debt investments during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty in connection with economic sanctions resulting from the ongoing war between Russia and Ukraine, uncertainty around the conflicts in the Middle East, and uncertainty between the United States and other countries, including China, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future.

In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans and the value of our equity investments. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions may require us to modify the payment terms of our investments, including changes in "payment in kind" or "PIK" interest provisions and/or cash interest rates, and 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 on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results.

The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing.

These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition.

***Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.***

Because we may borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income.

In addition, general interest rate fluctuations may have a substantial negative impact on our investments, the value of the 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 also have an adverse impact on our investment 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 investment income. Also, an increase in interest rates available to investors could make investment in Shares less attractive if we are not able to increase our distributions, which could reduce the value of the Shares. Also, an increase in interest rates may result in an increase of the amount of our pre-incentive fee net investment income and, as a result, an increase in incentive fees payable to the Adviser.

We may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using structured financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the 1940 Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging

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activities may not prevent significant losses and could increase our losses. Further, hedging transactions may reduce cash available to pay distributions to our shareholders.

***Downgrades of U.S. credit rating and government shutdowns could negatively impact our liquidity, financial condition and earnings.***

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating of the United States. In August 2023, Fitch Ratings Inc. lowered its grade on the U.S. government's debt from AAA to AA+. Additionally Moody's lowered the U.S. government's credit rating outlook from "stable" to "negative" in November 2023 and subsequently downgraded the U.S. government's long-term issuer and senior unsecured ratings from Aaa to Aa1 in May 2025. There is no guarantee that there will not be a further downgrade in the future.

The impact of this or any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

***Increased global unrest, terrorist attacks, acts of war, global health emergencies or natural disasters impact the business in which we invest, and harm our business, operating results, and financial conditions.***

Terrorist acts, acts of war, global health emergencies or natural disasters may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, military or security operations, global health emergencies 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, global health emergencies and natural disasters are generally uninsurable.

**Risks Related to Our Investments** 

***The success of our activities will be affected by general economic and market conditions, including but not limited to interest rates, commodity prices, availability of credit, credit defaults, inflation rates and economic uncertainty..***

The success of our activities are affected by general economic and market conditions, including but not limited to interest rates, commodity prices, availability of credit, credit defaults, inflation rates, economic uncertainty, disruptions in the global debt markets, changes in laws (including laws relating to taxation of our investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may adversely affect our ability to source what we believe to be attractive investment opportunities, the pricing of such investment opportunities, the value of investments held by us and our ability to exit or monetize its investments. Negative economic trends nationally, in specific geographic areas of the U.S. or outside the U.S., could result in an increase in debt or loan defaults and delinquencies. Inability of issuers to obtain refinancing (particularly as high levels of required refinancings approach) may result in an economic decline that could delay or derail an economic recovery and cause deterioration in the performance of debt investments generally.

Additionally, the following factors may disrupt credit markets and have a negative impact on our investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The bankruptcy or insolvency of one or more major financial institutions that results in the disruption of payments or triggers additional crises in the global credit markets and overall economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued deterioration of the sovereign debt of certain countries, together with the risk of contagion to other, more stable, countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rating agency downgrades (or otherwise negative changes in their ratings outlook) on the sovereign long-term debt ratings of certain countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issues affecting the economies of the U.S. and/or non-U.S. economies; and

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The impact of (1) military operations, (2) pandemics and other public health emergencies, (3) the possibility or actual occurrence of terrorist attacks domestically or abroad and/or (4) political instability in some parts of the world which could have a material adverse effect on general economic conditions, world financial markets, particular business segments, world commodity prices, consumer confidence and/or market liquidity.

***We are subject to risks that Financial Institutions may experience Distress Events.***

We are subject to the risk that one of the banks, brokers, hedging counterparties, lenders or other custodians (each, a "Financial Institution") of some or all of our (or any portfolio company's) assets fails to timely perform its obligations or experiences insolvency, closure, receivership or other financial distress or difficulty (each, a "Distress Event"). Distress Events can be caused by factors including eroding market sentiment, significant withdrawals, fraud, malfeasance, poor performance or accounting irregularities. If a Financial Institution experiences a Distress Event, the Adviser, us or one of our portfolio companies may not be able to access deposits, borrowing facilities or other services, either permanently or for an extended period of time. Although assets held by regulated Financial Institutions in the United States frequently are insured up to stated balance amounts by organizations such as the Federal Deposit Insurance Corporation (FDIC), in the case of banks, and the Securities Investor Protection Corporation (SIPC), in the case of certain broker-dealers, amounts in excess of the relevant insurance are subject to risk of total loss, and any non-U.S. Financial Institutions that are not subject to similar regimes pose increased risk of loss. While in recent years governmental intervention has often resulted in additional protections for depositors and counterparties during Distress Events, there can be no assurance that such intervention will occur in a future Distress Event or that any such intervention undertaken will be successful or avoid the risks of loss, substantial delays or negative impact on banking or brokerage conditions or markets.

Any Distress Event has a potentially adverse effect on the ability of the Adviser to manage our investment portfolio, and on the ability of the Adviser, Willow Tree, us and any portfolio company to maintain operations, which in each case could result in significant losses and in unconsummated investment acquisitions and dispositions. Such losses could include: a loss of funds; an obligation to pay fees and expenses in the event we are not able to close a transaction (whether due to the inability to draw capital on a credit line provided by a Financial Institution experiencing a Distress Event, our inability to access capital contributions or otherwise); our inability to acquire or dispose of investments, or acquire or dispose of such investments at prices that the Adviser believes reflect the fair value of such investments; and the inability of portfolio companies to make payroll, fulfill obligations or maintain operations. If a Distress Event leads to a loss of access to a Financial Institution's services, it is also possible that we or a portfolio company will incur additional expenses or delays in putting in place alternative arrangements or that such alternative arrangements will be less favorable than those formerly in place (with respect to economic terms, service levels, access to capital, or otherwise). To the extent the Adviser is able to exercise contractual remedies under agreements with Financial Institutions in the event of a Distress Event, there can be no assurance that such remedies will be successful or avoid losses, delays or other impacts. We and our portfolio companies are subject to similar risks if a Financial Institution utilized by investors in us or by our suppliers, vendors, service providers or other counterparties or a portfolio company becomes subject to a Distress Event, which could have a material adverse effect on us.

Many Financial Institutions require, as a condition to using their services (including lending services), that we and/or the Adviser maintain all or a set amount or percentage of their respective accounts or assets with the Financial Institution, which heightens the risks associated with a Distress Event with respect to such Financial Institutions. We are under no obligation to use a minimum number of Financial Institutions or to maintain account balances at or below the relevant insured amounts.

Further, Distress Events such as the recent turmoil of the U.S. banking system raise fears of broader financial contagion, and it is not certain what impact this will have on financial markets. Any deterioration of the global financial markets (particularly the U.S. debt markets), any possible future failures of certain financial services companies and a significant rise in market perception of counterparty default risk, interest rates or taxes will likely significantly reduce investor demand and liquidity for investment grade, high-yield and senior bank debt, which in turn is likely to lead some investment banks and other lenders to be unwilling or significantly less willing to finance new investments or to offer less favorable terms than had been prevailing in the recent past. The tightening of availability of credit to businesses generally could lead to an overall weakening of the U.S. and global economies, which in turn is likely to adversely affect our ability to sell or liquidate investments at favorable times or at favorable prices or otherwise have an adverse effect on our business and operations. In addition, valuations of our investments are subject to heightened uncertainty as the result of market volatility and disruption. To the extent we are unable to obtain favorable financing terms for our portfolio investments or sell investments on favorable terms, our ability to generate what we believe to be attractive investment returns for our shareholders may be adversely affected.

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***Fluctuations in the market price of securities may affect the value of our investments.***

General fluctuations in the market prices of securities may affect the value of our investments. Instability in the securities markets may also increase the risks inherent in our portfolio investments. The ability of portfolio companies to refinance debt securities may depend on their ability to sell new securities in the public high-yield debt market or otherwise.

***Our investment strategy is subject to general risks related to lending, secured lending and loan origination.***

The Adviser's lending strategy is subject to general market, credit and interest rate risks. Secured lending is also subject to the risk of inadequate collateral, and lending generally is subject to the risk of default.

Credit risk refers to the likelihood that an obligor will default on the payment of principal, interest or other amounts owed on an instrument. Credit risk may change over the life of an instrument, and debt instruments that are rated by rating agencies are subject to downgrade at a later date.

Interest rate risk refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of instruments whose rates are adjustable). In general, rising interest rates will negatively affect the price of a fixed rate debt instrument and falling interest rates will have a positive effect on the price of a fixed rate debt instrument.

Adjustable rate instruments also react to interest rate changes in a similar manner, although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules.

While loans we originate are intended to be over-collateralized, the lack, or inadequacy, of collateral or other assets expected to be the source of repayment or credit enhancement for a debt instrument may affect our credit risk, and we may be exposed to losses resulting from default. A defaulted or otherwise distressed Company investment may become subject to workout negotiations or restructuring, which may entail, among other things, a substantial reduction in interest rate, a substantial write-down of principal and a substantial change in the terms, conditions and covenants with respect to the investment. We may incur additional expenses if it is required to seek recovery upon default or to negotiate new terms with a defaulting issuer.

Additionally, in the event of a default, the value of the underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. Our interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests, may not be adequately protected. Furthermore, claims may be asserted that could interfere with the enforcement of our rights. Under certain circumstances, we or our affiliate may assume direct ownership of the underlying asset. The liquidation proceeds upon a sale of such asset may not satisfy the entire outstanding balance of principal and interest on the loan, resulting in a loss to us. Any costs or delays involved in the effectuation of the liquidation of the underlying collateral regarding a defaulted loan may further reduce the proceeds and thus increase the loss.

***We may rely on the ability of our Adviser to make investments consistent with our investment objective and policies.***

Except as otherwise disclosed, we have not identified the particular investments we will make. Accordingly, a shareholder must rely upon the ability of the Adviser in making investments consistent with our investment objectives and policies. We may be unable to find a sufficient number of what we believe to be attractive opportunities to invest our committed capital or meet our investment objectives.

***Our investments in the healthcare providers and services industry face considerable uncertainties.***

As of December 31, 2025, our investments in healthcare providers and services represents 25.38% of our portfolio at fair value. The laws and rules governing the business of healthcare companies and interpretations of those laws and rules are subject to frequent change. Broad latitude is given to the agencies administering those regulations. Existing or future laws and rules or changes in administration of such laws and rules could force our portfolio companies engaged in healthcare to change reserve levels or change how they do business, and could also restrict revenue, increase costs and impact liquidity.Healthcare companies often must obtain and maintain regulatory approvals to market many of their products, change prices for certain regulated products and consummate some of their acquisitions and divestitures. Delays in obtaining or failing to obtain or maintain these approvals could reduce revenue or increase costs. Policy changes on the

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local, state and federal level, such as the expansion of the government's role in the healthcare arena and alternative assessments and tax increases specific to the healthcare industry or healthcare products as part of federal health care reform initiatives, could fundamentally change the dynamics of the healthcare industry.

***Our investments in the commercial services and supplies industry face considerable uncertainties.***

As of December 31, 2025, our investments in commercial services and supplies industry represents 16.22% of our portfolio at fair value. There are unique risks in investing in companies in the commercial services and supply industry and a downturn in the industry could significantly impact the aggregate returns we realize. For example, the operating results and financial condition of our portfolio companies in the commercial services and supplies industry could be adversely affected due to a number of factors, including but not limited to a decrease in demand for their services or supplies relating to seasonality or market forces, termination of contracts with, or other disruptions in or decay of relationships with, their customers or other third parties, such as third-party suppliers or manufacturers, and various other factors. Some market forces that could adversely affect the operating results and financial condition of our portfolio companies in the commercial services and supplies industry may be particular to our specific portfolio companies as a result of direct competition or other factors. In addition, there are risks involved with sales, marketing, managerial and related capabilities of our portfolio companies in the commercial services and supplies industry. For example, recruiting and training a workforce is expensive and time-consuming and could delay the provision of commercial services, result in diminished services, or delay the delivery of supplies.

We likely will have little control over the risks that face our portfolio companies in the commercial services and supplies sector, and any of these companies may fail to devote the necessary resources and attention to sell and market their services or products effectively, which could render them unable to generate revenues and reach or sustain profitability. Any of these factors could have a negative impact on the value of our investments in portfolio companies operating in this industry, and therefore could negatively impact our business and results of operations.

***We may be competing for investments with many other investors, including BDCs, private equity funds, hedge funds, CLOs and other institutional investors.***

Although the Adviser believes that it can identify and source opportunities to invest in floating rate senior secured loans to mid-market companies and other investment types targeted by us, the activity of identifying, completing and realizing what we believe to be attractive investments of the type being targeted by us is nonetheless highly competitive. We compete for investments with many other investors, including BDCs, private equity funds, private credit funds, hedge funds, CLOs and other institutional investors.

Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than we have and offer a wider array of financial services. For example, some competitors may have a lower cost of funds or access to funding sources that are not available to us. We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. There may be intense competition for financings or investments of the type we intend to make, and such competition may result in less favorable financing or investment terms than might otherwise exist.

In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Our Adviser endeavors to diversify our investments, but may face difficulties involving potentially limited number of investments.***

The Adviser endeavors to diversify our investments; however, difficult market conditions or slowdowns affecting a particular asset class, geographic region or other category of investment could have a significant adverse impact on us if its investments are limited to those areas, which would result in lower investment returns. This lack of diversification may expose us to losses disproportionate to market declines in general if there are disproportionately greater adverse price movements in the particular investments. If we hold investments limited to a particular issuer, security, asset class or geographic region, we may be more susceptible than a more widely diversified portfolio to the negative consequences of a single corporate, economic, political, or regulatory event. Accordingly, a lack of diversification could adversely affect our performance.

***We rely on our Adviser to perform due diligence and research related to our investments.***

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When conducting due diligence and investment research, the Adviser may be required to evaluate important and complex business, financial, tax, accounting, environmental and legal issues, often on an expedited basis, to take advantage of an investment opportunity. Detailed information necessary for a full evaluation may not be available, and the financial information available to the Adviser may not be accurate or provided based upon accepted accounting methods. Outside consultants, legal counsel, accountants and investment banks may be involved in the due diligence and investment research process in varying degrees depending on the type of investment. There can be no assurance that these consultants will evaluate such investments accurately. Moreover, the due diligence investigation and investment research that the Adviser carries out with respect to any investment opportunity may: (1) not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity, (2) lead to inaccurate or incomplete conclusions or (3) be manipulated by fraud. We could incur material losses as a result of the misconduct or incompetence of such individuals and/or a substantial inaccuracy in such information.

***Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.***

Rule 18f-4 requires a BDC (or a registered investment company) that uses derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program and implement certain testing and board reporting requirements. Rule 18f-4 exempts BDCs that qualify as "limited derivatives users" from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC's derivatives risks and comply with certain recordkeeping requirements. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

***We may be subject to risks related to fraud.***

Of paramount concern in lending is the possibility of material misrepresentation or omission or fraud on the part of the borrower. Instances of fraud and other deceptive practices committed by management of certain companies in which we invest may undermine the Adviser's due diligence efforts with respect to such companies. This may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability to perfect or effectuate a lien on the collateral securing the loan. The Adviser relies upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but the Adviser cannot guarantee such accuracy or completeness.

***Defaults by our portfolio companies may harm our operating results.***

Various laws enacted for the protection of creditors may apply to our investments. In a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of a Company investment, such as a trustee in bankruptcy, a court may find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness constituting such Company investment. If, after giving effect to such indebtedness, the issuer (1) is insolvent, (2) is engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (3) intends to incur, or believes that it will incur, debts beyond its ability to pay such debts as they mature, such court could determine (1) to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, (2) to subordinate such indebtedness to existing or future creditors of the issuer or (3) to recover amounts previously paid by the issuer in satisfaction of such indebtedness.

The issuer of a Company investment may enter bankruptcy, receivership, insolvency or similar proceedings (collectively, "bankruptcy"). Bankruptcy may result in, among other things, a substantial reduction in the interest rate and a substantial write-down of the principal of the related Company investments. In bankruptcy and other corporate reorganizations, there exists the risk that, among other things, the reorganization will proceed at a slower than anticipated pace until certain liabilities of the debtor have been satisfied, may not be successful if certain reorganization milestones, including necessary approvals, have not been achieved, or result in the distribution of a new security worth less than our purchase price. In addition, debtors in bankruptcy must bear substantial administrative costs before creditors, such as us, are repaid on unsecured claims and equity holdings. Other claims against a bankrupt debtor, such as tax obligations, may have priority over our claims in bankruptcy proceedings.

Troubled company investments and other distressed asset-based investments require active monitoring and could, at times, require participation in business strategy or reorganization proceedings by the Adviser. To the extent that the Adviser becomes involved in such proceedings, we could have a more active participation in the affairs of the issuer than that

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assumed generally by an investor. In addition, involvement by the Adviser in a company's reorganization proceedings could result in the imposition of restrictions limiting our ability to liquidate their position in the issuer.

Investments in securities issued by distressed companies domiciled outside the U.S. could present additional risks to us, including in respect of the bankruptcy and reorganization laws of those countries. Non-U.S. bankruptcy and reorganization laws could result in different and potentially inferior outcomes in respect of the reorganization process, the treatment of creditor claims and how creditors' rights will be enforced. In addition, notwithstanding existing bankruptcy laws in some countries, those countries may not have a stable or predictable reorganization process.

***We may be subject to risks related to calls and prepayments that could adversely impact our results of operations.***

The ability of issuers to prepay Company investments will vary. We will experience a loss if a Company investment was purchased at a price greater than par and is prepaid at par or at a price lower than the purchase price. The rate of prepayments, amortization, delinquencies and defaults may be influenced by various factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in issuer performance and requirements for capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate movements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unavailability of credit or a decline in credit underwriting standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The overall economic environment.

Further, in the case of prepayment, we bear reinvestment risk, because the Adviser may be required to invest the proceeds at a lower rate than the original investment.

Our investments generally pay floating interest rates. To the extent interest rates increase, periodic interest obligations owed by the related issuer also will increase. As prevailing interest rates increase, some issuers may not be able to make the increased interest payments on Company investments or refinance their balloon and bullet loans, resulting in payment defaults.

***We may acquire investments subject to contingent liabilities and indemnification.***

We may acquire an investment that is subject to contingent liabilities. Such contingent liabilities could be unknown to the Adviser at the time of acquisition or, if they are known, the Adviser may not accurately assess or protect against the risks that they present. Acquired contingent liabilities could thus result in unforeseen losses for us. In addition, in connection with the disposition of an investment in a portfolio company, we may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business.

***Our investments in smaller issuers may involve higher risk than well-established companies.***

We invest primarily in the debt obligations or securities of middle market, lower middle market and/or less well-established companies. While smaller companies may have potential for rapid growth, they involve higher risks. Smaller companies have more limited financial resources than larger companies and may be unable to meet their obligations under their debt securities, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees it may have obtained in connection with its investment. Smaller companies also 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. Generally, less information is publicly available about these companies, and they are generally not subject to the financial and other reporting requirements applicable to public companies. Smaller companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on us and, in turn, on our performance. Smaller companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Such companies also 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.

***The success of portfolio companies may depend on the portfolio company's management.***

Each portfolio company's day-to-day operations is the responsibility of such portfolio company's management team. Although the Adviser is responsible for monitoring the performance of each portfolio company, there can be no assurance that the existing portfolio company's management team, or any successor, will be able to operate the portfolio company in

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accordance with the Adviser's expectations. The success of each Company investment depends in substantial part upon the skill and expertise of each portfolio company's management team.

***We may invest in highly leveraged portfolio companies.***

We may invest in companies with capital structures involving significant leverage, including private credit funds. Additionally, some of the debt positions acquired by us may be the most junior in what could be a complex capital structure, and, thus, subject us to the greatest risk of loss.

Investments in highly leveraged entities are inherently more sensitive to declines in revenues, increases in expenses and interest rates and adverse economic, market, and industry developments. Furthermore, a portfolio company's significant indebtedness could, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject the portfolio company to a number of restrictive covenants, terms, and conditions, any violation of which could be viewed by creditors as an event of default and could materially impact our ability to realize value from the investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cause even moderate reductions in operating cash flow to render the portfolio company unable to service its indebtedness, leading to the portfolio company's bankruptcy or other reorganization and a loss of part or all of our investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Give rise to an obligation to make mandatory prepayments of debt using excess cash flow, which might limit the portfolio company's ability to respond to changing industry conditions if additional cash is needed for the response, to make unplanned but necessary capital expenditures or to take advantage of growth opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit the portfolio company's ability to adjust to changing market conditions, thereby placing it at a competitive disadvantage compared to its competitors that have relatively less debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit the portfolio company's ability to engage in strategic acquisitions that might be necessary to generate what we believe to be attractive returns or further growth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit the portfolio company's ability to obtain additional financing or increase the cost of obtaining such financing, including for capital expenditures, working capital or other general corporate purposes.

As a result, the risk of loss associated with a leveraged portfolio company is generally greater than for companies with comparatively less debt.

***Our portfolio companies face operating and financial risks.***

The portfolio companies in which we invest could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment, or an economic downturn. As a result, portfolio companies that the Adviser expects to be stable, may operate, or expect to operate, at a loss or have significant variations in operating results; may require substantial additional capital to support their operations or to maintain their competitive position; or may otherwise have a weak financial condition or be experiencing financial distress. In some cases, the success of our investment strategy will depend, in part, on the ability of the Adviser to restructure and effect improvements in the operations of a portfolio company. The activity of identifying and implementing restructuring programs and operating improvements at portfolio companies entails a high degree of uncertainty.

***There is uncertainty with financial projections regarding portfolio companies.***

The Adviser generally establishes the pricing of transactions and the capital structure of portfolio companies based on financial projections for such portfolio companies. Normally, these projections depend on management judgment. In all cases, projections of future results are only estimates based upon assumptions made at the time that the projections are developed. Projected results may not be realized, and actual results may vary significantly from the projections. General economic, political and market conditions, which are not predictable, can have a material adverse impact on the reliability of such projections.

***Our illiquid investments and long-term investments may lead to uncertain exit strategies.***

We invest in and hold to maturity instruments that do not have a significant, or any, secondary market. In most cases, there will be no public market for the securities at the time of their acquisition. These securities generally may not be sold publicly, unless their sale is registered under applicable securities laws or an exemption from such registration

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requirements is available, and the Adviser may not be able to arrange a private sale. To the extent that there is no trading market for a portfolio investment, the Adviser may be unable to liquidate that investment on our behalf or may be unable to do so at a profit. Accordingly, there can be no assurance that we will realize value on our investments in a timely manner.

Due to the illiquid nature of many of the positions, as well as the uncertainty of the success of their issuers, the Adviser is unable to predict with confidence what the exit strategy will ultimately be for any given investment, or that one will definitely be available. In certain instances, we may be forced to sell or exit an investment earlier than the Adviser would recommend due to liquidity issues, our dissolution, or other possible factors.

***There can be no assurance that we will be able to maintain adequate financing arrangements.***

There can be no assurance that we will be able to maintain adequate financing arrangements under all market circumstances. The imposition of financial limitations or restrictions could compel us to liquidate all or part of our portfolio at disadvantageous prices. The financing available to us from banks, dealers and other counterparties is likely to be restricted in disrupted markets.

***We may be subject to risk of litigation.***

Our investment activities may subject us to the risks of becoming involved in litigation. The expense of defending against claims against us by third parties and paying any amounts pursuant to settlements or judgments would be borne by us. We may not be able to defend or prosecute legal proceedings that may be bought against it (or lenders as a group) or that we (or lenders as a group) might otherwise bring to protect our (or their) interests. In addition, we may accumulate substantial positions in the securities of issuers that become involved in litigation.

***We trade in privately placed debt investments of private companies.***

We trade in privately placed debt investments issued by private companies (i.e., companies that have not issued publicly traded securities). Private debt investments may be in the form of loans, securities or participation interests, and may be issued in financings and recapitalizations. They also may include mezzanine, unitranche and high-yield debt securities (discussed below), which are typically issued in traditional private placements or in connection with acquisitions and other business combinations.

Privately placed debt, which includes below investment grade or, on occasion, distressed assets, is considered to be of lower credit quality and more speculative than publicly offered debt. Unrated or low-grade debt securities are subject to greater risk of loss of principal and interest than higher-rated debt securities. Further, we may trade in debt securities that rank junior to other outstanding securities and obligations of the issuer, all or a significant portion of which may be secured by substantially all of that issuer's assets. We also may invest in debt securities that are not protected by financial covenants or limitations on additional indebtedness.

Privately placed debt is subject to fewer reporting obligations than publicly traded securities. Further, we may invest in debt securities issued by companies with little or no operating history. Detailed information about privately placed debt necessary for a full evaluation of the securities may be less available to the Adviser than would be available in connection with publicly offered debt securities.

Additionally, investment in debt issued by private companies (compared to public companies) is subject to a number of risks, including (1) magnified illiquidity of an investment, (2) inability to sell due to a lack of market, (3) absence of market efficiency or testing to determine the correct price, (4) limited or no information available to debt holders regarding, among other things, a private company's business prospects and results of operations and (5) less oversight from independent directors, regulatory agencies and others.

***Our portfolio companies may become publicly traded and subject to risks inherent to investing in public companies.***

Certain investments by us could be in (or result in us holding, for example, as collateral) securities that are or become publicly traded and are therefore subject to the risks inherent in investing in public companies (including new issues of securities). These factors are generally outside the Adviser's control, and could adversely affect the liquidity and value of our investments, and could reduce our ability to make what we believe to be attractive new investments. In addition, in some cases we could be prohibited by contract or other limitations from selling such securities for a period of time so that we are unable to take advantage of favorable market prices.

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We will likely not have the same access to information in connection with investments in public companies, either when investigating a potential investment or after making an investment as with investments in private companies. Furthermore, it can be expected from time to time that we could be limited in its ability to make investments, and to sell existing investments, in public or private companies because the Adviser could be deemed to have material, non-public information regarding such public companies or as a result of other internal policies. Accordingly, there can be no assurance that we will be able to make investments in public companies that the Adviser otherwise deems appropriate or, if it does, as to the amount it will so invest. Moreover, the inability to sell investments in public or private companies in these circumstances could materially adversely affect our investment results. We could also invest in 144A securities, which investment is likely to raise many of the same issues and risks discussed above. The Adviser could, in its sole discretion, decline to receive material non-public information in respect of a public company in which we have invested that would otherwise be available to it to avoid being restricted from trading in securities issued by such public company or to avoid the Adviser or its affiliates being so restricted on behalf of other funds, vehicles or accounts sponsored, managed or advised by the Adviser or any of its affiliates.

***Our leveraged loans and high-yield instruments have more credit risk and higher price volatility than investment grade bonds and loans.***

Leveraged loans and high-yield instruments, which are often referred to as "junk," are subject to many of the same risk factors as investment grade loans, but in addition have more credit risk, are generally less liquid, and have higher price volatility than do investment grade bonds and loans. Under certain circumstances, the collateral securing a loan, if any, might not be sufficient to satisfy the borrower's obligations in the event of non-payment of scheduled interest or principal, and may be difficult to liquidate on a timely basis. Additionally, a decline in the value of the collateral could cause the loan to become substantially unsecured, and circumstances could arise (such as in the bankruptcy of a borrower) which could cause the issuer's security interest in the loan's collateral to be invalidated.

A severe liquidity crisis in the global credit markets has in the past resulted in, and may again result in, substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. Although certain sectors have recovered, the conditions giving rise to such price fluctuations and limited liquidity may continue and may become more acute. During periods of limited liquidity and higher price volatility, our ability to acquire or dispose of investments at a price and time that the Adviser deems advantageous may be severely impaired. In addition, the credit crisis adversely affected the primary market for a number of financial products, which may reduce opportunities to purchase new issuances of investments.

***We may own secured loans, which involves risk of a loss of capital.***

We may own secured debt, which involves various degrees of risk of a loss of capital. The factors affecting a company's secured leveraged loans, and its overall capital structure, are complex. Some secured loans may not necessarily have priority over all other debt of a company. Any secured debt is secured only to the extent of its lien and only to the extent of underlying assets or incremental proceeds on already secured assets.

Secured credit facilities may be syndicated to a number of different financial market participants. The documentation governing the facilities typically require either a majority consent or, in certain cases, unanimous approval for certain actions in respect of the facility, such as waivers, amendments, or the exercise of remedies. In addition, voting to accept or reject the terms of a restructuring of a company pursuant to a Chapter 11 plan of reorganization is done on a class basis. As a result of these voting regimes, we may not have the ability to control any decision in respect of any amendment, waiver, exercise of remedies, restructuring or reorganization of debts owed to us.

Secured loans are also subject to other risks, including (1) the possible invalidation of a debt or lien as a "fraudulent conveyance", (2) the possible invalidation as a "preference" of liens perfected or recovery by a bankrupt borrower of debt payments made in the 90 days before a bankruptcy filing, (3) equitable subordination claims or debt-to-equity recharacterization claims by other creditors, (4) so-called "lender liability" claims by the borrower of the obligations, and (5) environmental liabilities that may arise with respect to collateral securing the obligations. Recent decisions in bankruptcy cases have held that a secondary loan market participant can be denied a recovery from the debtor in a bankruptcy if a prior holder of the loans either received and does not return a preference or fraudulent conveyance or engaged in conduct that would qualify for equitable subordination.

***We may be subject to risks associated with unitranche and mezzanine debt securities.***

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Unitranche and mezzanine debt securities are generally unrated or below investment grade rated investments that have greater credit and liquidity risk than more highly rated debt obligations. Unitranche and mezzanine debt securities are typically issued in traditional private placements or in connection with acquisitions and other business combinations and have no trading market. Unitranche debt securities combine secured and unsecured, subordinated debt. Mezzanine debt securities are generally unsecured and subordinate to other obligations of the issuer and are subject to many of the same risks as those associated with high-yield debt securities. Issuers of such debt securities may be highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations.

***We may be subject to risks associated with syndicated debt, loan participations and secondary market investments.***

We acquire investments in primary transactions and also by secondary market investments, whether by assignment or through participation interests. To the extent we trade in any syndicated debt, we may be subject to certain additional risks as a result of having no direct contractual relationship with the borrower of the underlying loan. In such circumstances, we generally will be dependent on the lender to enforce its rights and obligations under the loan arrangements. Such investments will be subject to the credit risk of both the borrower and the lender, because they depend on the lender to make payments of principal and interest received on the underlying loan.

***Our investments may be involved in distressed situations or restructuring.***

Company investments may include privately negotiated investments in distressed situations involving companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings (e.g., investments in defaulted, out-of-favor or distressed bank loans and debt securities). Certain of our investments therefore may include specific investments of issuers that are highly leveraged, with significant burdens on cash flow, and, therefore, involve a high degree of financial risk although they also may offer the potential for correspondingly high returns. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that the Adviser will evaluate correctly the value of the assets collateralizing such investments or the prospects for a successful reorganization or similar action.

In certain periods, there may be little or no liquidity in markets for these securities. The public market prices of distressed securities may be subject to abrupt and erratic market movements and above-average price volatility, and the spread between the bid and ask prices of such securities may be greater than normally expected. It may take a substantial period of time for the market price of such securities to reflect what the Adviser believes is their intrinsic value. Troubled companies and other asset-based investments also require active monitoring and may, at times, require participation in business strategy or reorganization proceedings by the Adviser.

***We may be subject to risks in our investments in structured equities.***

Company investments may include convertible preferred stock or other similar securities that may be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. Such a convertible security entitles the holder to receive a dividend that is paid or accrued on the preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities generally (1) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (2) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (3) provide the potential for capital appreciation if the market price of the underlying common stock increases. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by us is called for redemption, we will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on us.

***Our investments in Equity Items may be subject to substantial risks.***

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We may invest in equity kickers and other equity securities and interests in obligors ("Equity Items"). Equity Items are subject to the risks described herein with respect to investments generally but are more subordinate in an issuer's capital structure and are therefore generally riskier than fixed-income investments. Equity Items may involve substantial risks and may be subject to wide and sudden fluctuations in market value.

***We may invest in corporate bonds and risk that the issuers of the corporate bond may not be able to meet their obligations.***

The market values of corporate bonds are generally expected to rise and fall inversely with interest rates. The market values of intermediate- and longer-term corporate bonds are generally more sensitive to changes in interest rates than the market value of shorter-term corporate bonds. The market values of corporate bonds may be affected by factors directly related to the issuer, such as investors' perceptions of the creditworthiness of the issuer, the issuer's financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer's capital structure and use of financial leverage and demand for the issuer's goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in this Memorandum. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. We may invest in corporate bonds that are high yield issues rated below investment grade. High yield corporate bonds are often high risk and have speculative characteristics. High yield corporate bonds may be particularly susceptible to adverse issuer-specific developments. High yield corporate bonds are subject to the risks described below under "Below Investment Grade Rating."

***We may have investments that are rated below investment grade.***

Initially our investments in corporate bonds, senior loans and other debt instruments consist primarily of securities and loans that are rated below investment grade or unrated and of comparable credit quality. Corporate bonds that are rated below investment grade are often referred to as "high yield" securities. Below investment grade senior loans, high yield securities and other similar instruments are rated "Ba1" or lower by Moody's, "BB+" or lower by S&P or "BB+" or lower by Fitch or, if unrated, are judged by the Adviser to be of comparable credit quality. While generally providing greater income and opportunity for gain, below investment grade rated corporate bonds, senior loans and similar debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default. The credit rating of a corporate bond and senior loan that is rated below investment grade does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer's financial condition. Below investment grade corporate bonds and senior loans and similar instruments often are considered to be speculative with respect to the capacity of the borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of some borrowers issuing such corporate bonds, senior loans and similar debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.

We may also invest in senior loans and corporate bonds, and may invest in subordinated loans and other debt instruments, rated in the lower rating categories ("Caa1" or lower by Moody's, "CCC+" or lower by S&P or CCC+ or lower by Fitch) or unrated and of comparable quality. For these securities, the risks associated with below investment grade instruments are more pronounced. We may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on our portfolio holdings. In any reorganization or liquidation proceeding relating to an investment, we may lose its entire investment or may be required to accept cash or securities with a value substantially less than our original investment.

***We may be subject to risks associated with currency and exchange rates.***

A portion of our investments, and the income received by us with respect to such investments, may be denominated in currencies other than U.S. dollars. However, our books are maintained, and capital contributions to and distributions from us generally are made, in U.S. dollars. Accordingly, changes in currency exchange rates may adversely affect the dollar value of investments, interest and dividends received by us, gains and losses realized on the sale of investments and the amount of distributions, if any, to be made by us. In addition, we will incur costs in converting investment proceeds from one currency to another. We may enter into hedging transactions designed to reduce such currency risks.

***Our Adviser may participate in limited hedging.***

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The Adviser does not, in general, attempt to hedge all of the risks of our positions. The Adviser may hedge only foreign exchange risks and interest risks and may hedge such risks only partially. Various directional market risks in our portfolio will often remain entirely unhedged.

When managing our exposure to market risks, the Adviser may from time to time use forward contracts, options, swaps, caps, collars, floors, foreign currency forward contracts, currency swap agreements, currency option contracts, or other strategies. Currency fluctuations in particular can have a substantial effect on our cash flow and financial condition. The success of any hedging or other derivative transactions generally will depend on the Adviser's ability to predict correctly market or foreign exchange changes, the degree of correlation between price movements of a derivative instrument and the position being hedged, the creditworthiness of the counterparty and other factors. As a result, while we may enter into a transaction to reduce our exposure to market or foreign exchange risks, the transaction may result in poorer overall investment performance than if it had not been executed. Such transactions may also limit the opportunity for gain if the value of a hedged position increases.

While such hedging arrangements may reduce certain risks, such arrangements themselves may entail certain other risks. These arrangements may require the posting of cash collateral at a time when we have insufficient cash or illiquid assets such that the posting of the cash is either impossible or requires the sale of assets at prices that do not reflect their underlying value. Moreover, these hedging arrangements may generate significant transaction costs, including potential tax costs, which reduce the returns generated by us.

***We may be subject to risks in our investment in junior securities.***

Certain of the securities in which we may invest may be among the most junior in a portfolio company's capital structure and, thus, subject to the greatest risk of loss. In such cases, there will be no collateral to protect our investment once made.

***We may be subject to risks associated with purchasing portfolios of investments.***

We may seek to purchase from market participants in need of liquidity substantial portions of such participants' existing loan portfolios. Because the bidding process in respect of such portfolios may be compressed, the Adviser may not be able to conduct its typical level of diligence. Notwithstanding a compressed diligence process, such portfolios may contain certain instruments that are complex and difficult to evaluate. In purchasing entire portfolios, we may acquire certain instruments that are less desirable or that we would not have otherwise acquired had they not been part of the larger portfolio. In addition, despite the Adviser's efforts to reduce the risks associated with a portfolio acquired from another market participant, the portfolio may suffer additional deterioration. As a result, we could suffer substantial losses in respect of a portfolio the Adviser has not been able to adequately diligence.

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

A number of U.S. judicial decisions have upheld judgments of borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability". Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the Borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, we may be subject to allegations of lender liability.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower; (ii) engages in inequitable conduct to the detriment of the other creditors; (iii) engages in fraud with respect to, or makes misrepresentations to, the other creditors; or (iv) uses its influence as a shareholder to dominate or control a borrower to the detriment of other creditors of the borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination".

Because affiliates of, or persons related to, the Adviser may hold equity or other interests in our obligors, we could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

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***Our investments in portfolio companies may be risky, and we could lose all or part of our investments.***

We invest in directly originated senior secured loans to middle market companies domiciled in the United States. Our portfolio will consist primarily of direct originations of (i) private debt senior secured debt and unitranche debt (including last out portions of such loans) and, to a lesser extent, (ii) second lien senior secured debt and unsecured debt, including mezzanine debt. In connection with its debt investments we also may receive equity warrants or make select equity investments. The securities in which we invest typically are not rated by any rating agency, and if they 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 S&P). These securities, which may be referred to as "junk bonds," "high yield bonds" or "leveraged loans," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. In addition, some of the loans in which we may invest may be "covenant-lite" loans. We use the term "covenant-lite" loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Therefore, our investments may result in an above-average amount of risk and volatility or loss of principal. We also may invest in other assets, including U.S. government securities and structured securities. These investments entail additional risks that could adversely affect our investment returns.

*Secured Debt.* When we make a secured debt investment, we generally take a security interest in the available assets of the portfolio company, including the equity interests of any subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our debt investment 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, our lien could be subordinated to claims of other creditors, such as trade 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 debt investment. Consequently, the fact that our debt is secured does not guarantee that we will receive principal and interest payments according to the debt investment's terms, or at all, or that we will be able to collect on the loan, in full or at all, should we enforce our remedies.

*Unitranche Loans.* "Unitranche" loans are private debt loans that may extend deeper in a company's capital structure than traditional private debt debt and may provide for a waterfall of cash flow priority between different lenders in the unitranche loan. In some instances, we may find another lender to provide the "first-out" portion of such loan and retain the "last-out" portion of such loan, in which case, the "first-out" portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the "last-out" portion that we would continue to hold. This may result in an above average amount of risk and loss of principal. In exchange for the greater risk of loss, the "last-out" portion generally earns a higher interest rate than the "first-out" portion.

*Unsecured Debt, including Mezzanine Debt.* Our unsecured debt investments, including mezzanine debt investments, generally will be subordinated to senior debt in the event of an insolvency. This may result in an above average amount of risk and loss of principal. We use the term "mezzanine" to refer to debt that ranks senior only to a borrower's equity securities and ranks junior in right of payment to all of such borrower's other indebtedness.

*Equity Investments.* When we invest in secured debt or unsecured debt, including mezzanine debt, we may acquire equity securities from the company in which we make the investment. In addition, we may invest in the equity securities of portfolio companies independent of any debt investment. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we hold 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.

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

Although equity securities, including common stock, have historically generated higher average total returns than fixed income securities over the long term, equity securities have also experienced significantly more volatility in those returns. Our equity investments may fail to appreciate and may decline in value or become worthless, and our ability to recover our

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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;• 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;

&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;• 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.

There are special risks associated with investing in preferred securities, including:

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

&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 debt securities, 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 1940 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 the 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 the Adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.

***We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient, or if the portfolio company has debt that ranks equally with, or senior to, our investments.***

To attempt to mitigate credit risks, we intend to take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain or properly perfect our liens.

Where a portfolio company defaults on a secured loan, we will only have recourse to the assets collateralizing the loan. There is a risk that the collateral securing our 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 a portfolio company to raise additional capital. If the underlying collateral value is less than the loan amount, we will suffer a loss. Consequently, the fact that a loan is secured does not

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guarantee that we will receive principal and interest payments according to the loan's terms, or that we will be able to collect on the loan should we be forced to enforce our remedies.

Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. For example, certain debt investments that we will make in portfolio companies will be secured on a second priority lien basis by the same collateral securing senior debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, any holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the first priority or second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the first priority or second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company's remaining assets, if any.

In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and our portfolio company may not have sufficient assets to pay all equally ranking credit even if we hold senior, first-lien debt. Where debt senior to our loan exists, the presence of intercreditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through "standstill" periods) and control decisions made in bankruptcy proceedings relating to the portfolio company.

In addition, we may make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets.

In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to "equitable subordination." This means that depending on the facts and circumstances, including the extent to which we actually provided significant "managerial assistance," if any, to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer losses.

If the value of collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. Decreasing collateral value and/or increasing interest rates may hinder a portfolio company's ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance.

***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.***

We do not generally hold controlling equity positions in our portfolio companies. While we are obligated as a BDC to offer to make managerial assistance available to our portfolio companies, there can be no assurance that management personnel of our portfolio companies will accept or rely on such assistance. 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 to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold

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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.

***Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences, or we could become subject to lender liability claims.***

Certain of our investments could be subject to federal bankruptcy law and state fraudulent transfer laws, which vary from state to state, if the debt obligations relating to certain investments were issued with the intent of hindering, delaying or defrauding creditors, if we were deemed to have provided managerial assistance to that portfolio company or a representative of Willow Tree or the Adviser sat on the board of directors of such portfolio company, or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt proceeds are used for a buyout of shareholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors, void or otherwise refuse to recognize the payment obligations under the debt obligations or the collateral supporting such obligations, or require us to repay any amounts received by us with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, we may not receive any repayment on such debt obligations.

In addition, a number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of our investments in portfolio companies (including that, as a BDC, we may be required to provide managerial assistance to those portfolio companies if they so request upon our offer), we may be subject to allegations of lender liability.

***If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.***

Drawdowns that will reduce the unfunded Capital Commitments of shareholders and the net proceeds from our investments and Private Offering will be used for our investment opportunities, and, if necessary, the payment of operating expenses and the payment of various fees and expenses such as Management Fee, Incentive Fee, other expenses and distributions. Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require additional debt financing or equity capital to operate. Pursuant to tax rules that apply to RICs, we will be required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders after we elect to be treated for tax purposes as a RIC. Accordingly, in the event that we need additional capital in the future for investments or for any other reason we may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. These sources of funding may not be available to us due to unfavorable economic conditions, which 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. Consequently, if we cannot obtain further debt or equity financing on acceptable terms, our ability to acquire additional investments and to expand our operations will be adversely affected. As a result, we would be less able to diversify our portfolio and achieve our investment objective, which may negatively impact our results of operations and reduce our ability to make distributions to our shareholders.

***We and/or our portfolio companies may be materially and adversely impacted by global climate change.***

Climate change is widely considered to be a significant threat to the global economy. Our business operations and our portfolio companies may face risks associated with climate change, including risks related to the impact of climate-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends (such as the process of transitioning to a lower-carbon economy), and risks stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme weather events and rising sea levels and temperatures.

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***We may not have the funds or ability to make additional investments in our portfolio companies.***

After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we do 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 level of risk, we prefer other opportunities, we are limited in our ability to do so by compliance with BDC requirements or in order to maintain our RIC status, or otherwise. Our ability to make follow-on investments may also be limited by the Adviser's allocation policies. Any decision not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful investment or may reduce the expected return to us on the investment.

***The prices of the debt instruments and other securities in which we invest may decline substantially.***

For reasons not necessarily attributable to any of the risks set forth herein (for example, supply/demand imbalances or other market forces), the prices of the debt instruments and other securities in which we invest may decline substantially. In particular, purchasing debt instruments or other assets at what may appear to be "undervalued" or "discounted" levels is no guarantee that these assets will not be trading at even lower levels at a time of valuation or at the time of sale, if applicable. It may not be possible to predict, or to hedge against, such "spread widening" risk. Additionally, the perceived discount in pricing from previous environments described herein may still not reflect the true value of the assets underlying debt instruments in which we invest.

***To the extent original issue discount (OID) and payment-in-kind (PIK) interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.***

Our investments may include OID and PIK instruments. To the extent OID and PIK constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in income for financial reporting purposes in accordance with GAAP and taxable income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Original issue discount instruments may have unreliable valuations because the accruals require judgments about collectability or deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Original issue discount instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For GAAP purposes, cash distributions to shareholders that include a component of OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The presence of OID and PIK creates the risk of non-refundable cash payments to the Adviser in the form of Incentive Fees on income based on non-cash OID and PIK accruals that may never be realized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of PIK, "toggle" debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing Incentive Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The deferral of PIK interest increases the loan-to-value ratio, which is a measure of the riskiness of a loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Even if the accounting conditions for income accrual are met, the borrower could still default when our actual payment is due at the maturity of the loan.

**Risks Related to Legal, Tax and Regulatory Risks**

***Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.***

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We and our portfolio companies are subject to regulation at the local, state, and federal levels. Changes to the laws and regulations governing our operations may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. For example: in June 2024, the U.S. Supreme Court reversed its longstanding approach under the Chevron doctrine, which provided for judicial deference to regulatory agencies. As a result of this decision, we cannot be sure whether there will be increased challenges to existing agency regulations or how lower courts will apply the decision in the context of other regulatory schemes without more specific guidance from the U.S. Supreme Court. For example, the U.S. Supreme Court's decision could significantly impact consumer protection, advertising, privacy, artificial intelligence, anti-corruption and anti-money laundering practices and other regulatory regimes with which we are required to comply. Any such regulatory developments could result in uncertainty about and changes in the ways such regulations apply to us and our portfolio companies, and may require additional resources to ensure our continued compliance. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.

These changes could result in material differences to the strategies and plans described herein and may result in a shift in investment focus. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us.

***Impact of changes in U.S. federal income tax laws are uncertain.***

In general, legislative or other actions relating to U.S. federal income taxes could have an adverse effect on us, our investors, or investments. The rules addressing U.S. federal income taxation are constantly under review by persons involved in the legislative process, by the IRS, and the U.S. Treasury Department. Recent legislation has made many changes to the Code, including significant changes to the taxation of business entities, the deductibility of interest expense, and the tax treatment of capital investment. We cannot predict with certainty how any changes in the tax laws might affect us, our shareholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our shareholders of such qualification, or could have other adverse consequences. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 ("Inflation Reduction Act") into law. Further, on July 4, 2025, the United States enacted "An Act to Provide for reconciliation Pursuant to Title II of H. Con. Res. 14" (known as the "One Big Beautiful Bill"), which includes significant amendments to the Code. At this time, we cannot predict with certainty how the U.S. federal income tax provisions of the Inflation Reduction Act and the One Big Beautiful Bill might affect us, our investors, or investments. Investors are urged to consult with their tax advisor with respect the status of any legislative, regulatory, or administrative developments and proposals regarding U.S. federal income taxation and the potential impact that such developments or proposals may have on an investment in us.

***We may be required to withhold U.S. federal tax with respect to Non-U.S. shareholders.***

Under certain circumstances, we may be required to withhold U.S. federal income tax with respect to distributions to Non-U.S. shareholders. If we are required to withhold U.S. federal income tax with respect to any Non-U.S. shareholders, the economic cost of withholding such U.S. federal income tax may be borne by all shareholders, not just the Non-U.S. shareholders on whose behalf such amounts were withheld. This could have a material impact on the value of the Shares.

***As a BDC, we are subject to the 1940 Act.***

As a BDC, the 1940 Act would require, among other things that we have independent members of the Board, compel certain custodial arrangements, and regulate the relationship and transactions between us and the Adviser. Compliance with some of those provisions could possibly reduce certain risks of loss by us, although such compliance could significantly increase our operating expenses and limit our investment and trading activities.

***There can be no assurances that our underlying assets will not be treated as Plan Assets.***

The Adviser limits investment by Benefit Plan Investors in order to avoid our assets from being treated as Plan Assets. Accordingly, we do not anticipate that we or the Adviser will be subject to the fiduciary and other requirements of ERISA, the prohibited transaction rules of ERISA or the Code, or any related requirements with respect to any Benefit Plan Investor. However there can be no assurance that, notwithstanding the efforts of the Adviser, that our underlying assets will not be treated as Plan Assets. If we were at any point treated as holding Plan Assets, the activities of such Company would become subject to the fiduciary responsibility provisions of ERISA and the prohibited transaction provisions of ERISA and the Code, and the operations and investments of such Company may be limited as a result, resulting in a lower return to such Company than might otherwise be the case. Further, in the absence of compliance with ERISA and the

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prohibited transaction rules of the Code, the Managing Member and the Adviser could be exposed to litigation, penalties and liabilities which might adversely affect their ability to fully satisfy their obligations to us.

***We and/or our Adviser may be required to obtain licenses or authorizations to engage in certain types of lending activities.***

Certain federal and local banking and regulatory bodies or agencies may require us, the Adviser and/or certain employees of the Adviser to obtain licenses or authorizations to engage in many types of lending activities including the origination of loans. It may take a significant amount of time and expenses to obtain such licenses or authorizations and we will be required to bear the costs of obtaining such licenses and authorizations. There can be no assurance that any such licenses or authorizations will be granted or, if granted, whether any such licenses or authorizations would impose restrictions on us. Such licenses may require the disclosure of confidential information about us, shareholders or their respective affiliates. We may not be willing or able to comply with these requirements. Alternatively, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for us and/or any relevant borrower, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license. The inability of us or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect our ability to implement their investment program and achieve their intended results.

**Risks Related to Business Development Companies**

***We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to qualify as a RIC.***

Although we have elected to be treated as a RIC, and intend to qualify annually, for U.S. federal income tax purposes, no assurance can be given that we will be able to qualify for and maintain our qualification as a RIC for U.S. federal income tax purposes. To obtain and maintain our qualification as a RIC for U.S. federal income tax purposes, we generally must satisfy certain requirements, including the asset diversification requirement, which is discussed below. In addition, in order to qualify for pass-through treatment under Subchapter M of the Code, we generally must satisfy the distribution requirement, which is also discussed below.

*Asset diversification requirement.* The asset diversification requirement generally will be satisfied if, at the close of each quarter of the taxable year: (i) at least 50% of the value of our total assets are represented by cash and cash items, U.S. government securities, the securities of other RICs, and investments in "other securities" that, with respect to any one issuer, do not represent more than 5% of the value of our total assets, or more than 10% of the outstanding voting securities of such issuer; and (ii) no more than 25% of the value of our total assets are invested in (a) securities of any one issuer (other than U.S. government securities and securities of other RICs), (b) the securities (other than securities of other RICs) of two or more issuers that are controlled by us and are engaged in the same, similar, or related trades or business, or (c) the securities of one or more "qualified publicly traded partnerships" ("Asset Diversification Requirement") Failure to satisfy the Asset Diversification Requirement may result in us having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC for U.S. federal income tax purposes. Because most of our investments will be in private companies and, therefore, will be relatively illiquid, any such dispositions could be entered into at disadvantageous prices and could result in substantial losses. In addition, until we have a more ramped-up portfolio of investments, we may have difficulty satisfying the Asset Diversification Requirement during our ramp-up phase.

*Distribution requirement.* The distribution requirement generally will be satisfied if our deduction for dividends paid for the tax year (but without regard to capital gain dividends) equals or exceeds the sum of (1) 90% of our investment company taxable income (determined without regard to the deduction for dividends paid), and (2) 90% of the excess of our interest income excludable from gross income under Section 103(a) of the Code over its deductions disallowed under Sections 265 and 171(a)(2) of the Code ("Distribution Requirement"). In order to satisfy such amounts, we generally must distribute to our shareholders for each taxable year at least 90% of our "investment company taxable income," which generally is our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. Because we may use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making the necessary distributions to satisfy the Distribution Requirement. If we are unable to obtain cash from other sources, we could fail to qualify as a RIC for U.S. federal income tax purposes.

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If we fail to qualify as a RIC for U.S. federal income tax purposes for any reason and, therefore, become subject to the U.S. federal corporate income tax, the resulting U.S. federal corporate income taxes could substantially reduce our net assets, the amount of income available for distribution, and ultimately, the amount of our distributions.

***Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.***

As a result of the Annual Distribution Requirement to qualify for tax treatment as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. We may issue "senior securities," including borrowing money from banks or other financial institutions only in 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 stock, if any, equals at least 150% after such incurrence or issuance. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. Therefore, we intend to seek to continuously issue equity securities, which may lead to shareholder dilution.

For U.S. federal income tax purposes, we are required to recognize taxable income (such as deferred interest that is accrued as original issue discount) in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to maintain our status as a RIC. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay an incentive fee with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

We may borrow to fund investments. If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying for tax treatment as a RIC, which would generally result in a corporate-level U.S. federal income tax on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous.

In addition, we anticipate that as market conditions permit, we may securitize our loans to generate cash for funding new investments. To securitize loans, we may create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. We would retain all or a portion of the equity in the securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses.

Under the 1940 Act, we generally are prohibited from issuing or selling our shares at a price per share, after deducting selling commissions and dealer manager fees, that is below our net asset value per share, which may be a disadvantage as compared with other public companies. We may, however, sell our shares, or warrants, options or rights to acquire our Common Stock, at a price below the current net asset value per share if our Board, including our Independent Directors, determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, as well as those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities

***Our shareholders could receive shares of our Common Stock as dividends, which could result in adverse tax consequences to them.***

In order to satisfy the Annual Distribution Requirement applicable to RICs, if we are a "publicly offered regulated investment company" we have the ability to declare a large portion of a dividend in shares of our Common Stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion could be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes. As a

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result, a shareholder would be taxed on 100% of the fair market value of the shares received as part of the dividend on the date a shareholder received it in the same manner as a cash dividend, even though most of the dividend was paid in shares of our Common Stock.

***Regulations governing the operations of BDCs will affect our ability to raise additional capital as well as our ability to issue senior securities or borrow for investment purposes, any or all of which could have a negative effect on our investment objectives and strategies.***

Our business requires a substantial amount of capital. However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities, other evidences of indebtedness or preferred stock, and may borrow money from banks or other financial institutions, which are referred to collectively herein as "senior securities," up to the maximum amount permitted by the 1940 Act. The 1940 Act permits us to issue senior securities in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% (or 150% if we meet certain requirements under the 1940 Act) after each issuance of senior securities. Our ability to pay dividends or issue additional senior securities would be restricted if our asset coverage ratio were not at least 200% (or 150% if we meet certain requirements under the 1940 Act). On October 24, 2024 we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales or repayment may be disadvantageous. As a result of issuing senior securities, we will also be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred stock, such preferred stock will rank "senior" to our shares of common stock in our capital structure, preferred shareholders will have separate voting rights for certain purposes and may have rights, preferences or privileges more favorable than those of our shares of Common Stock and the issuance of shares of Common Stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for our shareholders or otherwise be in the best interest of our shareholders.

To the extent we are constrained in our ability to issue debt or other senior securities, we will depend on issuances of shares of Common Stock to finance our operations. As a BDC, we generally are not able to issue our shares of Common Stock at a price below NAV without first obtaining required approvals of our shareholders and our independent directors. If we raise additional funds by issuing more of our shares of Common Stock or senior securities convertible into, or exchangeable for, our shares of Common Stock, the percentage ownership of our shareholders at that time would decrease and our shareholders may experience dilution. In addition to issuing securities to raise capital as described above, we could, in the future, securitize our loans to generate cash for funding new investments. An inability to successfully securitize our loan portfolio could limit our ability to grow our business, fully execute our business strategy and improve our profitability.

We currently have in place the Leverage Facility and the Subscription Facility as described above and in other public filings.

***The 1940 Act permits us to incur additional leverage with certain consents.***

The 1940 Act generally prohibits us from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). However, legislation enacted in March 2018 modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur by decreasing the asset coverage ratio requirement of 200% to 150%, if certain requirements are met. Under the 1940 Act, we are allowed to increase our leverage capacity if shareholders representing at least a majority of the votes cast, when a quorum is present, approve a proposal to do so. If we receive shareholder approval, we would be allowed to increase our leverage capacity on the first day after such approval. Alternatively, the 1940 Act allows the majority of our independent directors to approve an increase in our leverage capacity, and such approval would become effective after one year. We would be required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage. On October 24, 2024 we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%.

Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our Shares to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would

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without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to pay dividends, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique.

***We may have difficulty paying our required distributions, if we recognize income for U.S. federal income tax purposes before or without receiving cash representing such income.***

For U.S. federal income tax purposes, we include in our taxable income certain amounts that we have not yet received in cash, such as original issue discount ("OID"), which may arise if we receive warrants in connection with the origination of a loan, or contractual "payment-in-kind," or PIK, interest, which represents contractual interest added to the loan balance and due at the end of the loan term, or possibly in other circumstances. Such OID will be included in our taxable income for U.S. federal income tax purposes before we receive any corresponding cash payments. We also may be required to include in our taxable income for U.S. federal income tax purposes certain other amounts that we will not receive in cash. Because, in certain cases, we may recognize taxable income for U.S. federal income tax purposes before or without receiving corresponding cash payments, we may have difficulty meeting the Distribution Requirement. Accordingly, in order to satisfy the Distribution Requirement, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC for U.S. federal income tax purposes and, thus, become subject to U.S. federal income tax imposed at applicable corporate rates.

Unrealized appreciation on derivatives, such as foreign currency forward contracts, may be included in taxable income while the receipt of cash may occur in a subsequent period when the related contract expires. Any unrealized depreciation on investments that the foreign currency forward contracts are designed to hedge are not currently deductible for tax purposes. This can result in increased taxable income whereby we may not have sufficient cash to pay distributions or we may opt to retain such taxable income and pay a 4% excise tax. In such cases we could still rely upon the "spillback provisions" to maintain RIC tax treatment.

We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discounts with respect to debt securities acquired in the secondary market and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes. Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

***Unrealized depreciation on our loan portfolio indicating future realized losses and reduction in income available for distribution.***

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by the Board. Decreases in the market values or fair values of our investments will be recorded as unrealized depreciation. Any unrealized depreciation in our loan portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to the loans whose market values or fair values decreased. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods.

***The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.***

As a BDC, we may not acquire any assets other than "qualifying assets" unless, at the time of such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making additional investments in

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existing portfolio companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.

***Failure to maintain our status as a BDC would reduce our operating flexibility.***

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions and additional restrictions on transactions with affiliates, and correspondingly decrease our operating flexibility. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, any such failure could cause an event of default under our future outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.

***For any period that we do not qualify as a "publicly-offered regulated investment company," as defined in the Code, shareholders will be taxed as though they received a distribution of some of our expenses.***

A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. We anticipate that we will not qualify as a publicly offered RIC immediately after commencing this offering; however, we may qualify as a publicly offered RIC for U.S. federal income tax purposes for future taxable years. For any period that we are not a publicly offered RIC, a non-corporate shareholder's allocable portion of our affected expenses, including our management fees, is treated as an additional distribution to the shareholder and is deductible by such shareholder only to the extent permitted under the limitations described below. For non-corporate shareholders, including individuals, trusts, and estates, significant limitations generally apply to the deductibility of certain expenses of a non-publicly offered RIC, including advisory fees. In particular, these expenses, referred to as miscellaneous itemized deductions, are currently not deductible by individuals (and, beginning in 2026, will be deductible to an individual only to the extent they exceed 2% of such U.S. shareholder's adjusted gross income) and are not deductible for alternative minimum tax purposes.

**Risks Related to our Common Stock**

***Our Common Stock are an illiquid investment for which there will not be a secondary market, nor is it expected that any such secondary market will develop in the future.***

The shares of our Common Stock are illiquid investments for which there will not be a secondary market, nor is it expected that any such secondary market will develop in the future. The shares of our Common Stock will not be registered under the Securities Act, or any state securities law and will be restricted as to transfer by law and in certain cases, by the Subscription Agreement. Shareholders generally may not sell, assign or transfer their shares without our prior written consent, which we may grant or withhold in our sole discretion. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their shares of our Common Stock. Shareholders must be prepared to bear the economic risk of an investment in us for an indefinite period of time.

***Our Common Stock have not, and will, not be registered under the Securities Act or under any state securities law.***

The shares of our Common Stock have not been, and will not be, registered under the Securities Act or under any state securities laws and, unless so registered, may not be offered or sold except pursuant to an effective registration under, or exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

In addition, any investor who participates in the Private Offering may not sell, assign, transfer or otherwise dispose of any shares of Common Stock ("Transfer") unless (i) we give prior written consent and (ii) the Transfer is made in accordance with applicable securities law. No Transfer will be effectuated except by registration of the Transfer on our books. Transfers to Benefit Plan Investors may be restricted so that we will not be treated as holding Plan Assets. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in us.

***We are subject to limited restrictions with respect to the proportion of our assets that may be invested in a single issuer.***

We operate as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in a single issuer. Beyond the asset

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diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. To the extent that we hold large positions in a small number of issuers, or within a particular industry, our net asset value may be subject to greater fluctuation. We may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry.

***Shareholders will be obligated to fund drawdowns and may need to maintain a substantial portion of their Capital Commitments in assets that can be readily converted to cash.***

Shareholders may be obligated to fund drawdowns to purchase shares of Common Stock based on their Capital Commitment. To satisfy such obligations, shareholders may need to maintain a substantial portion of their Capital Commitments in assets that can be readily converted to cash. Failure by a shareholder to timely fund its Capital Commitment may result in some of its shares of Common Stock being forfeited or subject the shareholder to other remedies available to us, as set forth in further detail in the form of Subscription Agreement attached as an exhibit to this Annual Report. Failure of a shareholder to contribute their Capital Commitments could also cause us to be unable to realize our investment objective. A default by a substantial number of shareholders or by one or more shareholders who have made substantial Capital Commitments would limit our opportunities for investment or diversification and would likely reduce our returns.

***Shareholders who default on their Capital Commitment to us will be subject to significant adverse consequences.***

The Subscription Agreement provides for significant adverse consequences in the event a shareholder defaults on its Capital Commitment to us. In addition to losing its right to participate in future drawdowns, a defaulting shareholder may be forced to transfer its shares of Common Stock to a third party for a price that is less than the net asset value of such shares of Common Stock.

***The fiduciary of any investor governed by the fiduciary rules under ERISA, Section 4975 of the Code or the provisions of any other applicable federal, state, local, non-U.S., or other laws or regulations that are similar to Title I of ERISA or Section 4975 of the Code (collectively, "Similar Laws") must determine that an investment in the Company is appropriate for such investor.***

Until such time as our shares of Common Stock are considered "publicly offered securities" within the meaning of the Plan Asset Regulations, we will use commercially reasonable efforts to conduct our affairs so that our assets will not be deemed to be "plan assets" under the Plan Asset Regulations. The fiduciary of each prospective investor subject to ERISA, Section 4975 of the Code or other Similar Laws must independently determine whether our stock is an appropriate investment for such investor, taking into account any fiduciary obligations under ERISA, Section 4975 of the Code or other applicable Similar Laws and the facts and circumstances of each such investor.

***Investing in our Common Stock may involve a high 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, including volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our Common Stock may not be suitable for someone with lower risk tolerance.

***The amount of any distributions we may make on our Common Stock is uncertain. We may not be able to pay distributions, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limit on the extent to which we may use borrowings, if any, and we may use offering proceeds to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).***

Subject to our Board's discretion and applicable legal restrictions, we intend to authorize and declare cash distributions on a quarterly basis and pay such distributions on a quarterly basis. We expect to pay distributions out of assets legally available for distribution. However, we cannot assure you that we will achieve investment results that will allow us to make a consistent level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC may limit our ability to pay distributions. Distributions from offering proceeds also could reduce the amount of capital we ultimately invest in debt or equity securities of portfolio companies. All distributions are and will be paid at the discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as

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our Board may deem relevant from time to time. We cannot assure you that we will pay distributions to our shareholder in the future.

***A shareholder's interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.***

Our shareholders do not have preemptive rights to purchase any shares we issue in the future. Our Charter authorizes us to issue up to 200,000,000 shares of Common Stock. Pursuant to our Charter, a majority of our Board may amend our Charter to increase the number of shares of Common Stock we may issue without shareholder approval. Our Board may elect to sell additional shares in the future or issue equity interests in Private Offerings. To the extent we issue additional shares of Common Stock at or below net asset value, your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you may also experience dilution in the book value and fair value of your shares.

Under the 1940 Act, we generally are prohibited from issuing or selling our Common Stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our Common Stock, or warrants, options, or rights to acquire our Common Stock, at a price below the current net asset value of our Common Stock if our Board determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing Common Stock or securities convertible into, or exchangeable for, our Common Stock, then the percentage ownership of our shareholders at that time will decrease and you will experience dilution. Depending on the terms and pricing of such offerings and the value of our investments, you may also experience dilution in the net asset value and fair value of your shares of our Common Stock.

***Certain provisions of our Charter and actions of our Board could deter takeover attempts and have an adverse impact on the value of shares of our Common Stock.***

Our Charter, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Our Board is divided into three classes of directors serving staggered three-year terms, which could prevent shareholders from removing a majority of directors in any given election. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred stock; and our Board may, without shareholder action, amend our Charter to increase the number of shares of our Common Stock, of any class or series, that we will have authority to issue. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of shares of our Common Stock the opportunity to realize a premium over the value of shares of our Common Stock.

***The net asset value of our Common Stock may fluctuate significantly.***

The net asset value of our Common Stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to qualify for or loss of RIC tax treatment or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions that exceed our net investment income and net income as reported according to GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of the Adviser or certain of its key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

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***Shareholders will experience dilution in their ownership percentage if they do not elect to reinvest their distributions.***

All distributions declared in cash payable to shareholders will generally be automatically reinvested in shares of our Common Stock, unless otherwise elected by the shareholder. As a result, shareholders that do not elect to reinvest their distributions may experience dilution over time.

***If we issue preferred stock or convertible debt securities, the net asset value of our Common Stock may become more volatile.***

We cannot assure you that the issuance of preferred stock and/or convertible debt securities would result in a higher yield or return to our shareholders. The issuance of preferred stock, debt securities or convertible debt would likely cause the net asset value of our Common Stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the convertible debt securities, were to approach the net rate of return on our investment portfolio, the benefit of such leverage to the holders of our Common Stock would be reduced. If the dividend rate on the preferred stock, or the interest rate on the convertible debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of Common Stock than if we had not issued the preferred stock or convertible debt securities. Any decline in the net asset value of our investment would be borne entirely by the holders of our Common Stock. 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 our Common Stock than if we were not leveraged through the issuance of preferred stock or debt securities. This decline in net asset value would also tend to cause a greater decline in the market price, if any, for our Common Stock.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred stock or convertible debt, or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund the redemption of some or all of the preferred stock, debt securities or convertible debt. In addition, we would pay (and the holders of our Common Stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, convertible debt, or any combination of these securities. Holders of preferred stock or convertible debt may have different interests than holders of Common Stock and may at times have disproportionate influence over our affairs.

***Preferred stock could be issued with rights and preferences that would adversely affect holders of our Common Stock, including the right to elect certain members of our Board and have class voting rights on certain matters.***

Under the terms of our Charter, our Board is authorized to issue shares of preferred stock in one or more series without shareholder approval, which could potentially adversely affect the interests of existing shareholders. For example, the 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred stockholders could veto any such changes. Restrictions imposed on the declarations and payment of distributions or dividends, as applicable, to the holders of our Common Stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes.

**General Risks** 

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

We may experience fluctuations in our operating results due to a number of factors, some of which may be beyond our control, including our ability or inability to make investments in companies that meet our investment criteria, interest rates and default rates on the debt investments we make, the level of our expenses, variations in and the timing of the recognition of realized gains or losses, unrealized appreciation or depreciation, the degree to which we encounter competition in our markets, and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. These occurrences could have a material adverse effect on our results of operations, the value of your investment in us and our ability to pay distributions to you and our other s.

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***We will expend significant financial and other resources to comply with the requirements of being a reporting entity under the Exchange Act.***

As a BDC, we are subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. 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 below. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight are required. We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to reporting companies. These activities may divert management's attention from other business concerns, and may require significant expenditures, each of which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We also expect to incur significant additional annual expenses related to these steps, and, among other things, directors' and officers' liability insurance, director fees, reporting requirements to the SEC, transfer agent fees, additional administrative expenses payable to our Administrator to compensate them for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and other similar expenses. We cannot be certain when these activities will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.

The systems and resources necessary to comply with applicable reporting requirements will increase further once 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 reporting companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. See "—*We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Stock less attractive to investors.*"

***We do not currently have comprehensive documentation of our internal controls.***

We are 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 will not be required to comply with all of those requirements until we have been subject to the reporting requirements of the Exchange Act for a specified period of time or the date we are no longer an emerging growth company under the JOBS Act. 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.

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 later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an emerging growth company under the JOBS Act. 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 public 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 stock exchange listing rules, and result in a breach of the covenants under the agreements governing any of its financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements could also suffer if we or our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting. This could materially adversely affect us and, following an Exchange Listing, lead to a decline in the market price of our Common Stock.

Our internal controls over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements.

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If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.

***We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Stock less attractive to investors.***

We are and we will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of our initial public offering of common equity securities, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our Common Stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an "emerging growth company" we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of such extended transition periods.

We cannot predict if investors will find our Common Stock less attractive because we will rely on some or all of these exemptions. Investors may be unable to compare our business with other companies in our industry if they believe that our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and when we need it, our financial condition and results of operations may be materially and adversely affected.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

We have processes in place to assess, identify, and manage material risks from cybersecurity threats. Our business is dependent on the communications and information systems of the Adviser and other third-party service providers. The Adviser manages the our day-to-day operations and has implemented a cybersecurity program that applies to us and our operations.

**Governance and Oversight of Cybersecurity Risk**

The Adviser has instituted a cybersecurity program, overseen by the Adviser's Chief Compliance Officer ("CCO"), which is designed to assess, identify, and manage material cyber risks applicable to us. The cyber risk management program involves risk assessments, identification of sensitive information assets ("Critical Information"), implementation of security measures, and ongoing monitoring of systems and networks, including networks on which we rely on. The Adviser actively monitors the current threat landscape in an effort to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by us.

We rely on the Adviser to engage external experts, including cybersecurity consultants, to evaluate cybersecurity measures and risk management processes, and depends on and engages various third parties, including suppliers, vendors, and service providers. The Adviser conducts ongoing due diligence of its significant service providers to determine whether the cybersecurity programs of service providers include, among other things, procedures and safeguards designed to ensure the protection of Critical Information.

Our Board would be made aware of any material risks associated with cybersecurity threats. Our Board currently receives periodic updates from our CCO regarding the overall state of the Adviser's cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting us.

Our management team, including our CCO, is responsible for assessing and managing material risks from cybersecurity threats. Our CCO, in managing such risks relating to cybersecurity threats, relies on the assistance provided by the Adviser.

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Our management team is informed about and monitors the prevention, detection, mitigation, and remediation of material cybersecurity incidents impacting us, including through the receipt of notifications from service providers and reliance on communications with legal, information technology, and/or compliance personnel of the Adviser.

**Impact of Cybersecurity Risk** 

The potential impact of risks from cybersecurity threats on us are assessed on an ongoing basis, and how such risks could materially affect our business strategy, results of operations, and financial condition are regularly evaluated. During the reporting period, we have not identified any material risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that we believe have materially affected, or are reasonably likely to materially affect, us, including our business strategy, results of operation, and financial condition.

**ITEM 2. PROPERTIES**

Our principal executive office is at 450 Park Avenue, 29<sup>th</sup> Floor, New York, NY 10022 and is provided by Willow Tree in accordance with the terms of the Administration Agreement. We do not own any real estate. We believe that our current office facilities are suitable and adequate for our business as currently conducted.

**ITEM 3. LEGAL PROCEEDINGS**

Neither we nor the Adviser are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses, as of December 31, 2025. We and the Adviser may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies.

**ITEM 4. MINE SAFETY DISCLOSURES** 

Not applicable.

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**PART II.**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** 

*Market Information* 

We do not intend to list our shares on a national securities exchange, and the Board does not expect to complete a liquidity event within any specific time period, if at all.

Our outstanding shares of Common Stock will be offered and sold in transactions exempt from registration under the Securities Act under section 4(a)(2) and Regulation D and Regulation S. Each purchaser 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 stock 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 stock purchased by it for investment and not with a view to resale or distribution.

Each purchaser of our Common Stock will be required to complete and deliver to us, prior to the acceptance of any order, a Subscription Agreement substantiating the purchaser's investor status and including other limitations on resales and transfers of our Shares.

Our shares of Common Stock will not be registered under the Securities Act. The shares of our Common Stock issued in the Private Offering are expected to be exempt from registration requirements pursuant to Section 4(a)(2) of and Regulation D or Regulation S under the Securities Act.

Because our shares of Common Stock will be acquired by investors in one or more transactions "not involving a public offering," they will be "restricted securities." The shares of our Common Stock offered and sold in the Private Offering may not be sold or transferred (i) except as permitted under the Subscription Agreement, including in connection with transfers to us in connection with our Share Repurchase Program and (ii) unless they are registered under the Securities Act and under any other applicable securities laws or an exemption from such registration thereunder is available (in which case the shareholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required).

Accordingly, an investor must be willing to bear the economic risk of investment in our Common Stock until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the shares of our Common Stock may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the shares our Common Stock and to execute such other instruments or certifications as are reasonably required by us.

*Holders*

As of March 24, 2026, there were 40 holders of record of our Common Stock.

*Distributions* 

We generally intend to distribute, out of assets legally available for distribution, substantially all of our available earnings, on a quarterly basis, as determined by our Board in its discretion. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.

The following table summarizes our distributions declared and payable for the year ended December 31, 2025 (dollars in thousands except per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Total Amount** |
| 6/10/2025 | 6/10/2025 | 6/17/2025 | $0.30 | $5409 |
| 8/20/2025 | 8/20/2025 | 8/26/2025 | 0.36 | 7345 |
| 11/3/2025 | 11/3/2025 | 11/19/2025 | 0.39 | 8063 |
| 12/22/2025 | 12/22/2025 | 1/26/2026 | 0.44 | 9221 |
|  |  |  | $1.49 | $30038 |

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*Recent Sales of Unregistered Securities and Use of Proceeds* 

Except as previously reported by us on our current reports on Form 8-K, we did not sell any securities during the period covered by this Annual Report that were not registered under the Securities Act.

*Repurchases of Shares of Common Stock by the Issuer and Affiliated Purchasers* 

We did not conduct any repurchases of our shares of Common Stock during the year ended December 31, 2025.

**ITEM 6. [RESERVED]**

**ITEM 7. 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. See "Item 1A. Risk Factors" and "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 combined financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K.*

The following discussion is designed to provide a better understanding of our financial statements, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the consolidated financial statements and the notes thereto included or incorporated by reference in Item 8 of this Annual Report. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.

**Overview of Our Business** 

Willow Tree Capital Corporation (the "Company," "we," "us" or "our") was formed on June 29, 2022 as a Maryland corporation. The Company invests primarily in floating rate middle market senior secured loans. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated, and intends to qualify annually, for U.S. federal income tax purposes as a regulated investment company ("RIC"), under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by Willow Tree Capital Corp Advisors LLC (the "Adviser"). The Adviser is an investment adviser that is registered with the SEC under the Advisers Act of 1940, as amended. As an externally managed BDC, we do not have any employees, and our investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. We pay the Adviser for investment and management services pursuant to the terms of the Investment Management Agreement. Willow Tree Credit Partners LP (the "Administrator") serves as our administrator. The Administrator provides the administrative services necessary for us to operate pursuant to the Administration Agreement. The Administrator has entered into a sub-administration agreement with State Street Bank and Trust Company ("State Street") pursuant to which State Street will receive compensation for its services.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation. We invest primarily in primarily in floating rate middle market senior secured loans. We define "middle market" as companies with annual earnings before interest expense, income tax expense, depreciation and amortization, or "EBITDA" ranging from approximately $5 million to $75 million. These loans are typically secured with a priority lien on assets. Our investment objectives are to maximize the total return to our shareholders in the form of current income and capital appreciation. To achieve our investment objective, we will leverage the Adviser's investment team's extensive network of relationships with

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other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. We generate returns primarily from interest income and fees from senior secured loans, with some capital appreciation through nominal junior capital co-investments.

**Formation Transaction**

Prior to the Company electing to be regulated as a BDC (the "BDC Election"), on November 8, 2024, the Company entered into an agreement and plan of merger (the "Onshore Merger Agreement") with Willow Tree Capital Fund, LLC, a Delaware limited liability company managed by the Adviser (the "Onshore Fund"), under which the Onshore Fund would merge with and into the Company, with the Company surviving the merger (the "Onshore Merger"). Before completing the Onshore Merger, the Adviser served as investment adviser to the Onshore Fund. According to the Onshore Merger Agreement, the members of the Onshore Fund would receive approximately 0.99 shares of the Company's common stock, par value $0.01 per share (the "Common Stock") for each unit of membership interest held by such members. The Onshore Merger closed on November 8, 2024, prior to the BDC Election. As a result of the Onshore Merger, the Company issued 6,939,661 shares of Common Stock, and acquired a portfolio of assets consisting of 96 loans to 32 borrowers (including term loans, delayed draw term loans, and revolvers), cash and other assets (collectively, the "Onshore Assets"), which assets had an aggregate net asset value of $108.9 million.

Contemporaneously with entering the Onshore Merger Agreement, and prior to the Company making the BDC Election, on November 8, 2024, the Company entered into an agreement and plan of merger (the "Offshore Merger Agreement" and, together with the Onshore Merger Agreement, the "Merger Agreements") with Willow Tree Capital Offshore Fund, LLC, a Cayman Islands limited liability company managed by the Adviser (the "Offshore Fund"), under which the Offshore Fund would merge with and into the Company, with the Company surviving the merger (the "Offshore Merger" and, together with the Onshore Merger, the "Mergers"). Before completing the Offshore Merger, the Adviser served as investment adviser to the Offshore Fund. According to the Offshore Merger Agreement, the members of the Offshore Fund would receive one (1) share of Common Stock for each unit of membership interest held by such members. The Offshore Merger closed on November 8, 2024, prior to the BDC Election. As a result of the Offshore Merger, the Company issued 4,803,384 shares of Common Stock, and acquired a portfolio of assets consisting of 51 loans to 26 borrowers (including term loans, delayed draw term loans, and revolvers), cash and other assets (collectively, the "Offshore Assets"), which assets had an aggregate net asset value of $75.4 million.

Following the completion of the Mergers, the Company's total assets were approximately $389.0 million consisting of 99 loans to 33 borrowers (including term loans, delayed draw term loans, and revolvers), cash and other assets.

**Portfolio Composition** 

The total value of our investment portfolio was $884.4 million and $490.5 million as of December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025, we had investments in 54 portfolio companies with an aggregate cost of $876.7 million. As of December 31, 2024, we had investments in 39 portfolio companies with an aggregate cost of $488.5 million.

As of December 31, 2025, our investment portfolio consisted of the following investments (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amortized Cost** | **Percentage of Total Portfolio** | **Fair Value** | **Percentage of Total Portfolio** |
| Total Private Debt - United States | $876688 | 100% | $884414 | 100% |
|  | $876688 | 100% | $884414 | 100% |

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As of December 31, 2024, our investment portfolio consisted of the following investments (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amortized Cost** | **Percentage of Total Portfolio** | **Fair Value** | **Percentage of Total Portfolio** |
| Total Private Debt - United States | $488544 | 100% | $490462 | 100% |
|  | $488544 | 100% | $490462 | 100% |

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The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our debt outstanding as of December 31, 2025 and December 31, 2024 were 9.3% and 4.1 years and 10.2% and 4.2 years, respectively.

**Investment Activity** 

During the year ended December 31, 2025, we made 55 new investments totaling $625.3 million of commitments, excluding short-term investments. During the year ended December 31, 2025, we had 3 partial and 2 full investment realizations of $33.1 million and $11.5 million commitments, respectively.

For the period from November 8, 2024 to December 31, 2024, we made 7 new investments totaling $86.0 million of commitments, excluding short-term investments. For the period from November 8, 2024 to December 31, 2024, we had no investment realization activity.

The industry composition of investments based on fair value as of December 31, 2025 and December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Health Care Providers & Services | 25.38% | 17.76% |
| Commercial Services & Suppliers | 16.22% | 17.86% |
| Diversified Consumer Services | 9.85% | 10.76% |
| Financial Services | 8.65% | 13.27% |
| Insurance | 7.18% | 11.91% |
| Aerospace & Defense | 6.20% | 10.13% |
| Software | 5.51% | 5.27% |
| Professional Services | 4.74% | 3.37% |
| Energy Equipment & Services | 4.66% | —% |
| Construction & Engineering | 3.41% | 2.61% |
| Specialty Retail | 3.17% | 3.12% |
| Hotels, Restaurants & Leisure | 1.41% | 0.22% |
| Health Care Equipment & Supplies | 1.38% | 0.70% |
| Multi-Utilities | 1.24% | 1.20% |
| Entertainment | 1.00% | —% |
| Chemicals | —% | 1.82% |
| **Total** | **100%** | **100%** |

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As of March 31, 2025, the Company standardized its industry classifications using Global Industry Classification Standard ("GICS") codes, replacing the previously varied classifications across the GICS structure.

See Note 4 to our Consolidated Financial Statements for further discussion on the Company's portfolio and selected balance sheet information as of December 31, 2025 and December 31, 2024, respectively.

The geographic composition of investments at cost and fair value as of December 31, 2025 were as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total Investments at Fair Value** | **Fair Value<br>as % of Net<br>Assets** |
| United States | $876688 | $884414 | 100% | 228.15% |
| **Total investments** | $876688 | $884414 | 100% | 228.15% |

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The geographic composition of investments at cost and fair value as of December 31, 2024 were as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total Investments at Fair Value** | **Fair Value<br>as % of Net<br>Assets** |
| United States | $488544 | $490462 | 100% | 208.25% |
| **Total investments** | $488544 | $490462 | 100% | 208.25% |

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Our Adviser monitors on an ongoing basis, the financial trends of each portfolio company to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following: (i) assessment of success in adhering to the portfolio company's business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

As part of the portfolio monitoring process, our Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account in certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The following risk rating scale is used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Rating 1 is strong financial condition, trending positive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Rating 2 is stable and performing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Rating 3 is trending downward, but no expected principal loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Rating 4 is non-accrual, possible principal impairment.

Our Adviser grades the investments in our portfolio at least each quarter and it is possible that the grade of a portfolio investment may be reduced or increased over time. All investments that carry a risk rating of 4 will be reviewed at least once per month with the Adviser's Chief Credit Officer, who is responsible for overseeing our restructuring processes. Activities relating to such investments ranges from a heightened level of interfacing with management and all other capital constituents to hiring financial and legal advisers in furtherance of a balance sheet restructuring. When deemed necessary, the Adviser professionals may participate as members or leaders of ad hoc creditors' committees and/or be called upon to testify in bankruptcy court on behalf of a certain class of creditors. The following table shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale as of scale as of December 31, 2025 and December 31, 2024, respectively (amounts in thousands).

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Investment Performance Rating** | **Fair Value** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** |
| Grade 1 | $— | 0.0% | $— | 0.0% |
| Grade 2 | 881779 | 99.7% | 487925 | 99.5% |
| Grade 3 | 2635 | 0.3% | 2537 | 0.5% |
| Grade 4 |  | 0.0% |  | 0.0% |
| Total Investments | $884414 | 100.0% | $490462 | 100.0% |

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**Non-Accrual Assets** 

Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been

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brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of December 31, 2025 and December 31, 2024, there were no non-accrual assets.

**Results of Operations** 

We commenced operations on November 8, 2024 and therefore comparison of the results of operations for the year ended December 31, 2024 and December 31, 2025 may not be meaningful.

***Comparison of the years ended December 31, 2025 and December 31, 2024***

The following table represents the operating results for the years ended December 31, 2025 and December 31, 2024 (amounts in thousands):

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| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Total investment income | $73363 | $7767 |
| Net operating expenses | 44692 | 8445 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income before excise tax** | 28671 | (678) |
| Excise tax expense | 52 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income after excise tax** | 28619 | (722) |
| Net realized and unrealized gain (loss) | 5833 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | $34452 | $1196 |

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Net increases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation (amounts in thousands).

*Investment Income (amounts in thousands)*

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| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Interest income | $68804 | $7727 |
| PIK interest income | 4076 |  |
| Other income | 483 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $73363 | $7767 |

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Investment income for the years ended December 31, 2025 and December 31, 2024 was driven by our deployment of capital and an increasing invested balance.

*Operating Expenses (amounts in thousands)* 

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| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Interest and borrowing expenses | $30763 | $3713 |
| Investment income incentive fees | 4234 |  |
| Management fees | 3625 | 435 |
| Professional fees | 2011 | 1319 |
| Capital gains incentive fees | 969 |  |
| Administration fees | 672 | 90 |
| Organizational expenses |  | 2394 |
| Other general and administrative expenses | 2418 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $44692 | $8489 |

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*Professional Fees* 

Professional fees include legal, audit, tax, valuation, technology and other professional fees incurred related to the management of us. For the years ended December 31, 2025 and December 31, 2024, the Company incurred $2.0 million and $1.3 million in professional fees, respectively.

*Administration Fees* 

Administration fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement. See Note 3 to our Consolidated Financial Statements for additional information regarding the Administration Agreement and the administrative fees thereunder. For the years ended December 31, 2025 and December 31, 2024, the Company incurred $0.7 million and $0.1 million of administration fees, respectively.

*Interest and Borrowing Expenses* 

Interest and other borrowing expenses for the years ended December 31, 2025 and December 31, 2024 were attributable to borrowings under the Credit Facility and Subscription Line (as discussed below under "*Liquidity and Capital Resources*"). For the years ended December 31, 2025 and December 31, 2024, the Company incurred $30.8 million and $3.7 million in interest and borrowing expenses, respectively.

*Other General and Administrative Expenses* 

Other general and administrative expenses include director fees, insurance, filing, research, our sub-administrator, subscriptions and other costs. For the years ended December 31, 2025 and December 31, 2024, the Company incurred $2.4 million and $0.5 million in other general and administrative expenses, respectively.

*Compensation of the Adviser* 

We pay the Adviser an investment advisory fee for its services under the Investment Management Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee is ultimately borne by the shareholders.

*Management Fee* 

The management fee ("Management Fee") is payable quarterly in arrears and will be payable at an annual rate of 1.25% of the Company's net assets at the end of the most recently completed calendar quarter. The Management Fee for any partial quarter will be prorated during the relevant calendar quarter.

See Note 3 to our Consolidated Financial Statements for additional information regarding the Investment Management Agreement and the fee arrangement thereunder. For the years ended December 31, 2025 and December 31, 2024, the amount of Management Fee incurred was $3.6 million and $0.4 million, respectively.

Incentive Fees

The Company pays the Adviser an incentive fee ("Incentive Fee") as set forth below. The Incentive Fee consists of two parts: an investment-income component and a capital gains component. These components are largely independent of each other, with the result that one component may be payable even if the other is not. For the years ended December 31, 2025 and December 31, 2024, the Company incurred $5.2 million and $0.0 million of Incentive Fee, respectively.

*Investment Income Incentive Fee*

Under the investment-income component, the Company pays the Adviser an incentive fee with respect to pre-incentive fee net investment income. The investment-income component will be calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding fiscal quarter. Payments based on pre-incentive fee net investment income will be based on the pre-incentive fee net investment income earned for the quarter.

For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees received from portfolio companies) accrued during the fiscal quarter, minus operating expenses for the quarter (including the Management Fee, expenses payable under any administration agreement and dividends paid on any issued

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and outstanding preferred stock, 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 payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash; provided, however, that the portion of the investment-income incentive fee attributable to deferred interest features will be paid, only if and to the extent received in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write off or similar treatment of the investment giving rise to any deferred interest accrual, applied in each case in the order such interest was accrued. Such subsequent payments in respect of previously accrued income will not reduce the amounts payable for any quarter pursuant to the calculation of the investment-income component described above. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income, expressed as a rate of return on the value of net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.50% per quarter (6.00% annualized). The Company will pay the Adviser an investment-income incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)No investment-income incentive fee in any calendar quarter in which pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.714% in any calendar quarter (6.857% annualized) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.714% is referred to as the "catch-up"; the "catch-up" is meant to provide the Adviser with 12.50% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.714% in any calendar quarter); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)12.50% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.714% in any calendar quarter (6.857% annualized) payable to the Adviser (once the hurdle is reached and the catch-up is achieved, 12.50% of all pre-incentive fee net investment income thereafter is allocated to the Adviser).

The following is a graphical representation of the calculation of the investment-income component of the incentive fee:

Pre-Incentive Fee Net Investment Income (express as a percentage of the value of net assets)

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| | | |
|:---|:---|:---|
| 0% | 1.50% | 1.714% |
| ← 0% → | ← 100% → | ← 12.5% → |

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For the year ended December 31, 2025 and December 31, 2024, the Company incurred $4.2 million and $0.0 million, respectively, in investment income incentive fees. As of December 31, 2025 and December 31, 2024, $1.6 million and $0.0 million, respectively, of incentive fees on investment income, were unpaid and are included in investment income incentive fees payable in the Consolidated Statements of Assets and Liabilities.

*Capital Gains Incentive Fee*

Under the capital gains component, the Company will pay the Adviser at the end of each calendar year 12.50% of aggregate cumulative realized capital gains from the date of the BDC Election through the end of that year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees.

The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation. The capital gains component of the Incentive Fee will not be subject to any minimum return to shareholders.

Capital gains incentive fees were accrued (but not yet payable) on a hypothetical liquidation basis under GAAP for the years ended December 31, 2025 and December 31, 2024 was $1.0 million and $0.0 million, respectively. As of December 31, 2025 and December 31, 2024, $1.0 million and $0.0 million, respectively, of accrued capital gains incentive fees are included in the Consolidated Statements of Assets and Liabilities.

Unless terminated earlier, the Investment Management Agreement will continue in effect for a period of two years from its effective date. It will remain in effect from year to year thereafter if approved annually by the board of directors of the

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Company (the "Board") or by the affirmative vote of the holders of a majority of our outstanding voting securities, and, in either case, if also approved by the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act).

*Net Unrealized Appreciation* 

Net unrealized appreciation during the years ended December 31, 2025 and December 31, 2024 was as follows (amounts in thousands):

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| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Non-controlled, non-affiliate investments | $5779 | $1918 |
| Foreign currency translation | 29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | $5808 | $1918 |

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For the years ended December 31, 2025 and December 31, 2024, the Company recorded net unrealized appreciation on our current portfolio of $5.8 million and $1.9 million, respectively. The net unrealized appreciation on the Company's current portfolio was driven by fundamental portfolio performance of investments.

*Net Realized Gain*

Net realized gain during the years ended December 31, 2025 and December 31, 2024 was as follows (amounts in thousands):

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| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Non-controlled, non-affiliated investments | $27 | $— |
| Foreign currency transactions | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | $25 | $— |

---

For the years ended December 31, 2025 and December 31, 2024, the Company recorded net realized gain of $0.03 million and $0.0 million respectively. The net realized gain was driven by the 3 partial and 2 full investment realizations of $33.1 million and $11.5 million commitments, respectively.

**Liquidity and Capital Resources** 

We believe that our current cash on hand, our short-term investments, our available borrowing capacity under the Credit Facility, unfunded investor Capital Commitments and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

Under the 1940 Act, we are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio which the value of our total assets (less all liabilities and indebtedness not represented by senior securities) bears to the aggregate amount of our outstanding senior securities representing our indebtedness, of at least 150% after each issuance of senior securities. Our asset coverage ratio was 173.0% and 192.6% as of December 31, 2025 and December 31, 2024, respectively.

*Cash Flows* 

For the year ended December 31, 2025, we experienced a net increase in cash in the amount of $19.5 million. During that period, our operating activities used $381.3 million in cash, consisting primarily of purchases of investment securities of $542.6 million, which was partially offset by proceeds from sales and principal repayments of investment securities of $160.6 million. In addition, financing activities provided net cash of $400.7 million, consisting primarily of net borrowings under the Credit Facility and Subscription Line of $288.4 million and proceeds from the issuance of Common Stock of $135.0 million. At December 31, 2025, we had $27.6 million of cash on hand.

For the year ended December 31, 2024, we experienced a net increase in cash in the amount of $8.1 million. During that period, our operating activities used 83.6 million in cash, consisting primarily of purchases of investment securities of

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$103.7 million, which was partially offset by payables for investments purchased of $13.7 million. In addition, financing activities provided net cash of $91.7 million, consisting primarily of net borrowings under the Credit Facility of $67.4 million and proceeds from the issuance of Common Stock of $50.0 million. At December 31, 2024, we had $8.1 million of cash on hand.

*Financing Transactions* 

*Credit Facility*

On November 8, 2024, WT Capital Fund – SPV1, LLC (the "Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Company, entered into an Amended and Restated Loan, Security and Collateral Management Agreement with Ally Bank, as administrative agent for a $300.0 million revolving credit facility (the "A&R Credit Facility"). The A&R Credit Facility combined, amended and restated the Prior Onshore Credit Facility and the Prior Offshore Credit Facility each as defined and described below. On February 21, 2025, the Borrower entered into a First Amendment to the A&R Credit Facility, which increased the total commitments thereunder from $300.0 million to $500.0 million. On December 23, 2025, the Company entered into a Second Amendment to the A&R Credit Facility which, among other things, (i) increased the total commitment under the A&R Credit Facility from $500.0 million to $575.0 million, (ii) joined WT Capital Fund - SPV 1 Sub Gold LLC, a wholly-owned subsidiary of the Company, as a new borrower, (iii) reduced applicable spreads, (iv) allow acquisitions of loans in foreign currencies such as EUR and GBP and (v) amend the definition of "Change of Control" and "Material Modification" as defined in the A&R Credit Facility.

Prior to the consummation of the transactions under the Merger Agreements, the Borrower was a wholly-owned subsidiary of the Onshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Borrower was the borrower under a $100.0 million revolving credit facility with Ally Bank ("Prior Onshore Credit Facility"). On November 8, 2024, WT Capital Fund (Offshore) – SPV1, LLC (the "Prior Offshore Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Company, merged with the Borrower with the Borrower being the surviving limited liability company. Prior to the consummation of the transactions under the Merger Agreements, the Prior Offshore Borrower was a wholly-owned subsidiary of the Offshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Prior Offshore Borrower was the borrower under a $100.0 million revolving credit facility with Ally Bank ("Prior Offshore Credit Facility").

The A&R Credit Facility is secured by all of the assets held by the Borrower. Under the A&R Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Company acts as the collateral manager and as the transferor under the A&R Credit Facility and the related transaction documents, and, in connection therewith, the Company has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The A&R Credit Facility includes usual and customary events of default for credit facilities of this nature.

Borrowings under the A&R Credit Facility are considered the Company's borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

The A&R Credit Facility matures on November 8, 2029 and bears interest based on either Term SOFR or Daily Simple SOFR plus 2.00% per annum, at the Company's option. Prior to the effectiveness of the Second Amendment to the A&R Credit Facility, borrowings under the facility bore interest at a rate based on either Term SOFR or Daily Simple SOFR plus 2.50% per annum, at the Company's option.

*Subscription Line*

On November 8, 2024 the Company entered into a $90.0 million revolving credit facility with City National Bank, as administrative agent (the "Subscription Facility"). The Subscription Facility is a replacement of each of the Prior Onshore Subscription Facility and the Prior Offshore Subscription Facility each as defined and described below.

Prior to the consummation of the transactions under the Merger Agreements, and prior to the effectiveness of the Subscription Facility, (a) the Onshore Fund was the borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Onshore Subscription Facility") and (b) the Offshore Fund was a borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Offshore Subscription Facility" and, collectively with the Prior Onshore Subscription Facility, the "Prior Subscription Facilities"). In connection with the

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Mergers and the consummation of the transactions under the Merger Agreements, each of the Prior Subscription Facilities were terminated.

On November 7, 2025, the Company entered into a First Amendment to the Subscription Facility which among things, (i) extended the maturity date from November 7, 2025 to November 6, 2026 and (ii) amended the definition of "Borrowing Base" from 60% of certain Unfunded Capital Commitments to 70% of such Unfunded Capital Commitments.

The Subscription facility is secured by (a) the Company's rights to make capital calls of the capital commitments of each of its investors and all other rights, title, interests, powers and privileges related to, appurtenant to or arising out of the Company's rights to require or demand that such investors make capital contributions to the Company, (b) the Company's rights, titles, interest and privileges in and to the capital commitments, uncalled capital commitments, pending capital calls and capital contributions made by its investors, (c) all of the Company's rights, titles, interests, remedies and privileges under the applicable organizational documents, subscription agreements and side letters (including those in accordance with each of the Onshore Fund's and the Offshore Fund's operating agreements) to make, issue notices with respect to, and enforce capital calls and to receive and enforce the funding of capital contributions; (d) the Company's rights, titles, interests, remedies and privileges under its organizational documents and subscription agreements to issue and enforce capital calls, to receive and enforce capital contributions and relating to issuing, enforcing or receiving capital calls, capital commitments or capital contributions, (e) the Company's deposit accounts at City National Bank (or any substitute account, wherever located) into which capital call proceeds are paid, together with the Company's rights, titles and interests in and to each such account, all sums or other property now or at any time on deposit therein, credited thereto or payable thereof, and all instruments, documents, certificates and other writings evidencing each such account, and (f) all proceeds of the foregoing.

The Subscription Facility includes customary representations and warranties, and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities and includes usual and customary events of default for credit facilities of this nature.

*Participation Agreements*

On September 16, 2024, the Onshore Fund entered into a LSTA Par/Near Par Trade Confirmation in its capacity as the seller with Macquarie Bank Limited ("Macquarie") as the buyer (the "Initial Participation"), and a related Participation Agreement for Par/Near Par Trades (the "Participation Agreement") pursuant to which the Onshore Fund sold to Macquarie a participation in connection with a term loan held by the Onshore Fund under a credit agreement dated as of November 25, 2020 with, inter alia, Higginbotham Insurance Agency, Inc. (the "Higginbotham Loan"). On the same date, Macquarie, as the seller, and the Onshore Fund, as the buyer, entered into a LSTA Par/Near Par Trade Confirmation (the "Assignment Confirmation") pursuant to which Macquarie agreed to sell to the Onshore Fund by a specified time period provided therein via an assignment all rights in the Higginbotham Loan which Macquarie had purchased a participation in under the Initial Participation. On November 8, 2024, immediately prior to giving effect to the Merger contemplated by the Merger Agreements, the Onshore Fund, the Company and Macquarie entered into that certain Assumption of Participation Agreement & Trade Confirmation pursuant to which the Company acknowledged that, upon the effectiveness of the transactions contemplated by the Merger Agreements, the Company would become the "seller" under the Participation Agreement and assume all obligations and liabilities of the Onshore Fund under the Participation Agreement, and shall become the buyer under the Assignment Confirmation and assume all obligations and liabilities of the Onshore Fund under the Assignment Confirmation. In connection therewith, the Onshore Fund agreed, on or immediately prior to the effectiveness of the Merger Transactions, to pay to Macquarie the fee accrued pursuant to the Assignment Confirmation.

On August 2, 2024, Willow Tree Capital Offshore Blocker, LLC (the "Offshore Blocker") entered into a LSTA Par/Near Par Trade Confirmation in its capacity as the seller with Macquarie as the buyer (the "Initial Blocker Participation"), and a related Participation Agreement for Par/Near Par Trades (the "Blocker Participation Agreement") pursuant to which the Offshore Blocker sold to Macquarie a participation in connection with a term loan held by the Offshore Blocker under a credit agreement dated as of October 23, 2020 with, inter alia, RPX Corporation (the "RPX Loan"). On the same date, Macquarie, as the seller, and the Offshore Blocker, as the buyer, entered into a LSTA Par/Near Par Trade Confirmation (the "Blocker Assignment Confirmation") pursuant to which Macquarie agreed to sell to the Offshore Blocker by a specified time period provided therein via an assignment all rights in the RPX Loan which Macquarie had purchased a participation in under the Initial Blocker Participation. On August 2, 2024, the Offshore Fund entered into a Guaranty in favor of Macquarie pursuant to which the Offshore Fund guaranteed the payment and performance of the Offshore Blocker's obligation to purchase the RPX Loan in accordance with the Blocker Assignment Confirmation (the "RPX Guaranty").

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On September 30, 2024, the Offshore Blocker entered into a LSTA Par/Near Par Trade Confirmation in its capacity as the seller with Macquarie as the buyer (the "Second Blocker Participation"), and a related Participation Agreement for Par/Near Par Trades (the "Second Blocker Participation Agreement") pursuant to which the Offshore Blocker sold to Macquarie a participation in connection with a term loan held by the Offshore Blocker under a credit agreement dated as of September 30, 2024 with, inter alia, ESCP DTFS Inc. (the "ESCP Loan"). On the same date, Macquarie, as the seller, and the Offshore Blocker, as the buyer, entered into a LSTA Par/Near Par Trade Confirmation (the "Second Blocker Assignment Confirmation") pursuant to which Macquarie agreed to sell to the Offshore Blocker by a specified time period provided therein via an assignment all rights in the ESCP Loan which Macquarie had purchased a participation in under the Second Blocker Participation. On September 30 2024, the Offshore Fund entered into a Guaranty in favor of Macquarie pursuant to which the Offshore Fund guaranteed the payment and performance of the Offshore Blocker's obligation to purchase the ESCP Loan in accordance with the Second Blocker Assignment Confirmation (the "ESCP Guaranty" and, together with the RPX Guaranty, the "Offshore Blocker Guarantees").

On November 8, 2024, immediately prior to giving effect to the Merger contemplated by the Merger Agreements, the Offshore Fund, the Company and Macquarie entered into that certain Assumption of Guaranty pursuant to which the Company acknowledged that, upon the effectiveness of the transactions contemplated by the Merger Agreements, the Company would become the guarantor under each of the Offshore Blocker Guarantees and would assume all obligations and liabilities of the Offshore Fund under each of the Offshore Blocker Guarantees.

As of December 31, 2025, the Company did not have any outstanding secured borrowings, as the contractual maturity of such secured borrowing agreement terminated on February 6, 2025.

*Distributions to Shareholders* 

We have elected to be treated, and intend to qualify annually as a RIC under the Code for U.S. federal income tax purposes, and intend to make the required distributions to our shareholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our Common Stock instead of in cash. A shareholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the shareholder in the same manner as a cash dividend, even though a portion of the dividend was paid in shares of our Common Stock.

The minimum distribution requirements applicable to RICs require us to distribute to our shareholders each year at least 90% of our investment company taxable income, or ICTI, as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover income must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such income.

ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our shareholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

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During the year ended December 31, 2025, we declared distributions of $30.0 million, of which $8.1 million was paid in cash and $9.2 million of distributions were unpaid and included in distribution payable in the Consolidated Statements of Assets and Liabilities. For the year ended December 31, 2024 there were no distributions declared and paid.

**Critical Accounting Policies and Use of Estimates** 

The preparation of our financial statements in accordance with U.S. GAAP will require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

***Investment Valuation***

*Investments at Fair Value* 

Section 2(a)(41) of the 1940 Act requires us to value our assets as follows: (i) the third party price for securities for which a quotation is readily available; and (ii) for all other securities and assets, fair value, as determined in good faith by the Board. A market quotation is only "readily available" to the extent that the security can be valued with Level 1 Inputs (as defined below). As a result, the Board must determine the fair value of all securities valued with Level 2 Inputs or Level 3 Inputs (each as defined below). Since most of the securities that we hold will not have readily available market quotations, we expect that the Board will be required to determine the "fair value" of the respective Company's securities, with input from the Adviser, third-party independent valuation firms and the respective audit committee of the Board as of the end of each quarter.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is no single standard for determining fair value in good faith since fair value depends upon circumstances of each individual case. In general, fair value is the amount that we might reasonably expect to receive upon the current sale of the security in an arm's length transaction. Due to the uncertainty inherent in the valuation process, such estimates of fair value may differ significantly from the values that would have been obtained had a ready market for the securities existed, and the differences could be material. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investments for which market quotations are readily available in an active market are valued at such market quotations, which are generally obtained from an independent pricing service or one or more broker dealers or market-makers, provided that a quotation will not be deemed readily available if it is not reliable. However, debt and equity investments closed within approximately 90 days are generally valued at cost, plus accreted discount, if applicable, which approximates fair value. Debt and equity securities for which market quotations are not readily available will be valued at fair value as determined in good faith by or under the direction of the Board. Because we expect that there will not be a readily available market value for many of the investments in its respective portfolio, we expect to value most of our portfolio investments at fair value as determined in good faith under the direction of the Board in accordance with the Investment Valuation Process listed below, which have been reviewed and approved by the Board.

Under ASC 820, we perform detailed valuations of our debt and equity investments on an individual basis, using market based, income based, and bond yield approaches as appropriate.

Under the market approach, we estimate the enterprise value of the portfolio companies in which we invest. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is best expressed as a range of fair values, from which we derive a single estimate of enterprise value. To estimate the enterprise value of a portfolio company, we analyze various factors, including the portfolio company's historical and projected financial results. Typically, private companies are valued based on multiples of EBITDA, cash flows, net income, revenues, or in limited cases, book value. We review various sources of transactional data, including publicly comparable companies and private mergers and acquisitions with similar characteristics. We will generally require portfolio companies to provide annual audited and quarterly and monthly unaudited financial statements, as well as annual projections for the upcoming fiscal year.

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Under the income approach, we generally prepare and analyze the internal rate of return of our debt investments based on the expected future cash flow streams. Under the bond yield approach, we review bond yields of similar companies and compare such yields to the internal rate of return of our debt investments. We review various sources of transactional data, including private mergers and acquisitions involving debt investments with similar characteristics, and assess the information in the valuation process. The guidance establishes three levels of the fair value hierarchy as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

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

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

*Investment Valuation Process* 

The Board undertakes a multi-step valuation process each quarter in connection with determining the fair value of each of the Company's investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's quarterly valuation process begins with each portfolio company or investment being initially valued by the respective Willow Tree valuation team member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuations are then reviewed and discussed with the principals of Willow Tree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Separately, an independent valuation firm engaged by the Board will provide third party valuation consulting services with respect to our investments at least twice annually for all investments held in the portfolio for at least six months. In certain cases, the Adviser may determine it is not cost-effective, and as a result is not in its shareholder's best interest, to consult with the independent financial advisory services firm on its investments. Such instances include, but are not limited to, a loan closing a few days prior to quarter-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of the valuation process, the independent valuation firm may review the credit documents, audited financial statements, interim financial statements, financial projections, our internal credit memos, as well as other documents as necessary, for each of our investments. After reviewing the documents, the independent valuation firm conducts various analyses including (i) historical and projected financial results, (ii) cash flow and credit ratios, (iii) comparable public and private companies and transactions, (iv) current and projected financial covenants, (v) internal rate of return based upon the expected future cash flow streams, and (vi) bond yields of comparable companies. Based on these analyses, the independent valuation firm determines if the manager valuations fall within their fair value range as of the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The independent valuation firm will evaluate the Company's valuation compared to its range. If there are discrepancies, they will be resolved via discussion with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's valuation team prepares a valuation report for the audit committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The audit committee of the Board (the "Audit Committee") is apprised of the preliminary valuations and the results of the independent valuation firm's conclusion. Once resolved, the independent valuation firm issues its opinion as to whether our valuations are reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will review the preliminary valuations, and the Adviser responds and supplements the preliminary valuations to reflect any comments provided by the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will make recommendations to the Board regarding the fair value of each investment in our portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board will discuss valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms, if any, and the respective audit committee, and determines the fair values of such assets.

***Revenue Recognition***

*Interest and Dividend Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and PIK interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income

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over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, we remain contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon our judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in our judgment, are likely to remain current. We may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated.

Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent preferred equity contains PIK provisions, PIK dividends computed at the contractual rates are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

*Other Income* 

Dividends earned on money market balances are recorded on an accrual basis. Such income is included in other income in the Consolidated Statements of Operations.

*Investment Transactions* 

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

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

***Income Taxes***

We have elected to be treated, and intend to qualify annually, as a RIC under the Code for U.S. federal income tax purposes. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually satisfy the Annual Distribution Requirement.

If we fail to distribute in a timely manner an amount at least equal to the sum of (i) 98% of our ordinary income for the calendar year, (ii) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax (collectively, the "Excise Tax Distribution Requirements"), we will be subject to a 4% nondeductible U.S. federal excise tax on the amount by which we do not meet the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year-end (or earlier if estimated taxes are paid).

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**Off-Balance Sheet Arrangements** 

Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and 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. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The balance of unused commitments to extend financing as of December 31, 2025 was as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **December 31, 2025** | **December 31, 2025** |
|<br>**Investments - non-controlled, non-affiliated** |<br>**Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| ACP Avenu Buyer, LLC | Delayed Draw Term Loan | April 21, 2025 | $5889 | $44 |
| ACP Avenu Buyer, LLC | Revolver | April 21, 2025 | 2061 |  |
| AG Bells, LLC | Revolver | August 19, 2025 | 1696 |  |
| Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan | October 31, 2025 | 50 |  |
| Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan | November 8, 2024 | 3388 | 25 |
| Ambient Enterprises Holdco, LLC | Revolver | November 8, 2024 | 685 |  |
| American Combustion Industries, LLC | Delayed Draw Term Loan | November 8, 2024 | 3376 | (65) |
| American Combustion Industries, LLC | Revolver | November 8, 2024 | 236 | (5) |
| Amerspirit FL, LLC | Delayed Draw Term Loan | September 26, 2025 | 865 | (13) |
| Ampler QSR Holdings, LLC | Revolver | August 19, 2025 | 2451 | (11) |
| Amylu Borrower Sub, LLC | Delayed Draw Term Loan | June 10, 2025 | 1998 | 24 |
| Amylu Borrower Sub, LLC | Revolver | June 10, 2025 | 2508 |  |
| Apex Service Partners, LLC | Delayed Draw Term Loan | April 29, 2025 | 23 |  |
| Apex Service Partners, LLC | Revolver | November 8, 2024 | 1885 |  |
| Beacon Oral Specialists | Delayed Draw Term Loan | November 8, 2024 | 252 | (1) |
| Beacon Oral Specialists | Delayed Draw Term Loan | September 12, 2025 | 1171 | (3) |
| Bristol Hospice, LLC | Revolver | August 26, 2025 | 3779 |  |
| Cards Live Oak Holdings INC | Delayed Draw Term Loan | October 20, 2025 | 50 | (1) |
| Cards Live Oak Holdings INC | Revolver | October 20, 2025 | 33 |  |
| Cvausa Management, LLC | Delayed Draw Term Loan | August 1, 2025 | 16533 | 165 |
| Cvausa Management, LLC | Revolver | January 14, 2025 | 1111 |  |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | Delayed Draw Term Loan | February 4, 2025 | 4090 | (82) |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | Revolver | February 12, 2025 | 2272 | (45) |
| Dentive Capital, LLC | Revolver | November 8, 2024 | 50 | (2) |
| Dermcare Management, LLC | Delayed Draw Term Loan | March 31, 2025 | 18476 | (112) |
| Dukes Root Control Inc. | Revolver | November 8, 2024 | 908 |  |
| Durare Bidco LLC | Delayed Draw Term Loan | August 7, 2025 | 50 |  |
| Durare Bidco LLC | Revolver | August 7, 2025 | 50 |  |
| Elessent Clean Technologies Inc. | Revolver | November 20, 2024 | 1711 |  |
| Flexera Software LLC | Revolver | August 13, 2025 | 50 |  |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | October 6, 2025 | 1092 |  |
| High Street Buyer, Inc. | Delayed Draw Term Loan | July 18, 2025 | 17251 | (86) |
| HLSG Intermediate, LLC | Delayed Draw Term Loan | March 14, 2025 | 2341 |  |
| HLSG Intermediate, LLC | Revolver | November 8, 2024 | 837 |  |
| IFH Franchisee Holdings, LLC | Delayed Draw Term Loan | January 10, 2025 | 3136 | 9 |
| KAMC Holdings, Inc. | Revolver | August 1, 2025 | 27 |  |
| Legacy Precast Buyer | Delayed Draw Term Loan | December 16, 2025 | 5157 | (52) |
| Legacy Precast Buyer | Revolver | December 16, 2025 | 4727 | (47) |
| Neptune Platform Buyer, LLC | Delayed Draw Term Loan | January 24, 2025 | 1403 |  |
| Neptune Platform Buyer, LLC | Delayed Draw Term Loan | January 24, 2025 | 641 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **December 31, 2025** | **December 31, 2025** |
|<br>**Investments - non-controlled, non-affiliated** |<br>**Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Neptune Platform Buyer, LLC | Delayed Draw Term Loan | November 8, 2024 | 2350 |  |
| NWP Acquisition Holdings, LLC | Delayed Draw Term Loan | November 21, 2024 | 4000 | 40 |
| NWP Acquisition Holdings, LLC | Revolver | November 21, 2024 | 5000 |  |
| Offen, Inc. | Revolver | July 18, 2025 | 3178 | (32) |
| Orthofeet, Inc | Revolver | November 8, 2024 | 1524 | (15) |
| Pathstone Family Office, LLC | Delayed Draw Term Loan | November 8, 2024 | 5340 | 53 |
| Pathstone Family Office, LLC | Revolver | November 8, 2024 | 797 |  |
| Regent Surgical Health, LLC | Delayed Draw Term Loan | September 12, 2025 | 2256 | (34) |
| Regent Surgical Health, LLC | Revolver | September 12, 2025 | 7824 | (117) |
| RKD Group, LLC | Delayed Draw Term Loan | May 19, 2025 | 3233 | (39) |
| RKD Group, LLC | Revolver | May 19, 2025 | 1805 | (22) |
| Royal Holdco Corporation | Delayed Draw Term Loan | March 12, 2025 | 4740 | (18) |
| Royal Holdco Corporation | Revolver | March 13, 2025 | 404 | (2) |
| RPX Corporation | Revolver | September 30, 2025 | 2601 |  |
| Salt Dental Collective, LLC | Revolver | November 8, 2024 | 78 |  |
| Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan | June 2, 2025 | 4942 |  |
| Sandlot Baseball BorrowerCo, LLC | Revolver | June 2, 2025 | 2253 |  |
| Secretariat Advisors, LLC | Delayed Draw Term Loan | June 28, 2025 | 1081 | (7) |
| Stonebridge Companies, LLC | Delayed Draw Term Loan | May 16, 2025 | 1327 | 3 |
| Stonebridge Companies, LLC | Revolver | May 16, 2025 | 885 | 2 |
| Superjet Buyer, LLC | Delayed Draw Term Loan | November 8, 2024 | 4134 |  |
| SV-AERO Holdings, LLC | Delayed Draw Term Loan | December 10, 2024 | 1261 |  |
| Systems Planning And Analysis, Inc. | Delayed Draw Term Loan | November 8, 2024 | 1595 |  |
| Systems Planning And Analysis, Inc. | Revolver | November 8, 2024 | 1970 |  |
| Together Womens Health, LLC | Delayed Draw Term Loan | August 26, 2025 | 10905 | (123) |
| Together Womens Health, LLC | Revolver | August 26, 2025 | 2305 | (26) |
| VRC Companies, LLC | Revolver | November 8, 2024 | 100 |  |
| World Insurance Associates, LLC | Revolver | February 14, 2025 | 1127 |  |
| WRM Wastewater Merger Sub, Inc. | Delayed Draw Term Loan | May 19, 2025 | 4478 |  |
|  |  |  | $197802 | $(595) |

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The balance of unused commitments to extend financing as of December 31, 2024 was as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **December 31, 2024** | **December 31, 2024** |
|<br>**Investments - non-controlled, non-affiliated** |<br>**Commitment Type** |<br>**Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| Neptune Platform Buyer LLC | Delayed Draw Term Loan | January 19, 2031 | $2350 | $— |
| Pathstone Family Office LLC | Revolver | May 15, 2028 | 1048 | (5) |
| Pathstone Family Office LLC | Delayed Draw Term Loan | May 15, 2029 | 5340 | (25) |
| SV-AERO Holdings, LLC | Delayed Draw Term Loan | October 30, 2026 | 1261 | (6) |
| Accession Risk Management Group, Inc. | Revolver | November 1, 2029 | 1858 |  |
| Bluehalo Global Holdings, LLC | Revolver | October 31, 2025 | 12 |  |
| VRC Companies, LLC | Revolver | June 29, 2027 | 100 |  |
| Systems Planning And Analysis, Inc. | Delayed Draw Term Loan | October 29, 2027 | 16745 | (32) |
| Dentive Capital, LLC | Revolver | May 27, 2027 | 50 |  |
| Peter C. Foy & Associates Insurance Services, LLC | Revolver | November 1, 2027 | 100 |  |
| Systems Planning And Analysis, Inc. | Revolver | August 16, 2027 | 3128 | (6) |
| Dukes Root Control Inc. | Revolver | June 30, 2025 | 62 |  |
| RPX Corporation | Revolver | October 23, 2025 | 2601 | (1) |
| World Insurance Associates, LLC | Revolver | April 3, 2028 | 100 |  |
| Ambient Enterprises Holdco LLC | Revolver | December 7, 2029 | 685 | (1) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **December 31, 2024** | **December 31, 2024** |
|<br>**Investments - non-controlled, non-affiliated** |<br>**Commitment Type** |<br>**Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| Ambient Enterprises Holdco LLC | Delayed Draw Term Loan | June 28, 2030 | 1630 | (3) |
| HLSG Intermediate, LLC | Revolver | March 31, 2028 | 27 |  |
| Beacon Oral Specialists | Delayed Draw Term Loan | December 14, 2026 | 3748 | (15) |
| RKD Group, LLC | Delayed Draw Term Loan | August 17, 2028 | 519 |  |
| Rogers Mechanical Contractors, LLC | Revolver | September 28, 2028 | 140 |  |
| Rogers Mechanical Contractors, LLC | Delayed Draw Term Loan | September 28, 2028 | 738 |  |
| Superjet Buyer, LLC | Delayed Draw Term Loan | December 30, 2027 | 4454 | (37) |
| Dentive Capital, LLC | Delayed Draw Term Loan | December 23, 2028 | 973 | (6) |
| Dermcare Management, LLC | Delayed Draw Term Loan | April 21, 2028 | 3768 |  |
| American Combustion Industries, LLC | Delayed Draw Term Loan | August 31, 2028 | 189 | (3) |
| American Combustion Industries, LLC | Delayed Draw Term Loan | August 31, 2028 | 3772 | (50) |
| American Combustion Industries, LLC | Revolver | August 31, 2028 | 1179 | (16) |
| GraphPAD Software, LLC | Revolver | June 30, 2031 | 1297 |  |
| GraphPAD Software, LLC | Delayed Draw Term Loan | June 30, 2031 | 3113 | 28 |
| Accession Risk Management Group, Inc. | Delayed Draw Term Loan | November 1, 2029 | 10869 | 33 |
| Orthofeet, Inc | Revolver | July 30, 2030 | 1524 | (25) |
| Apex Service Partners, LLC | Delayed Draw Term Loan | October 24, 2030 | 7388 | (13) |
| Apex Service Partners, LLC | Revolver | October 24, 2029 | 818 | (1) |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | October 4, 2030 | 10135 | 101 |
| VRC Companies, LLC | Delayed Draw Term Loan | June 29, 2027 | 18577 | (63) |
| Elessent Clean Technologies Inc. | Revolver | November 15, 2029 | 1711 | (34) |
| NWP Acquisition Holdings, LLC | Delayed Draw Term Loan | November 21, 2030 | 15000 | (263) |
| NWP Acquisition Holdings, LLC | Revolver | November 21, 2030 | 5000 | (88) |
| IFH Franchisee Holdings, LLC | Delayed Draw Term Loan | March 31, 2025 | 3136 | (24) |
| **Total** |  |  | $135145 | $(555) |

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**Recent Developments**

On January 26, 2026, the Company issued approximately 465,930 shares of its Common Stock pursuant to the Company's DRIP in connection with the distribution paid to shareholders on January 26, 2026.

On March 12, 2026, the Company's Board of Directors declared a distribution of $0.40 per share, payable on or around April 27, 2026 to shareholders of record at the close of business on March 12, 2026.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

We are subject to certain financial market risks, including valuation risk and interest rate fluctuations.

*Valuation Risk*

We have invested, and plan to continue to invest, in illiquid debt securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith in accordance with our valuation policy and procedures established by our Board. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2 "*Summary of Significant Account Policies*" to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

*Interest Rate Risk* 

We are subject to financial market risks, including changes in interest rates. Because we have borrowed, and may from time to time borrow money to make investments, our net investment income will depend in part upon the difference

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between the rate at which we borrow funds and the rate at which we invest these funds as well as our level of leverage. 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 or net assets.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. From March 2022 to July 2023, the Federal Reserve periodically raised interest rates to combat inflation and maintained the same rate benchmark from July 2023 to September 2024. The Federal Reserve cut its benchmark rate three times in 2024 and for three consecutive quarters in 2025, then held interest rates steady in February 2026, bringing the benchmark rate to the 3.50% to 3.75% range. While the Federal Reserve has indicated that there may be additional rate cuts in the future, policy makers continue to emphasize their commitment to monitoring and addressing inflationary pressure. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In a high interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results.

As of December 31, 2025, 99.9% of investments at fair value (excluding unfunded debt investments) represent floating-rate investments with a SOFR floor (includes investments bearing prime interest rate contracts) and 0.1% of our investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating SOFR rates and prime interest rates.

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 50, 100, 150 or 200 basis points, or decrease by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on December 31, 2025. Interest expense is calculated based on the terms of our outstanding revolving credit facilities. For our floating rate credit facilities, we use the outstanding balance as of December 31, 2025. Interest expense on our floating rate credit facilities is calculated using the interest rate as of December 31, 2025, adjusted for the hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of December 31, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of December 31, 2025, and are only adjusted for assumed changes in the underlying base interest rates.

Actual results could differ significantly from those estimated in the table (amounts in thousands).

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| | | | |
|:---|:---|:---|:---|
| **Basis Point Change** | **Increase (decrease) in interest income** | **(Increase) decrease in interest expense** | **Net increase (decrease) in investment income** |
| Up 200 Basis Points | $18393 | $(10624) | $7769 |
| Up 150 Basis Points | 13795 | (7968) | 5827 |
| Up 100 Basis Points | 9196 | (5312) | 3884 |
| Up 50 Basis Points | 4602 | (2656) | 1946 |
| Down 50 Basis Points | (4588) | 2656 | (1932) |
| Down 100 Basis Points | (9183) | 5312 | (3871) |
| Down 150 Basis Points | (13763) | 7968 | (5796) |
| Down 200 Basis Points | (18344) | 10624 | (7721) |

---

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

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**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

Set forth below is an index to our consolidated financial statements.

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| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm (PCAOB ID No.](#i977704620ab3438e8579796242b87679_85)</u>238<u>[)](#i977704620ab3438e8579796242b87679_85)</u> | [102](#i977704620ab3438e8579796242b87679_85) |
| <u>[Consolidated Statement](#i977704620ab3438e8579796242b87679_88)[s](#i977704620ab3438e8579796242b87679_88)[of Assets and Liabilities as of](#i977704620ab3438e8579796242b87679_88)[December 31, 2025 and](#i977704620ab3438e8579796242b87679_88)[December 31, 2024](#i977704620ab3438e8579796242b87679_88)</u> | [103](#i977704620ab3438e8579796242b87679_88) |
| <u>[Consolidated Statement](#i977704620ab3438e8579796242b87679_91)[s](#i977704620ab3438e8579796242b87679_91)[of Operations for the year](#i977704620ab3438e8579796242b87679_91)[s](#i977704620ab3438e8579796242b87679_91)[ended](#i977704620ab3438e8579796242b87679_91)[December 31, 2025](#i977704620ab3438e8579796242b87679_91)[and](#i977704620ab3438e8579796242b87679_91)[December 31, 2024](#i977704620ab3438e8579796242b87679_91)</u> | [104](#i977704620ab3438e8579796242b87679_91) |
| <u>[Consolidated Statement](#i977704620ab3438e8579796242b87679_94)[s](#i977704620ab3438e8579796242b87679_94)[of Changes in Net Assets for the year](#i977704620ab3438e8579796242b87679_94)[s](#i977704620ab3438e8579796242b87679_94)[ended](#i977704620ab3438e8579796242b87679_94)[December 31, 2025 and](#i977704620ab3438e8579796242b87679_94)[December 31, 2024](#i977704620ab3438e8579796242b87679_94)</u> | [105](#i977704620ab3438e8579796242b87679_94) |
| <u>[Consolidated Statement](#i977704620ab3438e8579796242b87679_97)[s](#i977704620ab3438e8579796242b87679_97)[of Cash Flows for the year](#i977704620ab3438e8579796242b87679_97)[s](#i977704620ab3438e8579796242b87679_97)[ended](#i977704620ab3438e8579796242b87679_97)[December 31, 2025 and](#i977704620ab3438e8579796242b87679_97)[December 31, 2024](#i977704620ab3438e8579796242b87679_97)</u> | [106](#i977704620ab3438e8579796242b87679_97) |
| <u>[Consolidated Schedule of Investments as of](#i977704620ab3438e8579796242b87679_100)[December 31, 2025 an](#i977704620ab3438e8579796242b87679_100)[d](#i977704620ab3438e8579796242b87679_100)[December 31, 2024](#i977704620ab3438e8579796242b87679_100)</u> | [108](#i977704620ab3438e8579796242b87679_100) |
| <u>[Notes to Consolidated Financial Statements](#i977704620ab3438e8579796242b87679_103)</u> | [120](#i977704620ab3438e8579796242b87679_103) |

---

------

**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Willow Tree Capital Corporation

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Willow Tree Capital Corporation and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations, changes in net assets and cash flows for the years then ended, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. 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 Company 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 audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits 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. Our audits 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. Our procedures included confirmation of securities owned as of December 31, 2025 and 2024 by correspondence with the custodians and agent banks; when replies were not received from agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 24, 2026

We have served as the Company's auditor since 2024.

------

**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**WILLOW TREE CAPITAL CORPORATION**

**Consolidated Statements of Assets and Liabilities** 

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

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| **Assets** | **2025** | **2024** |
| &nbsp;&nbsp;Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (cost of $876,688 and $488,544 at December 31, 2025 and December 31, 2024, respectively) | $884414 | $490462 |
| &nbsp;&nbsp;Cash | 27591 | 8107 |
| &nbsp;&nbsp;Receivable for investments sold | 17953 | 224 |
| &nbsp;&nbsp;Deferred financing costs | 6496 | 5274 |
| &nbsp;&nbsp;Dividends and interest receivable | 5363 | 3052 |
| &nbsp;&nbsp;Receivable from Adviser |  | 460 |
| &nbsp;&nbsp;Prepaid expenses | 85 | 390 |
| &nbsp;&nbsp;**Total assets** | $941902 | $507969 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Borrowings | $531190 | $242746 |
| &nbsp;&nbsp;Distribution payable | 9242 |  |
| &nbsp;&nbsp;Interest payable | 7831 | 2850 |
| &nbsp;&nbsp;Investment income incentive fees payable | 1616 |  |
| &nbsp;&nbsp;Management fees payable | 1044 | 435 |
| &nbsp;&nbsp;Accrued capital gains incentive fees | 969 |  |
| &nbsp;&nbsp;Payable for investments purchased |  | 13657 |
| &nbsp;&nbsp;Loans sold under agreement to repurchase |  | 11641 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 2366 | 1150 |
| &nbsp;&nbsp;**Total liabilities** | $554258 | $272479 |
| Commitments and contingencies (see Note 7) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value, 200,000,000 shares authorized, 24,058,078 and 14,940,044 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $241 | $149 |
| &nbsp;&nbsp;Additional Paid in Capital | 381471 | 234145 |
| &nbsp;&nbsp;Distributable earnings (loss) | 5932 | 1196 |
| **Total net assets** | $387644 | $235490 |
| **Total liabilities and net assets** | $941902 | $507969 |
| **Net asset value per share** | $16.11 | $15.76 |

---

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

------

**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**WILLOW TREE CAPITAL CORPORATION**

**Consolidated Statements of Operations** 

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

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| **Investment income:** |  |  |
| From non-controlled, non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $68804 | $7727 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 4076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 483 | 40 |
| Total investment income from non-controlled, non-affiliated investments | 73363 | 7767 |
| **Total investment income** | 73363 | 7767 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and borrowing expenses | 30763 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income incentive fees | 4234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 3625 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2011 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees | 969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 672 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational expenses |  | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 2418 | 538 |
| **Total expenses** | 44692 | 8489 |
| **Net investment income (loss) before excise tax** | 28671 | (722) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 52 |  |
| **Net investment income (loss) after excise tax** | 28619 | (722) |
| **Realized and unrealized gain (loss) on investments and foreign currency:** |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2) |  |
| Net realized gain (loss) | 25 |  |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 5779 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 29 |  |
| Net change in unrealized appreciation (depreciation) | 5808 | 1918 |
| Net realized and unrealized gain (loss) | 5833 | 1918 |
| **Net increase (decrease) in net assets resulting from operations** | $34452 | $1196 |
| **Per share information - basic and diluted** |  |  |
| Net investment income (loss) per share | $1.53 | $(0.40) |
| Net increase (decrease) in net assets resulting from operations per share | $1.84 | $0.66 |
| Weighted average shares of common stock outstanding | 18654831 | 1811245 |

---

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

------

**<u>[**Table of Contents**](#i977704620ab3438e8579796242b87679_7)</u>**

**WILLOW TREE CAPITAL CORPORATION**

**Consolidated Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $28619 | $(722) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) | 5833 | 1918 |
| Net increase (decrease) in net assets resulting from operations | 34452 | 1196 |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;Issuance of common stock | 135000 | 234294 |
| &nbsp;&nbsp;Issuance of common stock from dividend reinvestment plan | 12740 |  |
| &nbsp;&nbsp;Distributions to common shareholders | (30038) |  |
| Net increase (decrease) from capital share transactions | 117702 | 234294 |
| Total increase (decrease) in net assets | 152154 | 235490 |
| Net assets, beginning of period | 235490 |  |
| **Net assets, end of period** | $387644 | $235490 |

---

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

------

**WILLOW TREE CAPITAL CORPORATION**

**Consolidated Statements of Cash Flows**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $34452 | $1196 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Net realized (gain) loss on investments | (27) |  |
| &nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | 2 |  |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (5779) | (1918) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translations | (29) |  |
| &nbsp;&nbsp;Purchases of investment securities | (542614) | (103659) |
| &nbsp;&nbsp;Proceeds from sales and principal repayments of investment securities | 160631 | 2625 |
| &nbsp;&nbsp;Interest and fee income paid in kind | (4104) | (441) |
| &nbsp;&nbsp;Net amortization of investment discounts and premiums | (2030) | (152) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 1777 | 202 |
| &nbsp;&nbsp;Cash received from Merger |  | 1932 |
| **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;Receivable for investments sold | (17729) | (224) |
| &nbsp;&nbsp;Dividends and interest receivable | (2311) | (761) |
| &nbsp;&nbsp;Receivable from Adviser | 460 | 49 |
| &nbsp;&nbsp;Prepaid expenses | 304 | (372) |
| &nbsp;&nbsp;Interest payable | 4981 | 2748 |
| &nbsp;&nbsp;Investment income incentive fees payable | 1616 |  |
| &nbsp;&nbsp;Management fees payable | 609 | 435 |
| &nbsp;&nbsp;Accrued capital gains incentive fee | 969 |  |
| &nbsp;&nbsp;Payable for investments purchased | (13657) | 13657 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 1216 | 1096 |
| **Net cash provided by (used in) operating activities** | $(381263) | $(83587) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of common stock | 135000 | 50001 |
| &nbsp;&nbsp;Proceeds from borrowing | 910284 | 126378 |
| &nbsp;&nbsp;Repayments of borrowing | (621840) | (59000) |
| &nbsp;&nbsp;Repayments of repurchase agreements | (11641) |  |
| &nbsp;&nbsp;Distributions paid in cash | (8056) |  |
| &nbsp;&nbsp;Deferred financing costs paid | (2998) | (2655) |
| &nbsp;&nbsp;Cash paid for foreign currency settlement | (2) |  |
| &nbsp;&nbsp;Repayments of purchase agreements |  | (23030) |
| **Net cash provided by (used in) financing activities** | $400747 | $91694 |
| **Net increase (decrease) in cash** | $19484 | $8107 |
| **Cash, beginning of period** | 8107 |  |
| **Cash, end of period** | $27591 | $8107 |

---

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

------

**WILLOW TREE CAPITAL CORPORATION**

**Consolidated Statements of Cash Flows**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| &nbsp;&nbsp;Cash paid during the period for taxes | $352 | $184 |
| &nbsp;&nbsp;Cash paid during the period for interest | 22898 | 587 |
| &nbsp;&nbsp;Securities, contributed at fair value as part of In-Kind contribution |  | 386917 |
| &nbsp;&nbsp;Debt, contributed as part of In-Kind contribution |  | 175367 |
| &nbsp;&nbsp;Loans sold under agreement to repurchase, contributed as part of In-Kind contribution |  | 34672 |
| &nbsp;&nbsp;Deferred debt issuance costs, contributed as part of In-Kind contribution |  | 2822 |
| &nbsp;&nbsp;Dividends and interest receivable, contributed as part of In-Kind contribution |  | 2289 |
| &nbsp;&nbsp;Receivable from Adviser, contributed as part of In-Kind contribution |  | 509 |
| &nbsp;&nbsp;Interest payable, contributed as part of In-Kind contribution |  | 102 |
| &nbsp;&nbsp;Accrued expenses and other liabilities, contributed as part of In-Kind contribution |  | 53 |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| **Aerospace & Defense** | | | | | | | | | | |
| Neptune Platform Buyer, LLC | (4) | Term Loan | SOFR + 4.75% | 8.42% | 11/8/2024 | 1/19/2031 | $8434 | $8342 | $8433 | 2.18% |
| Neptune Platform Buyer, LLC | (4) | Term Loan | SOFR + 4.75% | 8.42% | 1/22/2025 | 1/19/2031 | $2243 | 2243 | 2243 | 0.58% |
| Neptune Platform Buyer, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 1/24/2025 | 1/19/2031 | $1403 |  |  | —% |
| Neptune Platform Buyer, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 1/24/2025 | 1/19/2031 | $641 |  |  | —% |
| Neptune Platform Buyer, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 11/8/2024 | 1/19/2031 | $2350 | (24) |  | —% |
| Stellant Midco, LLC | (4) | Term Loan | SOFR + 4.50% | 8.32% | 9/15/2025 | 9/16/2030 | $12491 | 12487 | 12491 | 3.22% |
| SV-AERO Holdings, LLC | (4) | Term Loan | SOFR + 5.00% | 8.67% | 12/10/2024 | 11/1/2030 | $5636 | 5613 | 5636 | 1.45% |
| SV-AERO Holdings, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 12/10/2024 | 10/30/2026 | $1261 |  |  | —% |
| Systems Planning And Analysis, Inc. | (4) | Term Loan | SOFR + 4.75% | 8.42% | 11/8/2024 | 10/29/2027 | $589 | 587 | 589 | 0.15% |
| Systems Planning And Analysis, Inc. | (5),(9) | Revolver | SOFR + 4.75% | 10.00% | 11/8/2024 | 10/29/2027 | $3128 | 1149 | 1159 | 0.30% |
| Systems Planning And Analysis, Inc. | (4) | Delayed Draw Term Loan | SOFR + 4.75% | 8.42% | 11/8/2024 | 10/29/2027 | $473 | 471 | 473 | 0.12% |
| Systems Planning And Analysis, Inc. | (4),(5),(9) | Delayed Draw Term Loan | SOFR + 4.75% | 8.44% | 11/8/2024 | 10/29/2027 | $18870 | 17233 | 17299 | 4.46% |
| Systems Planning And Analysis, Inc. | (4),(9) | Delayed Draw Term Loan | SOFR + 4.75% | 8.42% | 10/6/2025 | 10/29/2027 | $6512 | 6463 | 6512 | 1.68% |
|  |  |  |  |  |  |  |  | 54564 | 54835 | 14.15% |
| **Commercial Services & Suppliers** |  |  |  |  |  |  |  |  |  |  |
| Ambient Enterprises Holdco, LLC | (4) | Term Loan | SOFR + 5.25% | 8.92% | 11/8/2024 | 6/28/2030 | $11663 | 11559 | 11750 | 3.03% |
| Ambient Enterprises Holdco, LLC | (4),(9) | Term Loan | SOFR + 5.25% | 8.92% | 7/3/2025 | 6/28/2030 | $2522 | 2482 | 2541 | 0.66% |
| Ambient Enterprises Holdco, LLC | (4) | Term Loan | SOFR + 5.25% | 8.92% | 10/31/2025 | 6/28/2030 | $1094 | 1075 | 1102 | 0.28% |
| Ambient Enterprises Holdco, LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 12/7/2029 | $685 | (8) |  | —% |
| Ambient Enterprises Holdco, LLC | (5) | Delayed Draw Term Loan |  | 0.75% | 11/8/2024 | 6/28/2030 | $3388 | (24) | 55 | 0.01% |
| Ambient Enterprises Holdco, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.25% | 8.92% | 12/31/2024 | 6/28/2030 | $1620 | 1594 | 1632 | 0.42% |
| Ambient Enterprises Holdco, LLC | (5) | Delayed Draw Term Loan |  | 0.75% | 10/31/2025 | 6/28/2030 | $50 |  |  | —% |
| Ambient Enterprises Holdco, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.25% | 8.92% | 7/3/2025 | 6/28/2030 | $281 | 276 | 282 | 0.07% |
| American Combustion Industries, LLC | (4) | Term Loan | SOFR + 5.25% | 9.07% | 11/8/2024 | 8/31/2028 | $9214 | 9106 | 9037 | 2.33% |
| American Combustion Industries, LLC | (5) | Revolver | SOFR + 5.25% | 9.07% | 11/8/2024 | 8/31/2028 | $1415 | 1162 | 1152 | 0.30% |
| American Combustion Industries, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 5.25% | 9.07% | 11/8/2024 | 8/31/2028 | $3769 | 337 | 321 | 0.08% |
| American Combustion Industries, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.25% | 9.07% | 11/8/2024 | 8/31/2028 | $3167 | 3130 | 3107 | 0.80% |
| Cards Live Oak Holdings INC | (4) | Term Loan | SOFR + 4.75% | 8.42% | 10/20/2025 | 10/21/2032 | $18716 | 18535 | 18529 | 4.78% |
| Cards Live Oak Holdings INC | (5) | Revolver | P + 3.75% | 10.50% | 10/20/2025 | 10/21/2032 | $50 | 16 | 16 | —% |
| Cards Live Oak Holdings INC | (5) | Delayed Draw Term Loan |  | 1.00% | 10/20/2025 | 10/21/2032 | $50 |  | (1) | —% |
| ESCP DTFS Inc. | (4) | Term Loan | SOFR + 5.50% | 9.17% | 11/8/2024 | 9/28/2029 | $32588 | 32148 | 32473 | 8.38% |
| KAMC Holdings, Inc. | (4) | Term Loan | SOFR + 5.25% | 9.10% | 8/1/2025 | 8/1/2031 | $17140 | 16900 | 16844 | 4.35% |
| KAMC Holdings, Inc. | (5),(9) | Revolver | SOFR + 5.25% | 9.05% | 8/1/2025 | 8/1/2031 | $36 | 9 | 9 | —% |
| NWP Acquisition Holdings, LLC | (4) | Term Loan | SOFR + 5.50% | 9.17% | 11/21/2024 | 11/21/2030 | $26730 | 26345 | 26997 | 6.96% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| NWP Acquisition Holdings, LLC | (5) | Revolver |  | 0.50% | 11/21/2024 | 11/21/2030 | $5000 | $(72) | $— | —% |
| NWP Acquisition Holdings, LLC | (4),(5),(9) | Delayed Draw Term Loan | SOFR + 5.50% | 9.29% | 11/21/2024 | 11/21/2030 | $14955 | 10812 | 11140 | 2.87% |
| TCF III Owl Buyer, LLC | (4) | Term Loan | SOFR + 5.50% | 9.34% | 11/8/2024 | 4/19/2026 | $2814 | 2814 | 2814 | 0.73% |
| TCF III Owl Buyer, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.50% | 9.34% | 11/8/2024 | 4/19/2026 | $2079 | 2079 | 2079 | 0.54% |
| WRM Wastewater Merger Sub, Inc. | (4) | Term Loan | SOFR + 5.75% | 9.47% | 5/19/2025 | 12/28/2029 | $1392 | 1374 | 1392 | 0.36% |
| WRM Wastewater Merger Sub, Inc. | (4),(5) | Delayed Draw Term Loan | SOFR + 5.75% | 9.48% | 5/19/2025 | 12/28/2029 | $4652 | 159 | 219 | 0.06% |
|  |  |  |  |  |  |  |  | 141808 | 143490 | 37.02% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Elessent Clean Technologies Inc. | (4) | Term Loan | SOFR + 6.00% | 9.73% | 11/20/2024 | 11/15/2029 | $12219 | 12027 | 12241 | 3.16% |
| Elessent Clean Technologies Inc. | (5) | Revolver |  | 0.50% | 11/20/2024 | 11/15/2029 | $1711 | (27) |  | —% |
| Legacy Precast Buyer | (4) | Term Loan | SOFR + 4.75% | 8.46% | 12/16/2025 | 12/16/2032 | $18150 | 17970 | 17969 | 4.64% |
| Legacy Precast Buyer | (5) | Revolver |  | 0.38% | 12/16/2025 | 12/16/2032 | $4727 | (47) | (47) | -0.01% |
| Legacy Precast Buyer | (5) | Delayed Draw Term Loan |  |  | 12/16/2025 | 12/16/2032 | $5157 | (25) | (26) | -0.01% |
|  |  |  |  |  |  |  |  | 29898 | 30137 | 7.77% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Apex Service Partners, LLC | (4) | Term Loan | SOFR + 5.00% | 8.82% | 11/8/2024 | 10/24/2030 | $27507 | 27283 | 27782 | 7.17% |
| Apex Service Partners, LLC | (4) | Term Loan | SOFR + 5.00% | 8.84% | 4/29/2025 | 10/24/2030 | $25 | 25 | 25 | 0.01% |
| Apex Service Partners, LLC | (5),(9) | Revolver | SOFR + 5.00% | 8.71% | 11/8/2024 | 10/24/2029 | $2555 | 650 | 670 | 0.17% |
| Apex Service Partners, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.00% | 8.82% | 9/24/2024 | 10/24/2030 | $6547 | 6494 | 6612 | 1.71% |
| Apex Service Partners, LLC | (4),(9) | Delayed Draw Term Loan | SOFR + 5.00% | 8.78% | 11/8/2024 | 10/24/2030 | $10330 | 10288 | 10432 | 2.69% |
| Apex Service Partners, LLC | (5),(9) | Delayed Draw Term Loan | SOFR + 5.00% | 8.81% | 4/29/2025 | 10/24/2030 | $74 | 51 | 52 | 0.01% |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | (4) | Term Loan | SOFR + 5.50% | 9.37% | 2/4/2025 | 2/4/2031 | $11979 | 11775 | 11740 | 3.03% |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | (5),(9) | Revolver | SOFR + 5.50% | 9.37% | 2/12/2025 | 2/4/2031 | $4260 | 1915 | 1903 | 0.49% |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 5.50% | 9.32% | 2/4/2025 | 2/4/2031 | $11305 | 7064 | 7031 | 1.81% |
| IFH Franchisee Holdings, LLC | (4) | Term Loan | SOFR + 5.50% | 9.37% | 1/10/2025 | 12/20/2029 | $13750 | 13583 | 13787 | 3.56% |
| IFH Franchisee Holdings, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 1/10/2025 | 12/20/2029 | $3136 | (19) | 9 | —% |
| Sandlot Baseball BorrowerCo, LLC | (5) | Revolver |  | 0.50% | 6/2/2025 | 12/27/2028 | $2253 |  |  | —% |
| Sandlot Baseball BorrowerCo, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 5.00% | 8.67% | 6/2/2025 | 12/27/2028 | $11999 | 7006 | 7107 | 1.83% |
|  |  |  |  |  |  |  |  | 86115 | 87150 | 22.48% |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |  |  |
| Offen, Inc. | (4) | Term Loan | SOFR + 5.00% | 8.82% | 7/18/2025 | 7/22/2030 | $41635 | 41252 | 41218 | 10.63% |
| Offen, Inc. | (5) | Revolver |  | 0.50% | 7/18/2025 | 7/23/2029 | $3178 | (29) | (32) | (0.01)% |
|  |  |  |  |  |  |  |  | 41223 | 41186 | 10.63% |
| **Entertainment** |  |  |  |  |  |  |  |  |  |  |
| Amerspirit FL, LLC |  | Term Loan | SOFR + 4.75% | 8.42% | 9/26/2025 | 8/15/2030 | $2135 | 2105 | 2104 | 0.54% |
| Amerspirit FL, LLC |  | Delayed Draw Term Loan | SOFR + 4.75% | 8.42% | 9/26/2025 | 8/15/2030 | $6365 | 6275 | 6272 | 1.62% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| Amerspirit FL, LLC | (5),(9) | Delayed Draw Term Loan | SOFR + 4.75% | 8.42% | 9/26/2025 | 8/15/2030 | $1237 | $355 | $354 | 0.09% |
|  |  |  |  |  |  |  |  | 8735 | 8730 | 2.25% |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Electronic Merchant Systems, LLC | (4) | Term Loan | SOFR + 4.75% | 9.07% | 11/18/2024 | 8/1/2030 | $9844 | 9764 | 9926 | 2.56% |
| Electronic Merchant Systems, LLC | (4) | Term Loan | SOFR + 4.75% | 8.60% | 11/14/2025 | 8/1/2030 | $1372 | 1355 | 1383 | 0.36% |
| GC Waves Holdings, Inc. | (4) | Term Loan | SOFR + 4.50% | 8.22% | 12/31/2024 | 10/4/2030 | $3609 | 3637 | 3609 | 0.93% |
| GC Waves Holdings, Inc. | (4) | Delayed Draw Term Loan | SOFR + 4.50% | 8.22% | 11/8/2024 | 10/4/2030 | $11444 | 11349 | 11444 | 2.95% |
| GC Waves Holdings, Inc. | (5),(9) | Delayed Draw Term Loan | SOFR + 4.50% | 8.22% | 10/6/2025 | 10/4/2030 | $1150 | 56 | 61 | 0.02% |
| Pathstone Family Office, LLC | (4) | Term Loan | SOFR + 5.00% | 8.82% | 11/26/2024 | 5/15/2029 | $554 | 552 | 560 | 0.14% |
| Pathstone Family Office, LLC | (4) | Term Loan | SOFR + 5.00% | 8.82% | 11/8/2024 | 5/15/2029 | $15395 | 15325 | 15549 | 4.01% |
| Pathstone Family Office, LLC | (5) | Revolver | SOFR + 5.00% | 8.82% | 11/8/2024 | 5/15/2028 | $1048 | 247 | 252 | 0.07% |
| Pathstone Family Office, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 5.00% | 8.82% | 11/8/2024 | 5/15/2029 | $5439 | 74 | 153 | 0.04% |
| RPX Corporation | (4) | Term Loan | SOFR + 5.50% | 9.25% | 11/8/2024 | 8/2/2030 | $20234 | 20068 | 20234 | 5.22% |
| RPX Corporation | (5) | Revolver |  | 0.50% | 9/30/2025 | 8/2/2030 | $2601 | (2) |  | —% |
| Wealth Enhancement Group, LLC | (4) | Delayed Draw Term Loan | SOFR + 4.50% | 8.49% | 11/8/2024 | 10/2/2028 | $3707 | 3707 | 3707 | 0.96% |
| Wealth Enhancement Group, LLC | (4) | Delayed Draw Term Loan | SOFR + 4.50% | 8.49% | 11/8/2024 | 10/2/2028 | $6892 | 6892 | 6892 | 1.78% |
| Wealth Enhancement Group, LLC | (4) | Delayed Draw Term Loan | SOFR + 4.50% | 8.49% | 11/8/2024 | 10/2/2028 | $2767 | 2767 | 2767 | 0.71% |
|  |  |  |  |  |  |  |  | 75791 | 76537 | 19.74% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| HLSG Intermediate, LLC | (4) | Term Loan | SOFR + 5.25% | 9.08% | 11/8/2024 | 3/31/2029 | $1966 | 1966 | 1966 | 0.51% |
| HLSG Intermediate, LLC | (4) | Term Loan | SOFR + 5.25% | 9.08% | 11/8/2024 | 3/31/2029 | $4824 | 4784 | 4824 | 1.24% |
| HLSG Intermediate, LLC | (4) | Term Loan | SOFR + 5.25% | 9.08% | 3/14/2025 | 3/31/2029 | $1635 | 1615 | 1635 | 0.42% |
| HLSG Intermediate, LLC | (5) | Revolver | SOFR + 5.25% | 9.08% | 11/8/2024 | 3/31/2029 | $1226 | 377 | 389 | 0.10% |
| HLSG Intermediate, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.25% | 9.08% | 11/8/2024 | 3/31/2029 | $2942 | 2909 | 2942 | 0.76% |
| HLSG Intermediate, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 5.25% | 9.08% | 3/14/2025 | 3/31/2029 | $2776 | 402 | 435 | 0.11% |
| HLSG Intermediate, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.25% | 9.08% | 11/8/2024 | 3/31/2029 | $34 | 34 | 34 | 0.01% |
|  |  |  |  |  |  |  |  | 12087 | 12225 | 3.15% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Beacon Oral Specialists | (5) | Delayed Draw Term Loan |  | 1.00% | 9/12/2025 | 12/14/2026 | $1171 | (3) | (3) | —% |
| Beacon Oral Specialists | (4),(5),(9) | Delayed Draw Term Loan | SOFR + 5.50% | 8.64% | 11/8/2024 | 12/14/2026 | $4977 | 4710 | 4711 | 1.22% |
| Bristol Hospice, LLC | (4) | Term Loan | SOFR + 5.00% | 8.72% | 8/26/2025 | 8/26/2032 | $28970 | 28694 | 28970 | 7.47% |
| Bristol Hospice, LLC | (5) | Revolver |  | 0.50% | 8/26/2025 | 8/26/2032 | $3779 | (36) |  | —% |
| Cvausa Management, LLC | (4),(9) | Term Loan | SOFR + 5.25% | 8.97% | 1/14/2025 | 5/22/2029 | $14867 | 14809 | 15016 | 3.87% |
| Cvausa Management, LLC | (5) | Revolver |  | 0.50% | 1/14/2025 | 5/22/2028 | $1111 | (4) |  | —% |
| Cvausa Management, LLC | (5) | Delayed Draw Term Loan | SOFR + 5.25% | 8.98% | 8/1/2025 | 5/22/2029 | $22387 | 5502 | 6326 | 1.63% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| Dentive Capital, LLC | (4) | Term Loan | SOFR + 7.25% (4.25% PIK) | 10.92% | 11/8/2024 | 12/22/2028 | $4239 | $4215 | $4103 | 1.06% |
| Dentive Capital, LLC | (5) | Revolver | SOFR + 7.25% (4.25% PIK) | 10.92% | 11/8/2024 | 5/27/2027 | $52 | 2 |  | —% |
| Dentive Capital, LLC | (4) | Delayed Draw Term Loan | SOFR + 7.25% (4.25% PIK) | 10.92% | 11/8/2024 | 12/22/2028 | $231 | 229 | 223 | 0.06% |
| Dentive Capital, LLC | (4) | Delayed Draw Term Loan | SOFR + 7.25% (4.25% PIK) | 10.92% | 11/8/2024 | 12/22/2028 | $1187 | 1180 | 1149 | 0.30% |
| Dermcare Holdings, LLC | (6) | Term Loan | 17.0% PIK | 17.00% | 11/8/2024 | 10/16/2029 | $692 | 685 | 703 | 0.18% |
| Dermcare Management, LLC | (4) | Delayed Draw Term Loan | SOFR + 6.00% | 9.82% | 11/8/2024 | 4/21/2028 | $14561 | 14561 | 14473 | 3.73% |
| Dermcare Management, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 6.00% | 9.82% | 3/31/2025 | 4/21/2028 | $24768 | 5917 | 6142 | 1.58% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 13.25% PIK | 17.07% | 11/8/2024 | 2/15/2029 | $690 | 685 | 718 | 0.19% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 13.25% PIK | 17.07% | 11/8/2024 | 2/15/2029 | $1594 | 1582 | 1658 | 0.43% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 13.25% PIK | 17.07% | 11/8/2024 | 2/15/2029 | $9998 | 9926 | 10398 | 2.68% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 13.25% PIK | 17.07% | 11/8/2024 | 2/15/2029 | $4433 | 4401 | 4610 | 1.19% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 10.00% PIK | 13.82% | 5/30/2025 | 2/15/2029 | $2710 | 2646 | 2644 | 0.68% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 10.00% PIK | 13.82% | 6/27/2025 | 2/15/2029 | $8217 | 8015 | 8018 | 2.07% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 10.00% PIK | 13.82% | 10/17/2025 | 2/15/2029 | $4977 | 4839 | 4856 | 1.25% |
| LCM SDC Holdings, LLC | (6) | Delayed Draw Term Loan | SOFR + 10.00% PIK | 13.82% | 4/30/2025 | 2/15/2029 | $4916 | 4878 | 4797 | 1.24% |
| OPCO Borrower, LLC | (4) | Term Loan | SOFR + 6.25% | 10.23% | 11/8/2024 | 8/19/2027 | $17662 | 17570 | 17705 | 4.57% |
| OPCO Borrower, LLC | (4) | Term Loan | SOFR + 6.25% | 10.23% | 6/2/2025 | 4/26/2029 | $11670 | 11570 | 11698 | 3.02% |
| Regent Surgical Health, LLC | (5) | Revolver |  | 0.50% | 9/12/2025 | 9/12/2030 | $7824 | (110) | (117) | (0.03)% |
| Regent Surgical Health, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 5.00% | 8.73% | 9/12/2025 | 9/12/2030 | $17252 | 14769 | 14754 | 3.81% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $6322 | 6334 | 6322 | 1.63% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $3656 | 3663 | 3656 | 0.94% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $416 | 417 | 416 | 0.11% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $1124 | 1126 | 1125 | 0.29% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $1675 | 1678 | 1675 | 0.43% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $7422 | 7436 | 7422 | 1.91% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $3710 | 3717 | 3710 | 0.96% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $3560 | 3566 | 3560 | 0.92% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 10.57% | 10/17/2025 | 2/15/2028 | $1951 | 1915 | 1951 | 0.50% |
| Salt Dental Collective, LLC | (5) | Revolver | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $933 | 857 | 856 | 0.22% |
| Salt Dental Collective, LLC | (4) | Delayed Draw Term Loan | SOFR + 6.75% | 10.57% | 11/8/2024 | 2/15/2028 | $7555 | 7568 | 7555 | 1.95% |
| Together Womens Health, LLC | (4) | Term Loan | SOFR + 4.75% | 8.42% | 8/25/2025 | 8/26/2031 | $8593 | 8491 | 8495 | 2.19% |
| Together Womens Health, LLC | (5) | Revolver |  | 0.50% | 8/26/2025 | 8/26/2031 | $2305 | (27) | (26) | (0.01)% |
| Together Womens Health, LLC | (5) | Delayed Draw Term Loan | SOFR + 4.75% | 8.42% | 8/26/2025 | 8/26/2031 | $12614 | 1629 | 1635 | 0.42% |
| UEW Acquisition, LLC | (4) | Term Loan | SOFR + 5.50% | 9.17% | 8/13/2025 | 8/13/2030 | $12678 | 12478 | 12524 | 3.23% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
|  |  |  |  |  |  |  |  | $222080 | $224428 | 57.89% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |  |
| AG Bells, LLC | (4) | Term Loan | SOFR + 5.00% | 8.72% | 8/19/2025 | 8/19/2031 | $3611 | 3577 | 3611 | 0.93% |
| AG Bells, LLC | (5) | Revolver |  | 0.50% | 8/19/2025 | 8/19/2030 | $1696 | (16) |  | —% |
| Ampler QSR Holdings, LLC | (4) | Term Loan | SOFR + 5.00% | 8.72% | 8/19/2025 | 8/19/2031 | $4217 | 4178 | 4199 | 1.08% |
| Ampler QSR Holdings, LLC | (5) | Revolver |  | 5.00% | 8/19/2025 | 8/19/2030 | $2451 | (23) | (11) | —% |
| Stonebridge Companies, LLC | (4) | Term Loan | SOFR + 5.00% | 8.72% | 5/16/2025 | 5/16/2031 | $4646 | 4583 | 4658 | 1.20% |
| Stonebridge Companies, LLC | (5) | Revolver |  | 0.50% | 5/16/2025 | 5/16/2030 | $885 | (12) | 2 | —% |
| Stonebridge Companies, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 5/16/2025 | 5/16/2031 | $1327 | (9) | 3 | —% |
|  |  |  |  |  |  |  |  | 12278 | 12462 | 3.22% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |
| High Street Buyer, Inc. | (5),(9) | Delayed Draw Term Loan | SOFR + 4.50% | 8.17% | 7/18/2025 | 4/14/2028 | $18612 | 1340 | 1364 | 0.35% |
| Higginbotham Insurance Agency, Inc. | (4) | Term Loan | SOFR + 4.50% | 8.22% | 11/8/2024 | 6/11/2031 | $17760 | 17664 | 17760 | 4.58% |
| World Insurance Associates, LLC | (4) | Term Loan | SOFR + 5.00% | 8.67% | 2/14/2025 | 4/3/2030 | $44405 | 44405 | 44405 | 11.46% |
| World Insurance Associates, LLC | (5) | Revolver |  | 0.50% | 2/14/2025 | 4/3/2030 | $1127 |  |  | —% |
|  |  |  |  |  |  |  |  | 63409 | 63529 | 16.39% |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| Dukes Root Control Inc. | (4) | Term Loan | SOFR + 5.50% | 9.47% | 11/8/2024 | 12/7/2029 | $8533 | 8514 | 8533 | 2.20% |
| Dukes Root Control Inc. | (4) | Term Loan | SOFR + 5.50% | 9.63% | 7/2/2025 | 12/7/2029 | $2081 | 2067 | 2081 | 0.54% |
| Dukes Root Control Inc. | (5) | Revolver |  | 1.00% | 11/8/2024 | 12/7/2029 | $908 | (5) |  | —% |
| Dukes Root Control Inc. | (4),(9) | Delayed Draw Term Loan | SOFR + 5.50% | 9.48% | 11/8/2024 | 12/7/2029 | $348 | 347 | 348 | 0.09% |
|  |  |  |  |  |  |  |  | 10923 | 10962 | 2.83% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| RKD Group, LLC | (4) | Term Loan | SOFR + 5.50% | 9.38% | 5/16/2025 | 5/19/2031 | $3494 | 3463 | 3452 | 0.89% |
| RKD Group, LLC | (5) | Revolver |  | 0.50% | 5/19/2025 | 5/19/2031 | $1805 | (16) | (22) | (0.01)% |
| RKD Group, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 5/19/2025 | 5/19/2031 | $3233 | (29) | (39) | (0.01)% |
| Royal Holdco Corporation | (4) | Term Loan | SOFR + 4.50% | 8.24% | 3/12/2025 | 12/30/2030 | $2699 | 2674 | 2689 | 0.69% |
| Royal Holdco Corporation | (5),(9) | Revolver | SOFR + 4.50% | 8.20% | 3/13/2025 | 12/30/2030 | $1345 | 934 | 937 | 0.24% |
| Royal Holdco Corporation | (5),(9) | Delayed Draw Term Loan | SOFR + 4.50% | 8.29% | 3/12/2025 | 12/30/2030 | $6003 | 1234 | 1264 | 0.33% |
| Secretariat Advisors, LLC | (4) | Term Loan | SOFR + 4.00% | 7.67% | 2/24/2025 | 2/28/2032 | $4760 | 4738 | 4727 | 1.22% |
| Secretariat Advisors, LLC | (5) | Delayed Draw Term Loan |  | 4.00% | 6/28/2025 | 2/28/2032 | $1081 |  | (7) | —% |
| VRC Companies, LLC | (4) | Term Loan | SOFR + 5.50% | 9.19% | 11/8/2024 | 6/29/2027 | $2916 | 2912 | 2916 | 0.75% |
| VRC Companies, LLC | (4) | Term Loan | SOFR + 5.25% | 9.09% | 11/8/2024 | 6/29/2027 | $1878 | 1869 | 1878 | 0.48% |
| VRC Companies, LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 6/29/2027 | $100 |  |  | —% |
| VRC Companies, LLC |  | Term Loan | SOFR + 5.00% | 8.74% | 12/11/2025 | 6/29/2027 | $3322 | 3289 | 3289 | 0.85% |
| VRC Companies, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.25% | 9.07% | 11/19/2024 | 6/29/2027 | $20337 | 20161 | 20337 | 5.25% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** | **Willow Tree Capital Corporation<br>Consolidated Schedule of Investments as of December 31, 2025<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| VRC Companies, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.50% | 9.19% | 11/8/2024 | 6/29/2027 | $493 | $493 | $493 | 0.13% |
|  |  |  |  |  |  |  |  | 41722 | 41914 | 10.81% |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | (4) | Term Loan | SOFR + 4.75% | 8.74% | 4/21/2025 | 10/2/2029 | $6926 | 6868 | 6978 | 1.80% |
| ACP Avenu Buyer, LLC | (4) | Term Loan | SOFR + 4.75% | 8.74% | 8/1/2025 | 10/2/2029 | $10175 | 10080 | 10252 | 2.64% |
| ACP Avenu Buyer, LLC | (5) | Revolver |  | 0.50% | 4/21/2025 | 10/2/2029 | $2061 | (17) |  | —% |
| ACP Avenu Buyer, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 4/21/2025 | 10/2/2029 | $5889 | (25) | 44 | 0.01% |
| Durare Bidco LLC | (5) | Delayed Draw Term Loan |  | 0.50% | 8/7/2025 | 8/9/2032 | $50 |  |  | —% |
| Durare Bidco LLC | (4) | Term Loan | SOFR + 4.75% | 8.62% | 8/7/2025 | 8/9/2032 | $9042 | 8956 | 8973 | 2.31% |
| Durare Bidco LLC | (5) | Revolver |  | 0.50% | 8/7/2025 | 8/9/2032 | $50 |  |  | —% |
| Flexera Software LLC | (4) | Term Loan | SOFR + 4.50% | 8.35% | 8/13/2025 | 8/16/2032 | $12217 | 12176 | 12186 | 3.14% |
| Flexera Software LLC |  | Term Loan | E + 4.50% | 6.43% | 8/13/2025 | 8/16/2032 | 2976 | 3457 | 3486 | 0.90% |
| Flexera Software LLC | (5) | Revolver |  | 0.25% | 8/13/2025 | 8/16/2032 | $50 |  |  | —% |
| Superjet Buyer, LLC | (4) | Term Loan | SOFR + 5.00% | 8.82% | 11/8/2024 | 5/23/2030 | $821 | 816 | 821 | 0.21% |
| Superjet Buyer, LLC | (4) | Term Loan | SOFR + 5.00% | 8.82% | 11/8/2024 | 5/23/2030 | $4967 | 4938 | 4967 | 1.28% |
| Superjet Buyer, LLC | (4),(5) | Delayed Draw Term Loan | SOFR + 5.00% | 8.82% | 11/8/2024 | 5/23/2030 | $5149 | 1025 | 1054 | 0.27% |
|  |  |  |  |  |  |  |  | 48274 | 48761 | 12.58% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Amylu Borrower Sub, LLC | (4) | Term Loan | SOFR + 5.00% | 8.74% | 4/29/2025 | 6/10/2031 | $12508 | 12394 | 12657 | 3.27% |
| Amylu Borrower Sub, LLC | (5) | Revolver |  | 0.50% | 6/10/2025 | 6/10/2031 | $2508 | (23) |  | —% |
| Amylu Borrower Sub, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 6/10/2025 | 6/10/2031 | $1998 | (8) | 34 | 0.01% |
| Lash Opco, LLC | (4) | Term Loan | SOFR + 7.00% (2.00% PIK) | 10.94% | 11/8/2024 | 9/17/2027 | $2764 | 2749 | 2635 | 0.68% |
| Orthofeet, Inc | (4) | Term Loan | SOFR + 5.50% | 9.70% | 11/8/2024 | 7/30/2030 | $12880 | 12691 | 12757 | 3.29% |
| Orthofeet, Inc | (5) | Revolver |  | 0.50% | 11/8/2024 | 7/30/2030 | $1524 | (22) | (15) | —% |
|  |  |  |  |  |  |  |  | 27781 | 28068 | 7.24% |
| **Total Private Debt - United States** |  |  |  |  |  |  |  | $876688 | $884414 | 228.15% |
| **Total Private Debt - non-controlled, non-affiliated** |  |  |  |  |  |  |  | $876688 | $884414 | 228.15% |

---

(1)Unless otherwise indicated, all loan investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. All loan investments are income producing unless otherwise indicated. All loan investments are first lien debt unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales, such as approval of the agent or borrower. The total par amount is presented for loan investments. Certain of the Company's loan investments are pledged as collateral under the Company's credit facility. As of March 31, 2025, the Company standardized its industry classifications using Global Industry Classification Standard ("GICS") codes, replacing the previously varied classifications across the GICS structure.

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

------

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Secured Overnight Financing Rate ("SOFR"), an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), or Euro Interbank Offered Rate ("E"), which generally resets periodically. For each loan investment, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("GAAP").

(4)Loan investments is pledged as collateral under the Company's credit facility. A single investment may be divided into parts that are individually pledged as collateral to the Company's credit facility.

(5)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair values are the result of the commitment being valued below par.

(6)Investment is subordinated

(7)Unless otherwise indicated, investment is valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Company's Board of Directors, in accordance with the Company's valuation policy. See Note 2. Significant Accounting Policies and Note 5. Fair Value Measurements in the Notes to the Consolidated Financial Statements.

(8)Under Section 55(a) of the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, the Company had no non-qualifying assets.

(9)For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| **Aerospace & Defense** | | | | | | | | | | |
| Bluehalo Global Holdings, LLC | (4) (9) | Term Loan | SOFR + 6.00% | 10.36% | 11/8/2024 | 10/31/2025 | $23838 | $23703 | $23839 | 10.11% |
| Bluehalo Global Holdings, LLC | (5) (9) | Revolver | SOFR + 6.00% | 10.40% | 11/8/2024 | 10/31/2025 | $100 | 87 | 88 | 0.04% |
| Neptune Platform Buyer LLC | (4) | Term Loan | SOFR + 5.25% | 9.58% | 11/8/2024 | 1/19/2031 | $9026 | 8914 | 9026 | 3.83% |
| Neptune Platform Buyer LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 11/8/2024 | 1/19/2031 | $2350 | (30) |  | —% |
| Stellant Midco, LLC | (4) | Term Loan | P + 4.75% | 10.79% | 11/8/2024 | 10/1/2028 | $5080 | 5077 | 5034 | 2.14% |
| Stellant Midco, LLC | (4) | Term Loan | P + 4.50% | 10.49% | 11/8/2024 | 10/1/2028 | $4415 | 4412 | 4375 | 1.86% |
| SV-AERO Holdings, LLC | (4) | Term Loan | SOFR + 5.25% | 9.58% | 12/10/2024 | 11/1/2030 | $5781 | 5752 | 5752 | 2.44% |
| SV-AERO Holdings, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 12/10/2024 | 10/30/2026 | $1261 |  | (6) | —% |
| Systems Planning And Analysis, Inc. | (4) | Delayed Draw Term Loan | SOFR + 5.00% | 9.28% | 11/8/2024 | 8/16/2027 | $556 | 554 | 555 | 0.24% |
| Systems Planning And Analysis, Inc. | (4) | Term Loan | SOFR + 5.00% | 9.28% | 11/8/2024 | 8/16/2027 | $595 | 592 | 594 | 0.25% |
| Systems Planning And Analysis, Inc. | (5) | Revolver |  | 0.50% | 11/8/2024 | 8/16/2027 | $3128 | (15) | (6) | —% |
| Systems Planning And Analysis, Inc. | (4) (5) | Delayed Draw Term Loan | SOFR + 5.00% | 9.28% | 11/8/2024 | 10/29/2027 | $17224 | 395 | 446 | 0.19% |
|  |  |  |  |  |  |  |  | 49441 | 49697 | 21.10% |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| USALCO, LLC | (4) | Term Loan | SOFR + 4.00% | 8.57% | 11/8/2024 | 9/30/2031 | $8949 | 8905 | 8949 | 3.80% |
|  |  |  |  |  |  |  |  | 8905 | 8949 | 3.80% |
| **Commercial Services & Suppliers** |  |  |  |  |  |  |  |  |  |  |
| Ambient Enterprises Holdco LLC | (4) | Term Loan | SOFR + 6.00% | 10.08% | 11/8/2024 | 6/28/2030 | $11691 | 11567 | 11670 | 4.96% |
| Ambient Enterprises Holdco LLC | (4) (5) | Delayed Draw Term Loan | SOFR + 6.00% | 10.08% | 11/8/2024 | 6/28/2030 | $1730 | 86 | 96 | 0.04% |
| Ambient Enterprises Holdco LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 12/7/2029 | $685 | (10) | (1) | —% |
| American Combustion Industries, LLC | (4) | Term Loan | SOFR + 5.10% | 9.46% | 11/8/2024 | 8/31/2028 | $9307 | 9158 | 9183 | 3.90% |
| American Combustion Industries, LLC | (4) (5) | Delayed Draw Term Loan | SOFR + 5.00% | 9.46% | 11/8/2024 | 8/31/2028 | $3195 | 2955 | 2964 | 1.26% |
| American Combustion Industries, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 11/8/2024 | 8/31/2028 | $3772 | (75) | (65) | (0.03)% |
| American Combustion Industries, LLC | (5) | Revolver | SOFR + 5.10% | 9.46% | 11/8/2024 | 8/31/2028 | $1415 | 213 | 217 | 0.09% |
| ESCP DTFS Inc | (4) | Term Loan | SOFR + 5.50% | 10.09% | 11/8/2024 | 9/28/2029 | $32918 | 32358 | 32407 | 13.76% |
| NWP Acquisition Holdings, LLC | (4) | Term Loan | SOFR + 6.00% | 10.33% | 11/21/2024 | 11/21/2030 | $27000 | 26535 | 26528 | 11.26% |
| NWP Acquisition Holdings, LLC | (5) | Delayed Draw Term Loan |  | 1.00% | 11/21/2024 | 11/21/2030 | $15000 | (131) | (263) | (0.11)% |
| NWP Acquisition Holdings, LLC | (5) | Revolver |  | 0.50% | 11/21/2024 | 11/21/2030 | $5000 | (88) | (88) | (0.04)% |
| TCF III Owl Buyer LLC | (4) | Delayed Draw Term Loan | SOFR + 5.50% | 9.96% | 11/8/2024 | 4/19/2026 | $2100 | 2100 | 2100 | 0.89% |
| TCF III Owl Buyer LLC | (4) | Term Loan | SOFR + 5.50% | 9.96% | 11/8/2024 | 4/19/2026 | $2843 | 2843 | 2843 | 1.21% |
|  |  |  |  |  |  |  |  | 87511 | 87591 | 37.19% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Elessent Clean Technologies Inc. | (4) | Term Loan | SOFR + 6.00% | 10.40% | 11/20/2024 | 11/15/2029 | $12342 | 12100 | 12095 | 5.14% |
| Elessent Clean Technologies Inc. | (5) | Revolver |  | 0.50% | 11/20/2024 | 11/15/2029 | $1711 | (33) | (34) | (0.01)% |
| Rogers Mechanical Contractors, LLC | (4) | Term Loan | SOFR + 6.25% | 10.91% | 11/8/2024 | 9/28/2028 | $479 | 479 | 479 | 0.20% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| Rogers Mechanical Contractors, LLC | (5) (9) | Delayed Draw Term Loan | SOFR + 6.25% | 10.87% | 11/8/2024 | 9/28/2028 | $977 | $238 | $238 | 0.10% |
| Rogers Mechanical Contractors, LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 9/28/2028 | $140 |  |  | —% |
|  |  |  |  |  |  |  |  | 12784 | 12778 | 5.43% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Apex Service Partners, LLC | (4) | Term Loan | SOFR + 5.00% | 9.51% | 11/8/2024 | 10/24/2030 | $27785 | 27514 | 27736 | 11.78% |
| Apex Service Partners, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.00% | 9.51% | 11/8/2024 | 10/24/2030 | $6613 | 6549 | 6601 | 2.80% |
| Apex Service Partners, LLC | (5) (9) | Delayed Draw Term Loan | SOFR + 5.00% | 9.51% | 11/8/2024 | 10/24/2030 | $10397 | 2996 | 3028 | 1.29% |
| Apex Service Partners, LLC | (5) | Revolver | SOFR + 5.00% | 9.51% | 11/8/2024 | 10/24/2029 | $2555 | 1712 | 1733 | 0.74% |
| IFH Franchisee Holdings, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.75% | 10.12% | 1/10/2025 | 5/21/2025 | $13888 | 13680 | 13680 | 5.81% |
| IFH Franchisee Holdings, LLC | (5) | Delayed Draw Term Loan |  | 4.48% | 1/10/2025 | 3/31/2025 | $3136 | (24) | (24) | (0.01)% |
|  |  |  |  |  |  |  |  | 52427 | 52754 | 22.41% |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Electronic Merchant Systems, LLC | (4) (9) | Term Loan | SOFR + 3.75% - 4.75% | 9.34% | 11/18/2024 | 8/1/2030 | $9943 | 9846 | 9824 | 4.17% |
| GC Waves Holdings, Inc. | (4) | Term Loan | SOFR + 4.75% | 9.21% | 11/8/2024 | 8/10/2029 | $3613 | 3648 | 3650 | 1.55% |
| GC Waves Holdings, Inc. | (9) | Term Loan | SOFR + 4.75% | 9.21% | 12/31/2024 | 10/4/2030 | $32 | 32 | 32 | 0.01% |
| GC Waves Holdings, Inc. | (5) | Delayed Draw Term Loan | SOFR + 4.75% | 9.21% | 11/8/2024 | 10/4/2030 | $11516 | 1273 | 1496 | 0.64% |
| Pathstone Family Office LLC | (4) | Term Loan | SOFR + 5.00% | 9.46% | 11/8/2024 | 5/15/2029 | $16113 | 16019 | 16038 | 6.81% |
| Pathstone Family Office LLC | (5) | Revolver |  |  | 11/8/2024 | 5/15/2028 | $1048 | (6) | (5) | —% |
| Pathstone Family Office LLC | (5) | Delayed Draw Term Loan | SOFR + 5.00% | 9.46% | 11/8/2024 | 5/15/2029 | $5440 | 68 | 74 | 0.03% |
| RPX Corporation | (4) | Term Loan | SOFR + 5.50% | 10.02% | 11/8/2024 | 8/2/2030 | $20439 | 20236 | 20431 | 8.68% |
| RPX Corporation | (5) | Revolver |  | 0.50% | 11/8/2024 | 10/23/2025 | $2601 | (22) | (1) | —% |
| Wealth Enhancement Group, LLC | (4) (9) | Delayed Draw Term Loan | SOFR + 5.00% | 9.58% | 11/8/2024 | 10/2/2028 | $2795 | 2795 | 2806 | 1.19% |
| Wealth Enhancement Group, LLC | (4) (9) | Delayed Draw Term Loan | SOFR + 5.00% | 9.56% | 11/8/2024 | 10/2/2028 | $6964 | 6964 | 6991 | 2.97% |
| Wealth Enhancement Group, LLC | (4) (9) | Delayed Draw Term Loan | SOFR + 5.00% | 9.55% | 11/8/2024 | 10/2/2028 | $3745 | 3745 | 3759 | 1.60% |
|  |  |  |  |  |  |  |  | 64598 | 65095 | 27.65% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| HLSG Intermediate, LLC | (4) | Delayed Draw Term Loan | SOFR + 6.25% | 10.72% | 11/8/2024 | 3/31/2028 | $35 | 35 | 35 | 0.01% |
| HLSG Intermediate, LLC | (4) | Delayed Draw Term Loan | SOFR + 6.25% | 10.72% | 11/8/2024 | 3/31/2028 | $65 | 65 | 65 | 0.03% |
| HLSG Intermediate, LLC | (4) | Term Loan | SOFR + 6.25% | 10.72% | 11/8/2024 | 3/31/2028 | $1986 | 1986 | 1986 | 0.84% |
| HLSG Intermediate, LLC | (4) | Term Loan | SOFR + 6.25% | 10.72% | 11/8/2024 | 3/31/2028 | $1280 | 1280 | 1280 | 0.54% |
| HLSG Intermediate, LLC | (5) | Revolver | SOFR + 6.25% | 10.72% | 11/8/2024 | 3/31/2028 | $100 | 73 | 73 | 0.03% |
|  |  |  |  |  |  |  |  | 3439 | 3439 | 1.45% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Beacon Oral Specialists | (4) (5) (9) | Delayed Draw Term Loan | SOFR + 6.00% | 10.36% | 11/8/2024 | 12/14/2026 | $4997 | 1219 | 1230 | 0.52% |
| Dentive Capital, LLC | (4) | Delayed Draw Term Loan | SOFR + 6.75% | 11.35% | 11/8/2024 | 12/23/2028 | $225 | 223 | 223 | 0.09% |
| Dentive Capital, LLC | (4) | Term Loan | SOFR + 6.75% | 11.35% | 11/8/2024 | 12/23/2028 | $2217 | 2199 | 2202 | 0.94% |
| Dentive Capital, LLC | (4) | Term Loan | SOFR + 6.75% | 11.35% | 11/8/2024 | 5/27/2027 | $1909 | 1893 | 1896 | 0.81% |
| Dentive Capital, LLC | (4) (5) (9) | Delayed Draw Term Loan | SOFR + 6.75% | 11.35% | 11/8/2024 | 12/23/2028 | $2128 | 1147 | 1151 | 0.49% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| Dentive Capital, LLC | (5) | Revolver | SOFR + 6.75% | 11.35% | 11/8/2024 | 5/27/2027 | $100 | $49 | $49 | 0.02% |
| Dermcare Holdings, LLC | (6) | Term Loan | SOFR + 17.00% | 17.00% | 11/8/2024 | 10/16/2029 | $585 | 577 | 588 | 0.25% |
| Dermcare Management, LLC | (4) (5) | Delayed Draw Term Loan | SOFR + 5.75% | 10.42% | 11/8/2024 | 4/21/2028 | $14704 | 10936 | 10936 | 4.64% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 13.25% | 17.92% | 11/8/2024 | 2/15/2029 | $3713 | 3671 | 3685 | 1.56% |
| LCM SDC Holdings, LLC | (6) | Term Loan | P + 13.25% | 17.92% | 11/8/2024 | 2/15/2029 | $8375 | 8281 | 8312 | 3.53% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 13.25% | 17.92% | 11/8/2024 | 2/15/2029 | $1335 | 1320 | 1325 | 0.56% |
| LCM SDC Holdings, LLC | (6) | Term Loan | SOFR + 13.25% | 17.92% | 11/8/2024 | 2/15/2029 | $578 | 572 | 574 | 0.24% |
| OPCO Borrower, LLC | (4) | Term Loan | SOFR + 6.00% | 10.62% | 11/8/2024 | 8/19/2027 | $18264 | 18111 | 18191 | 7.72% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $6387 | 6403 | 6387 | 2.71% |
| Salt Dental Collective, LLC |  | Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $3596 | 3605 | 3596 | 1.53% |
| Salt Dental Collective, LLC | (4) | Delayed Draw Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $7631 | 7651 | 7631 | 3.24% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $3694 | 3703 | 3694 | 1.57% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $1556 | 1560 | 1556 | 0.66% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $1692 | 1696 | 1692 | 0.72% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $7499 | 7519 | 7499 | 3.18% |
| Salt Dental Collective, LLC | (9) | Revolver | SOFR + 5.75% -6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $933 | 936 | 933 | 0.40% |
| Salt Dental Collective, LLC | (4) | Term Loan | SOFR + 6.75% | 11.42% | 11/8/2024 | 2/15/2028 | $3748 | 3758 | 3748 | 1.59% |
|  |  |  |  |  |  |  |  | 87029 | 87098 | 36.97% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |  |
| Ampler QSR Holdings, LLC | (4) | Term Loan | SOFR + 6.00% | 10.21% | 11/8/2024 | 7/21/2027 | $1081 | 1085 | 1087 | 0.46% |
|  |  |  |  |  |  |  |  | 1085 | 1087 | 0.46% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |
| Accession Risk Management Group, Inc. | (4) (9) | Term Loan | SOFR + 4.75% | 9.32% | 11/8/2024 | 11/1/2029 | $20768 | 20819 | 20832 | 8.85% |
| Accession Risk Management Group, Inc. | (4) (9) | Delayed Draw Term Loan | SOFR + 4.75% | 9.21% | 11/8/2024 | 11/1/2029 | $8021 | 8041 | 8046 | 3.42% |
| Accession Risk Management Group, Inc. |  | Delayed Draw Term Loan | SOFR + 4.75% | 9.08% | 11/8/2024 | 11/1/2029 | $1029 | 1032 | 1032 | 0.44% |
| Accession Risk Management Group, Inc. | (5) | Revolver | SOFR + 4.75% | 9.08% | 11/8/2024 | 11/1/2029 | $1858 | 5 |  | —% |
| Accession Risk Management Group, Inc. | (5) (9) | Delayed Draw Term Loan | SOFR + 4.75% | 9.31% | 11/8/2024 | 11/1/2029 | $11777 | 936 | 943 | 0.40% |
| Higginbotham Insurance Agency, Inc. | (4) (10) | Term Loan | SOFR + 4.50% | 9.08% | 11/8/2024 | 11/24/2028 | $17940 | 17811 | 17900 | 7.60% |
| Peter C. Foy & Associates Insurance Services, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.50% | 9.83% | 11/8/2024 | 11/1/2028 | $513 | 511 | 513 | 0.22% |
| Peter C. Foy & Associates Insurance Services, LLC | (4) | Term Loan | SOFR + 5.50% | 10.59% | 11/8/2024 | 11/1/2028 | $861 | 858 | 862 | 0.37% |
| Peter C. Foy & Associates Insurance Services, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.50% | 9.83% | 11/8/2024 | 11/1/2028 | $2247 | 2239 | 2248 | 0.95% |
| Peter C. Foy & Associates Insurance Services, LLC | (4) | Delayed Draw Term Loan | SOFR + 5.50% | 9.83% | 11/8/2024 | 11/1/2028 | $1223 | 1219 | 1223 | 0.52% |
| Peter C. Foy & Associates Insurance Services, LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 11/1/2027 | $100 |  |  | —% |
| World Insurance Associates, LLC | (4) | Term Loan | SOFR + 6.00% | 10.60% | 11/8/2024 | 4/3/2028 | $4804 | 4804 | 4804 | 2.04% |
| World Insurance Associates, LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 4/3/2028 | $100 |  |  | —% |
|  |  |  |  |  |  |  |  | 58275 | 58403 | 24.81% |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| Dukes Root Control Inc. | (4) (9) | Delayed Draw Term Loan | SOFR + 6.50% | 11.20% | 11/8/2024 | 10/8/2030 | $93 | 93 | 93 | 0.04% |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** | **WILLOW TREE CAPITAL CORPORATION<br>Consolidated Schedule of Investments as of December 31, 2024<br>(in thousands)** |
| **Investments (1)(7)(8)** | **Footnotes** | **Investment Type** | **Reference Rate and Spread (2)** | **Interest Rate (2)** | **Acquisition Date** | **Maturity Date** | **Par Amount/Units (1)** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Private Debt - United States** | | | | | | | | | | |
| **Private Debt - non-controlled, non-affiliated** | | | | | | | | | | |
| Dukes Root Control Inc. | (4) | Term Loan | SOFR + 6.50% | 11.16% | 11/8/2024 | 6/30/2025 | $5734 | $5734 | $5734 | 2.43% |
| Dukes Root Control Inc. | (5) (9) | Revolver | SOFR + 6.50% | 11.08% | 11/8/2024 | 6/30/2025 | $100 | 38 | 38 | 0.02% |
|  |  |  |  |  |  |  |  | 5865 | 5865 | 2.49% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| RKD Group, LLC | (4) | Term Loan | SOFR + 6.00% | 10.48% | 11/8/2024 | 8/17/2028 | $6920 | 6920 | 6920 | 2.94% |
| RKD Group, LLC | (4) (5) | Delayed Draw Term Loan | SOFR + 6.00% | 10.46% | 11/8/2024 | 8/17/2028 | $2129 | 1610 | 1610 | 0.68% |
| Royal Holdco Corporation | (4) | Term Loan | SOFR + 4.75% | 9.23% | 12/31/2024 | 12/30/2027 | $828 | 815 | 815 | 0.34% |
| VRC Companies, LLC | (4) | Term Loan | SOFR + 5.50% | 10.09% | 11/8/2024 | 6/29/2027 | $1898 | 1882 | 1898 | 0.80% |
| VRC Companies, LLC | (4) | Term Loan | SOFR + 5.75% | 10.27% | 11/8/2024 | 6/29/2027 | $2946 | 2940 | 2946 | 1.25% |
| VRC Companies, LLC | (9) | Delayed Draw Term Loan | SOFR + 5.75% | 10.30% | 11/8/2024 | 6/29/2027 | $498 | 497 | 498 | 0.21% |
| VRC Companies, LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 6/29/2027 | $100 | (1) |  | —% |
| VRC Companies, LLC | (5) | Delayed Draw Term Loan | SOFR + 5.25% | 9.65% | 11/19/2024 | 6/29/2027 | $20483 | 1613 | 1837 | 0.78% |
|  |  |  |  |  |  |  |  | 16276 | 16524 | 7.00% |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| GraphPAD Software, LLC | (4) | Term Loan | SOFR + 4.75% | 9.08% | 11/8/2024 | 6/30/2031 | $13803 | 13738 | 13928 | 5.91% |
| GraphPAD Software, LLC | (5) | Delayed Draw Term Loan | SOFR + 4.75% | 9.08% | 11/8/2024 | 6/30/2031 | $3458 | 329 | 376 | 0.16% |
| GraphPAD Software, LLC | (5) | Revolver |  | 0.50% | 11/8/2024 | 6/30/2031 | $1297 | (6) |  | —% |
| Superjet Buyer, LLC | (4) | Term Loan | SOFR + 5.50% | 9.83% | 11/8/2024 | 12/30/2027 | $5018 | 4973 | 4976 | 2.11% |
| Superjet Buyer, LLC | (4) | Term Loan | SOFR + 5.50% | 10.09% | 11/8/2024 | 12/30/2027 | $5933 | 5881 | 5885 | 2.50% |
| Superjet Buyer, LLC | (4) (5) | Delayed Draw Term Loan | SOFR + 5.50% | 9.83% | 11/8/2024 | 12/30/2027 | $5158 | 703 | 703 | 0.30% |
|  |  |  |  |  |  |  |  | 25618 | 25868 | 10.98% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Lash Opco, LLC | (4) | Term Loan | SOFR + 2.65% | 7.84% | 11/8/2024 | 3/18/2026 | $2626 | 2538 | 2538 | 1.08% |
| Orthofeet, Inc | (4) | Term Loan | P + 5.50% | 10.59% | 11/8/2024 | 7/30/2030 | $13010 | 12779 | 12801 | 5.44% |
| Orthofeet, Inc | (5) | Revolver |  | 0.50% | 11/8/2024 | 7/30/2030 | $1524 | (27) | (25) | (0.01)% |
|  |  |  |  |  |  |  |  | 15290 | 15314 | 6.51% |
| **Total Private Debt - United States** |  |  |  |  |  |  |  | $488544 | $490462 | 208.25% |
| **Total Private Debt - non-controlled, non-affiliated** |  |  |  |  |  |  |  | $488544 | $490462 | 208.25% |

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(1)Unless otherwise indicated, all loan investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. All loan investments are income producing unless otherwise indicated. All loan investments are first lien debt unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales, such as approval of the agent or borrower . The total par amount is presented for loan investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated. As of March 31, 2025, the Company standardized its industry classifications using Global Industry Classification Standard ("GICS") codes, replacing the previously varied classifications across the GICS structure.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Secured Overnight Financing Rate ("SOFR"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024.

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

------

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("GAAP").

(4)These loan investments are pledged as collateral under the Company's credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other loan investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company.

(5)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair values are the result of the commitment being valued below par.

(6)Investment is subordinated.

(7)Unless otherwise indicated, investment is valued using unobservable inputs and are considered Level 3 investments.Fair value was determined in good faith by the Company's Board of Directors, in accordance with the Company's valuation policy. See Note 2. Summary of Significant Accounting Policies and Note 5. Fair Value of Investments in the Notes to the Consolidated Financial Statements.

(8)Under Section 55(a) of the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, the Company had no non-qualifying assets.

(9)For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(10)All or a portion of the investment is pledged as collateral for the Company's Participation Agreement (as defined in Note 6 "Borrowings").

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

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**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**1. Organization**

Willow Tree Capital Corporation (the "Company"), was formed on June 29, 2022 as a Maryland Corporation. The Company invests primarily in floating rate middle market senior secured loans. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, beginning with its tax year ended December 31, 2024, the Company has elected to be treated for U.S. federal income tax purposes and intends to qualify annually, as a regulated investment company ("RIC"), under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by Willow Tree Capital Corp Advisors LLC (the "Adviser").

On October 31, 2023, WT Capital Fund - SPV1, LLC (the "SPV Subsidiary"), a wholly owned subsidiary of the Company was formed. The SPV Subsidiary is consolidated in accordance with accounting principles generally accepted in the United States of America ("GAAP") for reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements. On January 19, 2024, Willow Tree Capital Offshore Blocker, LLC (the "Blocker Subsidiary"), a wholly owned subsidiary of the Company was formed. The SPV Subsidiary and Blocker Subsidiary are consolidated for GAAP reporting purposes, and the portfolio investments held by the SPV Subsidiary and Blocker Subsidiary are included in the consolidated financial statements. On December 23, 2025, WT Capital Fund - SPV1 Sub Gold LLC, a Delaware limited liability company, a wholly-owned subsidiary of the Company was formed and is consolidated for GAAP reporting purposes.

On November 8, 2024, immediately prior to the Company's election to be regulated as a BDC (the "BDC Election"), each of Willow Tree Capital Fund, LLC, a Delaware limited liability company managed by the Adviser and Willow Tree Capital Offshore Fund, LLC, a Cayman Islands limited liability company managed by the Adviser merged with and into the Company (the "Merger"). After the Merger, the Company made the BDC Election, and commenced operations.

The Company's investment objective is to maximize the total return to shareholders in the form of current income and capital appreciation.

The Company generates returns primarily from interest income and fees from senior secured loans, with some capital appreciation through nominal junior capital co-investments.

The Company conducts a continuous private offering (the "Private Offering") of shares of its common stock, par value $0.01 (the "Shares"), to accredited investors, as defined in Regulation D under the Securities Act of 1933 (the "1933 Act") or non U.S. persons as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. The Company will hold one or more closings at which it will either accept capital commitments to purchase Shares from investors or issue Shares for immediate cash investment by the investors.

Shareholders that make capital commitments to the Company will be required to fund drawdowns to purchase the Company's Shares up to the amount of their respective capital commitments each time the Company delivers a drawdown notice.

**2. Summary of Significant Accounting Policies**

***Basis of Financial Statement Presentation***

The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements. The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946"). Certain prior period figures have been reclassified from those originally published in the annual report to conform to the current period presentation for comparative purposes.

***Basis of Consolidation***

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

As provided under ASC Topic 946 and Regulation S-X, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. All material intercompany transactions are eliminated in consolidation.

The Company consolidated the results of the Company's wholly owned subsidiaries which are considered to be investment companies. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2025, the Company's consolidated subsidiaries were the SPV Subsidiary, the Blocker Subsidiary and the WT Capital Fund - SPV1 Sub Gold LLC.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

***Investments at Fair Value***

Investment transactions are recorded on the trade date. Realized gains or losses will be computed using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Company's Board of Directors (the "Board") or, if designated pursuant to Rule 2a-5 under the 1940 Act ("Rule 2a-5"), the Adviser will determine the NAV per share quarterly. The NAV per share is equal to the value of total assets minus liabilities divided by the total number of shares of the Company's common stock outstanding at the date as of which the determination is made.

As part of the valuation process, the Board takes into account relevant factors in determining the fair value of the Company's investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation.

The Board undertakes a multi-step valuation process, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are not readily available, the Company's quarterly valuation process begins with each portfolio company or investment being initially valued by the respective Willow Tree valuation team. Preliminary valuations are then reviewed and discussed with the principals of Willow Tree. Separately, an independent valuation firm engaged by the Board provides third party valuation consulting services with respect to the Company's investments at least twice annually for all investments held in the portfolio for at least six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuation conclusions will be documented and discussed with Willow Tree's valuation committee. Agreed upon valuation recommendations will be presented to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will review the valuation recommendations and recommend values for each investment to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board will review the recommended valuations and determine the fair value of each investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board will conduct this valuation process on a quarterly basis.

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

The Company will apply FASB ASC 820, Fair Value Measurements ("ASC 820"), as amended, which establishes a framework for measuring fair value in accordance with 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. In accordance with ASC 820, the Company will consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Unobservable inputs for the asset or liability. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value.

Transfers between levels, if any, will be recognized at the beginning of the reporting period in which the transfer occurred. In addition to using the above inputs in investment valuations, the Company will apply the valuation policy approved by the Board, which is consistent with ASC 820. Under the valuation policy, the Company will evaluate the source of the inputs, including any markets in which the Company's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company will subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company, or the independent valuation firm(s), will review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

***Cash***

Cash represents cash on hand and demand deposits held at financial institutions. Cash equivalents include short-term highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are carried at cost, plus accrued interest, which approximates fair value. Cash equivalents are held to meet short-term liquidity requirements, rather than for investment purposes. Cash and cash equivalents are held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limits. As of December 31, 2025 and December 31, 2024, the Company held $27.6 million and $8.1 million in cash, respectively. As of December 31, 2025 and December 31, 2024, the Company had no cash equivalents held.

***Organizational and Offering Expenses***

The Adviser and its affiliates have incurred organizational and offering expenses on behalf of the Company. Upon making the BDC Election, the Company incurred $1.8 million of organizational expenses, $0.4 million of offering expenses, and $0.7 million of other general and administrative expenses that were previously subject to contingencies under the terms of

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

the Expense Agreement. See "Note 3 - Agreements and Related Party Transactions" to the consolidated financial statements for more information.

Organizational expenses are expensed as incurred and include the cost of formation, including legal fees related to the creation and organization of the Company, their related documents of organization and the Company's election to be regulated as a BDC.

Offering expenses are capitalized as a deferred charge and amortized to expense on a straight-line basis over a 12 month period beginning on the date which the Company first accepts capital contributions from unaffiliated shareholders in the Private Offering. Offering expenses include legal, printing and other offering costs, which include professional advisers fees, fees associated with the offering of common shares of the Company, and those associated with the preparation of the Company's registration statement on Form 10. For the year ended December 31, 2025, the Company did not capitalize or expense any new offering costs.

***Foreign Currency Translation***

The Company's books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

The results of operations based on changes in foreign exchange rates are separately disclosed in the Consolidated Statements of Operations, if any. Foreign investment securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

***Revenue Recognition***

*Interest and Dividend Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company's judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated.

Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent preferred equity contains PIK provisions, PIK dividends computed at the contractual rates are accrued and recorded as dividend

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

*Other Income* 

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Company's investment activities. Such fees are recognized as income when earned or the services are rendered.

***Income Taxes***

The Company has elected to be treated, and intends to qualify annually, for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders. Any tax liability related to income earned and distributed by the Company would represent obligations of the Company's shareholders and would not be reflected in the consolidated financial statements of the Company.

To qualify and be subject to tax as a RIC for U.S. federal income tax purposes, the Company will need to ensure that (among other things) it satisfies certain sources of income and asset diversification requirements and distributes to its shareholders annually an amount equal to at least 90% of its "investment company taxable income" for that year, 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. The Company will be subject to a nondeductible excise tax on certain amounts of undistributed income.

If the Company fails to distribute in a timely manner an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax (collectively, the "Excise Tax Distribution Requirements"), the Company will be subject to a 4% nondeductible U.S. federal excise tax on the amount by which the Company does not meet the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year-end (or earlier if estimated taxes are paid).

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

***New Accounting Standards***

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): *Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 modifies the reporting requirements for income tax disclosures related to effective tax rates and cash income taxes paid. Pursuant to ASU 2023-09, public business entities are required to disclose certain categories in the income tax rate reconciliation, as well as additional information for reconciling items that meet a specific quantitative threshold. Additionally, ASU 2023-09 requires annual disclosures of income taxes paid for all entities, including the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign jurisdictions. The standard is effective for fiscal years beginning after December 15, 2024 for public business entities ("PBEs") and December 15, 2025 for entities other than PBEs with early adoption permitted. The Company has evaluated the impact of ASU 2023-09 on its consolidated financial statements and concluded the adoption of the standard had no material impact on the consolidated annual financial statements of the Company.

**3. Agreements and Related Party Transactions**

**Formation Transactions** 

Prior to the Company making the BDC Election, on November 8, 2024, the Company entered into an agreement and plan of merger (the "Onshore Merger Agreement") with Willow Tree Capital Fund, LLC, a Delaware limited liability company managed by the Adviser (the "Onshore Fund"). Under this agreement, the Onshore Fund would merge with and into the Company, with the Company surviving the merger (the "Onshore Merger"). Before completing the Onshore Merger, the Adviser served as the investment adviser to the Onshore Fund. According to the Onshore Merger Agreement, the members

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

of the Onshore Fund would receive approximately 0.99 shares of the Company's common stock, par value $0.01 per share (the "Common Stock"), for each unit of membership interest held by such members. The Onshore Merger closed on November 8, 2024, prior to the BDC Election. As a result, the Company issued 6,939,661 shares of Common Stock and acquired a portfolio of assets consisting of 96 loans to 32 borrowers (including term loans, delayed draw term loans, and revolvers), cash, and other assets (collectively, the "Onshore Assets"), which had an aggregate net asset value $108.9 million.

Contemporaneously with entering the Onshore Merger Agreement, and prior to the Company making the BDC Election, on November 8, 2024, the Company entered into an agreement and plan of merger (the "Offshore Merger Agreement" and, together with the Onshore Merger Agreement, the "Merger Agreements") with Willow Tree Capital Offshore Fund, LLC, a Cayman Islands limited liability company managed by the Adviser (the "Offshore Fund"). Under this agreement, the Offshore Fund would merge with and into the Company, with the Company surviving the merger (the "Offshore Merger" and, together with the Onshore Merger, the "Mergers"). Before completing the Offshore Merger, the Adviser served as the investment adviser to the Offshore Fund. According to the Offshore Merger Agreement, the members of the Offshore Fund would receive one (1) share of Common Stock for each unit of membership interest held by such members. The Offshore Merger closed on November 8, 2024, prior to the BDC Election. As a result, the Company issued 4,803,384 shares of Common Stock and acquired a portfolio of assets consisting of 51 loans to 26 borrowers (including term loans, delayed draw term loans, and revolvers), cash, and other assets (collectively, the "Offshore Assets"), which had an aggregate net asset value of $75.4 million.

Following the completion of the Mergers, the Company's total assets was approximately $389.0 million, consisting of 99 loans to 33 borrowers (including term loans, delayed draw term loans, and revolvers), cash, and other assets.

***Investment Management Agreement***

The Company is externally managed by the Adviser pursuant to an Investment Management Agreement. The Adviser is an indirect majority owned subsidiary of Willow Tree Credit Partners LP. Subject to the overall supervision of the Board, the Adviser manages the Company's day-to-day operations and provides investment advisory services to the Company.

The Company has entered the Investment Management Agreement, dated as of November 8, 2024, with the Adviser. Under the Investment Management Agreement, the Company pays the Adviser a fee for its services. The fee consists of two components: a Management Fee (as defined below) and an Incentive Fee (as defined below). Each of the Management Fee and the Incentive Fee are payable on the terms described below.

Unless terminated earlier, the Investment Management Agreement will continue in effect for a period of two years from its effective date. It will remain in effect from year to year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of the Company's outstanding voting securities, and, in either case, if also approved by the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act).

***Management Fee***

The management fee ("Management Fee") is payable quarterly in arrears and will be payable at an annual rate of 1.25% of the Company's net assets at the end of the most recently completed calendar quarter. The Management Fee for any partial quarter will be prorated during the relevant calendar quarter.

For the years ended December 31, 2025 and December 31, 2024, the Company incurred $3.6 million and $0.4 million in Management Fees, respectively.

As of December 31, 2025 and December 31, 2024, $1.0 million and $0.4 million, respectively, of Management Fees, were unpaid and are included in management fees payable in the Consolidated Statements of Assets and Liabilities.

***Incentive Fee***

The Company pays the Adviser an incentive fee ("Incentive Fee") as set forth below. The Incentive Fee consists of two parts: an investment-income component and a capital gains component. These components are largely independent of each other, with the result that one component may be payable even if the other is not.

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

*Investment Income Incentive Fee*

Under the investment-income component, the Company pays the Adviser an incentive fee with respect to pre-incentive fee net investment income. The investment-income component will be calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding fiscal quarter. Payments based on pre-incentive fee net investment income will be based on the pre-incentive fee net investment income earned for the quarter.

For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees received from portfolio companies) accrued during the fiscal quarter, minus operating expenses for the quarter (including the Management Fee, expenses payable under any administration agreement and dividends paid on any issued and outstanding preferred stock, 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 PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash; provided, however, that the portion of the investment-income incentive fee attributable to deferred interest features will be paid, only if and to the extent received in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write off or similar treatment of the investment giving rise to any deferred interest accrual, applied in each case in the order such interest was accrued. Such subsequent payments in respect of previously accrued income will not reduce the amounts payable for any quarter pursuant to the calculation of the investment-income component described above. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income, expressed as a rate of return on the value of net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.50% per quarter (6.00% annualized). The Company will pay the Adviser an investment-income incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)No investment-income incentive fee in any calendar quarter in which pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.714% in any calendar quarter (6.857% annualized) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.714% is referred to as the "catch-up"; the "catch-up" is meant to provide the Adviser with 12.50% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.714% in any calendar quarter); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)12.50% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.714% in any calendar quarter (6.857% annualized) payable to the Adviser (once the hurdle is reached and the catch-up is achieved, 12.50% of all pre-incentive fee net investment income thereafter is allocated to the Adviser).

The following is a graphical representation of the calculation of the investment-income component of the incentive fee:

Pre-Incentive Fee Net Investment Income (express as a percentage of the value of net assets):

---

| | | |
|:---|:---|:---|
| 0% | 1.50% | 1.714% |
| ← 0% → | ← 100% → | ← 12.5% → |

---

For the years ended December 31, 2025 and December 31, 2024, the Company incurred $4.2 million and $0.0, respectively, in investment income incentive fees. As of December 31, 2025 and December 31, 2024, $1.6 million and $0.0, respectively, of incentive fees on investment income, were unpaid and are included in investment income incentive fees payable in the Consolidated Statements of Assets and Liabilities.

*Capital Gains Incentive Fee*

Under the capital gains component, the Company will pay the Adviser at the end of each calendar year 12.50% of aggregate cumulative realized capital gains from the date of the BDC Election through the end of that year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees.

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation. The capital gains component of the Incentive Fee will not be subject to any minimum return to shareholders.

Capital gains incentive fees accrued (but not yet payable) on a hypothetical liquidation basis under GAAP for the years ended December 31, 2025 and December 31, 2024, were $1.0 million and $0.0 million, respectively. As of December 31, 2025 and December 31, 2024, $1.0 million and $0.0 million, respectively, of accrued capital gains incentive fees are included in the Consolidated Statements of Assets and Liabilities.

***Administration Agreement***

The Company has entered into an administration agreement (the "Administration Agreement"), dated as of November 8, 2024, with Willow Tree Credit Partners LP (the "Administrator", "Willow Tree"). Under the expected terms of the Administration Agreement, Willow Tree performs, or oversees the performance of, administrative services, which include, but are not limited to, 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, which could include employees of the Willow Tree or its affiliates. The Company reimburses Willow Tree for services performed for the Company pursuant to the terms of the Administration Agreement.

In addition, pursuant to the terms of the Administration Agreement, Willow Tree may delegate its obligations under the Administration Agreement to an affiliate or to a third party, and the Company will reimburse Willow Tree for any services performed for the Company by such affiliate or third party. To the extent that Willow Tree outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without profit to Willow Tree.

The Board, including a majority of independent directors, will review the compensation paid to the Administrator to determine if the provisions of the Administrative Agreement are carried out satisfactorily and to determine, among other things, whether the fees payable under the Administrative Agreement are reasonable in light of the services provided.

Unless terminated earlier, the Administration Agreement will remain in effect for a period of two years from the date it first became effective, and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities, and, in each case, a majority of the independent directors. The Company may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares of common stock. In addition, the Administrator may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice.

For the years ended December 31, 2025 and December 31, 2024, the Company incurred $0.7 million and $0.1 million, respectively, in administration fees.

***Expense Agreement***

The Company and the Adviser previously entered into an expense agreement, pursuant to which the Adviser and its affiliates agreed to incur organizational, offering, and other general and administrative expenses on behalf of the Company until the BDC Election. Upon making the BDC Election, the Company incurred total expenses of $2.9 million which was comprised of $1.8 million of organizational expenses, $0.4 million of offering expenses, and $0.7 million of other general and administrative expenses that were previously subject to contingencies under the terms of the expense agreement.

***License Agreement***

The Company has entered into a license agreement with Willow Tree. Under the License Agreement, the Company will have a non-exclusive, royalty-free license to use the name "Willow Tree" and the Willow Tree logo. Under the License Agreement, the Company has the right to use the "Willow Tree" name for so long as the Adviser or one of its affiliates remains the Company's investment adviser. Other than with respect to this limited license, the Company has no legal right to the "Willow Tree" name. The License Agreement will remain in effect for so long as the Investment Management Agreement with the Adviser is in effect.

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**4. Investments**

The composition of the Company's investment portfolio at amortized cost and fair value as of December 31, 2025 and December 31, 2024 was as follows (amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total Investments at Fair Value** | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total Investments at Fair Value** |
| Private Debt | $876688 | $884414 | 100% | $488544 | $490462 | 100% |
| **Total investments** | $876688 | $884414 | 100% | $488544 | $490462 | 100% |

---

**5. Fair Value of Investments**

The following table presents the fair value hierarchy of investments as of December 31, 2025 and December 31, 2024 categorized by the ASC Topic 820 valuation hierarchy, as previously described (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Private Debt | $— | $— | $884414 | $884414 |
| **Total investments** | $— | $— | $884414 | $884414 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Private Debt | $— | $— | $490462 | $490462 |
| **Total investments** | $— | $— | $490462 | $490462 |

---

The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2025 (amounts in thousands):

---

| | |
|:---|:---|
| **Year ended December 31, 2025:** | **Private Debt** |
| &nbsp;&nbsp;Fair value, beginning of period | $490462 |
| &nbsp;&nbsp;Purchases of investments (including PIK, if any) | 546718 |
| &nbsp;&nbsp;Proceeds from principal repayments and sales of investments | (160631) |
| &nbsp;&nbsp;Accretion of discount/amortization of premium | 2030 |
| &nbsp;&nbsp;Net realized gain (loss) | 27 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5808 |
| &nbsp;&nbsp;Fair value, end of period | $884414 |
| Net change in unrealized appreciation (depreciation) on non-controlled/ non-affiliated company investments still held at December 31, 2025 | $6219 |

---

For the year ended December 31, 2025, there were no transfers into or out of Level 3.

The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2024 (amounts in thousands):

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

---

| | |
|:---|:---|
| **Year ended December 31, 2024:** | **Private Debt** |
| Fair value, beginning of period | $— |
| Securities contributed in-kind at fair value | 386917 |
| Purchases of investments (including PIK, if any) | 104100 |
| Proceeds from principal repayments and sales of investments | (2625) |
| Accretion of discount/amortization of premium | 152 |
| Net change in unrealized appreciation (depreciation) | 1918 |
| Fair value, end of period | $490462 |
| Net change in unrealized appreciation (depreciation) on non-controlled/ non-affiliated company investments still held at December 31, 2024 | $1918 |

---

For the year ended December 31, 2024, there were no transfers into or out of Level 3.

**Significant Unobservable Inputs**

In accordance with ASC Topic 820, the following tables provide quantitative information about the significant unobservable inputs of the Company's Level 3 investments as of December 31, 2025 and December 31, 2024. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value (amounts in thousands).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value as of December 31, 2025** | **Valuation Technique** | **Significant Unobservable Inputs** | **Range of Significant Unobservable Inputs** | **Weighted Average Unobservable Input** |
| Private Debt | $866518 | Yield Analysis | Yield % | 7.23% - 17.87% | 9.14% |
|  | 17896 | Recent Transaction |  |  |  |
| Total | $884414 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value as of December 31, 2024** | **Valuation Technique** | **Significant Unobservable Inputs** | **Range of Significant Unobservable Inputs** | **Weighted Average Unobservable Input** |
| Private Debt | $350490 | Yield Analysis | Yield % | 7.71% - 16.30% | 9.75% |
|  | 82331 | Market Approach | Enterprise Value/EBITDA | 5.75x - 22.5x | 14.25x |
|  | 57641 | Recent Transaction |  |  |  |
| Total | $490462 |  |  |  |  |

---

**6. Borrowings**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of December 31, 2025 and December 31, 2024, the Company's asset coverage was 173.0% and 192.6%, respectively.

The following table presents the Company's outstanding borrowings as of December 31, 2025 (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Aggregated<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused**<br>**Portion** <sup>(1)</sup> | **Carrying Value** <sup>(2)</sup> | **Maturity Date** |
| Credit Facility | $575000 | $495100 | $79900 | $495100 | 11/8/2029 |
| Subscription Line | 70996 | 36090 | 34906 | 36090 | 11/6/2026 |
| Total | $645996 | $531190 | $114806 | $531190 |  |

---

(1)The unused portion is the amount upon which commitment fees are based, if any.

(2)The carrying value is gross of any deferred financing costs.

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

The following table presents the Company's outstanding borrowings as of December 31, 2024 (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Aggregated<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused**<br>**Portion** <sup>(1)</sup> | **Carrying Value** <sup>(2)</sup> | **Maturity Date** |
| Credit Facility | $300000 | $214766 | $85234 | $214766 | 11/8/2029 |
| Subscription Line | 90000 | 27980 | 62020 | 27980 | 11/7/2025 |
| Participation Agreements | 11641 | 11641 |  | 11641 | 2/6/2025 |
| Total | $401641 | $254387 | $147254 | $254387 |  |

---

(1)The unused portion is the amount upon which commitment fees are based, if any.

(2)The carrying value is gross of any deferred financing costs.

For the years ended December 31, 2025 and December 31, 2024, the Company had total average borrowings of $418.9 million and $258.4 million at a weighted average interest rate of 6.64% and 8.71%, respectively.

**Credit Facility**

On November 8, 2024, WT Capital Fund – SPV1, LLC (the "Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Company, entered into an Amended and Restated Loan, Security and Collateral Management Agreement with Ally Bank, as administrative agent for a $300.0 million revolving credit facility (the "A&R Credit Facility"). The A&R Credit Facility combined, amended and restated the Prior Onshore Credit Facility and the Prior Offshore Credit Facility each as defined and described below. On February 21, 2025, the Borrower entered into a First Amendment to the A&R Credit Facility, which increased the total commitments thereunder from $300.0 million to $500.0 million. On December 23, 2025, the Company entered into a Second Amendment to the A&R Credit Facility which, among other things, (i) increased the total commitment under the A&R Credit Facility from $500.0 million to $575.0 million, (ii) joined WT Capital Fund - SPV 1 Sub Gold LLC, a wholly-owned subsidiary of the Company, as a new borrower, (iii) reduced applicable spreads, (iv) allow acquisitions of loans in foreign currencies such as EUR and GBP and (v) amend the definition of "Change of Control" and "Material Modification" as defined in the A&R Credit Facility.

Prior to the consummation of the transactions under the Merger Agreements, the Borrower was a wholly-owned subsidiary of the Onshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Borrower was the borrower under a $100.0 million revolving credit facility with Ally Bank ("Prior Onshore Credit Facility"). On November 8, 2024, WT Capital Fund (Offshore) – SPV1, LLC (the "Prior Offshore Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Company, merged with the Borrower with the Borrower being the surviving limited liability company. Prior to the consummation of the transactions under the Merger Agreements, the Prior Offshore Borrower was a wholly-owned subsidiary of the Offshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Prior Offshore Borrower was the borrower under a $100.0 million revolving credit facility with Ally Bank ("Prior Offshore Credit Facility").

The A&R Credit Facility is secured by all of the assets held by the Borrower. Under the A&R Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Company acts as the collateral manager and as the transferor under the A&R Credit Facility and the related transaction documents, and, in connection therewith, the Company has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The A&R Credit Facility includes usual and customary events of default for credit facilities of this nature.

Borrowings under the A&R Credit Facility are considered the Company's borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

The A&R Credit Facility matures on November 8, 2029 and bears interest based on either Term SOFR or Daily Simple SOFR plus 2.00% per annum, at the Company's option. Prior to the effectiveness of the Second Amendment to the A&R Credit Facility, borrowings under the facility bore interest at a rate based on either Term SOFR or Daily Simple SOFR plus 2.50% per annum, at the Company's option. The A&R Credit Facility also charges a non-usage fee, which for the first three months following February 21, 2025, was calculated daily based on the product of 0.50% and the unused facility amount. Thereafter, the non-usage fee is the sum of the following:

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.for each day during the accrual period that the advances outstanding on such day are less than or equal to the product of 25.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 1.00% and (C) the unused facility amount as of each such day; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.for each day during the accrual period that the advances outstanding on such day are greater than the product of 25.00% multiplied by the facility amount on such day, but less than the product of 50.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 0.75% and (C) the unused facility amount as of each such day; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.for each day during the accrual period that the advances outstanding on such day are greater than the product of 50.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 0.50% and (C) the unused facility amount as of each such day.

As of December 31, 2025 and December 31, 2024, the Company had an aggregate amount of $495.1 million and $214.8 million of debt outstanding, respectively.

For the years ended December 31, 2025 and December 31, 2024, the components of interest expense related to the Ally Bank A&R Credit Facility were as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $23555 | $1825 |
| Unused facility fee | 593 | 107 |
| Amortization of deferred financing costs | 1428 | 160 |
| Total interest and debt financing expense | $25576 | $2092 |
| Average borrowings | 357139 | 175338 |
| Weighted average interest rate  | 6.60% | 7.05% |

---

As of December 31, 2025 and December 31, 2024, each of the Company and the Borrower were in compliance with all covenants and other requirements applicable to it under the A&R Credit Facility.

**Subscription Line**

On November 8, 2024 the Company entered into a $90.0 million revolving credit facility with City National Bank, as administrative agent (the "Subscription Facility"). The Subscription Facility is a replacement of each of the Prior Onshore Subscription Facility and the Prior Offshore Subscription Facility each as defined and described below.

Prior to the consummation of the transactions under the Merger Agreements, and prior to the effectiveness of the Subscription Facility, (a) the Onshore Fund was the borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Onshore Subscription Facility") and (b) the Offshore Fund was a borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Offshore Subscription Facility" and, collectively with the Prior Onshore Subscription Facility, the "Prior Subscription Facilities"). In connection with the Mergers and the consummation of the transactions under the Merger Agreements, each of the Prior Subscription Facilities were terminated.

The Subscription Facility is secured by (a) the Company's rights to make capital calls of the capital commitments of each of its investors and all other rights, title, interests, powers and privileges related to, appurtenant to or arising out of the Company's rights to require or demand that such investors make capital contributions to the Company, (b) the Company's rights, titles, interest and privileges in and to the capital commitments, uncalled capital commitments, pending capital calls and capital contributions made by its investors, (c) all of the Company's rights, titles, interests, remedies and privileges under the applicable organizational documents, subscription agreements and side letters (including those in accordance with each of the Onshore Fund's and the Offshore Fund's operating agreements) to make, issue notices with respect to, and enforce capital calls and to receive and enforce the funding of capital contributions; (d) the Company's rights, titles, interests, remedies and privileges under its organizational documents and subscription agreements to issue and enforce

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

capital calls, to receive and enforce capital contributions and relating to issuing, enforcing or receiving capital calls, capital commitments or capital contributions, (e) the Company's deposit accounts at City National Bank (or any substitute account, wherever located) into which capital call proceeds are paid, together with the Company's rights, titles and interests in and to each such account, all sums or other property now or at any time on deposit therein, credited thereto or payable thereof, and all instruments, documents, certificates and other writings evidencing each such account, and (f) all proceeds of the foregoing.

The Subscription Facility includes customary representations and warranties, and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities and includes usual and customary events of default for credit facilities of this nature.

On November 7, 2025, the Company entered into a First Amendment to the Subscription Facility (the "First Amendment") which among things, (i) extended the maturity date from November 7, 2025 to November 6, 2026 and (ii) amended the definition of "Borrowing Base" from 60% of certain Unfunded Capital Commitments to 70% of such Unfunded Capital Commitments. The Subscription Facility bears interest based on either Term SOFR or Daily Simple SOFR plus 2.50% per annum or Prime Rate plus 1.50% per annum, at the Company's option. The Subscription Facility also charges an unused commitment fee of 0.35% per annum on the unused available commitment during the applicable calendar quarter. As of December 31, 2025 and December 31, 2024, the Company had an aggregate amount of $36.1 million and $28.0 million of debt outstanding, respectively.

For the years ended December 31, 2025 and December 31, 2024, the components of interest expense related to the City National Bank Subscription Facility were as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Borrowing interest expense | $4261 | $876 |
| Unused facility fee | 99 | 10 |
| Amortization of deferred financing costs | 729 | 115 |
| **Total interest and debt financing expense** | $5089 | $1001 |
| Average borrowings | 61753 | 71436 |
| Weighted average interest rate | 6.90% | 8.31% |

---

**Participation Agreements**

***Macquarie Bank Limited***

In order to finance certain investment transactions, the Company may, from time to time, enter into secured borrowing agreements with Macquarie Bank Limited ("Macquarie"), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90 days from the date it was sold (the "Macquarie Transaction").

On November 8, 2024, we entered into a secured borrowing agreement which was collateralized by certain investments as indicated within the Consolidated Schedule of Investments. In accordance with ASC Topic 860, Transfers and Servicing, these Macquarie Transaction meet the criteria for secured borrowings. Accordingly, the investments financed by the Macquarie Transaction remains on the Company's Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the "Secured Borrowings"). Interest under the secured borrowing agreement is calculated at the inception of each secured borrowing agreement, as the 3 month SOFR rate in effect, plus the applicable margin of 3.68%.

As of December 31, 2025, the Company did not have any outstanding secured borrowings, as the contractual maturity of such secured borrowing agreement terminated on February 6, 2025. As of December 31, 2024, the Company had outstanding Secured Borrowings of $11.6 million associated with the secured borrowing agreement and the remaining contractual maturity of the secured borrowing agreement was 37 days.

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

The components of interest expense related to Macquarie for the years ended to December 31, 2025 and December 31, 2024 were as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Borrowing interest expense | $98 | $620 |
| Unused facility fee |  |  |
| Amortization of deferred financing costs |  |  |
| **Total interest and debt financing expense** | $98 | $620 |
| Average borrowings |  | 36850 |
| Weighted average interest rate | —% | 8.64% |

---

***Senior Securities***

Information about the Company's senior securities (including debt securities and other indebtedness) is shown in the following table as of the end of each of the last two fiscal years. The "-" indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Year** | **Total Amount Outstanding (1)** | **Asset Coverage Per Unit (2)** | **Involuntary Liquidating Preference Per Unit (3)** | **Average Market Value Per Unit (4)** |
| **Credit Facility** | | | | |
| Fiscal Year 2025 | $495100 | $1730 | $— | N/A |
| Fiscal Year 2024 | $214766 | $1926 | $— | N/A |
| **Subscription Line** |  |  |  |  |
| Fiscal Year 2025 | $36090 | $1730 | $— | N/A |
| Fiscal Year 2024 | $27980 | $1926 | $— | N/A |
| **Participation Agreements** |  |  |  |  |
| Fiscal Year 2025 | N/A | N/A | $— | N/A |
| Fiscal Year 2024 | $11641 | $1926 | $— | N/A |

---

(1)Total amount of each class of senior securities outstanding at principal value at the end of the period presented.

(2)Asset coverage per unit is the ratio of the principal balance of the Company's total consolidated assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the "Asset Coverage Per Unit".

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it.

(4)Not applicable because senior securities are not registered for public trading on a stock exchange.

**7. Commitments and Contingencies**

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.

**Other Commitments and Contingencies**

*Unfunded commitments*

The Company's investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by the portfolio companies. The Company believes that it maintains sufficient financial resources to satisfy any unfunded commitments, including cash on hand and available borrowings to fund such unfunded commitments. As of December 31, 2025 and December 31, 2024, the Company had unfunded investment commitments in the aggregate par amount of $197.8 million and $135.1 million, respectively. Such commitments are subject to the

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

As of December 31, 2025, the Company had the following unfunded commitments by investment types (amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Investments - non-controlled, non-affiliated** | **Commitment Type** | **Unfunded Commitment** |
| ACP Avenu Buyer, LLC | Delayed Draw Term Loan | $5889 |
| ACP Avenu Buyer, LLC | Revolver | 2061 |
| AG Bells, LLC | Revolver | 1696 |
| Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan | 50 |
| Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan | 3388 |
| Ambient Enterprises Holdco, LLC | Revolver | 685 |
| American Combustion Industries, LLC | Delayed Draw Term Loan | 3376 |
| American Combustion Industries, LLC | Revolver | 236 |
| Amerspirit FL, LLC | Delayed Draw Term Loan | 865 |
| Ampler QSR Holdings, LLC | Revolver | 2451 |
| Amylu Borrower Sub, LLC | Delayed Draw Term Loan | 1998 |
| Amylu Borrower Sub, LLC | Revolver | 2508 |
| Apex Service Partners, LLC | Delayed Draw Term Loan | 23 |
| Apex Service Partners, LLC | Revolver | 1885 |
| Beacon Oral Specialists | Delayed Draw Term Loan | 252 |
| Beacon Oral Specialists | Delayed Draw Term Loan | 1171 |
| Bristol Hospice, LLC | Revolver | 3779 |
| Cards Live Oak Holdings INC | Delayed Draw Term Loan | 50 |
| Cards Live Oak Holdings INC | Revolver | 33 |
| Cvausa Management, LLC | Delayed Draw Term Loan | 16533 |
| Cvausa Management, LLC | Revolver | 1111 |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | Delayed Draw Term Loan | 4090 |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | Revolver | 2272 |
| Dentive Capital, LLC | Revolver | 50 |
| Dermcare Management, LLC | Delayed Draw Term Loan | 18476 |
| Dukes Root Control Inc. | Revolver | 908 |
| Durare Bidco LLC | Delayed Draw Term Loan | 50 |
| Durare Bidco LLC | Revolver | 50 |
| Elessent Clean Technologies Inc. | Revolver | 1711 |
| Flexera Software LLC | Revolver | 50 |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 1092 |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 17251 |
| HLSG Intermediate, LLC | Delayed Draw Term Loan | 2341 |
| HLSG Intermediate, LLC | Revolver | 837 |
| IFH Franchisee Holdings, LLC | Delayed Draw Term Loan | 3136 |
| KAMC Holdings, Inc. | Revolver | 27 |
| Legacy Precast Buyer | Delayed Draw Term Loan | 5157 |
| Legacy Precast Buyer | Revolver | 4727 |
| Neptune Platform Buyer, LLC | Delayed Draw Term Loan | 1403 |
| Neptune Platform Buyer, LLC | Delayed Draw Term Loan | 641 |
| Neptune Platform Buyer, LLC | Delayed Draw Term Loan | 2350 |
| NWP Acquisition Holdings, LLC | Delayed Draw Term Loan | 4000 |
| NWP Acquisition Holdings, LLC | Revolver | 5000 |
| Offen, Inc. | Revolver | 3178 |
| Orthofeet, Inc | Revolver | 1524 |
| Pathstone Family Office, LLC | Delayed Draw Term Loan | 5340 |
| Pathstone Family Office, LLC | Revolver | 797 |

---

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Investments - non-controlled, non-affiliated** | **Commitment Type** | **Unfunded Commitment** |
| Regent Surgical Health, LLC | Delayed Draw Term Loan | 2256 |
| Regent Surgical Health, LLC | Revolver | 7824 |
| RKD Group, LLC | Delayed Draw Term Loan | 3233 |
| RKD Group, LLC | Revolver | 1805 |
| Royal Holdco Corporation | Delayed Draw Term Loan | 4740 |
| Royal Holdco Corporation | Revolver | 404 |
| RPX Corporation | Revolver | 2601 |
| Salt Dental Collective, LLC | Revolver | 78 |
| Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan | 4942 |
| Sandlot Baseball BorrowerCo, LLC | Revolver | 2253 |
| Secretariat Advisors, LLC | Delayed Draw Term Loan | 1081 |
| Stonebridge Companies, LLC | Delayed Draw Term Loan | 1327 |
| Stonebridge Companies, LLC | Revolver | 885 |
| Superjet Buyer, LLC | Delayed Draw Term Loan | 4134 |
| SV-AERO Holdings, LLC | Delayed Draw Term Loan | 1261 |
| Systems Planning And Analysis, Inc. | Delayed Draw Term Loan | 1595 |
| Systems Planning And Analysis, Inc. | Revolver | 1970 |
| Together Womens Health, LLC | Delayed Draw Term Loan | 10905 |
| Together Womens Health, LLC | Revolver | 2305 |
| VRC Companies, LLC | Revolver | 100 |
| World Insurance Associates, LLC | Revolver | 1127 |
| WRM Wastewater Merger Sub, Inc. | Delayed Draw Term Loan | 4478 |
|  |  | $197802 |

---

As of December 31, 2024, the Company had the following unfunded commitments by investment types (amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Investments - non-controlled, non-affiliated** | **Commitment Type** | **Unfunded Commitment** |
| Accession Risk Management Group, Inc. | Delayed Draw Term Loan | $10869 |
| Accession Risk Management Group, Inc. | Revolver | 1858 |
| Ambient Enterprises Holdco LLC | Delayed Draw Term Loan | 1630 |
| Ambient Enterprises Holdco LLC | Revolver | 685 |
| American Combustion Industries, LLC | Delayed Draw Term Loan | 189 |
| American Combustion Industries, LLC | Delayed Draw Term Loan | 3772 |
| American Combustion Industries, LLC | Revolver | 1179 |
| Apex Service Partners, LLC | Delayed Draw Term Loan | 7388 |
| Apex Service Partners, LLC | Revolver | 818 |
| Beacon Oral Specialists | Delayed Draw Term Loan | 3748 |
| Bluehalo Global Holdings, LLC | Revolver | 12 |
| Dentive Capital, LLC | Delayed Draw Term Loan | 973 |
| Dentive Capital, LLC | Revolver | 50 |
| Dermcare Management, LLC | Delayed Draw Term Loan | 3768 |
| Dukes Root Control Inc. | Revolver | 62 |
| Elessent Clean Technologies Inc. | Revolver | 1711 |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 10135 |
| GraphPAD Software, LLC | Delayed Draw Term Loan | 3113 |
| GraphPAD Software, LLC | Revolver | 1297 |
| HLSG Intermediate, LLC | Revolver | 27 |
| IFH Franchisee Holdings, LLC | Delayed Draw Term Loan | 3136 |
| Neptune Platform Buyer LLC | Delayed Draw Term Loan | 2350 |
| NWP Acquisition Holdings, LLC | Delayed Draw Term Loan | 15000 |
| NWP Acquisition Holdings, LLC | Revolver | 5000 |
| Orthofeet, Inc | Revolver | 1524 |

---

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Investments - non-controlled, non-affiliated** | **Commitment Type** | **Unfunded Commitment** |
| Pathstone Family Office LLC | Delayed Draw Term Loan | 5340 |
| Pathstone Family Office LLC | Revolver | 1048 |
| Peter C. Foy & Associates Insurance Services, LLC | Revolver | 100 |
| RKD Group, LLC | Delayed Draw Term Loan | 519 |
| Rogers Mechanical Contractors, LLC | Delayed Draw Term Loan | 738 |
| Rogers Mechanical Contractors, LLC | Revolver | 140 |
| RPX Corporation | Revolver | 2601 |
| Superjet Buyer, LLC | Delayed Draw Term Loan | 4454 |
| SV-AERO Holdings, LLC | Delayed Draw Term Loan | 1261 |
| Systems Planning And Analysis, Inc. | Delayed Draw Term Loan | 16745 |
| Systems Planning And Analysis, Inc. | Revolver | 3128 |
| VRC Companies, LLC | Delayed Draw Term Loan | 18577 |
| VRC Companies, LLC | Revolver | 100 |
| World Insurance Associates, LLC | Revolver | 100 |
|  |  | $135145 |

---

*Off-balance sheet risk*

Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of December 31, 2025, and December 31, 2024 there were no commitments outstanding for derivative contracts.

*Legal proceedings*

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2025, management is not aware of any material pending legal proceedings.

**8. Net Assets**

The Company has the authority to issue 200,000,000 shares of common stock, par value $0.01 per share. The Company issues shares of common stock in the Private Offering on an ongoing basis at an offering price generally equal to the net asset value per share. As of December 31, 2025 and December 31, 2024, the Company had 24,058,078 and 14,940,044 issued and outstanding shares, respectively.

The Company issued and sold the following shares of common stock during the year ended December 31, 2025 (amounts in thousands, except share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Number of Shares Issued** | **Gross Proceeds** | **Net Proceeds** | **Average Price/Share** |
| 3/28/2025 | 3090235 | $50000 | $50000 | 16.18 |
| 7/2/2025 | 2148557 | 35000 | 35000 | 16.29 |
| 12/29/2025 | 3101737 | 50000 | 50000 | 16.12 |
|  | 8340529 | $135000 | $135000 |  |

---

During the year ended December 31, 2024, the Company issued and sold 68 shares of common stock, par value $0.01, for an aggregate purchase price of $1,020. These shares were issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

In connection with the Mergers, the Company issued 11,743,045 shares of common stock, par value $0.01 per share, in exchange for a portfolio of assets with an aggregate net asset value of $184.3 million. Such shares were issued on reliance of the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**9. Distributions and Dividend Reinvestment**

The following table reflects the distributions declared on the Company's common stock for the year ended December 31, 2025 (dollars in thousands except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Total Amount** |
| 6/10/2025 | 6/10/2025 | 6/17/2025 | $0.30 | $5409 |
| 8/20/2025 | 8/20/2025 | 8/26/2025 | 0.36 | 7345 |
| 11/3/2025 | 11/3/2025 | 11/19/2025 | 0.39 | 8063 |
| 12/22/2025 | 12/22/2025 | 1/26/2026 | 0.44 | 9221 |
|  |  |  | $1.49 | $30038 |

---

For the year ended December 31, 2024, no distributions were declared.

With respect to distributions, the Company has adopted an "opt out" dividend reinvestment plan ("DRIP") for its shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not "opted out" of the DRIP will have their dividends or distributions automatically reinvested in additional shares of Common Stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of Common Stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Pursuant to the DRIP, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the Company's DRIP during the year ended December 31, 2025 (amounts in thousands, except share amounts).

---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Value** | **DRIP Shares Issued** |
| 6/17/2025 | $3622 | 222903 |
| 8/26/2025 | 4480 | 273505 |
| 11/19/2025 | 4638 | 281097 |
|  | $12740 |  |

---

**10. Earnings Per Share**

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2025 and December 31, 2024 (amounts in thousands, except per share data):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Net increase (decrease) in net assets resulting from operations | $34452 | $1196 |
| Weighted average shares outstanding (basic and diluted) | 18655 | 1811 |
| Net increase (decrease) in net assets resulting from operations per share (basic and diluted) | $1.84 | $0.66 |

---

**11. Tax Information**

The Company has elected to be treated, and intends to qualify annually for U.S. federal income tax purposes as a RIC under Subchapter M of the Code.

GAAP requires that certain components of net assets be adjusted to reflect permanent book-to-tax differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

permanent differences were reclassified for tax purposes among the components of net assets for the year ended December 31, 2025 and December 31, 2024 (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Paid-in capital | $(323) | $— |
| Accumulated earnings (losses) | 323 |  |

---

As of December 31, 2025 and December 31, 2024, the components of distributable earnings (losses) on a tax-basis detailed below differ from the amounts reflected in the Company's Consolidated Statements of Assets and Liabilities by temporary and permanent book or tax differences arising during the years ended December 31, 2025 and December 31, 2024 (amounts in thousands).

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Other temporary differences | $(3703) | $(2380) |
| Undistributed ordinary income | 1909 | 1561 |
| Unrealized appreciation (depreciation) | 7726 | 1918 |
| Distributable earnings (losses) | $5932 | $1099 |

---

The tax character of distributions paid for the year ended December 31, 2025 and December 31, 2024 were follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Ordinary income | $30038 | $— |

---

Taxable income for the years ended December 31, 2025 and December 31, 2024, were as follows (amounts in thousands, except share and per share amounts):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Taxable income | $30386 | $1950 |
| Taxable income, per share | 1.63 | 0.13 |
| Weighted average shares of common stock outstanding | 18654831 | 12275935 |

---

As of December 31, 2025 and December 31, 2024, gross unrealized appreciation and depreciation based on cost of investments for U.S. federal income tax purposes were as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** |
| | **2025** | **2024** |
| Tax cost of investments | $876688 | $488544 |
| Gross unrealized appreciation | 8626 | 2273 |
| Gross unrealized depreciation | (900) | (355) |
| Net unrealized appreciation (depreciation) | $7726 | $1918 |

---

For the years ended December 31, 2025 and December 31, 2024, the Company accrued excise tax of $0.1 million and $0.04 million, respectively.

In accordance with ASC 740, the Company evaluates tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as a tax expense in the current year. It is the Company's policy to recognize accrued interest and penalties, if any,

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

related to unrecognized tax benefits as a component of provision for income taxes. Based on an analysis of the Company's tax position, there are no uncertain tax positions that met the recognition or measurement criteria. The Company is currently not undergoing any tax examinations.

**12. Financial Highlights** 

The following are financial highlights for common shares outstanding during the periods ended December 31, 2025 and from November 8, 2024 (commencement of operations) to December 31, 2024 (in thousands, except share and per share amounts):

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31, 2025** | **For the period from November 8, 2024 (commencement of operations) to<br>December 31, 2024** |
| **Per share data:** <sup>(1)</sup> | | |
| Net asset value, beginning of period | $15.76 | $15.69 |
| Net investment income (loss) | 1.53 | (0.06) |
| Net change in unrealized appreciation (depreciation) | 0.31 | 0.13 |
| Net increase (decrease) in net assets from operations | 1.84 | 0.07 |
| Distributions declared <sup>(2)</sup> | (1.49) |  |
| Total increase (decrease) in net assets | 0.35 | 0.07 |
| Net asset value, end of period | $16.11 | $15.76 |
| Shares Outstanding, end of period | 24058078 | 14940044 |
| **Total Return** <sup>(3)</sup> | 11.68% | 0.45% |
| **Ratios** |  |  |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 14.76% | 22.26% |
| Ratio of net investment income (loss) to average net assets <sup>(4)</sup> | 9.44% | (2.49)% |
| Portfolio turnover rate <sup>(5)</sup> | 20.61% | 0.54% |
| **Supplemental Data** |  |  |
| Net Assets, end of period | $387644 | $235490 |
| Weighted average shares outstanding | 18654831 | 12275935 |
| Total capital commitments, end of period | $470350 | $470350 |
| Asset coverage ratio | 172.98% | 192.57% |
| Ratio of total contributed capital to total committed capital, end of period | 81.15% | 49.81% |

---

(1)Per share amounts are calculated based on the weighted average shares outstanding for the year ended December 31, 2025 and during the period from November 8, 2024 (commencement of operations) to December 31, 2024.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9. Distributions and Dividend Reinvestment).

(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period.

(4)Amounts are annualized. For the year ended December 31, 2025 the ratio of total operating expenses, excluding interest and borrowing expenses, to average net assets was 4.61%. For the year ended December 31, 2024, the ratio of total operating expenses to average net assets was 21.04%, on an annualized basis, excluding the effect of expense support/(recoupment) by the Adviser which represented 1.50% of average net assets.

(5)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the period reported.

**13. Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to generate attractive risk-adjusted total returns consisting current income and of capital appreciation. The CODM, which comprises the Company's chief executive officer and chief financial officer, assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase (decrease) in net assets resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes consolidated net income as a key metric in determining the amount of distributions to be paid to the Company's shareholders. As the Company's operations comprise a single reporting segment, the segment assets are reflected on the Consolidated

------

**WILLOW TREE CAPITAL CORPORATION**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

**14. Subsequent Events**

The Company's management evaluated subsequent events through the date of the issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2025, except as discussed below.

On January 26, 2026, the Company issued approximately 465,930 shares of its Common Stock pursuant to the Company's DRIP in connection with the distribution paid to shareholders on January 26, 2026.

On March 12, 2026, the Company's Board of Directors declared a distribution of $0.40 per share, payable on or around April 27, 2026 to shareholders of record at the close of business on March 12, 2026.

------

**ITEM 9.&nbsp;&nbsp;&nbsp;&nbsp;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** 

None

**ITEM 9A. CONTROLS AND PROCEDURES** 

***(a) Evaluation of Disclosure Controls and Procedures***

As of the end of the period covered by this Annual Report on Form 10-K, our management carried out an evaluation, under the supervision and with the participation of our President and Chief Executive Officer and Treasurer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our President and Chief Executive Officer and Treasurer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of December 31, 2025. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

***(b) Management's Report on Internal Control over Financial Reporting***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 COSO Framework). Based on our evaluation under the framework in Internal Control—Integrated Framework (2013), management concluded that our internal control over financial reporting was effective as of December 31, 2025.

Due to our status as an "emerging growth company" under the JOBS Act, we were not required to obtain an attestation report from our independent registered public accounting firm on our internal control over financial reporting as of December 31, 2025.

***(c) Control over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION** 

(a) None

(b) For the quarter ended December 31, 2025, neither the Company nor any director or officer has entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** 

Not applicable.

------

**PART III.**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** 

The information required by this Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the end of our fiscal year.

**ITEM 11. EXECUTIVE COMPENSATION** 

The information required by this Item 11 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the end of our fiscal year-end.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT** 

The information required by this Item 12 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the date of our fiscal year-end.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** 

The information required by this Item 13 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the date of our fiscal year-end.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES** 

The information required by this Item 14 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the date of our fiscal year-end.

------

**PART IV.**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES** 

The following documents are filed as part of this Annual Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Financial Statements – Financial statements are included in Item 8. See the Index to the Consolidated Financial Statements on page 101 of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Financial Statement Schedules – None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the consolidated statements or notes to the consolidated financial statements included in this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Exhibits – The following is a list of all exhibits filed as a part of this Annual Report, including those incorporated by reference.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits filed with the SEC:

---

| | |
|:---|:---|
| **Number** | **Exhibit** |
| 2.1 | <u>[Agreement and Plan of Merger, dated as of November 8, 2024, by and between and Willow Tree Capital Corporation and Willow Tree Capital Fund, LLC (incorporated by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a21-onshoreprivatefundmerg.htm)</u> |
| 2.2 | <u>[Agreement and Plan of Merger, dated as of November 8, 2024, by and between and Willow Tree Capital Corporation and Willow Tree Capital Offshore Fund, LLC (incorporated by reference to Exhibit 2.2 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a22-offshoreprivatefundmer.htm)</u> |
| 3.1 | <u>[Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K, filed October 30, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000020/willowtreecapitalcorp-arti.htm)</u> |
| 3.2 | <u>[Bylaws (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Company's Registration Statement on Form 10, filed on May 24, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000162828024025121/exhibit32-form10x12ba.htm)</u> |
| 4.1 | <u>[Form of Subscription and Capital Commitment Agreement (Immediate Share Issuance) (incorporated by reference to Exhibit 10.7 to Amendment No. 1 to the Company's Registration Statement on Form 10, filed on May 24, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000162828024025121/exhibit107-form10x12ga.htm)</u> |
| 4.2 | <u>[Form of Subscription and Capital Commitment Agreement (Draw Down) (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form 10, filed on May 24, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000162828024025121/exhibit108-form10x12ga.htm)</u> |
| 4.3 | <u>[Description of Securities (incorporated by reference to Exhibit 4.3 to the Company's Annual Report on Form 10-K, filed March 31, 2025)](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a43willowtree-descriptiono.htm)</u> |
| 10.1 | <u>[Investment Management Agreement between, dated as of November 8, 2024, between Willow Tree Capital Corporation and Willow Tree Capital Corp Advisors LLC (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a101-investmentadvisoryagr.htm)</u> |
| 10.2 | <u>[Administration Agreement, dated as of November 8, 2024, Willow Tree Capital Corporation and Willow Tree Credit Partners LP (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a102-administrationagreeme.htm)</u> |
| 10.3 | <u>[License Agreement, dated as of November 8, 2024, by and between Willow Tree Capital Corporation and Willow Tree Credit Partners LP (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a103-licenseagreement2024e.htm)</u> |
| 10.4 | <u>[Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024, by and between Willow Tree Capital Corporation, as collateral manager and transferor, WT Capital Fund – SPV1, LLC, as borrower, each of the lenders from time to time party thereto, Ally Bank, as administrative agent and arranger, and State Street Bank and Trust Company, as collateral custodian (incorporated by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a104-amendedandrestatedloa.htm)</u> |
| 10.5 | <u>[Form of Indemnification Agreement (incorporated by reference to Exhibit 10.5 to Amendment No. 1 to the Company's Registration Statement on Form 10, filed on May 24, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000162828024025121/exhibit105-form10x12ga.htm)</u> |

---

------

---

| | |
|:---|:---|
| 10.6 | <u>[Revolving Credit and Security Agreement, dated as of November 8, 2024, by and between Willow Tree Capital Corporation, as the primary borrower and City National Bank as the administrative agent and a Lender (incorporated by reference to Exhibit 10.5 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a105-cnb_willowtreebdccr.htm)</u> |
| 10.7 | <u>[Assumption of Guaranty by and among Willow Tree Capital Offshore Fund, LLC, Willow Tree Capital Corporation and Macquarie Bank Limited (incorporated by reference to Exhibit 10.6 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a106-assumptionofguarant.htm)</u> |
| 10.8 | <u>[Assumption of Participation Agreement and Trade Confirmation by and among Willow Tree Capital Fund, LLC, Willow Tree Capital Corporation and Macquarie Bank Limited (incorporated by reference to Exhibit 10.7 of the Company's Current Report on Form 8-K, filed November 8, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000194483124000027/a107-assumptionofpartici.htm)</u> |
| 10.9 | <u>[Form of Custodian Agreement (incorporated by reference to Exhibit 10.6 to Amendment No. 1 to the Company's Registration Statement on Form 10, filed on May 24, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000162828024025121/exhibit106-form10x12ga.htm)</u> |
| 10.10 | <u>[Expense Agreement between the Company and Willow Tree Capital (incorporated by reference to Exhibit 10.9 to Amendment No. 1 to the Company's Registration Statement on Form 10, filed on May 24, 2024)](https://www.sec.gov/Archives/edgar/data/1944831/000162828024025121/exhibit109-form10x12ga.htm)</u> |
| 10.11 | <u>[First Amendment to Amended and Restated Loan, Security and Collateral Management Agreement, dated as of February 21, 2025, by and between Willow Tree Capital Corporation, as collateral manager, WT Capital Fund – SPV1, LLC, as borrower, each of the lenders from time to time party thereto and Ally Bank, as administrative agent and arranger (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed February 27, 2025)](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000003/firstamendmenttoamendeda.htm)</u> |
| 10.12 | <u>[First Amendment to Revolving Credit and Security Agreement, dated as of November 7, 2025, by and between Willow Tree Capital Corporation, as primary borrower, each of the lenders from time to time party thereto, and City National Bank, as administrative agent (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed November 13, 2025)](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000037/cnb_wtcccreditagreement-.htm)</u> |
| 10.13\* | <u>[Second Amendment and Joinder to Amended and Restated Loan, Security and Collateral Management Agreement, dated as of December 23, 2025, by and between Willow Tree Capital Corporation, as collateral manager, WT Capital Fund – SPV1, LLC, as a borrower, WT Capital Fund - SPV1 Sub-Gold LLC, as a borrower, each of the lenders from time to time party thereto and Ally Bank, as administrative agent and arranger](wtcapitalfundsecondamend.htm)</u> |
| 14.10 | <u>[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1410codeofethics.htm)[(incor](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1410codeofethics.htm)[porated by reference to Exhibit 14.10 to the Company's Annual Report](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1410codeofethics.htm)[on Form 10-K](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1410codeofethics.htm)[, filed March 31, 2025)](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1410codeofethics.htm)</u> |
| 19.10 | <u>[Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1910insidertradingpolic.htm)[(incorporated by reference to Exhibit 19.10 to the](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1910insidertradingpolic.htm)[Company's Annual Report on Form 10-K, filed March 31, 2025)](https://www.sec.gov/Archives/edgar/data/1944831/000194483125000007/a1910insidertradingpolic.htm)</u> |
| 21.10 | List of Subsidiaries:<br>WT Capital Fund - SPV1, LLC (Delaware)<br>Willow Tree Capital Offshore Blocker, LLC (Delaware)<br>WT Capital Fund - SPV1 Sub Gold, LLC (Delaware) |
| 31.1\* | <u>[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](wtccxex311ceocertificatex2.htm)</u> |
| 31.2\* | <u>[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](wtccxex312cfocertificatex2.htm)</u> |
| 32.1\*\* | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](wtcc10-kex321ceox202510k.htm)</u> |
| 32.2\*\* | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](wtcc10-kex322cfox202510k.htm)</u> |

---

__________________

\*Filed herewith

\*\* Furnished herewith

**ITEM 16. FORM 10-K SUMMARY**

<u>None</u> 

------

**SIGNATURES** 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: March 24, 2026 | **Willow Tree Capital Corporation** | **Willow Tree Capital Corporation** |
|  | **By:** | /s/ Timothy Lower |
|  |  | Timothy Lower |
|  |  | Chief Executive Officer and President |
|  |  | (Principal Executive Officer) |
|  | **By:** | /s/ Mark Klingensmith |
|  |  | Mark Klingensmith |
|  |  | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |
|  |  | (Principal Accounting Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on March 24, 2026.

---

| | |
|:---|:---|
| /s/ Timothy Lower | Chair of the Board, Chief Executive Officer and President |
| Timothy Lower | (Principal Executive Officer) |
| /s/ Mark Klingensmith | Chief Financial Officer and Treasurer |
| Mark Klingensmith | (Principal Financial and Principal Accounting Officer) |
| /s/ James Roche | Director |
| James Roche | |
| /s/ Boris Onefater | Director |
| Boris Onefater | |
| /s/ Jane Siebels | Director |
| Jane Siebels | |
| /s/ Todd Centurino  | Director |
| Todd Centurino  | |

---

## Exhibit 10.13

![](wtcapitalfundsecondamend001.jpg)

Execution Version [Willow Tree BDC] Second Amendment and Joinder to Amended and Restated Loan Agreement #525247000 SECOND AMENDMENT AND JOINDER TO AMENDED AND RESTATED LOAN, SECURITY AND COLLATERAL MANAGEMENT AGREEMENT AND FIRST AMENDMENT TO AMENDED AND RESTATED ACCOUNT CONTROL AGREEMENT This SECOND AMENDMENT AND JOINDER TO AMENDED AND RESTATED LOAN, SECURITY AND COLLATERAL MANAGEMENT AGREEMENT AND FIRST AMENDMENT TO AMENDED AND RESTATED ACCOUNT CONTROL AGREEMENT (this "Amendment"), dated as of December 23, 2025, is entered into by and among: (1) WT CAPITAL FUND – SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"); (2) WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company (the "New Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"); (3) EACH OF THE LENDERS PARTY HERETO; (4) ALLY BANK, a national banking association, as the administrative agent ("Ally Bank" and in such capacity, the "Administrative Agent"); (5) WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the collateral manager (the "Collateral Manager") and the transferor (the "Transferor"); and (6) STATE STREET BANK AND TRUST COMPANY, not in its individual capacity but as the collateral custodian under the Agreement (together with its successors and assigns in such capacity, the "Collateral Custodian"), the collateral administrator under the Agreement (together with its successors and assigns in such capacity, the "Collateral Administrator") and the securities intermediary under the Existing Account Control Agreement (as defined below) (together with its successors and permitted assigns in such capacity, the "Securities Intermediary"). RECITALS WHEREAS, the Collateral Manager, the Transferor, Capital Fund SPV, the Lenders, the Administrative Agent, Ally Bank, as the Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian and the collateral administrator, entered into that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the "Existing Agreement"; the Existing Agreement, as amended hereby or as may hereafter be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Agreement"); WHEREAS, Capital Fund SPV, the Administrative Agent and the Securities Intermediary entered into that certain Amended and Restated Account Control Agreement, dated as of November 8, 2024 (as the same may be amended, modified, waived, supplemented, restated or replaced from time to time, the "Existing Account Control Agreement"); and

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![](wtcapitalfundsecondamend002.jpg)

2 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 WHEREAS, the Collateral Manager, the Transferor, Capital Fund SPV, the Lenders and the Administrative Agent desire to (a) join the New Borrower as a "Borrower" under the Existing Agreement and the other Transaction Documents, and (ii) amend the Existing Agreement and the Existing Account Control Agreement, in each case as set forth herein. AGREEMENT NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: ARTICLE I Definitions Capitalized terms used in this Amendment are defined in the Agreement unless otherwise stated. ARTICLE II Amendments 2.01 Amendments to the Existing Agreement. Effective as of the date hereof, the Existing Agreement is hereby amended (a) to delete the stricken text (indicated textually in the same manner as the following examples: stricken text and stricken text) and (b) to add the double- underlined text (indicated textually in the same manner as the following examples: double- underlined text and double-underlined text), in each case, as set forth in the marked copy of the Existing Agreement (and to the extent provided in Exhibit A hereto, the exhibits, schedules, annexes and appendices to the Existing Agreement) attached hereto as Exhibit A hereto and made a part hereof for all purposes. 2.02 Amendments to the Exhibits. Effective as of the date hereof, the Exhibits and Schedules to the Existing Agreement are amended and restated in their entirety to read as set forth in the Exhibits and Schedules attached as Exhibit B hereto and made a part hereof for all purposes. 2.03 Amendment to the Existing Account Control Agreement. (a) Addition of Securities Accounts. Effective as of the date hereof, the Existing Account Control Agreement is hereby amended to add the following Securities Accounts to Schedule I-A thereof: List of Securities Accounts USD CAD GBP EUR Collateral Account WLCH-1-S1 WLCH-1-S1CAD WLCH-1-S1GBP WLCH-1-S1EUR General Collection Account WLCH-2-S2 WLCH-2-S2CAD WLCH-2-S2GBP WLCH-2-S2EUR Principal Collection Account WLCH-3-S3 WLCH-3-S3CAD WLCH-3-S3GBP WLCH-3-S3EUR Interest Collection WLCH-4-S4 WLCH-4-S4CAD WLCH-4-S4GBP WLCH-4-S4EUR

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3 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 Account Unfunded Exposure Account WLCH-5-S5 WLCH-5-S5CAD WLCH-5-S5GBP WLCH-5-S5EUR (b) Addition of Deposit Accounts. Effective as of the date hereof, the Existing Account Control Agreement is hereby amended to add the following Deposit Accounts to Schedule I-B thereof: List of Deposits Accounts USD CAD GBP EUR Collateral Account 12067294-1-D1 12067294-1-D1CAD 12067294-1- D1GBP 12067294-1-D1EUR General Collection Account 12067294-2-D2 12067294-2-D2CAD 12067294-2- D2GBP 12067294-2-D2EUR Principal Collection Account 12067294-3-D3 12067294-3-D3CAD 12067294-3- D3GBP 12067294-3-D3EUR Interest Collection Account 12067294-4-D4 12067294-4-D4CAD 12067294-4- D4GBP 12067294-4-D4EUR Unfunded Exposure Account 12067294-5-D5 12067294-5-D5CAD 12067294-5- D5GBP 12067294-5-D5EUR ARTICLE III Joinder 3.01 Joinder of New Borrower. The New Borrower is a wholly-owned Subsidiary of Capital Fund SPV and, for value received, jointly and severally agrees to become a Borrower under the Agreement and the other Transaction Documents as set forth more fully below: (a) Immediately upon acceptance of this Amendment by the Administrative Agent, the New Borrower shall be automatically deemed a Borrower in, under and pursuant to the Agreement and the other Transaction Documents, with all the rights, obligations, liabilities and duties of a Borrower thereunder, and the New Borrower hereby agrees that it is a Borrower in, under and pursuant to the Agreement and the other Transaction Documents, with all the rights, obligations, liabilities and duties of a Borrower thereunder, in each case regardless of when such obligations, liabilities and duties first arose. (b) As of the date of this Amendment, the New Borrower hereby jointly and severally with Capital Fund SPV: (i) joins in, becomes a party to, and agrees to comply with and be bound by, as a Borrower, the terms and conditions of the Agreement and each other Transaction Document to the same extent as if such New Borrower was an original signatory thereto; (ii) makes all of the representations and warranties set forth in the Agreement and the other Transaction Documents made by the Borrowers; (iii) grants to the Administrative Agent, for the benefit of itself and the other Secured Parties, pursuant to the terms and provisions of the Agreement, a continuing security interest in and Lien on all of its Collateral, free and clear of all Liens (other than Permitted Liens); and (iv) agrees that it is a direct obligor (and not a surety) under the Agreement. Without limiting the foregoing, the New Borrower agrees, and Capital Fund SPV acknowledges and confirms, that the New Borrower shall be jointly and severally liable with Capital Fund SPV for all liabilities and obligations regardless of when they first arose under the

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4 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 Agreement and the other Transaction Documents and the New Borrower acknowledges and confirms that it has received a copy of the Agreement, including the annexes, exhibits, schedules and other attachments thereto, and the other Transaction Documents. (c) Capital Fund SPV hereby acknowledges and confirms (i) the joinder by New Borrower to the Agreement and the other Transaction Documents, (ii) that, all of its obligations under the Agreement and the other Transaction Documents, upon the New Borrower becoming a "Borrower" thereunder or otherwise party thereto pursuant to the terms hereof, shall continue to be in full force and effect, and (iii) that, as of the date hereof, the term "Obligations", as used in the Agreement or any other Transaction Document, shall include all Obligations of the New Borrower under the Agreement and each other Transaction Document. ARTICLE IV Conditions Precedent 4.01 The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent in a manner satisfactory to the Administrative Agent, unless specifically waived in writing by the Administrative Agent: (a) The Administrative Agent shall have received: (i) this Amendment duly executed by the Borrowers, the Collateral Manager, the Transferor, each Lender, the Collateral Custodian and the Collateral Administrator; (ii) the Pricing Side Letter, duly executed by the Borrowers and the Collateral Manager; (iii) the Pledge Agreement referred to in clause (ii) of the definition thereof in the Agreement (as amended hereby), duly executed by Capital Fund SPV and the New Borrower; (iv) the Fee Letter, duly executed and delivered by the Borrowers; and (v) the California Borrower Sale Agreement, duly executed by Capital Fund SPV and the New Borrower. (b) The Administrative Agent shall have received a secretary's certificate of the Borrowers (i) that includes a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the board of directors, manager(s) or member(s) of the Borrowers, as applicable, authorizing (A) the execution, delivery and performance of this Amendment and the other Transaction Documents executed in connection herewith to which it is a party, and (B) the borrowings contemplated thereunder, and a certification that such resolutions have not been amended, modified, revoked or rescinded, (ii) that includes a copy of the Governing Documents of the Borrowers and a certification that, except as disclosed therein, there has not been any amendment, modification or supplement to such Governing Documents, (iii) that includes a certification

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5 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 as to the incumbency and signature of the officers of the Borrowers executing any Transaction Document and (iv) that includes certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of the Borrowers (A) in the jurisdiction of its organization and (B) in each other jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires it to qualify as a foreign Person to the extent such concept exists in such jurisdiction and except, as to this subclause (B), where the failure to so qualify could not be reasonably expected to have a Material Adverse Effect, which certificate shall be in form and substance satisfactory to the Administrative Agent and shall be executed by a corporate secretary or Responsible Officer of the Borrowers. (c) The Administrative Agent shall have received the executed legal opinions of (i) Milbank LLP, counsel to the Loan Parties, covering (A) authority of the Borrowers, (B) enforceability of this Amendment, the Agreement and the other Transaction Documents to be executed in connection with this Amendment, (C) non-consolidation matters and (D) UCC, perfection and other closing matters, in each case, in form and substance acceptable to the Administrative Agent in its reasonable discretion. (d) The Administrative Agent shall have received the results of a recent search by a Person reasonably satisfactory to the Administrative Agent, of the UCC lien filings which may have been filed with respect to personal property of each Loan Party and the results of such search shall be satisfactory to the Administrative Agent. (e) The Administrative Agent shall have received all fees on behalf of itself and the Lenders due and payable as of the date hereof. (f) The representations and warranties of the Loan Parties contained herein and in the Agreement and the other Transaction Documents, as amended hereby, shall be true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) as of the date hereof, as if made on the date hereof, except for such representations and warranties as are by their express terms limited to a specific date, which shall be true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) as of such specific date. (g) No Default or Event of Default shall have occurred and be continuing. (h) All organizational proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident thereto shall be satisfactory to the Administrative Agent. ARTICLE V No Consent or Waiver

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6 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 5.01 Nothing contained herein shall be construed as a consent or waiver by the Administrative Agent or any Lender of any covenant or provision of the Agreement, the other Transaction Documents, this Amendment or any other contract or instrument among any Borrower, any of the other parties to the Transaction Documents and the Administrative Agent or any Lender, and the failure of the Administrative Agent or any Lender at any time or times hereafter to require strict performance by any Borrower or any other party to the Transaction Documents of any provision thereof shall not waive, affect or diminish any right of the Administrative Agent or any Lender to thereafter demand strict compliance therewith. ARTICLE VI Ratifications, Representations and Warranties 6.01 Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Agreement and the other Transaction Documents and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement and the other Transaction Documents are ratified and confirmed and shall continue in full force and effect. The Borrowers and the Administrative Agent agree that the Agreement and the other Transaction Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. Each Borrower agrees that this Amendment is not intended to and shall not cause a novation with respect to any or all of the Obligations. By executing this Amendment, the Administrative Agent hereby consents to the terms of this Amendment and directs the Collateral Custodian, the Collateral Administrator and the Securities Intermediary to execute and deliver this Amendment, and acknowledges and agrees that the Collateral Custodian, the Collateral Administrator and the Securities Intermediary shall be fully protected in relying upon the foregoing consent and direction. The liability of the Collateral Custodian, the Collateral Administrator and the Securities Intermediary and their respective officers, directors, agents, employees and shareholders, as applicable, for complying with the foregoing direction, shall be limited as set forth in the Agreement, the Existing Account Control Agreement and the other Transaction Documents to which any of them is a party. 6.02 Representations and Warranties. Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders that (a) the execution, delivery and performance of this Amendment and any and all other Transaction Documents executed and/or delivered by it in connection herewith have been authorized by all requisite action (as applicable) on the part of such Loan Party and will not violate in any material respect the Governing Documents of such Loan Party or conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any material Contractual Obligation of such Loan Party or violate any Applicable Law that would reasonably be expected to have a Material Adverse Effect; (b) such Loan Party has executed and delivered this Amendment and any and all other Transaction Documents to which it is a party and this Amendment and the other Transaction Documents to which it is a party are a valid and binding obligation of such Loan Party, except as such enforceability may be limited by Insolvency Laws and by general principles of equity (whether such enforceability is considered in a proceeding in equity or at law); (c) the representations and warranties of such Loan Party contained in the Agreement, as amended hereby, and any other

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7 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 Transaction Document are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) on and as of the date hereof and on and as of the date of execution hereof as though made on and as of each such date (except to the extent such representations and warranties expressly relate to an earlier date, which were true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) as of such earlier date); (d) no Default or Event of Default under the Agreement, as amended hereby, has occurred and is continuing; (e) such Loan Party is in full compliance in all material respects with all covenants and agreements contained in the Agreement and the other Transaction Documents, as amended hereby; and (f) Capital Fund SPV has not amended or otherwise modified or terminated its organizational document since the date of the Agreement except in accordance with the Agreement. ARTICLE VII Miscellaneous Provisions 7.01 Survival of Representations and Warranties. All representations and warranties made in the Agreement or any other Transaction Document, including, without limitation, any document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Transaction Documents, and no investigation by the Administrative Agent or any Lender or any closing shall affect the representations and warranties or the right of the Administrative Agent and each Lender to rely upon them. 7.02 Reference to Agreement. Each of the Agreement and the other Transaction Documents, and any and all other Transaction Documents, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement, as amended hereby, are hereby amended so that any reference in the Agreement and such other Transaction Documents to the Agreement or the Existing Account Control Agreement shall mean a reference to the Agreement or the Existing Account Control Agreement, respectively, as amended hereby. 7.03 Expenses of the Administrative Agent. As provided in the Agreement and subject to the limitations set forth therein, each Borrower agrees to pay all costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment and the other Transaction Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the reasonable costs and fees of legal counsel, and all costs and expenses incurred by the Administrative Agent and each Lender in connection with the enforcement or preservation of any rights under the Agreement, as amended hereby, or any other Transaction Documents, including, without, limitation, the reasonable costs and fees of legal counsel. 7.04 Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

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8 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 7.05 Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the parties to the Agreement and their respective permitted successors and assigns. 7.06 Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. The words "execution," "signed," "signature," and words of similar import herein shall be deemed to include electronic or digital signatures or the keeping of records in electronic form, each of which shall be of the same effect, validity and enforceability as manually executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 USC § 7001 et seq.), the Electronic Signatures and Records Act of 1999 (NY State Technology Law §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 7.07 Effect of Waiver. No consent or waiver, express or implied, by the Administrative Agent or any Lender to or for any breach of or deviation from any covenant or condition by any Borrower shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty. 7.08 Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 7.09 Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. 7.10 Final Agreement; Modifications. THE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY BORROWERS, THE

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9 [Willow Tree BDC] Second Amendment to Amended and Restated Loan Agreement #525247000 ADMINISTRATIVE AGENT AND ANY OTHER APPLICABLE PARTIES PURSUANT TO THE TERMS OF THE AGREEMENT. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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[Signature Page to Second Amendment to Amended and Restated Loan Agreement] IN WITNESS WHEREOF, this Amendment has been executed and is effective as of the date first above-written. BORROWERS: WT CAPITAL FUND – SPV1, LLC By:_/s/ Mark Klingensmith__________________ Name: Mark Klingensmith Title: Authorized Signatory WT CAPITAL FUND-SPV1 SUB GOLD LLC COLLATERAL MANAGER AND TRANSFEROR: WILLOW TREE CAPITAL CORPORATION By:_/s/ Mark Klingensmith__________________ Name: Mark Klingensmith Title: Authorized Signatory By:_/s/ Mark Klingensmith__________________ Name: Mark Klingensmith Title: Authorized Signatory

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[Signature Page to Second Amendment to Amended and Restated Loan Agreement] ADMINISTRATIVE AGENT, LENDER AND ARRANGER: ALLY BANK By: /s/ Tara DeVerna_______________ Name: Tara DeVerna Title: Authorized Signatory

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LENDER: FIRST-CITIZENS BANK & TRUST COMPANY [Signature Page to Second Amendment to Amended and Restated Loan Agreement] By: /s/ Dirk Engelbert_____________ Name: Dirk Engelbert Title: Managing Director

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[Signature Page to Second Amendment to Amended and Restated Loan Agreement] COLLATERAL CUSTODIAN, COLLATERAL ADMINISTRATOR AND SECURITIES INTERMEDIARY: STATE STREET BANK AND TRUST COMPANY By:_/s/ Brian Peterson_______________________ Name: Title: Brian Peterson Vice President

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A Marked Agreement [See attached.]

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Conformed Version through the Second Amendment to Amended and Restated Loan, Security and Collateral Management Agreement $500,000,000575,000,000 AMENDED AND RESTATED LOAN, SECURITY AND COLLATERAL MANAGEMENT AGREEMENT by and among WILLOW TREE CAPITAL CORPORATION, as the Collateral Manager and as the Transferor WT CAPITAL FUND – SPV1, LLC, and WT CAPITAL FUND-SPV1 SUB GOLD LLC, as the BorrowerBorrowers EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as the Lenders ALLY BANK, as the Administrative Agent and the Arranger and STATE STREET BANK AND TRUST COMPANY, as the Collateral Custodian and Collateral Administrator Dated as of November 8, 2024 [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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**TABLE OF CONTENTS** Page ARTICLE I DEFINITIONS Section 1.1 Certain Defined Terms. 2 Section 1.2 Other Terms. 6667 Section 1.3 Computation of Time Periods. 6667 Section 1.4 Interpretation. 67 Section 1.5 Calculation of Borrowing Base. 68 Section 1.6 Rates. 68 ARTICLE II THE NOTES Section 2.1 The Notes. 6869 Section 2.2 Procedures for Advances by the Lenders. 69 Section 2.3 Principal Repayments. 7273 Section 2.4 Determination of Interest. 7374 Section 2.5 Notations on Notes. 7374 Section 2.6 Reduction of Borrowing Base Deficiency. 7374 Section 2.7 Settlement Procedures. 7475 Section 2.8 Alternate Settlement Procedures. 7778 Section 2.9 Collections and Allocations. 7980 Section 2.10 Payments, Computations, Etc. 8182 Section 2.11 Fees. 83 Section 2.12 Increased Costs; Capital Adequacy; Illegality. 8384 Section 2.13 Taxes. 87 Section 2.14 Reinvestment; Discretionary Sales, Substitutions and Repurchases of Loans. 91 Section 2.15 Assignment of the Sale Agreement. 9596 Section 2.16 Defaulting Lenders. 96 Section 2.17 Mitigation Obligations; Replacement of Lenders. 9798 Section 2.18 Increase of Commitment; Facility Amount. 9899 ARTICLE III CONDITIONS TO THE EFFECTIVE DATE AND ADVANCES Section 3.1 Conditions to Effective Date. 99 Section 3.2 Conditions Precedent to All Advances and Acquisitions of Loans. 101102 -i- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 3.3 Custodianship; Transfer of Loans and Permitted Investments. 103104 ARTICLE IV REPRESENTATIONS AND WARRANTIES Section 4.1 Representations and Warranties of the BorrowerBorrowers. 104105 Section 4.2 Representations and Warranties of the BorrowerBorrowers Relating to the Agreement and the Collateral. 114115 Section 4.3 Representations and Warranties of the Collateral Manager. 115116 Section 4.4 Representations and Warranties of the Collateral Custodian. 118 ARTICLE V GENERAL COVENANTS Section 5.1 Affirmative Covenants of the BorrowerBorrowers. 119 Section 5.2 Negative Covenants of the BorrowerBorrowers. 129130 Section 5.3 Affirmative Covenants of the Collateral Manager. 132134 Section 5.4 Negative Covenants of the Collateral Manager. 134136 Section 5.5 Affirmative Covenants of the Collateral Custodian. 136137 Section 5.6 Negative Covenants of the Collateral Custodian. 136137 ARTICLE VI COLLATERAL MANAGEMENT Section 6.1 Designation of the Collateral Manager. 136137 Section 6.2 Duties of the Collateral Manager. 137138 Section 6.3 Authorization of the Collateral Manager. 139141 Section 6.4 Collection of Payments; Accounts. 140141 Section 6.5 Realization Upon Defaulted or Delinquent Loans. 142143 Section 6.6 Collateral Manager Compensation. 142143 Section 6.7 Payment of Certain Expenses by the Collateral Manager. 142143 Section 6.8 Reports. 143144 Section 6.10 The Collateral Manager Not to Resign. 144145 Section 6.11 Collateral Manager Termination Events. 144145 ARTICLE VII THE COLLATERAL CUSTODIAN Section 7.1 Designation of Collateral Custodian. 145147 Section 7.2 Duties of Collateral Custodian. 146147 Section 7.3 Merger or Consolidation. 147148 Section 7.4 Collateral Custodian Compensation. 147148 -ii- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 7.5 Collateral Custodian Removal. 147148 Section 7.6 Limitation on Liability. 147149 Section 7.7 Resignation of the Collateral Custodian. 150152 Section 7.8 Access to Certain Documentation and Information Regarding the Collateral; Audits. 151152 ARTICLE VIII SECURITY INTEREST Section 8.1 Grant of Security Interest. 152153 Section 8.2 Release of Lien on Collateral. 153155 Section 8.3 Remedies. 154155 Section 8.4 Waiver of Certain Laws. 154155 Section 8.5 Power of Attorney. 154156 ARTICLE IX EVENTS OF DEFAULT Section 9.1 Events of Default. 155156 Section 9.2 Remedies. 158159 ARTICLE X INDEMNIFICATION Section 10.1 Indemnities by the BorrowerBorrowers. 160161 Section 10.2 Indemnities by the Collateral Manager. 163164 Section 10.3 Taxes. 164166 ARTICLE XI THE ADMINISTRATIVE AGENT Section 11.1 Appointment. 164166 Section 11.2 Standard of Care; Exculpatory Provisions. 165167 Section 11.3 The Administrative Agent's Reliance, Etc. 166168 Section 11.4 Credit Decision with Respect to the Administrative Agent. 167168 Section 11.5 Indemnification of the Administrative Agent. 167169 Section 11.6 The Successor Administrative Agent. 168169 Section 11.7 Delegation of Duties. 168170 Section 11.8 Payments by the Administrative Agent. 169170 Section 11.9 Collateral Matters. 169170 Section 11.10 Erroneous Payments. 170171 -iii- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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ARTICLE XII MISCELLANEOUS Section 12.1 Amendments and Waivers. 172173 Section 12.2 Notices, Etc. 174175 Section 12.3 Ratable Payments. 175177 Section 12.4 No Waiver; Remedies. 175177 Section 12.5 Binding Effect; Benefit of Agreement. 176177 Section 12.6 Term of this Agreement. 176177 Section 12.7 Governing Law; Jury Waiver. 176177 Section 12.8 Consent to Jurisdiction; Waivers. 176178 Section 12.9 Costs and Expenses. 177178 Section 12.10 No Proceedings. 178179 Section 12.11 Recourse Against Certain Parties. 178180 Section 12.12 Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances. 180181 Section 12.13 Confidentiality. 180182 Section 12.14 Execution in Counterparts; Severability; Integration. 183184 Section 12.15 Waiver of Setoff. 184185 Section 12.16 Assignments by the Lenders. 184185 Section 12.17 Heading and Exhibits. 187189 Section 12.18 Benchmark Replacement Setting. 187189 Section 12.19 Divisions. 189190 Section 12.20 Judgment Currency. 189191 Section 12.21 Recognition of the U.S. Special Resolution Regimes. 190191 Section 12.22 USA PATRIOT ACT. 190192 Section 12.23 Joint and Several Liability. 192 ARTICLE XIII TAX CONSIDERATIONS Section 13.1 Acknowledgement of Parties. 193195 -iv- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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EXHIBITS EXHIBIT A-1 Form of Funding Notice EXHIBIT A-2 Form of Repayment Notice EXHIBIT A-3 Form of Reinvestment Notice EXHIBIT A-4 Form of Borrowing Base Certificate EXHIBIT A-5 Form of Incumbency Certificate EXHIBIT A-6 Form of Payment Date Report EXHIBIT A-7 [Reserved] EXHIBIT A-8 Notice of Continuation EXHIBIT B-1 Form of Promissory Note EXHIBIT B-2 Form of Swingline Note EXHIBIT C Form of Officer's Certificate as to Solvency EXHIBIT D Form of Officer's Closing Certificate EXHIBIT E Form of Release of Underlying Instruments EXHIBIT F Form of Compliance Certificate EXHIBIT G Form of Transferee Letter EXHIBIT H Form of Joinder Supplement EXHIBIT I-1 U.S. Tax Compliance Certificate – For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes EXHIBIT I-2 U.S. Tax Compliance Certificate – For Foreign Participants that are not Partnerships For U.S. Federal Income Tax Purposes EXHIBIT I-3 U.S. Tax Compliance Certificate – For Foreign Participants that are Partnerships For U.S. Federal Income Tax Purposes EXHIBIT I-4 U.S. Tax Compliance Certificate – For Foreign Lenders that are Partnerships For U.S. Federal Income Tax Purposes EXHIBIT J [Reserved] EXHIBIT K Form of Assignment and Assumption EXHIBIT L Form of Annual Statement as to Compliance SCHEDULES SCHEDULE I Loan Party Names SCHEDULE II Loan List SCHEDULE III [Intentionally Omitted] SCHEDULE IV Agreed-Upon Procedures SCHEDULE V S&P Industry Classifications SCHEDULE VI Disqualified Persons ANNEXES ANNEX A Addresses for Notices ANNEX B Commitments -i- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681 #4900-7951-4475v2

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AMENDED AND RESTATED LOAN, SECURITY AND COLLATERAL MANAGEMENT AGREEMENT THIS AMENDED AND RESTATED LOAN, SECURITY AND COLLATERAL MANAGEMENT AGREEMENT (as amended, modified, waived, supplemented, restated or replaced from time to time, this "Agreement") is made as of November 8, 2024, by and among: (1) WILLOW TREE CAPITAL CORPORATION, a Maryland corporation ("Willow Tree Corporation"), successor by merger to Willow Tree Capital Fund, LLC, a Delaware limited liability company, and Willow Tree Capital Offshore Fund, LLC, a Cayman Islands limited liability company, as the Collateral Manager (as hereinafter defined) and as the Transferor (as hereinafter defined); (2) WT CAPITAL FUND – SPV1, LLC, a Delaware limited liability company, successor by merger to WT Capital Fund (Offshore) – SPV1, LLC, a Delaware limited liability company, as the borrower (the "Borrower"); ("Capital Fund SPV"), and WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company (the "California Borrower") as the borrowers (each of Capital Fund SPV and the California Borrower, individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"); (3) EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO (together with its respective successors and permitted assigns in such capacity, each a "Lender", collectively, the "Lenders"); (4) ALLY BANK (together with its successors and permitted assigns, "Ally Bank"), as the administrative agent hereunder (together with its successors and permitted assigns in such capacity, the "Administrative Agent"), as the swingline lender (together with its successors and assigns in such capacity, the "Swingline Lender") and as Arranger; and (5) STATE STREET BANK AND TRUST COMPANY, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian") and the collateral administrator (together with its successors and assigns in such capacity, the "Collateral Administrator"). RECITALS WHEREAS, Willow Tree Capital Fund, LLC, a Delaware limited liability company (the "Onshore Collateral Manager"), the BorrowerCapital Fund SPV, the Administrative Agent, the lenders from time to time party thereto (the "Onshore Lenders") and State Street Bank and Trust Company, as the collateral custodian and the collateral administrator, are parties to that certain Loan, Security and Collateral Management Agreement, dated as of February 9, 2024 (the "Onshore Effective Date") (as amended, restated, amended and restated, supplemented and otherwise modified from time to time prior to the date hereof, the "Onshore Loan Agreement"), pursuant to which the Onshore Agent and the Onshore Lenders extended certain loans and other financial accommodations (such loans and financial -1- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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accommodations, together with all other "Obligations" (as defined in the Onshore Loan Agreement) under the Onshore Loan Agreement, the "Onshore Obligations") to the Onshore BorrowerCapital Fund SPV pursuant to the terms and conditions thereof; WHEREAS, Willow Tree Capital Offshore Fund, LLC, a Cayman Islands limited liability company (the "Offshore Collateral Manager"), WT Capital Fund (Offshore) – SPV1, LLC, a Delaware limited liability company (the "Offshore Borrower"), the Administrative Agent, the lenders from time to time party thereto (the "Offshore Lenders") and State Street Bank and Trust Company, as the collateral custodian and the collateral administrator, are parties to that certain Loan, Security and Collateral Management Agreement, dated as of December 21, 2023 (the "Offshore Effective Date") (as amended, restated, amended and restated, supplemented and otherwise modified from time to time prior to the date hereof, the "Offshore Loan Agreement"), pursuant to which the Offshore Agent and the Offshore Lenders extended certain loans and other financial accommodations (such loans and financial accommodations, together with all other "Obligations" (as defined in the Offshore Loan Agreement) under the Offshore Loan Agreement, the "Offshore Obligations") to the Offshore Borrower pursuant to the terms and conditions thereof; WHEREAS, (a) pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof, the Onshore Collateral Manager and the Offshore Collateral Manager merged with and into Willow Tree Corporation, with Willow Tree Corporation, in its capacity as Collateral Manager, succeeding to all rights and obligations of (i) the Onshore Collateral Manager under the Onshore Loan Agreement and (ii) the Offshore Collateral Manager under the Offshore Loan Agreement, and (b) pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof, the Offshore Borrower merged with and into the Borrower, with the BorrowerCapital Fund SPV, with Capital Fund SPV succeeding to all rights and obligations of the Offshore Borrower under the Offshore Loan Agreement (such transactions, the "Merger Transactions"); and WHEREAS, the BorrowerCapital Fund SPV, the Collateral Manager, the Agent and the Lenders desire to amend and restate the Onshore Loan Agreement and the Offshore Loan Agreement as more fully set forth herein; NOW, THEREFORE, based upon the foregoing Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: ARTICLE I DEFINITIONS Section 1.1 Certain Defined Terms. -2- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Certain capitalized terms used throughout this Agreement are defined in this Section 1.1. As used in this Agreement and its schedules, exhibits and other attachments, unless the context requires a different meaning, the following terms shall have the following meanings: "1940 Act": The Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. "Account": Any of the Collateral Account, the Operating Account, the General Collection Account, the Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account and any sub-accounts thereof deemed appropriate or necessary by the Administrative Agent or the Collateral Custodian for convenience in administering such accounts, each of which shall be established so as to be segregated from the accounts of any other client of the Collateral Custodian. "Account Control Agreement":Agreements": (i) The Amended and Restated Account Control Agreement, dated as of the Effective Date, among the BorrowerCapital Fund SPV, as the pledgordebtor, the Administrative Agent, and State Street Bank and Trust Company, as the Securities Intermediary, and (ii) an account control agreement, in form and substance reasonably satisfactory to the Administrative Agent, to be entered into after the Second Amendment Effective Date by the California Borrower, as the debtor, the Administrative Agent, and State Street Bank and Trust Company, as the Securities Intermediary, in each case, as the same may be amended, modified, waived, supplemented or restated from time to time. "Accrual Period": With respect to (a) the first Payment Date, the period from and including the Effective Date to but excluding the Determination Date preceding the first Payment Date, and (b) any subsequent Payment Date, the period from and including the Determination Date preceding the previous Payment Date to but excluding the Determination Date preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date). "Adjusted Borrowing Value": For any Loan, for any date of determination, an amount equal to the Assigned Value of such Loan at such time multiplied by the Outstanding Balance of such Loan. "Administrative Agent": Ally Bank, in its capacity as the administrative agent for Lenders hereunder, together with its permitted successors and assigns, including any successor appointed pursuant to Section 11.6. "Administrative Expenses": All amounts (including indemnification payments) due or accrued and payable by the BorrowerBorrowers to any Person pursuant to any Transaction Document (the payment of which is not expressly otherwise provided for therein, e.g., principal on Advances Outstanding and Interest hereunder and Collateral Custodian Fees), including, but not limited to, any third party service provider to the BorrowerBorrowers, any Lender, the Collateral Administrator, the Collateral Custodian, or the Securities Intermediary, accountants, agents and counsel of any of the foregoing for fees and expenses or any other -3- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Person in respect of any other fees, expenses, or other payments (including indemnification payments). "Administrative Questionnaire": An administrative questionnaire in a form supplied by the Administrative Agent. "Advance": Each funding by the Lenders (including the Swingline Lender) hereunder (including each Loan Advance, each Swingline Advance and each advance made for the purpose of funding the Unfunded Exposure Account pursuant to Section 2.2(f)). The application of amounts on deposit in the Unfunded Exposure Account to fund a Revolving Loan or Delayed Draw Loan in accordance with Section 2.9(e) shall not be considered an "Advance". "Advance Date": With respect to any Advance, the date on which such Advance is made. "Advance Rate": As follows: (a) with respect to First Lien Loans for which the applicable Obligor has EBITDA less than $10,000,000, sixty percent (60.00%); (b) with respect to First Lien Loans for which the applicable Obligor has EBITDA greater than or equal to $10,000,000 but less than $50,000,000, seventy percent (70.00%); (c) subject to the following clause (d), with respect to First Lien Loans for which the applicable Obligor has EBITDA greater than or equal to $50,000,000, seventy-two percent (72.00%); (d) with respect to First Lien Loans for which the applicable Obligor (x) has EBITDA greater than or equal to $50,000,000 and (y) has a Specified Rating, seventy five percent (75.00%); (e) with respect to First Lien Last Out Loans, forty-five percent (45.00%); (f) with respect to Second Lien Loans, twenty-five percent (25.00%); and (g) with respect to Recurring Revenue Loans, sixty percent (60.00%). "Advances Outstanding": On any day, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day. "Affiliate": With respect to a Person, means any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, or is a director or officer of such Person; provided that for purposes of determining whether any Loan is an Eligible Loan or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship among Obligors which may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For the avoidance of doubt, for the -4- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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purposes of determining whether an Obligor is an Affiliate of any Loan Party, the term Affiliate shall still include any Affiliate relationship which may exist as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For purposes of this definition, "control," when used with respect to any specified Person means the possession, directly or indirectly, of the power to vote 20.00% or more of the voting securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing, with respect to the BorrowerBorrowers, the Collateral Manager and the Transferor, the term "Affiliate" shall not include any investor in the Transferor unless such Person is an Impacted Affiliate. "Aggregate Unfunded Exposure Amount": On any date of determination, the sum of the Unfunded Exposure Amounts of all Loans included in the Collateral. "Aggregate Unfunded Exposure Equity Amount": On any date of determination, the sum of the Unfunded Exposure Equity Amounts of all Loans included in the Collateral. "Agreed-Upon Procedures Report": The meaning specified in Section 5.1(t)(v). "Agreement": The meaning specified in the Preamble. "Ally Bank": The meaning specified in the Preamble. "Amended Assigned Value": With respect to a Loan, the value of such Loan as determined by the Administrative Agent pursuant to clause (a)(iii) of the definition of Assigned Value. "Anti-Corruption Laws": The Applicable Law in any jurisdiction that relates to anti-bribery or anti-corruption laws, regulations or ordinances, including the U.S. Foreign Corrupt Practices Act of 1977, as amended; and the U.K. Bribery Act 2010, as amended. "Anti-Money Laundering Laws": The Applicable Law in any jurisdiction that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. "Applicable Collateral Value": With respect to (a) Eligible Loans (other than Recurring Revenue Loans) relating to (i) Tier 3 Obligors, eighty-five percent (85.00%), (ii) Tier 2 Obligors, ninety-two and one-half percent (92.50%), and (iii) Tier 1 Obligors, one hundred percent (100.00%), and (b) Recurring Revenue Loans, eighty-five percent (85.00%). "Applicable Law": For any Person or property of such Person, all existing and future laws, rules, regulations, statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority which are applicable to such Person or property of such Person (including, without limitation, predatory and abusive lending laws; laws, rules and regulations relating to licensing, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy; usury laws; truth in lending laws (including the Federal Truth in Lending Act); and Regulation Z and Regulation B of the -5- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Board of Governors of the Federal Reserve System), and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction which are applicable to such Person or property of such Person. "Applicable Leverage Ratio" means (a) with respect to First Lien Loans, the Obligor Net Senior Leverage Ratio of the applicable Obligor, (b) with respect to First Lien Last Out Loans and Second Lien Loans, Obligor Net Total Leverage Ratio of the applicable Obligor, and (c) with respect to Recurring Revenue Loans, the Debt-to-Recurring Revenue Ratio of the applicable Obligor. "Applicable Spread": The meaning specified in the Pricing Side Letter. "Approved Foreign Country": Canada. "Approved Foreign Currency": CAD, EUR and GBP. "Approved Fund": Any fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. "Approved Valuation Firm": Each of (i) Houlihan Lokey Howard & Zukin, (ii) Lincoln International LLC (f/k/a Lincoln Partners LLC), (iii) Duff & Phelps Corp., (iv) Valuation Research Corporation, (v) FTI Consulting, Inc., (vi) PricewaterhouseCoopers LLP and (vii) any other nationally recognized accounting firm or valuation firm approved by the Administrative Agent in its reasonable discretion; provided that, upon the announcement by any Governmental Authority of an action, suit, proceeding, inquiry or investigation with respect to any of the foregoing Persons, the Administrative Agent may, in its commercially reasonable discretion, deem such Person to no longer be an "Approved Valuation Firm". "Assigned Value": (a) With respect to each Loan, as of any Measurement Date, the Assigned Value of such Loan shall be the least of (i) the Purchase Price, (ii) the Applicable Collateral Value and (iii) if a Value Adjustment Event with respect to a Loan has occurred and is in effect, an amended value determined by the Administrative Agent in its sole discretion following the occurrence of the relevant Value Adjustment Event; provided, that with respect to a Value Adjustment Event pursuant to clauses (b), (d) (as a result of clause (a) or (b) (if with respect to clause (b), then solely with respect to any due date for payment of principal (other than an extension of the maturity date)) of the definition of "Material Modification"), or (e) of the definition of "Value Adjustment Event", in each case, the Assigned Value of such Loan shall be zero; provided, further, that upon the occurrence of a Value Adjustment Event pursuant to clause (f) of the definition thereof, the Assigned Value of such Loan shall be automatically and immediately reduced to an amount equal to (x) the least of the Assigned Value for such Loan determined pursuant to clause (i), (ii) or (iii) above minus (y) fifteen (15) percentage points, and such reduced Assigned Value shall be automatically further -6- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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reduced by fifteen (15) percentage points for each thirty (30) calendar day period following the occurrence of such Value Adjustment Event during which the financial statements or related reports remain outstanding (provided, that if a Value Adjustment Event as a result of clause (h) of the definition of "Material Modification" has occurred with respect to the applicable Obligor Financial Statements prior to the occurrence of such Value Adjustment Event pursuant to clause (f) of the definition thereof, the foregoing automatic reductions in the Assigned Value may be waived or postponed by the Administrative Agent in its sole discretion); provided further that, the Administrative Agent may, in its sole discretion, reevaluate the Amended Assigned Value of any Loan whose Assigned Value was decreased due to the occurrence of a Value Adjustment Event, and the Administrative Agent may, in its sole discretion, assign a new greater Amended Assigned Value to such Loan. The Amended Assigned Value of each Loan shall be communicated by the Administrative Agent to the BorrowerBorrowers and the Collateral Manager pursuant to an Assigned Value Notice. Except as expressly set forth above, any Amended Assigned Value determined by the Administrative Agent in its sole discretion shall be effective when so communicated. (b) Notwithstanding the foregoing, if (A) the Administrative Agent determines the Amended Assigned Value of a Loan subsequent to a Credit Quality Deterioration Event and (B) the product of such Amended Assigned Value multiplied by the Applicable Leverage Ratio of such Loan at the time of such determination is less than the product of the initial Assigned Value of such Loan multiplied by the Applicable Leverage Ratio of such Loan at the time such Loan was first included as part of the Collateral, then the applicable Borrower may (at its expense) retain any Approved Valuation Firm to determine the Dispute Right Assigned Value of such Loan and the Dispute Right Assigned Value (expressed as a percentage of par) determined by such firm shall become the Assigned Value of such Loan; provided, that the Assigned Value of such Loan shall be the Amended Assigned Value (expressed as a percentage of par) assigned by the Administrative Agent until such Approved Valuation Firm has determined its value; provided, further, that in no event shall such new Assigned Value exceed the Assigned Value determined pursuant to clause (a)(i) or (a)(ii) above of such Loan on the date of its acquisition by the applicable Borrower; provided, further, that (i) the BorrowerBorrowers, collectively, may only have a Dispute Right Assigned Value determined for any given Loan one (1) time during the term of this Agreement and (ii) the aggregate number of Loans for which the BorrowerBorrowers, collectively, may have a Dispute Right Assigned Value determined in any trailing twelve (12) month period shall not exceed the lesser of (x) eight (8) and (y) the product of 0.20 times the aggregate number of Eligible Loans at such time. The value determined by such firm shall take into account any credit deterioration or underperformance specifically related to such Loan. Any report provided to the Administrative Agent by an Approved Valuation Firm pursuant to this clause (b), which report is thereafter relied on to establish the Assigned Value of an Eligible Loan, shall be furnished to the Lenders by the Administrative Agent reasonably promptly after such Assigned Value is established. (c) For the avoidance of doubt, the Assigned Value of any Loan that is not an Eligible Loan shall be zero. -7- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(d) Notwithstanding the foregoing, if another portion of the credit facility of which any Loan is a part is financed by one or more additional credit facilities provided or agented by Ally Bank (or an Affiliate thereof) to an Affiliate of any Loan Party, the lowest applicable "Assigned Value" provided by Ally Bank under any such facility shall be the Assigned Value of such Loan hereunder, it being understood and agreed that a successful dispute of the "Assigned Value" under any such additional credit facility shall be deemed to be a successful dispute of the Assigned Value of such Loan hereunder and shall reduce the number of available disputes hereunder both with respect to such Loan and with respect to all Loans by one (1). "Assigned Value Notice": A written notice (which may be in the form of an e-mail) delivered by the Administrative Agent to the BorrowerBorrowers and the Collateral Manager, specifying the value of a Loan determined in accordance with the terms of the definition of "Assigned Value" in this Section 1.1. "Assignment and Assumption": An assignment and assumption agreement in the form of Exhibit K to this Agreement (appropriately completed) delivered in connection with an assignment by any Lender pursuant to Section 12.16. "Availability": As of any Measurement Date, an amount equal to the least of (a) the Facility Amount; (b)(i) the product of (A) the Borrowing Base as of such date multiplied by (B) the Weighted Average Advance Rate, minus (ii) the amount of the Aggregate Unfunded Exposure Equity Amount that is not then on deposit in the Unfunded Exposure Account plus (iii) the Dollar Equivalent of the amount of Principal Collections on deposit in the Principal Collection Account as of such date; and (c)(i) the aggregate Adjusted Borrowing Value of all Eligible Loans as of such date minus, (ii) the Minimum Credit Enhancement Amount minus (iii) the amount of the Aggregate Unfunded Exposure Equity Amount that is not then on deposit in the Unfunded Exposure Account plus (iv) the Dollar Equivalent of the amount of Principal Collections on deposit in the Principal Collection Account as of such date. "Available Capital": The sum of (i) Unrestricted Cash and cash equivalents of Willow Tree Corporation and the BorrowerBorrowers, (ii) any amounts available to be drawn under revolving lines of Willow Tree Corporation or the BorrowerBorrowers (including any undrawn Availability) and (iii) available capital commitments from subscribers or shareholders of Willow Tree Corporation to fund capital calls that have not been called and remain outstanding (net of any capital call or subscription line borrowings). "Available Funds": With respect to any Payment Date, all amounts on deposit in the Collection Account which were due on or prior to the most recent Determination Date, and actually received by the date of the applicable Payment Date Report. "Available Tenor": As of any date of determination and with respect to the then current Benchmark, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement, as of such date and not including, for the avoidance -8- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (d) of Section 12.18. "Bankruptcy Code": The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time. "Base Rate": On any date, a fluctuating per annum interest rate equal to the highest of (a) the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent), (b) the Federal Funds Rate plus 0.50% and (c) zero. "Benchmark": Initially, at the option of the BorrowerBorrowers: (i) Daily Simple SOFR; or (ii) with respect to any Interest Period, the alternative set forth below that is selected by the BorrowerBorrowers with written notice to the Administrative Agent (with a copy to the Collateral Custodian) no less than three (3) U.S. Government Securities Business Days prior to such Interest Period: (a) Term SOFR for an Available Tenor of one-month's duration; or (b) Term SOFR for an Available Tenor of three-month's duration; provided that (x) if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to either (but not both) of Term SOFR or Daily Simple SOFR, then "Benchmark" shall mean the alternative set forth above for which the Benchmark Transition Event and the related Benchmark Replacement Date have not occurred, and (y) if a Benchmark Transition Event has occurred with respect to both Term SOFR and Daily Simple SOFR or the then-current Benchmark, then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 12.18. The Benchmark for each Swingline Advance shall be Daily Simple SOFR. "Benchmark Replacement": For any Available Tenor, with respect to any Benchmark Transition Event, the sum of: (i) the alternate benchmark rate that has been mutually selected by the Administrative Agent and the BorrowerBorrowers giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents. "Benchmark Replacement Adjustment": With respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been mutually selected by the Administrative Agent and the BorrowerBorrowers for the applicable tenor giving due consideration to (a) any -9- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities. "Benchmark Replacement Conforming Changes": With respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Accrual Period," the definition of "Base Rate," the definition of "Business Day," the definition of "Interest Period," the definition of "U.S. Government Securities Business Day," timing and frequency of determining rates, timing (but not frequency) of making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents). "Benchmark Replacement Date": The earliest to occur of the following events with respect to the then-current Benchmark: (1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof); or (2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. -10- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) if such Benchmark is a term rate, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). "Benchmark Transition Event": The occurrence of one or more of the following events with respect to the then-current Benchmark: (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); (2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. For the avoidance of doubt, if such Benchmark is a term rate, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public -11- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). "Benchmark Transition Start Date": In the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication). "Benchmark Unavailability Period": The period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 12.18 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 12.18. Notwithstanding the foregoing, for so long as the "Benchmark" is determined by reference to Term SOFR or Daily Simple SOFR, no Benchmark Unavailability Period shall be deemed to have occurred until the Benchmark Replacement Date shall have occurred with respect to each such benchmark rate. "Beneficial Ownership Certification": A certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association. "Beneficial Ownership Regulation": 31 C.F.R. § 1010.230. "BHC Act Affiliate": The meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "Borrower": The meaning specified in the Preamble. "Borrower Interest Collections": With respect to the BorrowerBorrowers, as of any date, an amount equal to the Dollar Equivalent of the aggregate amount of interest and fees received in the Collection Accounts with respect to the Loans for the preceding four (4) consecutive Accrual Periods, provided, that with respect to any time period for which four (4) consecutive Accrual Periods of such amounts are not available, Borrower Interest Collections shall be determined based on annualizing such amounts as are available for the BorrowerBorrowers. "Borrower Interest Expense": With respect to the BorrowerBorrowers, as of any date, an amount equal to the Dollar Equivalent of the amount of the aggregate amount payable (whether or not actually paid) in interest and Non-Usage Fees pursuant to Section 2.7 during the preceding four (4) consecutive Accrual Periods, provided, that with respect to any time period -12- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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for which four (4) consecutive Accrual Periods of such amounts are not available, Borrower Interest Expense shall be determined based on annualizing such amounts as are available for the BorrowerBorrowers. "Borrower Order": A written order, request or direction (which may be a standing order, request or direction) dated and signed in the name of theany Borrower or by an Authorized Officer of theany Borrower, or by the Collateral Manager by an Authorized Officer thereof, on behalf of theany Borrower. "Borrower'sBorrowers' Notice": Any (a) Funding Notice or (b) Reinvestment Notice. "Borrowing Base": As of any Measurement Date, an amount equal to the difference of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans as of such date minus (ii) an amount equal to the Excess Concentration Amount as of such date; provided that any Loan which at any time is no longer an Eligible Loan shall not be included in the calculation of "Borrowing Base" until such time as the Borrower deliversBorrowers deliver the notice required pursuant to Section 5.1(o)(vi)(7) with respect thereto. "Borrowing Base Certificate": A certificate setting forth the calculation of the Borrowing Base and the Availability as of each Measurement Date, in the form of Exhibit A-4, prepared by the Collateral Manager. "Borrowing Base Deficiency": The amount by which, on any date of determination, (a) the Advances Outstanding exceed (b) Availability. "Breakage Costs": With respect to any Lender and to the extent requested by such Lender in writing (which writing shall set forth in reasonable detail the basis for requesting any such amounts), any amount or amounts as shall compensate such Lender for any loss (excluding loss of anticipated profits), cost or expense actually incurred by such Lender as a result of the liquidation or re-employment of deposits or other funds required by the Lender if any payment by the BorrowerBorrowers of Advances Outstanding or Interest occurs on a date other than a Payment Date, provided, that the Breakage Costs in respect of any such payment by the BorrowerBorrowers on any Payment Date shall be deemed to be zero. All Breakage Costs shall be due and payable hereunder on each Payment Date in accordance with Section 2.7 and Section 2.8. The determination by the applicable Lender of the amount of any such loss, cost or expense shall be made in good faith (and not on an arbitrary or capricious basis) and such determination shall be conclusive absent demonstrable error. "Business Day": Any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the State of New York. "California Borrower Sale Agreement": The Sale and Contribution Agreement, dated as of the Second Amendment Effective Date, between Capital Fund SPV and the California Borrower, as amended, modified, waived, supplemented, restated or replaced from time to time. -13- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Capital Fund Sale Agreement": The Third Amended and Restated Sale and Contribution Agreement, dated as of the Second Amendment Effective Date, between the Transferor and Capital Fund SPV, as amended, modified, waived, supplemented, restated or replaced from time to time. "Capital Stock": Any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all similar ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. "Cash": Cash or legal currency of the United States or an Approved Foreign Currency as at the time shall be legal tender for payment of all public and private debts in the applicable jurisdiction. "Certificated Security": The meaning specified in Section 8-102(a)(4) of the UCC. "Change of Control": The occurrence of any of the following events: (1) [reserved]; (2) the Investment Advisor or a Permitted Affiliate thereof ceases to be the investment advisor of the Collateral Manager; (3) Willow Tree Corporation ceases to own and control, of record and beneficially, directly or indirectly, 100.00% of the equity interests of theCapital Fund SPV free and clear of all Liens other than Permitted Liens and Liens approved in writing by the Administrative Agent and the Required Lenders in their sole discretion; (4) Capital Fund SPV ceases to own and control, of record and beneficially, directly, 100.00% of the equity interests of the California Borrower free and clear of all Liens other than Permitted Liens and Liens approved in writing by the Administrative Agent and the Required Lenders in their sole discretion; or (45) Collateral Manager or a Permitted Affiliate thereof ceases to be the collateral manager of the BorrowerBorrowers and, in each case, has not been replaced by any Person approved by the Required Lenders in their sole discretion. "Clearing Agency": An organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act. "Clearing Corporation": The meaning specified in Section 8-102(a)(5) of the UCC. "Code": The Internal Revenue Code of 1986, as amended from time to time. "Collateral": The meaning specified in Section 8.1(a). "Collateral Account": Collectively, each Securities Account (or set of Securities Accounts) and its related Deposit Account (or set of Deposit Accounts) created and maintained on the books and records of the Securities Intermediary (or any other party acceptable to the Administrative Agent in its sole discretion) entitled "Collateral Account" in the name of theany Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties. -14- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Collateral Administration Agreement": Collectively, (a) the Collateral Administration Agreement, dated as of the Onshore Effective Date, among the Onshore BorrowerCapital Fund SPV, the Onshore Collateral Manager and State Street Bank and Trust Company, as the collateral administrator, and (b) the Collateral Administration Agreement, dated as of the Offshore Effective Date, among the Offshore Borrower, the Offshore Collateral Manager and State Street Bank and Trust Company, as the collateral administrator, as either of the same may be amended, modified, waived, supplemented or restated from time to time. "Collateral Administrator": State Street Bank and Trust Company, not in its individual capacity, but solely as Collateral Administrator. "Collateral Custodian": State Street Bank and Trust Company, not in its individual capacity, but solely as Collateral Custodian, its successor in interest pursuant to Section 7.3 or such Person as shall have been appointed Collateral Custodian pursuant to Section 7.5. "Collateral Custodian Fee": The fees, expenses and indemnities set forth as such in the Collateral Custodian Fee Letter and as provided for in this Agreement or any other Transaction Document. Notwithstanding any other provision of this Agreement or the Collateral Custodian Fee Letter, the Collateral Custodian and the Collateral Administrator agree that the aggregate amount of expenses and indemnity payments included in the Collateral Custodian Fee payable pursuant to Sections 2.7(a)(2), 2.7(b)(1) and 2.8(2) shall be not greater than $87,500 during any rolling 12-month period. "Collateral Custodian Fee Letter": The fee letter dated as of the Onshore Effective Date, among the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, the BorrowerCapital Fund SPV and the Collateral Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. "Collateral Custodian Termination Notice": The meaning specified in Section 7.5. "Collateral Manager": Initially, Willow Tree Corporation, as collateral manager, acting solely pursuant to the terms of this Agreement or any other Person becoming Collateral Manager pursuant to the terms of this Agreement. "Collateral Manager Governing Documents": Each of (a) the Articles of Amendment and Restatement of Willow Tree Corporation as in effect on the date hereof, as the same may be amended, restated, modified or supplemented from time to time, and (b) the Bylaws of Willow Tree Corporation as in effect on the date hereof, as the same may be amended, restated, modified or supplemented from time to time. "Collateral Manager Termination Event": The occurrence of any one of the following: (a) any failure by the Collateral Manager to make any payment, transfer or deposit into the Collection Account as required by this Agreement, which failure -15- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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continues unremedied for a period of three (3) Business Days after the Collateral Manager receives written notice or has actual knowledge of such failure; (b) any failure on the part of the Collateral Manager duly to observe or perform in any material respect any material covenants or agreements of the Collateral Manager set forth in any Transaction Document to which the Collateral Manager is a party (including any material delegation of the Collateral Manager's duties in contravention of the terms hereof) and the same continues unremedied, to the extent capable of being cured, for a period of ten (10) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure shall have been given to the Collateral Manager and (ii) the date on which the Collateral Manager acquires knowledge thereof; (c) the failure of the Collateral Manager to make any payment when due (after giving effect to any related grace period) with respect to any recourse debt or other obligations for borrowed money, which debt or other obligations are in excess of the Threshold in the aggregate, and such amounts remain unpaid for five (5) Business Days after the occurrence of such failure to pay, unless such failure is waived pursuant to the related agreement, or the occurrence of any event or condition that has resulted in the acceleration of such recourse debt or other obligations for borrowed money, whether or not waived; (d) an Insolvency Event shall occur with respect to the Collateral Manager; (e) the occurrence of an Event of Default; provided, for the avoidance of doubt, that no "Collateral Manager Termination Event" shall be deemed to have occurred under this clause (e) with respect to any Event of Default which has been duly waived by the Administrative Agent and the Required Lenders pursuant to Section 12.1; (f) the occurrence of any Change of Control; (g) any failure by the Collateral Manager to deliver any Required Reports hereunder on or before the date occurring two (2) Business Days (or, except with respect to any Payment Date Report, such later date as agreed to by the Administrative Agent in its sole discretion) after the date such report is required to be made or given, as the case may be, under the terms of this Agreement; (h) any representation, warranty or certification made by the Collateral Manager in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect when made, which has a Material Adverse Effect and the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Collateral Manager and (ii) the date on which the Collateral Manager acquires knowledge thereof; -16- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(i) the rendering against the Collateral Manager of one or more final judgments, decrees or orders for the payment of money in excess of the Threshold in aggregate (in each case net of amounts covered by insurance for which the related insurer has not denied coverage), and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than thirty (30) consecutive days without a stay of execution; (j) the Collateral Manager Governing Documents shall fail to be in full force and effect or shall have been amended in a manner that materially and adversely effects the interests of the Administrative Agent and the Lenders, as determined in the reasonable judgement of the Collateral Manager, without the prior written consent of the Administrative Agent; (k) any Transaction Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Collateral Manager, or the Collateral Manager shall contest any Transaction Document or associated lien in any manner, or any lien under the Transaction Documents shall cease to be a first priority perfected security interest of the Administrative Agent (except in accordance with its terms or solely and directly as a result of any act or omission of the Administrative Agent, the Replacement Collateral Manager or the Collateral Custodian and subject to Permitted Liens); (l) the Collateral Manager shall become required to register as an "investment company" within the meaning of the 1940 Act and is not so registered; it being acknowledged that the Willow Tree Corporation will elect to be regulated as a "business development company" for purposes of the Investment Company Act; (m) [reserved]; (n) [reserved]; (o) a failure of the Investment Advisor, together with Willow Tree Credit Partners LP, to collectively maintain at least $1,000,000,000 of assets under management (measured on the last day of any fiscal quarter of the Investment Advisor and measured, for the purposes of this Agreement, to include all assets of the Collateral Manager and the BorrowerBorrowers (including all direct and indirect equity commitments to the Collateral Manager) and all assets of any other Person or any separately managed account (including all direct and indirect equity commitments to such Person or account) for which the Investment Advisor or Willow Tree Credit Partners LP acts as the investment advisor or manager); or (p) any of the following events occur with respect to the Collateral Manager: (i) a finding by any court or governmental body of competent jurisdiction in a final, non-appealable judgment, or an admission by the Collateral Manager in a settlement of any lawsuit, that it has committed fraud, willful -17- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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misconduct, or a material violation of applicable securities laws, in each case which has a material adverse effect on the business of the Collateral Manager or the ability of the Collateral Manager to perform its duties under the Transaction Documents to which it is a party; or (ii) a conviction of, or plea of guilty or nolo contendere by a director or any senior officer of the Collateral Manager in respect of a felony in connection with any activity of any Loan Party or any of its Subsidiaries or Affiliates, and such director or senior officer is not terminated by Collateral Manager within five (5) Business Days of the date of such conviction. "Collateral Manager Termination Notice": The meaning specified in Section 6.11. "Collection Account": Collectively, the General Collection Account, the Interest Collection Account and the Principal Collection Account. "Collections": (a) All cash collections and other cash proceeds of any Loan, including, without limitation or duplication, any Proceeds, any Interest Collections, Principal Collections, amendment fees, late fees, prepayment fees, waiver fees, settlement payments, re-financing amounts, rent, like-kind payments, recoveries, guaranty payments or other amounts received in respect thereof, and cash proceeds or other funds received by thea Borrower or the Collateral Manager with respect to any Underlying Assets (including from any guarantors) (but excluding, in each case, (i) any Excluded Amounts and (ii) any amounts received by thea Borrower from an Obligor following the sale of the related Loan by thesuch Borrower pursuant to Section 2.14 which thesuch Borrower is required to pay to the purchaser of such Loan) and (b) interest earnings on Permitted Investments or otherwise in any Account; provided that, for the avoidance of doubt, "Collections" shall not include (x) amounts on deposit in the Unfunded Exposure Account which do not represent proceeds of Permitted Investments, (y) amounts deposited by the Collateral Manager in the Operating Account and (z) the proceeds of Loan Advances deposited in the Operating Account (unless otherwise designated as Principal Collections in accordance with Section 2.6(i)). "Commitment": With respect to each Lender, the commitment of such Lender to make Loan Advances in accordance herewith in an aggregate amount not to exceed (a) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the Dollar amount set forth opposite such Lender's name on Annex B hereto or the amount set forth as such Lender's "Commitment" on Schedule I to the Joinder Supplement relating to such Lender, as applicable, as such amounts may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement, and (b) on or after the earliest to occur of the Revolving Period End Date, the Termination Date or the termination of the Commitment of such Lender, zero. "Contractual Obligation": With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or to which either is subject. -18- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Corporate Trust Office": The applicable designated corporate trust office of the Collateral Custodian and the Collateral Administrator specified on Annex A hereto or such other address within the United States as the Collateral Custodian and the Collateral Administrator may designate from time to time by notice to the Administrative Agent. "Cov-Lite Loan": A Loan that (i) does not require the applicable Obligor to maintain compliance with at least one Financial Covenant during each reporting period applicable to such Loan and (ii) is not cross-defaulted to other debt or other obligations of the Obligor that is pari passu or senior to such Loan that requires the applicable Obligor to maintain compliance with at least one Financial Covenant during each reporting period; provided that a Financial Covenant that is not tested or in effect under the underlying loan agreement for a specified period of time after the loan is originated (but, in any event, no more than two (2) full fiscal quarters after the loan is originated), shall be treated as if compliance were required during each reporting period for the purposes of this definition. "Covenant Compliance Period": The period beginning on the Effective Date and ending on the date on which the Commitments have been terminated and the Obligations have been paid in full. "Covered Party": Any Secured Party that is one of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R. Part 47 applies in accordance with 12 C.F.R. §47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b). "Credit Quality Deterioration Event": (a) With respect to any Loan that is not a Recurring Revenue Loan, (i) the Obligor Interest Coverage Ratio for any period of determination with respect to such Eligible Loan (a) declines to eighty percent (80.00%) of the applicable Original Obligor Interest Coverage Ratio, and (b) is less than 1.50 to 1.00, (ii) with respect to any First Lien Loan or First Lien Last Out Loan, the Obligor Net Senior Leverage Ratio for any period of determination (x) increases by 0.75 times as compared to the applicable Original Obligor Net Senior Leverage Ratio, and (y) is greater than 4.00 to 1.00 or (iii) with respect to any Second Lien Loan, the Obligor Net Total Leverage Ratio for any period of determination (x) increases by 0.75 times as compared to the applicable Original Obligor Net Total Leverage Ratio, and (y) is greater than 4.00 to 1.00; and (b) with respect to any Recurring Revenue Loan, (i) the Obligor Interest Coverage Ratio (RRL) for any period of determination with respect to such Recurring Revenue Loan declines to eighty-five percent (85.00%) of the applicable Original Obligor Interest Coverage Ratio (RRL), or (ii) the Debt-to-Recurring Revenue Ratio for any test period with respect to such Recurring Revenue Loan on any date reported under the Underlying Instrument increases by more than fifteen percent (15.0%) from the Debt-to-Recurring Revenue Ratio as of the date such Loan (i) was first included as part -19- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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of the Collateral or (ii) if applicable, was most recently assigned a new Assigned Value by the Administrative Agent pursuant to clause (a)(iii) of the definition of Assigned Value after the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value Notice with respect to such Loan. "Currency": Dollars or an Approved Foreign Currency. "Custody Facilities": The designated custody office of the Collateral Custodian, which on the Effective Date is listed on Annex A or such other address within the United States as the Collateral Custodian may designate from time to time by notice to the Administrative Agent, the BorrowerBorrowers and the Collateral Manager. "Daily Simple SOFR": For any day (a "SOFR Rate Day"), a rate per annum equal to the greater of (a) SOFR for the day (such day, the "SOFR Determination Day") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website and (b) the Floor. If by 5:00 pm on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Day, the SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then the SOFR for such SOFR Determination Day will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the BorrowerBorrowers. "Debt-to-Recurring Revenue Ratio": With respect to any Recurring Revenue Loan for any Relevant Test Period, either (a) the meaning of "Debt-to-Recurring Revenue Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Debt-to-Recurring Revenue Ratio" or comparable definition, "total indebtedness" (as defined in the Underlying Instruments or comparable definition thereof, including such Eligible Loan) of the applicable Obligor divided by Recurring Revenue, as calculated by the Collateral Manager using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the related Underlying Instruments; provided that, in the event such information necessary to calculate the Debt-to-Recurring Revenue Ratio is unavailable, the Debt-to-Recurring Revenue Ratio shall be a ratio calculated by the Collateral Manager in a commercially reasonable manner. "Default": Any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default. -20- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Default Right": The meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "Defaulted Loan": Any Loan with respect to which any of the following events have occurred and is continuing with respect to such Loan or the related Obligor (as applicable): (a) a default in respect of any payment of principal, interest or commitment or non-use fees under such Loan (after giving effect to all applicable cure periods, but in no event longer than five (5) Business Days); (b) the occurrence of an Insolvency Event with respect to the related Obligor (except in the case obligations with respect to a DIP Loan); (c) any determination by the Collateral Manager or the Administrative Agent (in its commercially reasonable discretion) that such Loan is on non-accrual, is written off or is charged off, in each case, in accordance with the Servicing Standard of the Collateral Manager; (d) a default under such Loan (other than a default described in clause (a) above), together with the election by any agent or requisite number of lenders (including the BorrowerBorrowers) required to take any such action to (i) accelerate the Loan or (ii) commence to enforce any of their other rights or remedies pursuant to the applicable Underlying Instruments; (e) any portion of such Loan has been waived or forgiven; or (f) events described in clause (a), (d) or (e) of the definition of "Material Modification" unless otherwise consented to in writing by the Administrative Agent in its sole discretion. "Defaulting Lender": Any Lender that (i) has failed to fund (x) any portion of the Advances required to be funded by it hereunder or (y) a refinancing of Swingline Advances, in either case, within two (2) Business Days of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the BorrowerBorrowers, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit, or (iv) has become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. "Delayed Draw Loan": A Loan that (i) requires one or more future advances to be made to the Obligor, (ii) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates and (iii) does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that such loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation. "Deposit Account": The meaning specified in Section 9-102 of the UCC. "Determination Date": The last calendar day of each March, June, September and December, with the first Determination Date occurring on December 31, 2024. -21- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"DIP Loan": Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding). "Discretionary Sale": The meaning specified in Section 2.14(c). "Dispute Right Assigned Value": With respect to a Loan, the Assigned Value determined by an Approved Valuation Firm pursuant to clause (b) of the definition of Assigned Value. "Disqualified Person": Those Persons identified on Schedule VI, as such Schedule may be amended by the BorrowerBorrowers from time to time with the approval of the Required Lenders in their sole discretion. "Dollar Equivalent": On any date of determination, with respect to an amount denominated in an Approved Foreign Currency, the amount of Dollars that would be required to purchase such amount of such Approved Foreign Currency based upon the spot selling rate at which an Approved Foreign Currency may be exchanged for Dollars on the FXC GO screen of the Bloomberg Financial Markets System at approximately 4:00 p.m. on such determinate date or, otherwise, at the end of the immediately preceding Business Day. The Administrative Agent and the Collateral Custodian shall not have any responsibility for any calculation of a Dollar Equivalent amount made by the Collateral Manager. For avoidance of doubt, the Collateral Custodian shall not have any responsibility to calculate any Dollar Equivalent amount pursuant to this Agreement. "Dollars": Means, and the conventional "$" signifies, the lawful currency of the United States. "EBITDA": With respect to the last four (4) fiscal quarters with respect to the related Loan: (1) the meaning of "EBITDA", "Adjusted EBITDA" or any comparable definition in the Underlying Instruments for each such Loan; and (2) in any case that "EBITDA", "Adjusted EBITDA" or such comparable definition is not defined in such Underlying Instruments, an amount, for the Obligor on such Loan and any parent that is obligated pursuant to the Underlying Instruments for such Loan (and including the below amounts for such four (4) fiscal quarters period for any Person acquired by or merged with such Obligor) (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus (to the extent deducted in determining earnings from continuing operations for such period) (a) interest expense, (b) income taxes, (c) depreciation and amortization, (d) EBITDA related to the periods prior to an add-on acquisition or add-on acquisition under letter of intent for such Obligor, (e) other -22- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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non-cash charges and organization costs, (f) extraordinary losses in accordance with GAAP, (g) one-time, non-recurring or non-cash charges consistent with the applicable compliance statements and financial reporting packages provided by such Obligor, (h) change in deferred revenue, and (i) any other item the applicable Borrower and the Administrative Agent mutually deem to be appropriate; provided that, the aggregate amount to be added back to the earnings of an Obligor (A) pursuant to clauses (2)(d) through 2(i) of this definition or (B) pursuant to adjustments to "reported EBITDA" or other term meaning non-adjusted EBITDA in the case of clause (1) for any period of calculation for any Obligor shall not exceed the EBITDA Add-Back Cap applicable to such Obligor; provided further that, at the request of the applicable Borrower, the Administrative Agent may, in its reasonable discretion, approve add-backs to an Obligor's net income in excess of the EBITDA Add-Back Cap applicable to such Obligor; provided further that the EBITDA Add-Back Cap shall not apply for Recurring Revenue Loans; provided further that with respect to any Obligor for which twelve months of economic data are not available, EBITDA shall be determined for such Obligor based on annualizing the economic data from the reporting periods actually available. "EBITDA Add-Back Cap": With respect to any calculation of EBITDA for any Loan, other than a Recurring Revenue Loan, for which the Obligor on such Loan does not have EBITDA equal to or greater than $50,000,000 and a Specified Rating, a percentage for the Obligor on such Loan, computed without giving effect to any add-backs in clauses 2(d) through 2(i) (or adjustments to "reported EBITDA" or other term meaning non-adjusted EBITDA in the case of clause (1)) of the definition of "EBITDA" herein, equal to thirty-five percent (35.0%) of non-adjusted EBITDA. "Effective Date": November 8, 2024. "Eligible Loan": Each Loan (i) for which the Administrative Agent has received the items set forth in Section 3.2(a) or 3.2(b), as applicable; and (ii) that satisfies each of the following eligibility requirements (unless, notwithstanding any limitation or requirement contained in Section 12.1, the Administrative Agent agrees to waive any such eligibility requirement with respect to such Loan in its sole discretion): (a) such Loan is a First Lien Loan, First Lien Last Out Loan, Second Lien Loan or Recurring Revenue Loan; (b) such Loan and the Underlying Instruments related thereto, are eligible to be sold, assigned or transferred to thea Borrower, the rights to service, administer and enforce the rights and remedies in respect of such Loan under the applicable Underlying Instruments inure to the benefit of the holder of such Loan or its designee (subject to the rights of any applicable agent), and neither the sale, transfer or assignment of such Loan to thesuch Borrower, nor the granting of a security interest hereunder to the Administrative Agent, violates, conflicts with or contravenes any Applicable Law or any contractual or other restriction, limitation or encumbrance; -23- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(c) such Loan is payable in Dollars or an Approved Foreign Currency and does not permit the currency in which such Loan is payable to be changed; provided that no Loan that is payable in an Approved Foreign Currency shall satisfy the requirement set forth in this clause (c) until (x) the Securities Intermediary shall have established a General Collection Account, a Principal Collection Account, an Interest Collection Account and an Unfunded Exposure Account, in each case, for the purposes of maintaining funds in the applicable Approved Foreign Currency, (y) each such Account is subject to thean Account Control Agreement and (z) the Administrative Agent is otherwise reasonably satisfied that each of the representations applicable to Accounts set forth in Section 4.1(m) is true and correct with respect each such Account; (d) the Obligor with respect to such Loan is an Eligible Obligor; (e) such Loan (A) is not an Equity Security or a component of an Equity Security and (B) does not provide for the conversion or exchange into an Equity Security at any time on or after the date it is included as part of the Collateral; (f) as of the date such Loan is first included as part of the Collateral, such Loan is not subject to an offer of exchange, redemption, conversion or tender by its Obligor, or by any other Person, for cash, equity securities or any other type of consideration (other than a notice of prepayment in accordance with the terms of the Underlying Instruments); (g) the Underlying Instruments with respect to such Loan provide that no part of the proceeds of such Loan or any other extension of credit made thereunder will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock; (h) such Loan, and any payment made with respect to such Loan, is not subject to any withholding Tax unless (i) the Obligor thereon is required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding Tax on an after-Tax basis, or (ii) the amount of any such withholding Tax has been disclosed in writing to the Administrative Agent; (i) as of the date such Loan is first included as part of the Collateral, such Loan is not a Defaulted Loan; (j) such Loan is not a non-cash paying PIK Loan or Partial PIK Loan (other than, in either case, a Permitted Partial PIK Loan); (k) such Loan is not a construction loan or a project finance loan; (l) such Loan does not constitute a bond, Structured Finance Obligation, Zero Coupon Obligation, Finance Lease or chattel paper; -24- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(m) as of the date any such Loan that is a Cov-Lite Loan is first included as part of the Collateral, the applicable Obligor (x) has EBITDA greater than or equal to $50,000,000 and (y) has a Specified Rating (provided that, that certain Loan owned by the BorrowerCapital Fund SPV on the Effective Date with respect to which Peter C. Foy & Associates Insurance Services, LLC is the Obligor shall not fail to qualify as an Eligible Loan solely as a result of the failure of such Loan to meet the requirement set forth in clause (y) above); (n) such Loan provides for a fixed amount of principal payable on scheduled payment dates and/or at maturity and does not by its terms provide for earlier amortization or prepayment, in each case, at a price less than par; (o) such Loan is not a Participation Interest; (p) such Loan has a remaining term to stated maturity that does not exceed seven (7) years; (q) [reserved]; (r) the repayment of such Loan is not subject to any material non-credit related risk, (for example, a payment on a Loan of which is expressly contingent upon the occurrence or nonoccurrence of a catastrophe) as determined by the Collateral Manager in its reasonable discretion; (s) is not an obligation (other than a Revolving Loan or a Delayed Draw Loan) pursuant to which any future advance or funding to the Obligor may be required to be made by thea Borrower; (t) the acquisition of such Loan will not cause thea Borrower or the pool of Collateral to be required to register as an investment company under the 1940 Act; (u) the primary Underlying Asset for such Loan is not real property; (v) such Loan is in the form of and is treated by the related Obligor as indebtedness of such Obligor for U.S. federal income tax purposes and is not a United States real property interest as defined in Section 897 of the Code; (w) such Loan requires (i) current payments of interest in Cash no less frequently than semi-annually and (ii) requires payment of outstanding principal in cash in full at the maturity of such Loan; (x) such Loan is not a letter of credit (provided this does not exclude Revolving Loans that include a letter of credit sub facility so long as theno Borrower is not thean issuer of letters of credit thereunder); (y) such Loan is Registered; -25- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(z) [reserved]; (aa) if such Loan is a First Lien Loan, the applicable Obligor meets the Obligor Net Senior Leverage Ratio requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable; (bb) if such Loan is a First Lien Last Out Loan or a Second Lien Loan, the applicable Obligor meets the Obligor Net Total Leverage Ratio requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable; (cc) at the time of acquisition, if such Loan is a First Lien Last Out Loan or a Second Lien Loan, the applicable Obligor has EBITDA greater than or equal to $10,000,000; (dd) at the time of acquisition, if such Loan is a First Lien Loan, the applicable Obligor has EBITDA greater than or equal to $5,000,000; (ee) with respect to any Loan (other than a Recurring Revenue Loan), the applicable Obligor has EBITDA greater than or equal to $0; (ff) at the time of acquisition, if such Loan is a Recurring Revenue Loan, the applicable Obligor has Debt-to-Recurring Revenue Ratio of less than 2.50 to 1.00; (gg) at the time of acquisition, such Loan, and any payment made with respect to such Loan, has not been more than thirty (30) days past due with respect to any payment of interest or principal of such Loan within the preceding twelve (12) months; (hh) if such Loan is a Delayed Draw Loan, its Underlying Instruments do not permit the applicable Obligor to use the proceeds thereof to pay fees (other than upfront fees, draw fees or other similar fees payable under the Underlying Instruments of such Delayed Draw Loan and fees associated with any acquisition permitted to be financed by such Delayed Draw Loan) or make interest or principal payments on any Indebtedness for borrowed money of such Obligor; (ii) if such Loan is a Recurring Revenue Loan, at the time of acquisition, the applicable Obligor has sufficient liquidity to fund operations for the next twenty-four (24) months based on the projections provided by the Obligor; (jj) such Loan and any Underlying Instruments (or, with respect to subclause (ii) of this clause (jj), the acquisition thereof) (i) comply in all material respects with all Applicable Laws and (ii) will not cause any Secured Party (in its commercially reasonable judgment and as evidenced by a written notice from such Secured Party) to fail to comply with any request or directive from any Governmental Authority having jurisdiction over such Secured Party, provided that this subclause (ii) shall be deemed to be satisfied unless a Secured Party delivers notice to the BorrowerBorrowers and the -26- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Collateral Manager of such failure prior to the date such Loan is first included as part of the Collateral; (kk) such Loan is eligible under its Underlying Instruments (giving effect to the provisions of Sections 9-406 and 9-408 of the UCC) to be sold to the applicable Borrower and to have a security interest therein granted to the Administrative Agent, as agent for the Secured Parties; (ll) such Loan, together with the Underlying Instruments related thereto, (i) contains provisions substantially to the effect that such Loan and such Underlying Instruments constitute the legal, valid and binding obligation of the related Obligor and each guarantor thereof, enforceable against such Obligor and each such guarantor in accordance with their terms, subject to customary bankruptcy, insolvency and equity limitations, (ii) to the knowledge of the BorrowerBorrowers upon reasonable inquiry, is not subject to any (A) litigation or dispute that the Collateral Manager reasonably believes would have a material adverse effect on the value of the Loan or (B) offset, right of rescission, counterclaim or defense to payment and (iii) contains provisions substantially to the effect that the Obligor's and each guarantor's payment obligations thereunder are absolute and unconditional without any right of rescission, setoff, counterclaim or defense for any reason against the Transferor, theany Borrower or any assignee of theany Borrower; (mm) such Loan was originated and underwritten, or purchased and re-underwritten, by the Transferor, thea Borrower or any of its Affiliates in accordance with the Servicing Standard; (nn) the applicable Borrower has good and marketable title to, and is the sole owner of, such Loan, and thesuch Borrower has granted to the Administrative Agent a valid and perfected first priority security interest in the Loan and Underlying Instruments, for the benefit of the Secured Parties, subject to Permitted Liens; (oo) other than those related solely to environmental matters, all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority or any other Person required to be obtained, effected or given in connection with the making, acquisition or transfer of such Loan have been duly obtained, effected or given and are in full force and effect; (pp) in connection with environmental matters, all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority or any other Person required to be obtained, effected or given in connection with the making, acquisition or transfer of such Loan have been duly obtained, effected or given and are in full force and effect, except where the failure to have such obtained, effected or given could not reasonably be expected to have a Material Adverse Effect; (qq) such Loan is a Noteless Loan; -27- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(rr) the Underlying Instruments for such Loan do not contain a confidentiality provision that would prohibit the Administrative Agent or any Secured Party from exercising any of their respective rights hereunder or obtaining all necessary information with regard to such Loan, so long as the Administrative Agent or such Secured Party, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments (ss) all information (and excluding any general economic data, industry information, any projections and forward-looking information) provided in writing by theany Borrower or the Collateral Manager with respect to the Loan is true, correct and complete in all material respects as of the date provided, provided that (i) neither the BorrowerBorrowers nor the Collateral Manager shall be responsible for, nor have any liability with respect to, any factual information furnished to it by any third party not affiliated with it, and (ii) any failure of such information to be true, correct and complete in all material respects will not in and of itself prevent the Loan from being an Eligible Loan (provided that such Loan meets all other requirements of an Eligible Loan), in each case, except to the extent that a Responsible Officer of such Person has actual knowledge that such factual information is inaccurate in any material respect; (tt) [reserved]; (uu) such Loan or any related Underlying Instrument has not been found to be illegal or unenforceable by the decision of a court of law or a Governmental Authority in a proceeding brought by the related Obligor, any other party obligated with respect to such Loan, or any Governmental Authority; (vv) as of the date such Loan is first included as part of the Collateral, to the best of the Borrower'sBorrowers' knowledge, there are no proceedings pending or threatened in writing wherein the Obligor of such Loan, any other obligated party or any governmental agency has alleged that such Loan or the Underlying Instrument which creates such Loan is illegal or unenforceable; (ww) if such Loan is acquired by thea Borrower from the Transferor, the Transferor has caused its master computer records to be clearly and unambiguously marked to indicate that such Loan has been sold to thesuch Borrower; (xx) no selection procedure adverse to the interests of the Secured Parties was utilized by the Transferor, the Collateral Manager or theany Borrower in the selection of such Loan for inclusion in the Collateral; (yy) if more than one (1) Loan has been made to the Obligor, then each such Loan is (i) cross-collateralized and cross-defaulted, (ii) owned by the Borrowerone or more Borrowers and pledged as Collateral hereunder or (iii) subject to an intercreditor or similar agreement in form and substance satisfactory to the Collateral Manager in its reasonable discretion to the extent that the Collateral Manager determines in good faith -28- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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and in a commercially reasonable manner that an intercreditor agreement is necessary or desirable; (zz) as of the date such Loan is first included as part of the Collateral, the value of the Underlying Assets securing the Loan (or the enterprise value of the underlying business as determined in good faith and in a commercially reasonable manner by the Collateral Manager) at the time such Loan was purchased, equals or exceeds the outstanding principal balance of such Loan plus the aggregate outstanding balances of all other loans of equal seniority secured by the same Underlying Assets; (aaa) the Underlying Instruments with respect to such Loan contain a requirement that the applicable underlying Obligor deliver (i) quarterly financial statements after the end of each of the first three fiscal quarters of each fiscal year of the Obligor (commencing with the first quarterly reporting period required under the applicable Underlying Instruments, which shall be no later than the second full quarterly period after the initial closing of such Loan), and (ii) audited annual financial statements after the end of each fiscal year of the Obligor; (bbb) as of the date such Loan is first included in the Borrowing Base, the Administrative Agent has received, via a Platform, (1) the applicable Borrower's internally approved credit/underwriting presentation (unless such credit/underwriting presentation was not prepared or received by thesuch Borrower in connection with the acquisition or origination of such Loan), (2) a copy of the duly executed loan agreement, credit agreement, indenture or other principal agreement pursuant to which the Loan has been issued or created with respect to such Loan, (3) a copy of each duly executed transfer document or instrument relating to such Loan evidencing the assignment of such Loan to thesuch Borrower (unless thesuch Borrower directly originated such Loan), (4) the most recent year's audited financial statements with respect to the applicable Obligor (or if audited financial statements are not available, (i) the most recent year's quality of earnings report with respect to such Obligor, or (ii) the pro forma financial statements with respect to such Obligor, if such Obligor is a newly formed Person) and (5) the most recent covenant compliance certificate, if any, required to be provided to thesuch Borrower with respect to such Loan; and (ccc) the Administrative Agent has received or will receive, via a Platform, within thirty (30) days (or such longer period as agreed by the Administrative Agent in its sole discretion) of the date such Loan is first included in the Borrowing Base, all Required Loan Documents and the Loan File with respect to such Loan. "Eligible Obligor": On any date of determination, any Obligor (or guarantor, as applicable) that: (a) is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of organization; (b) is not a Governmental Authority; -29- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(c) is not an Affiliate of any Loan Party; (d) is organized and incorporated and domiciled in the United States or any state thereof or an Approved Foreign Country; (e) other than with respect to any DIP Loan, (i) as of the date such Loan is first included as part of the Collateral, is not the subject of and, to the best of the Borrower'sBorrowers' knowledge is not threatened with any proceeding which would result in, an Insolvency Event with respect to such Obligor and (ii) as of the date on which such Loan becomes part of the Collateral, to the Borrower'sBorrowers' knowledge, such Obligor has not experienced a material adverse change in its condition, financial or otherwise since its most recently provided audited financials or quality of earnings report, as applicable; (f) does not derive any portion of its business from payday lending, pawn shops, adult entertainment, internet gambling companies, marijuana related businesses, automobile title loans, tax refund anticipation loans, credit repair services, debt relief or debt settlement services, drug paraphernalia, fireworks distributors, tax evasion, assault weapons or firearms manufacturing, businesses engaged in predatory lending practices, strip mining, online dating or dating applications unless prior written approval by the Administrative Agent in its sole discretion has been obtained; and (g) is not (i) a Sanctioned Person, (ii) a Person that resides or has a place of business in a country or territory subject to Sanctions or which is designated as a "Non-Cooperative Jurisdiction" by the Financial Action Task Force on Money Laundering, (iii) a "Foreign Shell Bank" within the meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision, (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures due to money laundering concerns; or (v) a Subsidiary of any Person meeting any of the criteria set forth in clauses (i) through (iv) above. "Eligible Repurchase Obligations": Repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a depository institution or trust company (acting as principal) described in clause (b) of the definition of Permitted Investments. "Equity Cure Notice": A written notice and certification from the BorrowerBorrowers to the Administrative Agent which satisfies each of the following conditions: (a) such notice and certification is delivered to the Administrative Agent not later than three (3) Business Days after the earlier of (x) the date on which theany Borrower, -30- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the Collateral Manager, or any officer thereof acquires actual knowledge of, or (y) the date on which theany Borrower receives notice from the Administrative Agent of, in either case, (i) the occurrence of a Borrowing Base Deficiency or (ii) a failure of the requirement set forth in Section 5.2(n); and (b) such notice and certification certifies that (i) the Transferor has made a capital call on its investors in an aggregate amount sufficient to cure such event and the proceeds of such capital call will be contributed to thea Borrower or (ii) the Transferor has made other arrangements acceptable to the Administrative Agent in its sole discretion to cure such event within the timeframe for such cure required hereunder (together with evidence satisfactory to the Administrative Agent (in its sole discretion)). "Equity Security": (i) Any equity security or any other security that is not eligible for purchase by theany Borrower as a Loan, and (ii) any security purchased as part of a "unit" with a Loan and that itself is not eligible for purchase by theany Borrower as a Loan. "ERISA": The United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated or issued thereunder. "ERISA Affiliate": (a) Any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the BorrowerBorrowers, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the BorrowerBorrowers, or (c) for purposes of Section 302 of ERISA and Section 412 of the Code, a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower.Borrowers: "Erroneous Payment": The meaning assigned to it in Section 11.10(a). "Erroneous Payment Subrogation Rights": The meaning assigned to it in Section 11.10(e). "Event of Default": The meaning specified in Section 9.1. "Excepted Persons": The meaning specified in Section 12.13(a). "Excess Concentration Amount": As of any date of determination (and after giving effect to all Eligible Loans to be purchased or sold by the BorrowerBorrowers on such date), the Dollar Equivalent of the sum of the following amounts (without duplication): (a) with respect to each Eligible Loan that is a (w) Recurring Revenue Loan, (x) First Lien Last Out Loan, (y) Second Lien Loan, or (z) First Lien Loan with respect to which the applicable Obligor has EBITDA of less than $10,000,000, the excess, if any, of (I) the Adjusted Borrowing Value of such Eligible Loan, minus (II) the Adjusted Borrowing Value of the Eligible Loan (other than an Eligible Loan that is of the type referred to in clauses (w), (x), (y) or (z) above) in the Collateral with the third highest Adjusted Borrowing Value; -31- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are obligations of the three (3) Obligors with the largest Obligor Exposure included in the Collateral minus (ii) the greater of (A) $38,500,00044,250,000 and (B) 10.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (c) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are obligations of the Obligors with the fourth (4th) and fifth (5th) largest Obligor Exposure included in the Collateral minus (ii) the greater of (A) $28,750,00033,250,000 and (B) 7.50% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (d) except with respect to the Loans described in clauses (b) and (c) above, the excess, if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans of any single Obligor and its Affiliates minus (ii) the greater of (A) $19,250,00022,000,000 and (B) 5.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (e) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans with Obligors in any single S&P Industry Classification minus (ii) (A) with respect to the S&P Industry Classification representing the highest concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), the greater of (1) $96,250,000110,500,000 and (2) 25.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (B) with respect to the S&P Industry Classifications representing the second highest concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), the greater of (1) $77,000,00088,500,000 and (2) 20.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (C) with respect to the S&P Industry Classifications representing the third highest concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), the greater of (1) $67,250,00077,500,000 and (2) 17.50% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; and (D) with respect to the S&P Industry Classifications other than those covered in clauses (A), (B) and (C) hereof, the greater of (1) $57,750,00066,250,000 and (2) 15.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (f) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Second Lien Loans minus (ii) the greater of (A) $28,750,00033,250,000 and (B) 7.50% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (g) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are DIP Loans minus (ii) the greater of (A) $19,250,00022,000,000 and (B) 5.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; -32- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(h) the excess, if any, of (i) the aggregate "commitments" of those Eligible Loans that are Revolving Loans or the unfunded portion of Delayed Draw Loans minus (ii) the greater of (A) $38,500,00044,250,000 and (B) 10.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (i) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans which pay interest in Cash less frequently than quarterly, minus (ii) the greater of (A) $19,250,00022,000,000 and (B) 5.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (j) the excess, if any of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans with underlying Obligors with EBITDA less than $10,000,000 minus (ii) the greater of (A) $96,250,000110,500,000 and (B) 25.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (k) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are First Lien Last Out Loans minus (ii) the greater of (A) $57,750,00066,250,000 and (B) 15.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (l) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Fixed Rate Loans minus (ii) the greater of (A) $38,500,00044,250,000 and (B) 10.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (m) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that have remaining maturities greater than six (6) years minus (ii) the greater of (A) $57,750,00066,250,000 and (B) 15.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral (n) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Cov-Lite Loans minus (ii) the greater of (A) $67,250,00077,500,000 and (B) 17.50% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (o) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are payable in Approved Foreign Currency minus (ii) the greater of (A) $57,750,00066,250,000 and (B) 15.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; (p) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Loans to Obligors domiciled in an Approved Foreign Country minus (ii) the greater of (A) $57,750,00066,250,000 and (B) 15.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; -33- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(q) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Recurring Revenue Loans minus (ii) the greater of (A) $19,250,00022,000,000 and (B) 5.00% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral; and (r) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are First Lien Last Out Loans, Second Lien Loans, Recurring Revenue Loans, DIP Loans or have underlying Obligors with EBITDA less than $10,000,000 minus (ii) the greater of (A) $134,500,000154,750,000 and (B) 35.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans included in the Collateral; provided that, (x) during the Revolving Period, in connection with any increase or decrease in the Facility Amount, each of the Dollar amounts in the foregoing clauses (b) through (r) shall automatically (and without any further amendment) be increased or decreased, as applicable, in proportion to the amount of such increase or decrease in the Facility Amount (such increased or decreased amounts to be rounded up to the nearest multiple of $250,000), and (y) on and after the Revolving Period End Date, notwithstanding any change in the Facility Amount following such date, the Dollar amounts in the foregoing clauses (b) through (r), as adjusted pursuant to clause (x), shall remain unchanged from such amounts as in effect on the Revolving Period End Date. "Exchange Act": The United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. "Excluded Amounts": Any amount received in the Collection Account with respect to any Loan included as part of the Collateral, which amount (a) (x) was not originally paid using Collections (except from amounts released to the BorrowerBorrowers pursuant to Section 2.7(a)(16), 2.7(b)(6) or 2.8(13)) and (y) is attributable to (i) the reimbursement by the related Obligor of payment by the BorrowerBorrowers or the Transferor of any Tax, fee or other charge imposed by any Governmental Authority on such Loan or on any Underlying Assets, (ii) the reimbursement by the related Obligor of payment by the BorrowerBorrowers or the Transferor of other out-of-pocket expenses and (iii) any payments or reimbursements related to indemnification obligations, or (b) is attributable to (i) any escrows relating to Taxes, insurance and other amounts in connection with Loans which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments, (ii) any amount deposited into the Collection Account in error, and (iii) any interest accruing on a Loan prior to the related settlement date of the acquisition thereof (except to the extent the applicable Sale Agreement or the applicable Third Party Sale Agreement, as applicable, provides for the applicable Borrower's retention of such interest), provided, (x) except with respect to the amounts described in clauses (b) of this definition, that such amounts shall be Excluded Amounts only to the extent that such amounts are in excess of the principal and interest then due in respect of such Loan, and (y) except with respect to the amounts described in clauses (b)(ii) and (iii) of this definition, were required to be paid by the related Obligor pursuant to a specific provision of the Underlying Instruments with respect to such Loan. -34- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Excluded Taxes": Any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Secured Party being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance pursuant to a law in effect on the date on which (x) such Lender acquires such interest in an Advance (other than pursuant to an assignment request by the BorrowerBorrowers under Section 2.17) or (y) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.13, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Secured Party's failure to comply with Section 2.13(g) and (d) any Taxes imposed under FATCA. "Exposure Amount Shortfall": The meaning specified in Section 2.2(f). "Facility Amount": As of any date, an amount equal to the lesser of (a) $500,000,000575,000,000 and (b) the aggregate principal amount of the Commitments provided by the Administrative Agent and the Lenders as of such date; provided that the Facility Amount may be increased pursuant to Section 2.18; provided that, the Facility Amount may not be increased without the written consent of the BorrowerBorrowers, the Administrative Agent and each Lender increasing its Commitment; and provided, further, that on or after the earlier to occur of the Revolving Period End Date or the Termination Date, the Facility Amount shall mean the Advances Outstanding. "FATCA": Sections 1471 through 1474 of the Code, as in effect on the Effective Date (or any amended or successor version that is substantively comparable), any current or future regulations or official interpretations thereof (including any Revenue Rulings, Revenue Procedure, Notice or similar guidance issued by the IRS thereunder as a precondition to relief or exemption from Taxes under such provisions) and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law, regulation or official interpretation implementing such an intergovernmental agreement). "FDIC": The Federal Deposit Insurance Corporation, and any successor thereto. "Federal Funds Rate": For any period, the greater of (a) 0.00% and (b) a fluctuating rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for -35- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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such day on such transactions received by the Administrative Agent from three (3) federal funds brokers of recognized standing selected by it. "Fee Letter": Individually and collectively, (i) that certain SecondThird Amended and Restated Fee Letter, dated as of the FirstSecond Amendment Effective Date, between the Administrative Agent and the BorrowerCapital Fund SPV and (ii) each additional Fee Letter executed between any Lender and theany Borrower, in each case, as amended, modified, waived, supplemented, restated or replaced from time to time. "Finance Lease": Any transaction in which the obligations of a lessee to pay rent or other amounts under a lease are on a triple net basis and are required to be classified and accounted for as a capital lease on the balance sheet of such lessee under GAAP. A Finance Lease shall not include obligations structured to comply with foreign law or religious restrictions, including, but not limited to, Islamic Shari'ah. "Financial Asset": The meaning specified in Section 8-102(a)(9) of the UCC. "Financial Covenant": With respect to any Person, any covenant (or other provision having similar effect) requiring that such Person maintain at specified times (a) a maximum total leverage, maximum senior leverage, maximum first lien leverage, minimum fixed charge coverage, minimum debt service coverage, minimum recurring revenue, maximum recurring revenue multiple or minimum EBITDA, or (b) another customary financial covenant approved by the Administrative Agent in its reasonable discretion. "Financial Sponsor": Any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling equity or preferred equity investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. "First Amendment Effective Date": February 21, 2025. "First Lien Last Out Loan": A Loan (other than a Recurring Revenue Loan) that would otherwise be a First Lien Loan except that at any time prior to and/or after an event of default under the related Underlying Instruments of the related Obligor, any portion of such Loan will be repaid pari passu with or after one or more loans (or class of loans) issued by the same Obligor (but which loan(s) or class of loans are not a Permitted Pari Passu Revolving Loan, Permitted Priority Revolving Loan or Permitted Working Capital Facility) have been paid in full in accordance with a specific waterfall of payments or other priority of payments; provided that the Administrative Agent may, in its sole discretion, designate an Eligible Loan that would otherwise constitute a First Lien Last Out Loan as a First Lien Loan. "First Lien Loan": A Loan (other than a Recurring Revenue Loan) (i) that is secured by a valid first priority perfected security interest or lien in, to or on substantially all of the assets of the Obligor under such Loan in all appropriate jurisdictions, subject to purchase money Liens, customary Liens for taxes or regulatory charges not then due and payable or with -36- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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respect to which reserves have been provided on the books of the applicable Obligor, Liens accorded priority by law in favor of the United States or any State or agency, and other permitted Liens under the related Underlying Instruments that are reasonable and customary for similar loans (including Liens securing indebtedness subordinated to such First Lien Loan), (ii) for which the Collateral Manager determines in good faith that the enterprise value of the related Obligor or the value of the collateral securing the Loan (each as determined by the Collateral Manager in accordance with a methodology acceptable to the Administrative Agent) on the date such Loan is first included as part of the Collateral or on the date that any Value Adjustment Event occurs equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (iii) that provides that the payment obligation of the Obligor on such Loan is senior to, and is not (and is not expressly permitted by its terms to become) subordinate in right of payment to, any other obligation for borrowed money of such Obligor, and (iv) that is not secured solely or primarily by the Capital Stock of its Obligor or any of such Obligor's Affiliates; provided, that notwithstanding the requirements set forth above, a Loan shall not be precluded from constituting a First Lien Loan solely because the related Obligor also has (w) a Permitted DDTL, (x) a Permitted Pari Passu Revolving Loan, a Permitted Priority Revolving Loan or a Permitted Working Capital Facility or (y) any other revolving lending facility permitted by the Required Lenders in their sole discretion. For the avoidance of doubt, a First Lien Last Out Loan shall not constitute a First Lien Loan unless the Administrative Agent, in its sole discretion, designates such Eligible Loan that would otherwise constitute a First Lien Last Out Loan as a First Lien Loan. "Fitch": Fitch, Inc. or any successor thereto. "Fixed Rate Loan": Any Loan that bears a fixed rate of interest. "Floor": A rate of interest equal to 0.0%. "Foreign Lender": A Lender that is not a U.S. Person. "Funding Date": In the case of any Loan Advance or Swingline Advance, the proposed Business Day on which a Loan Advance or Swingline Advance is to be made after the receipt by the Administrative Agent, the Collateral Custodian and Lenders of a Funding Notice, subject to the required notice provisions of and together with the other required deliveries in accordance with Section 2.2. "Funding Notice": A notice in the form of Exhibit A-1 requesting an Advance, including the items required by Section 2.2. "GAAP": Generally accepted accounting principles as in effect from time to time in the United States. "General Collection Account": Collectively, each account or set of accounts so designated and comprised of a Securities Account (or set of Securities Accounts) and related Deposit Account (or set of Deposit Accounts) created and maintained on the books and records of the Securities Intermediary (or any other party acceptable to the Administrative Agent in its -37- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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sole discretion) entitled "General Collection Account" in the name of thea Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties. "General Intangible": The meaning specified in Section 9-102(a)(42) of the UCC. "Governing Documents": (a) With respect to any corporation or company, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction) or the memorandum and articles of association, (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating or limited liability company agreement and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and, if applicable, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. "Governmental Authority": With respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). "Guarantee Obligation": As to any Person (the "guaranteeing person"), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the "primary obligations") of any other third Person (the "primary obligor") in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, that the term "Guarantee Obligation" shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The terms "Guarantee" and "Guaranteed" used as a verb shall have a correlative meaning. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such -38- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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guaranteeing person's maximum reasonably anticipated liability in respect thereof as determined by the BorrowerBorrowers in good faith. "Highest Required Investment Category": (i) With respect to ratings assigned by Moody's, "Aa2" or "P-1" for one (1) month instruments, "Aa2" and "P-1" for three (3) month instruments, "Aa3" and "P-1" for six (6) month instruments and "Aa2" and "P-1" for instruments with a term in excess of six (6) months, (ii) with respect to rating assigned by S&P, "A-1" for short-term instruments and "A" for long-term instruments, and (iii) with respect to rating assigned by Fitch (if such investment is rated by Fitch), "F-1+" for short-term instruments and "AAA" for long-term instruments. "Impacted Affiliate": With respect to any Loan Party, any Affiliate of such Loan Party which actively manages, administers or advises (a) theany Borrower, (b) the Transferor in connection with the transfer of any Loan to theany Borrower, or (c) the Collateral Manager in connection with the Collateral Manager performing its duties hereunder and under any other Transaction Document. "Increased Commitment": The meaning specified in Section 2.18. "Increased Costs": Any amounts required to be paid by the BorrowerBorrowers to the Administrative Agent or any Lender pursuant to Section 2.12. "Indebtedness": With respect to any Person at any date without duplication, (a) all indebtedness of such Person for borrowed money (whether by loan or the issuance and sale of debt securities) or for the deferred purchase price of Property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such Person in respect of letters of credit, acceptances or similar instruments issued or created for the account of such Person, (d) all liabilities secured by (or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any Property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (e) all indebtedness of such Person under any swap, hedge or other similar transaction and (f) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (e) above. The amount of any Indebtedness under clause (d) shall be equal to the lesser of (A) the stated amount of the relevant obligations and (B) the fair market value of the Property subject to the relevant Lien. The amount of any Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. For the avoidance of doubt, the obligation of thea Borrower to fund advances in respect of Revolving Loans and Delayed Draw Loans shall not constitute "Indebtedness" of thesuch Borrower. "Indemnified Amounts": The meaning specified in Section 10.1(a). "Indemnified Parties": The meaning specified in Section 10.1(a). -39- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Indemnified Taxes": (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the BorrowerBorrowers under any Advance and (b) to the extent not otherwise described in clause (a) above, Other Taxes. "Independent Manager": The meaning specified in Section 4.1(t)(xxvi). "Indorsement": The meaning specified in Section 8-102(a)(11) of the UCC, and "Indorsed" has a corresponding meaning. "Insolvency Event": With respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction over such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, restructuring officer, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree, order or appointment shall remain unstayed and in effect for a period of sixty (60) consecutive days, (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, (c) the consent by such Person to the appointment of or taking possession by a receiver, restructuring officer, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or (d) the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. "Insolvency Laws": The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. "Insolvency Proceeding": Any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency Event. "Instrument": The meaning specified in Section 9-102(a)(47) of the UCC. "Insurance Policy": With respect to any Loan, an insurance certificate evidencing insurance covering liability and physical damages to, or loss of, the related Underlying Assets. "Interest": For each (x) Interest Period, with respect to any Advance bearing interest at Term SOFR and (y) Accrual Period, with respect to any other Advance, the sum of the amounts determined (with respect to each day during such Interest Period or Accrual Period, as applicable) in accordance with the following formula: -40- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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IR x P x 1 D where: IR = the Interest Rate applicable on such day; P = the Advances Outstanding on such day; and D = 360 days (or, to the extent the Interest Rate is calculated using the Base Rate, 365 or 366 days, as applicable). provided that (i) no provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason. "Interest Collection Account": Collectively, each account or set of accounts so designated and comprised of a Securities Account (or set of Securities Accounts) and related Deposit Account (or set of Deposit Accounts) created and maintained on the books and records of the Securities Intermediary (or any other party acceptable to the Administrative Agent in its sole discretion) entitled "Interest Collection Account" in the name of thea Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties. "Interest Collections": All payments of interest and fees on or received in respect of Loans and Permitted Investments, including (a) any payments of accrued interest received on the sale of Loans or Permitted Investments, (b) all payments of principal (including principal prepayments) on Permitted Investments purchased with the proceeds described in this definition and (c) origination, agency, structuring, management or other up-front fees, unused line, termination, make whole, prepayment and other fees in respect of the Loans; provided that Interest Collections shall not include (x) Sale Proceeds representing accrued interest that are applied toward payment for accrued interest on the purchase of a Loan (including in connection with a Substitution) and (y) interest received in respect of a Loan (including in connection with any sale thereof), which interest was purchased with Principal Collections. "Interest Period": Each period commencing on a Business Day selected by BorrowerBorrowers pursuant to this Agreement and ending one (1) or three (3) months thereafter (in each case, subject to the availability thereof), as selected by Borrower'sBorrowers' irrevocable notice to the Administrative Agent (with a copy to the Collateral Custodian), as set forth in Section 2.10(e); provided that the foregoing provision relating to Interest Periods is subject to the following: (a) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result -41- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; (b) with respect to Advances, any Interest Period that would otherwise extend beyond the Revolving Period End Date shall end on the Revolving Period End Date; (c) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period), shall end on the last Business Day of the calendar month at the end of such Interest Period; (d) Borrowerthe Borrowers shall select Interest Periods so as not to require a payment or prepayment of any Advance during an Interest Period for such Advance; and (e) no tenor that has been removed from this definition pursuant to Section 12.18(d) shall be available for specification in any Funding Notice or Notice of Continuation. "Interest Rate": (a) The Benchmark plus (b) the Applicable Spread. Accrued and unpaid interest on Advances shall be payable on each Payment Date. "Intra-Quarter Permitted RIC Distribution": The meaning specified in Section 5.2(e)(iv). "Investment": With respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity Securities otherwise permitted by the terms hereof which are related to such Loans. "Investment Advisor": Willow Tree Capital Corp Advisors LLC, a Delaware limited liability company, in its capacity as the investment advisor of Willow Tree Corporation. "Investment Property": The meaning specified in Section 9-102(a)(49) of the UCC. "IRS": The United States Internal Revenue Service. "Joinder Supplement": An agreement among the BorrowerBorrowers (if applicable), a Lender and the Administrative Agent in the form of Exhibit H to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Effective Date. "Lender": The meaning specified in the Preamble, including collectively, each financial institution (i) listed on Annex B as having Commitments or (ii) which may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement and/or an Assignment and Assumption, as applicable, to the Administrative Agent and the BorrowerBorrowers (and for purposes of Section 2.12 and Section 2.13 of this Agreement any successor, assignee or participant). For the avoidance of doubt, the Swingline Lender shall -42- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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constitute a "Lender" with respect to the repayment of Swingline Advances for all purposes hereunder. "Lien": Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance of any kind of or on any Person's assets or properties in favor of any other Person. "Loan": Any commercial loan or note which is originated or acquired by the Transferor or any of its Affiliates or which thea Borrower acquires from a third party in the ordinary course of its business. "Loan Advance": The meaning specified in Section 2.2(a). "Loan File": With respect to each Loan, a file containing (a) each of the Required Loan Documents with respect to such Loan and (b) duly executed originals or copies (including electronic copies) of any other relevant documents relating to such Loans and the Underlying Assets pertaining thereto. "Loan List": That certain list of Loans attached hereto as Schedule II, as such Schedule shall be deemed to be updated from time to time by reference to the list of Loans set forth on the most recently delivered Borrowing Base Certificate. "Loan Modification": Any amendment, restatement, supplement, waiver or other modification to any Underlying Instrument with respect to any Loan. "Loan Modification Delivery Date": With respect to any Loan Modification required to be delivered to the Administrative Agent pursuant to Section 5.1(t)(iii) or Section 6.8(d), the earlier of (x) thirty (30) days following the effective date of such Loan Modification and (y) the Reporting Date following the calendar month in which such Loan Modification was given effect. "Loan Parties": The BorrowerBorrowers, the Transferor and the Collateral Manager. "Loan Register": The meaning specified in Section 5.3(k). "Margin Stock": "Margin Stock" as defined under Regulation U. "Material Adverse Effect": With respect to any event or circumstance, a material adverse effect on (a) the business, assets, financial condition, operations, performance or properties of the BorrowerBorrowers, collectively, or the Collateral Manager, both individually or taken as a whole, (b) the validity, enforceability or collectability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the Loans generally or any material portion of the Loans, (c) the rights and remedies of the Administrative Agent, the Lenders and the Secured Parties with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the BorrowerBorrowers, collectively, or the Collateral Manager to perform its obligations under any Transaction Document to which it is a party, or (e) the status, existence, perfection, priority or enforceability -43- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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of the Administrative Agent's or the other Secured Parties' lien on any material portion of the Collateral. "Material Modification": Any Loan Modification (it being agreed and understood that a release document or similar instrument executed or delivered in connection with a disposition that is otherwise permitted under the Underlying Instrument shall not constitute an amendment or waiver of, or modification or supplement to such Underlying Instrument) executed or effected on or after the date on which thea Borrower acquired such Loan that: (a) reduces or waives any or all of the principal amount of such Loan; (b) waives, extends or postpones the final maturity date or any other due date for payment of outstanding amounts of such Loan (other than opportunistic extensions of maturity that in the Administrative Agent's sole discretion are not resulting from deteriorating credit quality of the Obligor) or otherwise grants relief from any applicable borrowing base requirement under the applicable Underlying Instruments (excluding any change to the borrowing base not resulting from deteriorating credit quality of the Obligor); provided that such waiver, extension or postponement shall not be a Material Modification if (1) such waiver, extension or postponement was not undertaken for the purpose of avoiding, delaying, or waiving the occurrence or continuance of, a payment default with respect to such Loan or (2) such waiver, extension or postponement is for less than five (5) days; (c) waives one or more interest payments, reduces the amount of interest due, or permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Loan (other than (i) any deferral or capitalization already expressly permitted by the terms of the Underlying Instruments or pursuant to the application of a pricing grid, in each case, as of the date such Loan was acquired by thesuch Borrower or (ii) in connection with opportunistic extensions of maturity or repricings that in the Administrative Agent's sole discretion are not resulting from deteriorating credit quality of the Obligor); provided that, the waiver of (or election not to impose) default interest shall not in and of itself constitute a Material Modification if made concurrently with the waiver of the event of default giving rise to the imposition of such default interest under the related Underlying Instruments; (d) contractually or structurally subordinates such Loan by operation of a priority of payments, turnover provisions or the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Liens permitted under the related Underlying Instruments, as in effect on the date such Loan was first included as part of the Collateral) on any of the Underlying Assets securing such Loan; (e) substitutes, alters or releases (other than as expressly permitted by such Underlying Instruments as of the date such Loan was acquired by thesuch Borrower) the Underlying Assets securing such Loan, and each such substitution, alteration or release, as determined in the reasonable discretion of the Administrative Agent, materially and adversely affects the value of such Loan; -44- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(f) amends, waives, forbears, supplements or otherwise modifies in any way the definition of "Net Senior Leverage Ratio", "Net Total Leverage Ratio", "Cash Interest Coverage Ratio" "Debt-to-Recurring Revenue Ratio", "Recurring Revenue" or "EBITDA" (or any respective comparable definitions in its Underlying Instruments) or the definition of any component thereof, or any covenant related thereto, in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to the Administrative Agent or any Lender; (g) amends, waives, forbears, supplements or otherwise modifies in any way the definition of "permitted lien" or "indebtedness" (or any similar term) or the definition of any component thereof in a manner that the Administrative Agent determines in its reasonable discretion is materially adverse to the Administrative Agent or any Lender; or (h) waives, extends or postpones the delivery date for any Obligor Financial Statements beyond the deadlines set forth in clause (f) of the definition of "Value Adjustment Event". "Measurement Date": Each of (i) the Effective Date; (ii) the date of any Borrower'sBorrowers' Notice; (iii) the date on or prior to each Reinvestment, Discretionary Sale or Substitution pursuant to Section 2.14 and Section 3.2, as applicable; (iv) each Reporting Date (provided that in each case that the Reporting Date is the applicable Measurement Date, the calculations reported as of such date shall be made as of the last day of the immediately preceding calendar month); and (ix) each other date requested by the Administrative Agent with at least three (3) Business Day advance notice to the BorrowerBorrowers. "Minimum Credit Enhancement Amount": As of any date, an amount equal to the sum of the Adjusted Borrowing Values of all Eligible Loans owing by the five (5) Obligors which have the greatest Obligor Exposure. "Moody's": Moody's Investors Service, Inc., and any successor thereto. "Multiemployer Plan": A "multiemployer plan" as defined in Section 4001(a)(3) of ERISA that is or was at any time during the current year or the preceding six (6) years contributed to by theany Borrower or any ERISA Affiliate on behalf of its employees. "Net Purchased Loan Balance": As of any date of determination, an amount equal to (a) the aggregate Outstanding Balance of all Loans acquired by the BorrowerBorrowers prior to such date minus (b) the aggregate Outstanding Balance of all Loans (other than Warranty Loans and Zero Value Assets) received by the Transferor or an Affiliate thereof prior to such date in connection with any Substitution or Discretionary Sale. "Non-Usage Fee": The meaning specified in the Pricing Side Letter. "Note": The meaning specified in Section 2.1(a). -45- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Noteless Loan": A Loan with respect to which the Underlying Instruments do not require the Obligor to execute and deliver, and the Obligor has not executed and delivered to the applicable Borrower, a promissory note evidencing any indebtedness created under such Loan. "Notice of Continuation": Each notice required to be delivered by the BorrowerBorrowers (or the Collateral Manager, acting on the Borrower'sBorrowers' behalf) in respect of any continuation of any Advance bearing interest at Term SOFR, in the form of Exhibit A-8 or such other form approved by the Administrative Agent in its sole discretion. "Notice of Exclusive Control": The meaning specified in the Account Control AgreementAgreements. "Obligations": The unpaid principal amount of, and interest (including interest accruing after the maturity of the Advances and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the BorrowerBorrowers, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) on the Advances and all other obligations and liabilities of the BorrowerBorrowers to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection with any Transaction Document, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees and disbursements of counsel to the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary or to the Lenders that are required to be paid by the BorrowerBorrowers pursuant to the terms of the Transaction Documents), Erroneous Payment Subrogation Rights or otherwise. "Obligor": With respect to any Loan, any Person or Persons obligated to make payments pursuant to or with respect to such Loan, including any guarantor thereof (excluding any guarantors who are not, and whose assets are not, principally relied on by the applicable Borrower). For purposes of determining whether any Loan is made to an Eligible Obligor, all Loans included as part of the Collateral or to be transferred to the Collateral, the Obligor of which is an Affiliate of another Obligor, shall be aggregated with all Loans of such Affiliate Obligor; for example, if Corporation A is an Affiliate of Corporation B, and the sum of the Adjusted Borrowing Values of all of Corporation A's Loans included as part of the Collateral constitutes 10.00% of the aggregate Adjusted Borrowing Value for all Loans and the sum of the Adjusted Borrowing Value of all of Corporation B's Loans included as part of the Collateral constitutes 10.00% of the aggregate Adjusted Borrowing Value of all Loans, the Obligor concentration for Corporation A and Corporation B would each be 20.00%. "Obligor Exposure": With respect to any Obligor, the aggregate Adjusted Borrowing Value of all Loans owned by the BorrowerBorrowers in respect of which such Obligor is the related Obligor. "Obligor Financial Statements": The meaning specified in clause (f) of the definition of "Value Adjustment Event". -46- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Obligor Interest Coverage Ratio": With respect to any Loan for any Relevant Test Period, the ratio of (i) the Dollar Equivalent of EBITDA to (ii) the Dollar Equivalent of Obligor Interest Expense of such Obligor as of the Relevant Test Period, as calculated by the Collateral Manager (on behalf of the BorrowerBorrowers) in good faith; provided that in calculating "Interest Coverage Ratio" above, EBITDA of the applicable Obligor shall in any event be deemed to be no greater than EBITDA of such Obligor as computed in accordance with the definition of "EBITDA" hereunder; provided, further, that, for the purposes of calculating Obligor Interest Coverage Ratio for any Obligor in any Relevant Test Period in which such Obligor issued or originated Indebtedness, the Obligor Interest Expense resulting from such Indebtedness shall be annualized based on the period from the date on which such Indebtedness was originated or issued to the last day of such Relevant Test Period. "Obligor Interest Coverage Ratio (RRL)": With respect to any Recurring Revenue Loan for any Relevant Test Period, the ratio of (i) the Dollar Equivalent of Recurring Revenue to (ii) the Dollar Equivalent of Obligor Interest Expense of such Obligor as of the Relevant Test Period, as calculated by the BorrowerBorrowers and Collateral Manager (on behalf of the BorrowerBorrowers) in good faith; provided, that, for the purposes of calculating Obligor Interest Coverage Ratio (RRL) for any Obligor in any Relevant Test Period in which such Obligor issued or originated Indebtedness, the Obligor Interest Expense resulting from such Indebtedness shall be annualized based on the period from the date on which such Indebtedness was originated or issued to the last day of such Relevant Test Period. "Obligor Interest Expense": With respect to any Obligor for any period, the amount of "interest expense" determined by the Collateral Manager (on behalf of the BorrowerBorrowers) in good faith for such period. "Obligor Net Senior Leverage Ratio": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Net Senior Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Net Senior Leverage Ratio" or comparable definition, the ratio of (i) the Dollar Equivalent of the "senior indebtedness" (as defined in the Underlying Instruments or comparable definition thereof, including such Loan) of the applicable Obligor as of the date of determination, excluding any junior indebtedness and any unsecured indebtedness of such Obligor or non-recourse indebtedness of such Obligor secured solely by the real property and related improvements and fixtures of such Obligor as of such date, minus the Unrestricted Cash of such Obligor as of such date to (ii) the Dollar Equivalent of EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the BorrowerBorrowers and Collateral Manager in good faith; provided that in calculating "Net Senior Leverage Ratio" under either of clause (a) or clause (b) above, EBITDA of the applicable Obligor shall in any event be deemed to be no greater than EBITDA of such Obligor as computed in accordance with the definition of "EBITDA" hereunder. "Obligor Net Total Leverage Ratio": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Net Total Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to -47- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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which the related Underlying Instruments do not include a definition of "Net Total Leverage Ratio" or comparable definition, the ratio of (i) the Dollar Equivalent of the "total indebtedness" (as defined in the Underlying Instruments or comparable definition thereof, including such Loan) of the applicable Obligor as of the date of determination, minus the Dollar Equivalent of Unrestricted Cash of such Obligor as of such date to (ii) the Dollar Equivalent of EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the BorrowerBorrowers and Collateral Manager in good faith; provided that in calculating "Net Total Leverage Ratio" under either of clause (a) or clause (b) above, EBITDA of the applicable Obligor shall in any event be deemed to be no greater than EBITDA of such Obligor as computed in accordance with the definition of "EBITDA" hereunder. "OFAC": the Office of Foreign Assets Control of the U.S. Department of the Treasury. "Offshore Borrower": The meaning specified in the recitals to this Agreement. "Offshore Collateral Manager": The meaning specified in the recitals to this Agreement. "Offshore Effective Date": The meaning specified in the recitals to this Agreement. "Offshore Lenders": The meaning specified in the recitals to this Agreement. "Offshore Loan Agreement": The meaning specified in the recitals to this Agreement. "Officer's Certificate": A certificate signed by a Responsible Officer of the Person providing the applicable certification, as the case may be. "Onshore Collateral Manager": The meaning specified in the recitals to this Agreement. "Onshore Effective Date": The meaning specified in the recitals to this Agreement. "Onshore Lenders": The meaning specified in the recitals to this Agreement. "Onshore Loan Agreement": The meaning specified in the recitals to this Agreement. "Operating Account": A Securities Account and related Deposit Account created and maintained on the books and records of the Securities Intermediary (or any other party acceptable to the Administrative Agent in its sole discretion) entitled "Operating Account" in the name of thea Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties. -48- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Opinion of Counsel": A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its reasonable discretion; provided that Milbank LLP shall be an acceptable counsel for purposes of delivering any Opinion of Counsel hereunder. "Original Obligor Interest Coverage Ratio": With respect to any Loan, the Obligor Interest Coverage Ratio for such Loan on the date such Loan (i) was first included as part of the Collateral or (ii) if applicable, was most recently assigned a new Assigned Value by the Administrative Agent pursuant to clause (a)(iii) of the definition of "Assigned Value" after the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value Notice with respect to such Loan. "Original Obligor Interest Coverage Ratio (RRL)": With respect to any Loan, the Obligor Interest Coverage Ratio (RRL) for such Loan on the date such Loan (i) was first included as part of the Collateral or (ii) if applicable, was most recently assigned a new Assigned Value by the Administrative Agent pursuant to clause (a)(iii) of the definition of "Assigned Value" after the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value Notice with respect to such Loan. "Original Obligor Net Senior Leverage Ratio": With respect to any Loan, the Obligor Net Senior Leverage Ratio for such Loan on the date such Loan (i) was first included as part of the Collateral or (ii) if applicable, was most recently assigned a new Assigned Value by the Administrative Agent pursuant to clause (a)(iii) of the definition of "Assigned Value" after the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value Notice with respect to such Loan. "Original Obligor Net Total Leverage Ratio": With respect to any Loan, the Obligor Net Total Leverage Ratio for such Loan on the date such Loan (i) was first included as part of the Collateral or (ii) if applicable, was most recently assigned a new Assigned Value by the Administrative Agent pursuant to clause (a)(iii) of the definition of Assigned Value after the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value Notice with respect to such Loan. "Other Connection Taxes": With respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Advance, Commitment or Transaction Document). "Other Taxes": All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Advance, except any such Taxes that are Other -49- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.17(b)). "Outstanding Balance": With respect to any Loan as of any date of determination, the Dollar Equivalent of the outstanding principal balance of any advances or funded loans made by the applicable Borrower to the related Obligor pursuant to the related Underlying Instruments as of such date of determination (exclusive of any interest and PIK Interest). "Partial PIK Loan": Any Loan that requires the Obligor to pay only a portion of the accrued and unpaid interest in Cash on a current basis, the remainder of which is or can be deferred and paid at a later date. For the avoidance of doubt, Permitted Partial PIK Loans shall constitute "Partial PIK Loans" hereunder. "Participant Register": The meaning specified in Section 12.16(b). "Participation Interest": A participation interest in a loan or other obligation that would, at the time of acquisition by thea Borrower or thesuch Borrower's commitment to acquire the same, constitute a Loan. "Payment Date": (x) The twentieth (20th) day of each January, April, July and October, or, if such day is not a Business Day, the next succeeding Business Day and (y) the Termination Date. "Payment Date Report": A certificate setting forth, among other things, a calculation of Availability, the aggregate outstanding principal balance of the Advances, the Aggregate Unfunded Exposure Amount, the Borrowing Base, the application of payments to be made on the next Payment Date pursuant to Section 2.7 or 2.8 hereof (as applicable), the currency calculations set forth in Section 5.1(q), a calculation of the financial covenants set forth in Section 5.2(n) hereof, in the form of Exhibit A-6, prepared by the Collateral Manager and certifications regarding Available Capital. "Payment Duties": The meaning specified in Section 7.2(b)(iii). "Payment Recipient": The meaning specified in Section 11.10(a). "Pension Plan": The meaning specified in Section 4.1(w). "Periodic Term SOFR Determination Day": The meaning specified in the definition of "Term SOFR". "Permitted Affiliate": An Affiliate of the Collateral Manager or Investment Advisor, as applicable, that (i) executes and delivers documentation containing representations and agreements to the same substantial effect as those made by the Collateral Manager or Investment Advisor, as applicable, under the Transaction Documents and the Investment Management Agreement, (ii) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager or Investment Advisor, as applicable, under the Transaction Documents and the Investment Management Agreement, (iii) -50- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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is legally qualified and has the capacity to assume the duties and obligations of the Collateral Manager or Investment Advisor, as applicable, under the Transaction Documents and the Investment Management Agreement, and (iv) immediately after the appointment of such party to assume the duties of the Collateral Manager or Investment Advisor, as applicable, under the Transaction Documents and the Investment Management Agreement, employs or utilizes such principal personnel that are necessary to perform the duties required under the Transaction Documents and the Investment Management Agreement, in each case, as reasonably determined the Administrative Agent. "Permitted DDTL": With respect to any First Lien Loan, any delayed draw term loan (i) that is secured by a pari passu lien on the assets securing such First Lien Loan, (ii) for which the payment priority is pari passu with such First Lien Loan, and (iii) is a tranche of the same facility as such First Lien Loan. "Permitted Investments": Negotiable instruments or securities or other investments that (i) except in the case of demand or time deposits, investments in money market funds and Eligible Repurchase Obligations, are represented by instruments in registered form or ownership of which is represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with such Federal Reserve Bank who hold such investments on behalf of their customers, (ii) as of any date of determination, mature by their terms on or prior to the Business Day preceding the next Payment Date unless such Permitted Investments are issued by the Securities Intermediary in its capacity as a banking institution, in which event such Permitted Investments may mature on such Payment Date, (iii) are in the form of and are treated as indebtedness of the related Obligor for U.S. federal income tax purposes and are not a United States real property interest as defined in Section 897 of the Code, (iv) are not subject to any withholding tax unless the Obligor thereon is required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding tax on an after-tax basis, and (v) evidence: (a) direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States); (b) demand deposits, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities; provided that at the time of the applicable Borrower's investment or contractual commitment to invest therein, the commercial paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from each Rating Agency in the Highest Required Investment Category granted by such Rating Agency; (c) commercial paper, or other short term obligations, having, at the time of the applicable Borrower's investment or contractual commitment to invest therein, a rating in the Highest Required Investment Category granted by each Rating Agency; -51- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(d) demand deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their certificates of deposit or short-term deposits from Moody's and S&P of "P-1" and "A-1", respectively, and if rated by Fitch, from Fitch of "F-1+"; (e) notes that are payable on demand or bankers' acceptances issued by any depository institution or trust company referred to in clause (b) above; (f) investments in taxable money market funds or other regulated investment companies having, at the time of the applicable Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category from at least two Rating Agencies and from each Rating Agency that rates such investments; (g) time deposits (having maturities of not more than ninety (90) days) by an entity the commercial paper of which has, at the time of the applicable Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category granted by each Rating Agency; or (h) Eligible Repurchase Obligations with a rating acceptable to the Rating Agencies, which in the case of S&P and Moody's, shall be "A-1" and in the case of Fitch shall be "F-1+". The Securities Intermediary or the Administrative Agent may, pursuant to the direction of the Collateral Manager or the Administrative Agent, as applicable, purchase or sell to itself or an Affiliate, as principal or agent, the Permitted Investments described above. Permitted Investments may include those investments in which the Securities Intermediary or any of its affiliates provides services and receives reasonable compensation. "Permitted Liens": Any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen's, warehousemen's, mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) with respect to any Underlying Assets, Liens permitted under the related Underlying Instruments, (d) as to agented Loans, Liens in favor of the agent on behalf of all of the lenders with respect to such Loan, (e) Liens granted pursuant to or by the Transaction Documents, (f) Liens in favor of the Collateral Custodian or the Securities Intermediary and permitted under the Account Control AgreementAgreements or other documentation governing any Account (to the extent such documentation is (x) of a type and in substance required by the Securities Intermediary (or any other Person who maintains such Account in accordance with the terms of this Agreement) in the ordinary course of its maintenance of similar accounts and (y) disclosed to the Administrative Agent), and (g) Liens of broker-dealers and clearing corporations incurred in the ordinary course of business, but excluding Liens created in connection with the purchase of securities on margin -52- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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or securities lending transactions and (h) one or more judgment Liens securing judgments and other proceedings not constituting an Event of Default under Section 9.1(k) or a Collateral Manager Termination Event under clause (i) of the definition thereof; provided that, (i) with respect to Liens granted by or imposed upon thea Borrower or the Collateral, only the Liens described in clause (a), (b), (d), (e), (f), (g) and (h) shall be "Permitted Liens" and (ii) with respect to Liens granted by or imposed upon the Capital Stock of thea Borrower, only the Liens described in clause clauses (a), (b), (e) and (h) shall be "Permitted Liens". "Permitted Pari Passu Revolving Loan": Any revolving lending facility associated with a First Lien Loan or a First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by a pari passu lien on the assets securing such First Lien Loan or such First Lien Last Out Loan, and (ii) for which the payment priority is pari passu with such First Lien Loan or such First Lien Last Out Loan at all times prior to and/or after an event of default under the related Underlying Instruments of the related Obligor. "Permitted Partial PIK Loan": Any Partial PIK Loan with respect to which the portion of accrued and unpaid interest thereon that is required to be paid in Cash at all times on a current basis pursuant to the terms of the related Underlying Instruments is at an interest rate of, (i) if such Loan is subject to a floating rate, not less than the sum of the Benchmark (or, so long as the Benchmark is determined based on SOFR, any other benchmark rate determined based on SOFR) plus the Applicable Spread or (ii) if such Loan is subject to a fixed rate, not less than 6.00%. "Permitted Priority Revolving Loan": Any revolving lending facility associated with a First Lien Loan or First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by a pari passu lien on the assets securing such First Lien Loan or First Lien Last Out Loan, (ii) which is prior in right of payment to such First Lien Loan or First Lien Last Out Loan, and (iii) that has an aggregate commitment that, when aggregated with such Obligor's aggregate commitments under any Permitted Working Capital Facilities, is equal to not more than the applicable Obligor's EBITDA (as determined atas of the most recent of (x) the time of acquisition). by the applicable Borrower, and (y) the date of any increase to, reclassification of, or other transaction impacting the lien or payment priority of, the commitments under, or incurrence of any additional, Permitted Priority Revolving Loan, Permitted Pari Passu Revolving Loan, Permitted Priority Revolving Loan or Permitted Working Capital Facility by the applicable Obligor). "Permitted Working Capital Facility": Any revolving lending facility associated with a First Lien Loan or a First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by all or a portion of the current assets of the related Obligor and otherwise unsecured or has a security interest with respect to the other assets of the related Obligor that is pari passu with or junior to the lien securing such First Lien Loan or such First Lien Last Out Loan and (ii) has an aggregate commitment that, when aggregated with such Obligor's aggregate commitments under any Permitted Priority Revolving Loans, is equal to not more than the applicable Obligor's EBITDA (as determined atas of the most recent of (x) the time of acquisition). by the applicable Borrower, and (y) the date of any increase to, reclassification of, or other transaction impacting the lien or payment priority of, the commitments under, or incurrence of any additional, Permitted Priority Revolving Loan, Permitted Pari Passu Revolving -53- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Loan, Permitted Priority Revolving Loan or Permitted Working Capital Facility by the applicable Obligor). "Person": An individual, partnership, corporation, limited liability company, joint stock company, trust (including a statutory or business trust), unincorporated association, sole proprietorship, joint venture, government (or any agency, instrumentality or political subdivision thereof), estate, company, limited liability partnership, nonprofit corporation, group, sector, territory or other entity or organization. "PIK Interest": Interest accrued on a Loan that is added to the principal amount of such Loan instead of being paid as it accrues, provided, that the interest of any Loan that is paid with the proceeds of a permitted drawing on a Revolving Loan shall not constitute PIK Interest. "PIK Loan": A Loan that by its terms permits the deferral or capitalization of payment of accrued and unpaid interest. For the avoidance of doubt, Partial PIK Loans and Permitted Partial PIK Loans shall constitute "PIK Loans" hereunder. "Plan Asset Rules": The regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations or any successor regulations, as modified by Section 3(42) of ERISA, and the rules and regulations thereunder. "Platform": Any electronic system (other than the Syndicate Platform), including Intralinks®, ClearPar® and any other internet or extranet-based site, which electronic system is reasonably acceptable to the Administrative Agent in its sole discretion and which provides for access to data protected by passcodes or other security systems. "Pledge Agreement":Agreements": (i) The Second Amended and Restated Pledge Agreement, dated as of the Effective Date, made by the Transferor and Capital Fund SPV in favor of the Administrative Agent, for the benefit of itself and the Lenders, pledging all of the Capital Stock of Capital Fund SPV and (ii) the Pledge Agreement, dated as of the Second Amendment Effective Date, made by Capital Fund SPV in favor of the Administrative Agent, for the benefit of itself and the Lenders, pledging all of the Capital Stock of the California Borrower, in each case, as amended, modified, waived, supplemented, restated or replaced from time to time. "Pricing Side Letter": That certain Second Amended and Restated Loan and Security Agreement Pricing Side Letter, dated as of the FirstSecond Amendment Effective Date, by and among the BorrowerBorrowers, the Collateral Manager and the Administrative Agent, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. "Principal Collection Account": Collectively, each account or set of accounts so designated and comprised of a Securities Account (or set of Securities Accounts) and related Deposit Account (or set of Deposit Accounts) created and maintained on the books and records of the Securities Intermediary (or any other party acceptable to the Administrative Agent in its -54- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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sole discretion) entitled "Principal Collection Account" in the name of thea Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties. "Principal Collections": (a) All Collections received by the BorrowerBorrowers or the Securities Intermediary that are not Interest Collections or Excluded Amounts to the extent received in cash by or on behalf of the BorrowerBorrowers or the Securities Intermediary, and (b) any amount deposited by the BorrowerBorrowers (or the Collateral Manager on its behalf) in accordance with Section 2.6(i) or 2.9(e)(i); provided that, for the avoidance of doubt, "Principal Collections" shall not include amounts on deposit in the Unfunded Exposure Account or amounts withdrawn pursuant to Section 2.14(a) once such amounts have been applied as set forth therein. "Pro Rata Share": With respect to a Lender, the percentage obtained by dividing the Commitment of such Lender (as determined pursuant to the definition of Commitment) by the aggregate Commitments of all the Lenders (as determined pursuant to the definition of Commitment). "Proceeds": With respect to any Collateral, all property that is receivable or received when such Collateral is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to any insurance relating to such Collateral, net of all out-of-pocket expenses incurred in connection with any such collection, sale, liquidation, foreclosure, exchange or disposal. "Property": Any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including Capital Stock. "Public Lenders": The meaning specified in Section 12.2(d). "Purchase Price": With respect to any Loan, an amount (expressed as a percentage of par) equal to (i) the purchase price (or, if different principal amounts of such Loan were purchased at different purchase prices, the weighted average of such purchase prices) paid by the applicable Borrower for such Loan (exclusive of any interest, PIK Interest and original issue discount) divided by (ii) the principal balance of the portion of such Loan purchased by the applicable Borrower outstanding as of the date of such purchase (exclusive of any interest, PIK Interest and original issue discount); provided, that the Purchase Price of any Loan determined to be equal to or greater than ninety-five percent (95.0%) in accordance with the foregoing calculation shall be deemed to be one hundred percent (100%). "QFC": The meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). "Qualified Institution": A depository institution or trust company organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i)(a) that has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P or "P-1" or better by Moody's, (b) the -55- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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parent corporation of which has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P and "P-1" or better by Moody's or (c) is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by the FDIC. "Qualified Lender": A Person that was not formed for the specific purpose of becoming a Lender or beneficial owner of an Advance and that is a "qualified purchaser" within the meaning of Section 3(c)(7) of the 1940 Act. "Rating Agencies": Each of S&P, Fitch and Moody's. "Recurring Revenue": With respect to any Eligible Loans that are Recurring Revenue Loans, the definition of annualized recurring revenue used in the Underlying Instruments for each such Eligible Loan, or any comparable term for "Revenue", "Recurring Revenue" or "Adjusted Revenue" in the Underlying Instruments for each such Eligible Loan or if there is no such term in the Underlying Instruments, all recurring maintenance, service, support, hosting, subscription and other revenues identified by the Collateral Manager (including, without limitation, software as a service subscription revenue), of the related Obligor and any of its parents or Subsidiaries that are obligated with respect to such Eligible Loan pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in accordance with GAAP). "Recurring Revenue Loan": Any Loan that satisfies all of the requirements set forth in the definition of "First Lien Loan" except that (i) it is underwritten to Recurring Revenue, as determined by the Collateral Manager in a commercially reasonable manner, (ii) it requires the Obligor to comply with a maximum Debt-to-Recurring Revenue Ratio or minimum Recurring Revenue financial covenant, (iii) at the time of origination of the Loan, it does not include and would not customarily be expected to include (as determined by the Collateral Manager) a financial covenant based on "debt to EBITDA", "debt to EBIT" or a similar multiple of debt to operating cash flow and (iv) the related Obligor does not have any other revolving lending facility unless otherwise permitted by the Required Lenders in their sole discretion. "Reference Time": With respect to any setting of the then-current Benchmark (other than Term SOFR or Daily Simple SOFR) means, the time determined by the Administrative Agent in accordance with the Benchmark Replacement Conforming Changes. "Register": The meaning specified in Section 12.16(b). "Registered": With respect to any registration-required obligation within the meaning of Section 163(f)(2) of the Code, a debt obligation that is in registered form within the meaning of Section 5f.103-1(c) of the U.S. Treasury Regulations and Section 1.163-5(b) of the proposed U.S. Treasury Regulations. "Regulation U": Regulation U of the Board of Governors of the Federal Reserve System, 12 C.F.R. §221, or any successor regulation. "Reinvestment": The meaning specified in Section 2.14(a)(i). -56- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Reinvestment Notice": Each notice required to be delivered by the BorrowerBorrowers in respect of any Reinvestment of Principal Collections pursuant to Section 3.2(b) in the form of Exhibit A-3. "Related Parties": With respect to any Person, such Person's Affiliates and the partners, directors, officers, managers, employees, agents and advisors of such Person and of such Person's Affiliates. "Release Date": The meaning specified in Section 2.14(d). "Relevant Governmental Body": The Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. "Relevant Test Period": With respect to any Loan, the relevant test period for the calculation of Obligor Net Senior Leverage Ratio, Obligor Net Total Leverage Ratio or Obligor Interest Coverage Ratio, as applicable, for such Loan in accordance with the related Underlying Instruments or, if no such period is provided for therein, (i) for Obligors delivering monthly financing statements, each period of the last twelve (12) consecutive reported calendar months, and (ii) for Obligors delivering quarterly financing statements, each period of the last four (4) consecutive reported fiscal quarters of the principal Obligor on such Loan; provided that with respect to any Loan for which the relevant test period is not provided for in the related Underlying Instruments, if an Obligor is a newly-formed entity as to which twelve (12) consecutive calendar months have not yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such Obligor to the most recently ended month or fiscal quarter (as the case may be), with applicable amounts in such period annualized for purposes of such calculations, and shall subsequently include each period of the last twelve (12) consecutive reported calendar months or four (4) consecutive reported fiscal quarters (as the case may be) of such Obligor. "Repayment Notice": Each notice required to be delivered by the BorrowerBorrowers in respect of any repayment of Advances Outstanding, in the form of Exhibit A-2. "Replacement Collateral Manager": The meaning specified in Section 6.11(a). "Replacement Collateral Manager Fee": The fee payable to the Replacement Collateral Manager or any successor Collateral Manager on each Payment Date in arrears in respect of each Accrual Period after the resignation or removal of Willow Tree Corporation (or any other Affiliate of any Loan Party) as Collateral Manager hereunder, which fee shall be an amount equal to (A) (i) the sum of the Assigned Value of the Outstanding Balance of all Loans owned by the Borrower onBorrowers on each day of such Accrual Period divided by (ii) the number of days in such Accrual Period multiplied by (B) a rate equal to one percent (1.00%) per annum; provided, however, the Replacement Collateral Manager shall be entitled to receive payment for such greater amount as agreed between the Replacement Collateral Manager and the -57- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Administrative Agent (as determined in good faith based on, among other things, the market conditions at such time, and shall not, in any event, exceed two percent (2.00%) per annum). "Reportable Event": A reportable event within the meaning of Section 4043 of ERISA, other than those events as to which the thirty (30) day notice period referred to in Section 4043(c) of ERISA has been waived. "Reporting Date": The twentieth (20th) day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, or with respect to any month in which a Payment Date Report is required to be delivered, the day in such month on which such Payment Date Report is required to be delivered pursuant to Section 5.1(q)(i). "Required Funding Amount": If (i) (A) no Event of Default has occurred and is continuing, and (B) the Revolving Period End Date has not occurred, in each case as of the date of determination and after giving effect to any withdrawal from the Unfunded Exposure Account on such date of determination, the Unfunded Exposure Equity Amount, and (ii) (A) an Event of Default has occurred and continuing, or (B) the Revolving Period End Date has occurred, in either case as of the date of determination and after giving effect to any withdrawal from the Unfunded Exposure Account on such date of determination, the Unfunded Exposure Amount. "Required Lenders": (a) The Administrative Agent and (b) the Lenders representing an aggregate of more than 50.00% of (i) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the aggregate Commitments of the Lenders then in effect and (ii) thereafter, the Advances Outstanding; provided; that (A) if two (2) or more Lenders each represent 20.00% or more of (i) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the aggregate Commitments of the Lenders then in effect and (ii) thereafter, the Advances Outstanding, then "Required Lenders" shall also include at least two (2) such Lenders, and (B) the Commitment of, and the portion of any Advances Outstanding, as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. For purposes of determining the number of Lenders pursuant to this definition, groups of Lenders that are Affiliates shall be treated as one (1) Lender. "Required Loan Documents": For each Loan, originals or where indicated, copies (including electronic copies) of the following documents or instruments: (a) a copy (which may be electronic copies) of each duly executed (i) loan agreement, credit agreement or other principal agreement pursuant to which such Loan has been issued or created and (ii) transfer document or instrument relating to such Loan evidencing the assignment of such Loan to the applicable Borrower; and (b) copies (which may be electronic copies) of each of the following to the extent applicable to such Loan: any related security agreement, subordination agreement, intercreditor agreement, guaranty agreement or similar instruments, in each case, together with any amendment or modification thereto. -58- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Required Reports": Collectively, the compliance certificate, in the form of Exhibit F hereto required to be delivered pursuant to Section 5.1(t)(viii), the Borrowing Base Certificate, the Payment Date Report, financial statements of the Transferor required to be delivered under the Transaction Documents (including pursuant to Section 5.1(s) hereof), the annual statements as to compliance in the form of Exhibit L and the annual independent public accountant's report pursuant to Section 5.1(t)(v). "Responsible Officer": With respect to (i) the BorrowerBorrowers, any duly authorized officer, manager or managing member of the BorrowerBorrowers (or an duly authorized officer, director manager of the Investment Advisor), certified as such pursuant to an executed incumbency certificate delivered to the Administrative Agent, in the form of Exhibit A-5 hereto, (ii) with respect to the Collateral Custodian, any vice president, assistant vice president, or trust officer within the Corporate Trust Office (or any successor group), or to whom any corporate trust matter is referred at the Corporate Trust Office because of such person's knowledge of and familiarity with the particular subject and in each case having direct responsibility for the administration of this Agreement, (iii) with respect to the Collateral Administrator, any vice president, assistant vice president, or trust officer within the Corporate Trust Office (or any successor group) who is authorized to act for the Collateral Administrator in matters relating to, and binding upon, the Collateral Administrator with respect to the subject matter of the request, certificate or order in question and (iv) any other Person, any duly authorized officer of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer of such Person to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject. "Restricted Payment": (i) Any dividend or other distribution (other than RIC Tax Distributions), direct or indirect, on account of any class of equity interests of thea Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of equity interests or in any junior class of equity interests of thesuch Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of equity interests of thea Borrower now or hereafter outstanding; and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire equity interests of thea Borrower now or hereafter outstanding. For the avoidance of doubt, (x) payments and reimbursements made to the Collateral Manager in accordance with Section 2.7 and 2.8 (other than Sections 2.7(a)(16), 2.7(b)(6) and 2.8(13)) shall not constitute Restricted Payments, (y) distributions by thea Borrower to holders of its equity interests of Loans or of cash or other proceeds relating thereto which have been substituted by thesuch Borrower in accordance with Section 2.14(b) or (d) shall not constitute Restricted Payments, and (z) payment of the purchase price for any Loans transferred by the Transferor or any Affiliate thereof to thea Borrower shall not constitute Restricted Payments. "Revolving Loan": Any Loan (other than a Delayed Draw Loan) that is a senior secured obligation (including funded and unfunded portions of revolving credit lines, unfunded commitments under specific facilities, letter of credit facilities and other similar loans and investments) that under the Underlying Instruments relating thereto may require one or more -59- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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future advances to be made to the Obligor by thea Borrower and which provides that such borrowed money may be repaid and reborrowed from time to time; provided that any such Loan will be a Revolving Loan only until all commitments by thesuch Borrower to make advances to the Obligor thereof expire, or are terminated, or are irrevocably reduced to zero. "Revolving Period": The period commencing on the Effective Date and ending on the day preceding the earlier to occur of the Revolving Period End Date or the Termination Date. "Revolving Period End Date": The earlier to occur of (a) the Scheduled Revolving Period End Date and (b) the date of the declaration of the Revolving Period End Date pursuant to Section 9.2(a). "RIC Equity Holder": The meaning specified in the definition of "RIC Tax Distribution". "RIC Tax Distributions": Provided that the Transferor (or one or more of its direct or indirect "partners" in the event that the Transferor is treated as a partnership or disregarded entity and not as a RIC for U.S. federal income tax purposes) is a validly electing RIC (such an entity, a "RIC Equity Holder"), dividends and distributions in or with respect to any taxable year (or any calendar year, as relevant) of the BorrowerCapital Fund SPV in amounts not to exceed the higher of (x) that portion of the net investment income of the BorrowerBorrowers, for the applicable year determined in accordance with GAAP and as specified in the annual financial statements most recently delivered pursuant to Section 5.1(s) allocable to such RIC Equity Holder pursuant to Borrower'sCapital Fund SPV's operating agreement, and (y) 115% of the amount that, if theCapital Fund SPV's equity and the California Borrower's equity were the sole directly or indirectly held assetassets of such RIC Equity Holder, would be estimated in good faith to allow such RIC Equity Holder (i) to satisfy the minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain the RIC Equity Holder's eligibility to be taxed as a RIC for any such taxable year, (ii) to reduce to zero (0) for any such taxable year its liability for federal income taxes imposed on (A) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), and (B) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) to avoid federal excise taxes for such calendar year (or for the previous calendar year) imposed by Section 4982 of the Code (or any successor thereto). "S&P": S&P Global Ratings (or its successors in interest). "S&P Industry Classification": The industry classifications set forth in Schedule V hereto, as such industry classifications shall be updated with the consent of the BorrowerBorrowers, the Administrative Agent and the Required Lenders if S&P publishes revised industry classifications. "Sale Agreement": The Amended and Restated Sale and Contribution Agreement, dated as of the Effective Date, between the Transferor and the Borrower, as amended, modified, waived, supplemented, restated or replaced from time to time.Capital Fund Sale Agreement and the California Borrower Sale Agreement, individually or collectively as the context requires. -60- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Sale Proceeds": With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses of the Borrower, the Collateral Manager and the Collateral Custodian incurred in connection with any such sale. "Sanctioned Country": A country, region or territory that is the subject of comprehensive Sanctions (currently, Cuba, Iran, North Korea, Syria, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, and the Crimea region of Ukraine). "Sanctioned Person": Any Person that is: (a) identified on any Sanctions-related list of designated parties, such as the Specially Designated Nationals and Blocked Person list maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the consolidated list of financial sanctions targets maintained by the Office of Financial Sanctions Implementation of His Majesty's Treasury of the United Kingdom; (b) incorporated, registered, domiciled or ordinarily resident in a Sanctioned Country; or (c) 50% or more owned or controlled directly or indirectly by, or acting on behalf of, any Person described in the foregoing clause (a) or (b). For the purpose of this definition, the meaning of "owned or controlled directly or indirectly" shall be determined in accordance with applicable Sanctions laws. "Sanctions": Any and all economic or financial sanctions, including but not limited to those imposed, administered or enforced from time to time by: (a) the U.S. government, including the Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S. Department of State; (b) the United Nations Security Council; (c) the European Union; or (d) the United Kingdom, including His Majesty's Treasury. "Scheduled Payment": Each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan, as adjusted pursuant to the terms of the related Underlying Instruments, if applicable. "Scheduled Revolving Period End Date": November 8, 2027. "Second Amendment": The Second Amendment and Joinder to Amended and Restated Loan, Security and Collateral Management Agreement and First Amendment to the Amended and Restated Account Control Agreement, dated as of the Second Amendment Effective Date, by and between the Borrowers, the Collateral Manager, the Transferor, the Lenders party thereto, the Administrative Agent, the Collateral Custodian, the Collateral Administrator and the Securities Intermediary. "Second Amendment Effective Date": December 23, 2025. "Second Lien Loan": Any Loan (i) that does not satisfy all of the requirements set forth in the definition of "First Lien Loan", "First Lien Last Out Loan" or "Recurring Revenue Loan", (ii) that is secured by a valid second (or higher) priority perfected security interest or lien in, to or on substantially all of the assets of the Obligor under such Loan in all appropriate jurisdictions, subject to purchase money Liens, customary Liens for taxes or regulatory charges not then due and payable or with respect to which reserves have been provided on the books of -61- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the applicable Obligor, Liens accorded priority by law in favor of the United States or any State or agency, and other permitted Liens under the related Underlying Instruments that are reasonable and customary for similar loans (including liens securing "first lien" loans), (iii) for which the Collateral Manager determines in good faith that the enterprise value of the related Obligor or the value of the collateral securing the Loan (each as determined by Collateral Manager in accordance with a methodology reasonably acceptable to the Administrative Agent) on the date such Loan is first included as part of the Collateral or on the date that any Value Adjustment Event occurs equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (iv) that is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation for borrowed money of the Obligor (excluding customary terms applicable to a second lien lender under customary intercreditor provisions, including such as after an event of default in connection with a first priority lien or with respect to the liquidation of the Obligor or certain specified collateral for such Loan), and (v) that is not secured solely or primarily by the Capital Stock of its Obligor or any of such Obligor's Affiliates. "Secured Party": (i) Each Lender, (ii) the Administrative Agent, (iii) the Collateral Custodian, (iv) the Securities Intermediary and (v) the Collateral Administrator. "Securities Account": The meaning specified in Section 8-501(a) of the UCC. "Securities Act": The U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. "Securities Intermediary": (i) A Clearing Corporation; or (ii) a Person, including a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting in that capacity. The initial Securities Intermediary under the Account Control AgreementAgreements shall be State Street Bank and Trust Company. "Security Certificate": The meaning specified in Section 8-102(a)(16) of the UCC. "Security Entitlement": The meaning specified in Section 8-102(a)(17) of the UCC. "Senior Collateral Manager Fee": So long as Willow Tree Corporation or any Affiliate of any Loan Party is the Collateral Manager, the fee payable to Collateral Manager on each Payment Date in arrears in respect of each Accrual Period, which fee shall be an amount equal to (A) (i) the sum of the Adjusted Borrowing Value of all Eligible Loans owned by the BorrowerBorrowers on each day of such Accrual Period divided by (ii) the number of days in such Accrual Period multiplied by (B) a rate equal to 0.35% per annum. "SOFR": A rate equal to the secured overnight financing rate as administered by the SOFR Administrator. -62- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"SOFR Administrator": The Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). "SOFR Administrator's Website": The website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. "SOFR Determination Day": The meaning specified in the definition of "Daily Simple SOFR". "SOFR Rate Day": The meaning specified in the definition of "Daily Simple SOFR". "Solvent": As to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the property of such Person is greater than the amount of such Person's liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person's property assets would constitute unreasonably small capital. "Specified Rating": As to any Obligor or Loan, (i) a public debt rating equal to or better than "B-" by S&P or the equivalent public debt rating of another Rating Agency or (ii) if no rating referenced in clause (i) is available, a private debt rating equal to or better than "B-" by S&P or the equivalent private debt rating of another Rating Agency; provided, that in the case of each of the foregoing clauses (i) and (ii), (x) if both the applicable Obligor and the applicable Loan have at least one rating under any such clause, the applicable Loan rating shall apply for purposes of determining the rating under such clause and (y) if the applicable Obligor or Loan has more than one rating under any such clause, the lowest such rating shall apply for purposes of determining the rating under such clause. "Structured Finance Obligation": Any obligation secured directly by, referenced to, or representing ownership of, a pool of receivables or other Financial Assets of any Obligor that is a single purpose bankruptcy remote special purpose entity established to finance such Financial Assets, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and commercial mortgage backed securities or any resecuritization thereof. -63- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Subsidiary": As to any Person, a corporation, partnership, company, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, company, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person; provided that notwithstanding the foregoing, an Obligor with respect to which thea Borrower has received equity interests in connection with the exercise of any remedies with respect to a Loan, the exercise of any warrant with respect to a Loan or any exchange offer, work-out or restructuring of a Loan shall not be considered a Subsidiary. "Substitution": The meaning specified in Section 2.14(b). "Swingline Advance": Any swingline loan made by the Swingline Lender to the BorrowerBorrowers pursuant to Section 2.2, and all such swingline loans collectively as the context requires. For the avoidance of doubt, unless otherwise specified a Swingline Advance shall constitute an Advance hereunder. "Swingline Commitment": The commitment of the Swingline Lender to fund Swingline Advances, subject to the terms and conditions herein, in an amount not greater than $50,000,000 (without regard to any future reimbursement of Swingline Advances by the Lenders), as such amount may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement. The Swingline Commitment is a sub-limit of the Commitment of the Swingline Lender, in its capacity as a Lender hereunder, and is not in addition thereto. "Swingline Lender": Ally Bank, in its capacity as the swingline lender hereunder, together with its permitted successors and assigns. "Swingline Note": A promissory note made by the BorrowerBorrowers in favor of the Swingline Lender evidencing the Swingline Advances made by the Swingline Lender, substantially in the form attached hereto as Exhibit B-2, and any amendments, supplements and modifications thereto, any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part. "Swingline Refinance Date": The meaning specified in Section 2.2(g)(i). "Syndicate Communications": Collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Obligor pursuant to any Transaction Document or the transactions contemplated therein which is distributed to the Administrative Agent and each Lender by means of electronic communications pursuant to Article XII, including through the Syndicate Platform. "Syndicate Platform": Any electronic system, including Intralinks®, ClearPar® and any other internet or extranet-based site, provided by or on behalf of the Administrative -64- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Agent pursuant to Section 12.2(c), for purposes of providing for access to data protected by passcodes or other security systems. "Taxes": All present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Term SOFR": The greater of (a) the Floor and (b) the forward-looking term rate based on SOFR for a tenor comparable to the applicable Available Tenor selected by the BorrowerBorrowers in accordance with the definition of "Benchmark" on the day (such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S. Government Securities Business Days prior to the first day of the applicable Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. on any Periodic Term SOFR Determination Day Term SOFR for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to Term SOFR has not occurred, then Term SOFR will be Term SOFR for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which Term SOFR for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day. "Term SOFR Administrator": CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion and in consultation with the BorrowerBorrowers). "Termination Date": The earlier of (a) the date that is two (2) years after the Revolving Period End Date or (b) the date of the declaration of the Termination Date or the date of the automatic occurrence of the Termination Date pursuant to Section 9.2(a). "Third Party Sale Agreement": A sale agreement between thea Borrower and a third party seller in form and substance reasonably acceptable to the Administrative Agent (it being agreed that a trade ticket, the LSTA assignment form (or applicable European equivalent), the assignment agreement form attached as an exhibit to the applicable Underlying Instrument (solely to the extent such assignment agreement form (x) is reasonable and customary for a credit facility of the type to which such Third Party Sale Agreement relates and (y) does not contain atypical or unusually burdensome covenants or representations and warranties in respect of thesuch Borrower, in each case, in the Collateral Manager's reasonable and good faith discretion) or the documentation used in ClearPar is acceptable). "Threshold": $10,000,000. "Tier 1 Obligor": (a) With respect to First Lien Loans, Obligors for which the Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is less than 4.25 to 1.00, and (b) with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Obligor Net Total Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is less than 5.25 to 1.00. -65- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Tier 2 Obligor": (a) With respect to First Lien Loans, Obligors for which the Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is less than 5.25 to 1.00 but greater than or equal to 4.25 to 1.00, and (b) with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Obligor Net Total Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is less than 6.25 to 1.00 but greater than or equal to 5.25 to 1.00. "Tier 3 Obligor": (a) With respect to First Lien Loans, Obligors for which the Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is greater than or equal to 5.25 to 1.00; provided that any portion of a First Lien Loan causing the Obligor Net Senior Leverage Ratio of the applicable Obligor to be greater than or equal to 6.25 to 1.00, but less than 7.25 to 1.00, shall be treated as a Second Lien Loan for the purpose of determining the Advance Rate; provided further that, any portion of a First Lien Loan causing the Obligor Net Senior Leverage Ratio of the applicable Obligor to be greater than 7.25 to 1.00 shall be deemed to have an Assigned Value of zero ($0); and (b) with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Obligor Net Total Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is greater than or equal to 6.25 to 1.00; provided that any portion of a First Lien Last Out Loan or Second Lien Loan causing the Obligor Net Total Leverage Ratio of the applicable Obligor to be greater than or equal to 7.25 to 1.00 shall be deemed to have an Assigned Value of zero ($0). "Total Interest Coverage Ratio": With respect to BorrowerBorrowers, for the trailing four (4) consecutive Accrual Periods then ending, the ratio of (i) Borrower Interest Collections during such period minus all Senior Collateral Manager Fees payable by the BorrowerBorrowers on the related Payments Dates for such Accrual Periods to (ii) Borrower Interest Expense for such period. "Transaction": The meaning specified in Section 3.2. "Transaction Documents": This Agreement, the Pricing Side Letter, the Sale AgreementAgreements, any Third Party Sale Agreement between a Borrower and an Affiliate thereof, the Account Control AgreementAgreements, the Pledge AgreementAgreements, the Collateral Administration Agreement, the Fee Letter, each Note, any Joinder Supplement, any Transferee Letter, the Collateral Custodian Fee Letter and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement. "Transferee Letter": The meaning specified in Section 12.16. "Transferor": Willow Tree Corporation, as seller of Loans to the BorrowerCapital Fund SPV. "UCC": The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions. -66- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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"Unadjusted Benchmark Replacement": The applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. "Uncertificated Security": The meaning specified in Section 8-102(a)(18) of the UCC. "Underlying Assets": With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment of such Loan, including to the extent provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets. "Underlying Instruments": The loan agreement, credit agreement, indenture or other agreement pursuant to which a Loan or Permitted Investment has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Loan or Permitted Investment or of which the holders of such Loan or Permitted Investment are the beneficiaries. "Unfunded Exposure Account": Collectively, each account or set of accounts so designated and comprised of a Securities Account (or set of Securities Accounts) and related Deposit Account (or set of Deposit Accounts) created and maintained on the books and records of the Securities Intermediary (or any other party acceptable to the Administrative Agent in its sole discretion) entitled "Unfunded Exposure Account" in the name of thea Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties. "Unfunded Exposure Amount": On any date of determination, with respect to any Loan, the aggregate amount (without duplication) of (i) the Dollar Equivalent of unfunded commitments (which shall include all unfunded revolver commitments and unfunded portions of delayed draw term loans) and (ii) the Dollar Equivalent of all standby or contingent commitments associated with such Loan. "Unfunded Exposure Equity Amount": On any date of determination, with respect to any Loan, an amount equal to (a) the Unfunded Exposure Amount with respect to such Loan minus (b) the product of (i) the Unfunded Exposure Amount with respect to such Loan multiplied by (ii) the Assigned Value of such Loan and multiplied by (iii) the Advance Rate applicable to such Loan. "Unfunded Exposure Shortfall": The meaning specified in Section 2.9(e)(iii). "United States" and "U.S.": The United States of America. "Unrestricted Cash": The meaning of "Unrestricted Cash" or any comparable definition in the Underlying Instruments for each Loan, and in any case that "Unrestricted Cash" or such comparable definition is not defined in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens -67- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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permitted under or granted in accordance with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have been delivered to the applicable Borrower. "Unused Facility Amount": At any time, (a) the Facility Amount minus (b) the Advances Outstanding at such time. "USA Patriot Act": The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. "U.S. Government Securities Business Day": Any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. "U.S. Person": A "United States person" within the meaning of Section 7701(a)(30) of the Code. "U.S. Special Resolution Regime": Each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. "U.S. Tax Compliance Certificate": The meaning specified in Section 2.13(g). "Value Adjustment Event": With respect to any Loan, the occurrence of any one or more of the following events after the related Funding Date: (a) the occurrence of any Credit Quality Deterioration Event; (b) an Obligor default in respect of any payment of principal, interest or commitment or non-use fees under such Loan (after giving effect to all applicable cure periods) (including, in each case, by acceleration); (c) any Obligor default has occurred for which thea Borrower (or the agent or required lenders pursuant to the Underlying Instruments, as applicable) has elected to exercise any of its rights and remedies under the applicable Underlying Instruments in the case of default thereunder (including acceleration), or if acceleration has not occurred, sixty (60) days has elapsed since the occurrence of the Obligor default without such default being cured; (d) the occurrence of a Material Modification with respect to such Loan; (e) the occurrence of an Insolvency Event with respect to the applicable Obligor; or (f) the failure by the applicable Obligor to deliver (or if the BorrowerBorrowers or Collateral Manager fail to forward the same to the Administrative -68- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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-69- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681 The Advance Rate at such time applicable to each such Eligible Loan X Agent, including by way of posting such information to a Platform or delivering the same via email) any quarterly or annual financial statements (including audited and unaudited financial statements) as required by the Underlying Instruments; provided that (i) with respect to quarterly reports (including unaudited financial statements) required by the Underlying Instruments, such financial statements shall be delivered no later than ninety (90) days after the end of the applicable fiscal quarter of such Obligor, and (ii) with respect to annual reports (including audited financial statements) required by the Underlying Instruments, such financial statements shall be delivered no later than one hundred eighty-five (185) days after the end of the applicable fiscal year of such Obligor (collectively, the "Obligor Financial Statements"). For the avoidance of doubt, a Value Adjustment Event shall be deemed to have occurred on the earlier of the date that thea Borrower or Collateral Manager have actual knowledge of, or the date thea Borrower or Collateral Manager should have had knowledge in accordance with the Servicing Standard of, the occurrence of the event giving rise to the Value Adjustment Event; provided that with respect to any Material Modification described in clause (b), (e), (f) or (g) of the definition thereof, so long as the Collateral Manager has complied with Section 6.8(d) with respect thereto, such Material Modification shall be deemed not to have occurred until the Administrative Agent shall have provided the BorrowerBorrowers and the Collateral Manager with notice (which may be by email) of the determination made in its sole discretion or reasonable discretion, as applicable, pursuant to the applicable clause of the definition of "Material Modification". Notwithstanding the foregoing, if the circumstances giving rise to a Value Adjustment Event are cured, as determined by the Administrative Agent in its sole discretion, the BorrowerBorrowers may request that the Administrative Agent deem (which determination shall be made in the Administrative Agent's sole discretion) that such Value Adjustment Event shall no longer be in effect as of the date on which such determination is made. "Warranty Loan": Any Loan for which the Transferor or the applicable third party transferor, as applicable, becomes subject to an obligation under theeither Sale Agreement or the applicable Third Party Sale Agreement to repurchase or substitute such Loan. "Weighted Average Advance Rate": As of any date of determination with respect to all Eligible Loans included in the Borrowing Base, the amount obtained by (x) summing the products obtained by multiplying: The sum of (i) the aggregate Adjusted Borrowing Value of such Eligible Loan minus (ii) an amount equal to the Excess Concentration Amount attributable to such Eligible Loan and dividing such sum by (y) the sum of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans minus (ii) an amount equal to the Excess Concentration Amount as of such date; provided that if the Borrowing Base contains ten (10) Eligible Loans or fewer that have an

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Assigned Value greater than zero (0), the Weighted Average Advance Rate shall not exceed 50.00%; provided, further, that for the purpose of determining the number of Eligible Loans for the purpose of the foregoing proviso, all Eligible Loans to a single Obligor shall be treated as one (1) Eligible Loan. "Willow Tree Corporation": The meaning specified in the preamble. "Withdrawal Conditions": The meaning specified in Section 2.9(e)(i). "Withholding Agent": Any Loan Party and the Administrative Agent, or the Collateral Custodian to the extent required by Applicable Law. "Zero Coupon Obligation": A debt obligation that does not bear interest for all or part of the period that it is outstanding or that provides for periodic payments in cash less frequently than semi-annually or that pays interest only at its stated maturity. "Zero Value Asset": A Loan that (a) is no longer an Eligible Loan or (b) has an Assigned Value of zero. Section 1.2 Other Terms. All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined therein. Section 1.3 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding." Section 1.4 Interpretation. In each Transaction Document, unless a contrary intention appears: (a) the singular number includes the plural number and vice versa; (b) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by the Transaction Documents; (c) reference to any gender includes each other gender; (d) reference to day or days without further qualification means calendar days; (e) reference to any time means New York, New York time unless otherwise specified; -70- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(f) reference to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; (g) reference to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; (h) reference to any delivery or transfer to the Collateral Custodian with respect to the Collateral in this Agreement means delivery or transfer to the Collateral Custodian for the benefit of the Administrative Agent on behalf of the Secured Parties; (i) for the purposes of calculating the Borrowing Base and Availability (including whether any Borrowing Base Deficiency exists), the Excess Concentration Amount, the Minimum Credit Enhancement Amount, the Net Purchased Loan Balance, and for the purposes of any other calculation required hereunder, the effect of the acquisition or disposition of Loans and Permitted Investments shall be calculated on a settlement date basis; (j) all calculations performed by the Administrative Agent hereunder or under any Transaction Document shall be binding on the parties hereto and shall be deemed to be accurate, absent manifest error; (k) "including" means "including without limitation"; (l) for purposes of this Agreement, an Event of Default shall be deemed to be continuing until it is waived in accordance with Section 12.1; and (m) multiple Loans of the same type to a single Obligor shall be treated as a single Loan.; and (n) no Deposit Account or Securities Account maintained in the name of the California Borrower shall constitute a Collateral Account, Operating Account, General Collection Account, Principal Collection Account, Interest Collection Account, or Unfunded Exposure Account hereunder until such time as the Administrative Agent has received the Account Control Agreement referred to in clause (ii) of the definition thereof, pursuant to which the Collateral Account, Operating Account, General Collection Account, Principal Collection Account, Interest Collection Account, and Unfunded Exposure Account, in each case of the California Borrower, together with any related sub-accounts, are added as "Accounts" thereunder. -71- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 1.5 Calculation of Borrowing Base. In connection with amounts to be calculated for purposes of determining the Borrowing Base and generally preparing the Borrowing Base Certificate, all amounts shall be expressed in Dollars. Section 1.6 Rates. The Administrative Agent, Collateral Administrator and Collateral Custodian do not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Benchmark, any component definition thereof or rates referenced in the definition thereof or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the BorrowerBorrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Benchmark pursuant to the terms of this Agreement, and shall have no liability to the BorrowerBorrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. ARTICLE II THE NOTES Section 2.1 The Notes. (a) On the terms and conditions hereinafter set forth, the BorrowerBorrowers shall deliver, if requested by the Administrative Agent or any Lender, (i) on the Effective Date, to each requesting Lender at the applicable address of such Lender on file with the Administrative Agent, and (ii) on the effective date of any Joinder Supplement, to each additional Lender requesting a Note, at the address set forth in the applicable Joinder Supplement, a duly executed promissory note in substantially the form of Exhibit B-1 (each a "Note"), dated as of the date of this Agreement or the effective date of such Joinder Supplement (as applicable), each in a face amount equal to the applicable Lender's Commitment as of the Effective Date or the effective date of any Joinder Supplement, as applicable, and otherwise duly completed. Each Note shall evidence obligations in an amount equal, at any time, to the Advances Outstanding by such Lender under the applicable Note on such day. -72- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) On the terms and conditions hereinafter set forth, the BorrowerBorrowers shall deliver, if requested by the Swingline Lender, on the Effective Date, at the applicable address of the Swingline Lender on file with the Administrative Agent, a fully executed Swingline Note, in a face amount equal to the Swingline Commitment as of the Effective Date and otherwise duly completed. Section 2.2 Procedures for Advances by the Lenders. (a) Subject to the limitations set forth in this Section 2.2, the BorrowerBorrowers may, during the Revolving Period, request the Lenders to make advances of funds (each, a "Loan Advance") by delivering to the Administrative Agent the information and documents set forth in this Section 2.2 at the applicable times provided herein. Upon receipt of such information and documents, the Administrative Agent will provide notification to the Lenders with respect thereto. (b) Subject to the limitations set forth in this Section 2.2, the BorrowerBorrowers may, from time to time during the Revolving Period, request the Swingline Lender make Swingline Advances by delivering to the Administrative Agent the information and documents set forth in this Section 2.2 at the applicable times provided herein; provided that the Swingline Lender shall not be required to make a Swingline Advance to refinance an outstanding Swingline Advance. The Benchmark for each Swingline Advance shall be Daily Simple SOFR. Upon receipt of such information and documents, the Administrative Agent will provide notification to the Lenders with respect thereto. (c) With respect to (i) Advances (other than Swingline Advances), no later than 12:00 p.m., (x) with respect to Advances bearing interest at the Base Rate or Daily Simple SOFR, one (1) Business Day (or, subject to the last paragraph of this clause (c), such shorter period as permitted by the Administrative Agent in its sole discretion, but not later than 12:00 p.m. on the date of the proposed Funding Date) or (y) with respect to Advances bearing interest at Term SOFR, three (3) U.S. Government Securities Business Days (or, subject to the last paragraph of this clause (c), such shorter period as permitted by the Administrative Agent in its sole discretion, but not later than 12:00 p.m. on the date of the proposed Funding Date), in either case, prior to the proposed Funding Date or (ii) Swingline Advances, no later than 12:00 p.m. on the proposed Funding Date, the BorrowerBorrowers shall deliver (or the Collateral Manager on the Borrower'sBorrowers' behalf shall deliver): (i) to the Administrative Agent a wire disbursement and authorization form, to the extent not previously delivered; and (ii) to the Administrative Agent and the Collateral Custodian a duly completed Funding Notice (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof) which shall (a) specify the desired amount of such Advance, which amount shall not cause the Advances Outstanding to exceed the Availability and must be at least equal to $500,000 (or, in the case of any Advance to be applied to fund any draw under a Revolving Loan or Delayed -73- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Draw Loan, such lesser amount as may be required to fund such draw), to be allocated to each Lender in accordance with its Pro Rata Share, (b) specify the proposed Funding Date of such Advance, (c) specify the Benchmark and, if applicable, the Interest Period and the Available Tenor for such Advance, (d) specify the Loan(s) to be financed on such Funding Date (if any) (including the appropriate Obligor, Outstanding Balance, Assigned Value and Purchase Price for each Loan) and, with respect to any Revolving Loan or Delayed Draw Loan, the amount to be deposited in the Unfunded Exposure Account in connection with the acquisition of such Loan(s) pursuant to Section 2.9(e), (e) [reserved], and (f) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Funding Notice shall be irrevocable. If any Funding Notice is received by the Administrative Agent after 12:00 p.m. or on a day that is not a Business Day, such Funding Notice shall be deemed to be received by the Administrative Agent at 9:00 a.m. on the next Business Day. If Borrower desiresBorrowers desire to have the Advances bear interest by reference to Term SOFR, BorrowerBorrowers must comply with Section 2.10(e) hereof. Notwithstanding the above, unless otherwise agreed by the Lenders (each, in its sole discretion) with respect to a given Funding Notice, if Borrower deliversBorrowers deliver a Funding Notice specifying a proposed Funding Date that would occur less than (x) in the case of an Advance bearing interest at the Base Rate or Daily Simple SOFR, one (1) Business Day or (y) in the case of an Advance bearing interest at Term SOFR, three (3) U.S. Government Securities Business Days, in either case, after the date such Funding Notice is received (or deemed received in accordance with Section 2.2(d)(ii)), such request for an Advance shall be treated as a request for a Swingline Advance. (d) On the proposed Funding Date, subject to the limitations set forth in this Section 2.2 and upon satisfaction of the applicable conditions set forth in Article III: (i) with respect to each Advance (other than a Swingline Advance), each Lender shall make available to the Administrative Agent in same day funds, by no later than 12:00 p.m., an amount equal to such Lender's Pro Rata Share, of the least of (A) the amount requested by the BorrowerBorrowers for such Advance, (B) the aggregate unused Commitments then in effect and (C) the maximum amount that, after taking into account the proposed use of the proceeds of such Advance, could be advanced to the BorrowerBorrowers hereunder without causing the Advances Outstanding to exceed the Availability; (ii) with respect to each Swingline Advance, the Swingline Lender shall make available to the BorrowerBorrowers in same day funds, an amount equal to the least of (i) the amount requested by the BorrowerBorrowers for such Swingline Advance, (ii) the positive difference between (A) the Swingline Commitment then in effect and (B) the aggregate outstanding Swingline Advances as of such date and (iii) the maximum amount that, after taking into account the proposed use of proceeds of such Swingline Advance, could be advanced to the BorrowerBorrowers hereunder without causing the Advances Outstanding to exceed the Availability; provided that, no Swingline Advance will be permitted if the amount requested by the BorrowerBorrowers in respect of such Swingline Advance will cause the sum of (x) the outstanding -74- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Swingline Advances as of such date, and (y) aggregate outstanding amount of Advances made by the Swingline Lender in its capacity as a Lender (excluding the portion of such Swingline Advance attributable to the Swingline Lender's subsequent Advance in connection with the repayment of such Swingline Advance) to exceed the Commitment of the Swingline Lender in its capacity as a Lender; (iii) upon receipt of the amounts described in clause (i) or (ii), as applicable, the Administrative Agent shall promptly fund such amounts by wire transfer to the Operating Account or such other account designated by the BorrowerBorrowers in the applicable Funding Notice given pursuant to this Section 2.2; and (iv) notwithstanding clauses (i), (ii) and (iii) of this Section 2.2(d) with respect to the funding of the initial Advance hereunder, the Lenders and the Administrative Agent may net any fees and reimbursable expenses owing to it on the Effective Date (as set forth in the executed closing statement) from the amount funded by the Lenders to the Administrative Agent pursuant to clause (i) or (ii), as applicable, and/or the amount of such Advance funded by the Administrative Agent to the BorrowerBorrowers pursuant to clause (iii). (e) On each Funding Date (which is not associated with a Swingline Advance), the obligation of each Lender to remit its Pro Rata Share of any Loan Advance shall be several from that of each other Lender and the failure of any Lender to so make such amount available to the applicable Borrower shall not relieve any other Lender of its obligation hereunder. Notwithstanding anything to the contrary herein, no Lender shall be obligated to make any Loan Advance on or after the earlier to occur of the Revolving Period End Date or the Termination Date except as provided in Section 2.2(f). For the avoidance of doubt, in relation with a refinancing of a Swingline Advance, such Lender's payment obligation will be fulfilled in accordance with Section 2.2(g). (f) Notwithstanding anything to the contrary herein, upon the occurrence of the earlier of (i) an Event of Default or (ii) the Revolving Period End Date, if the amount on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Exposure Amount, the Administrative Agent (x) may, in the case of the occurrence of an Event of Default or (y) shall in the case of the occurrence of the Revolving Period End Date, on behalf of the BorrowerBorrowers, request an Advance in the amount of such shortfall (the "Exposure Amount Shortfall"). Following receipt of such request, the Lenders shall fund such Exposure Amount Shortfall in accordance with Section 2.2(c), notwithstanding anything to the contrary herein (including the Borrower'sBorrowers' failure to satisfy any of the conditions precedent set forth in Section 3.2), except that no Lender shall make any Advance to the extent that, after giving effect to such Advance, the Advances Outstanding would exceed the Availability. (g) Refinancing of Swingline Advances. (i) Each Swingline Advance shall be refinanced by the Lenders on the second (2nd) Business Day following the date of such Swingline Advance (each such date, a "Swingline Refinance Date"). Such refinancings shall be made by the Lenders in accordance with their respective Pro Rata Shares and shall thereafter be reflected as -75- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Advances of the Lenders on the books and records of the Administrative Agent. Each Lender shall fund its respective Pro Rata Share of Advances as required to repay Swingline Advances outstanding to the Swingline Lender no later than 12:00 p.m. on the applicable Swingline Refinance Date. (ii) The BorrowerBorrowers shall pay to the Swingline Lender, within five (5) Business Days of demand, the amount of such Swingline Advances to the extent amounts received from the Lenders are not sufficient to repay in full the outstanding Swingline Advances requested or required to be refinanced. If any portion of any such amount paid to the Swingline Lender shall be recovered by or on behalf of the BorrowerBorrowers from the Swingline Lender in bankruptcy or otherwise, the loss of the amount so recovered shall be ratably shared among all the Lenders in accordance with their respective Pro Rata Shares. (iii) Each Lender acknowledges and agrees that its obligation to refinance Swingline Advances in accordance with the terms of this Section 2.2(g) is absolute, unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including, (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Swingline Lender, the Administrative Agent, any other Lender or any other Person, (B) the failure of any condition precedent set forth in Section 3.2 to be satisfied or the failure of the BorrowerBorrowers to deliver a Funding Notice (each of which requirements the Lenders hereby irrevocably waive) and (C) any adverse change in the condition (financial or otherwise) of any Loan Party. Further, each Lender agrees and acknowledges that if prior to the refinancing of any outstanding Swingline Advances pursuant to this Section 2.2(g), a bankruptcy or insolvency proceeding relating to theeither Borrower, the Collateral Manager or the Transferor shall have occurred, each Lender will, on the date the applicable Advance would have been made, purchase an undivided participating interest in the Swingline Advance to be refinanced in an amount equal to its Pro Rata Share of the aggregate amount of such Swingline Advance. Each Lender will immediately transfer to the Swingline Lender, in immediately available funds, the amount of its participation. Whenever, at any time after the Swingline Lender has received from any Lender such Lender's participating interest in a Swingline Advance, the Swingline Lender receives any payment on account thereof, the Swingline Lender will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's participating interest was outstanding and funded). Section 2.3 Principal Repayments. (a) The BorrowerBorrowers shall be entitled at itstheir option, at any time, to repay the Advances Outstanding; provided that (i) the BorrowerBorrowers shall give prior written notice of such repayment in the form of Exhibit A-2 to the Administrative Agent by at least 12:00 p.m. on the date of such repayment and (ii) any repayment of Advances Outstanding (other than with respect to repayments of Advances Outstanding made by the BorrowerBorrowers to reduce a Borrowing Base Deficiency to zero) shall be in a minimum amount of $500,000 (or such lesser amount as may be agreed to by the Administrative Agent in -76- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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its sole discretion) (other than (x) any prepayment of Swingline Advances for which no minimum shall apply and (y) any such partial repayment of Advances Outstanding which is funded (A) solely with proceeds from the repayment of a Revolving Loan or (B) solely with amounts otherwise distributable to the BorrowerBorrowers under Section 2.7(a)(16), Section 2.7(b)(6) or Section 2.8(13) in which case there shall be no minimum amount or minimum integral). In connection with any such repayment of Advances Outstanding, the BorrowerBorrowers shall deliver to the Administrative Agent (with a copy to the Collateral Custodian) by 1:00 p.m. (1) instructions to repay such Advances Outstanding and (2) funds sufficient to repay such Advances Outstanding together with all accrued Interest and any Breakage Costs, but only to the extent such accrued Interest and/or Breakage Costs are requested with such repayment by the applicable Lender; provided that, the Advances Outstanding will not be repaid unless sufficient funds have been remitted to pay all such amounts in the succeeding sentence in full. The Administrative Agent shall apply amounts received from the BorrowerBorrowers pursuant to this Section 2.3(a) to the pro rata repayment of the Advances Outstanding, to the payment of accrued Interest on the amount of the Advances Outstanding to be repaid and to the payment of any Breakage Costs. Any amount so repaid may, subject to the terms and conditions hereof, be reborrowed during the Revolving Period. Any Repayment Notice relating to any repayment pursuant to this Section 2.3(a) shall be irrevocable. Upon receipt of any notice or instructions from the BorrowerBorrowers pursuant to this Section 2.3(a), the Administrative Agent will provide notification to the Lenders with respect thereto. Any prepayment of Advances Outstanding under this Section 2.3(a) shall be applied first to the Advances that bear interest at the Base Rate, second, ratably, to the Advances that bear interest at Daily Simple SOFR and then, ratably, to the Advances that bear interest at Term SOFR, in the direct order of Interest Period maturities. (b) Unless sooner prepaid pursuant to the terms hereof, the Advances Outstanding shall be repaid in full on the Termination Date or on such later date as is agreed to in writing by the BorrowerBorrowers, the Collateral Manager, the Administrative Agent and each of the Lenders. Section 2.4 Determination of Interest. The Administrative Agent shall calculate and determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date and the Benchmark) to be paid by the BorrowerBorrowers on each Payment Date for the related Accrual Period and shall advise the Collateral Manager and the Collateral Administrator thereof no later than the third Business Day prior to such Payment Date. Section 2.5 Notations on Notes. Each Lender is hereby authorized to enter on a schedule attached to the Note with respect to such Lender, as applicable, a notation (which may be computer generated) or to otherwise record in its internal books and records or computer system with respect to each Advance made by the applicable Lender of (a) the date and principal amount thereof and (b) each payment and repayment of principal thereof. Any such recordation shall, absent manifest error, constitute prima facie evidence of the Advances Outstanding, as applicable, under each such Note; provided that in the case of any inconsistency between such Notes and the -77- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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records maintained in the Register, the records maintained in the Register shall control. The failure of any Lender to make any such notation on the schedule attached to the applicable Note shall not limit or otherwise affect the obligation of the BorrowerBorrowers to repay the Advances in accordance with the terms set forth herein. Section 2.6 Reduction of Borrowing Base Deficiency. Any Borrowing Base Deficiency may be reduced to zero by the BorrowerBorrowers taking one or more of the following actions, which after giving effect thereto, cause the aggregate Advances Outstanding to no longer exceed Availability at such time: (i) posting cash collateral in Dollars to the Principal Collection Account (including the transfer of any amounts from the Operating Account to the Principal Collection Account and redesignation thereof as Principal Collections by written notice to the Administrative Agent and Collateral Custodian); (ii) repaying Advances Outstanding in accordance with Section 2.3(a); (iii) posting additional Eligible Loans as Collateral; and (iv) the consummation of any transaction pursuant to which thea Borrower has sold, transferred or contributed Loans pledged as Collateral hereunder in an aggregate amount equivalent to reduce such Borrowing Base Deficiency to zero; provided that, (a) thesuch Borrower shall deposit 100% of the cash proceeds thereof (net of reasonable transaction costs and expenses and Taxes, if any) to the Principal Collection Account; (b) thesuch Borrower shall deliver to the Administrative Agent with respect to such sale, a copy of the purchase agreement, any additional information reasonably requested by the Administrative Agent, and a certificate from an officer of thesuch Borrower representing that (i) each of the representations and warranties made by thesuch Borrower in or pursuant to the Transaction Documents shall be accurate in all material respects before and after giving effect to such sale (except for those representations and warranties (x) made as of a specific date or (y) as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects), and (ii) no Default or Event of Default shall have occurred or be continuing or would exist after giving effect to the requested sale on such date and all other contemporaneous sales and other actions set forth in clauses (i), (ii) and (iii) above; and (c) all Loans selected to be sold by thesuch Borrower from all other similar Loans originated or owned by thesuch Borrower shall, at all times, be selected with no intention to select Loans, the sale of which would be more adverse to the Administrative Agent or Lenders than the sale of those similar Loans. Section 2.7 Settlement Procedures. (a) Interest Collections. On each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral Custodian (which direction shall be deemed given upon receipt by the Collateral Custodian of -78- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the related Payment Date Report) to pay pursuant to the latest Payment Date Report (and the Collateral Custodian shall make payment from the Interest Collection Account to the extent of Available Funds, in reliance on the information set forth in such Payment Date Report) to the following Persons, the following amounts in the following order of priority: (1) to the BorrowerBorrowers (or, at the Borrower'sBorrowers' election and with prior written notice to the Administrative Agent, to its direct or indirect equity holders), in respect of Taxes (but excluding all Taxes imposed on net income), registration and filing fees then due and owing by theany Borrower (or its direct and indirect equity holders) that are attributable solely to the operations of the BorrowerBorrowers, not to exceed $15,000 in the aggregate during any calendar year; (2) first, to the Collateral Custodian, the Collateral Administrator and the Securities Intermediary, pro rata, in an amount equal to any accrued and unpaid Collateral Custodian Fees; and second, to the Collateral Manager, in an amount equal to all reasonable, documented and necessary out-of-pocket costs and expenses of the Collateral Manager incurred in connection with any sale of Collateral permitted under the Loan Agreement, not to exceed $67,500 in the aggregate during any calendar year; (3) [reserved]; (4) (x) initially, to Willow Tree Corporation, and (y) after the resignation or removal of Willow Tree Corporation (or any other Affiliate of any Loan Party) as the Collateral Manager hereunder, to the Collateral Manager (including, for the avoidance of doubt, the Replacement Collateral Manager, if applicable), first, to pay any accrued and unpaid Senior Collateral Manager Fees, or the Replacement Collateral Manager Fees, as applicable and, second, to pay all documented fees and expenses of the Collateral Manager (including, without limitation, reasonable attorney's fees, costs and expenses), in each case in an aggregate amount with respect to such documented fees and expenses in any rolling 12-month period not to exceed $100,000; provided, however, the Replacement Collateral Manager shall be entitled to receive payment or reimbursement for such greater amount as agreed between the Replacement Collateral Manager, the Administrative Agent (it being agreed that the Administrative Agent will only agree to such greater amount if it determines that such amount is commercially reasonable) and the BorrowerBorrowers (it being understood that, notwithstanding anything herein to the contrary, the Replacement Collateral Manager shall not be required to exercise any right or take any action hereunder or under any other Transaction Document unless the payment of such fees and expenses in a timely manner are reasonably assured to it); (5) to the Administrative Agent, in an amount equal to any accrued and unpaid fees, expenses and indemnities of the Administrative Agent set forth in the Transaction Documents; -79- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(6) to the Administrative Agent to be distributed pro rata to each Lender, in an amount equal to (a) any accrued and unpaid Interest with respect to Advances made by such Lender, (b) any accrued and unpaid Non-Usage Fee (such Non-Usage Fee to be allocated based on the unused Commitment of each Lender), and (c) any accrued and unpaid Breakage Costs; (7) to make a RIC Tax Distribution to the Transferor; (8) first, to the Swingline Lender to repay any outstanding Swingline Advances and second, if a Borrowing Base Deficiency exists, to the Administrative Agent to be distributed pro rata to each Lender to repay Advances, in an amount necessary to reduce the Borrowing Base Deficiency to zero; (9) to the Collateral Manager to pay out-of-pocket costs and expenses of the Collateral Manager not paid pursuant to clause (2) or (4) above; (10) to the Administrative Agent, to be distributed to the affected Lenders, any amounts accrued and unpaid in respect of Increased Costs and Indemnified Taxes; (11) to the Administrative Agent, to be distributed to the Administrative Agent and each applicable Lender, to pay all other Administrative Expenses of the Administrative Agent and the Lenders not paid pursuant to clause (6) above, as applicable; (12) (a) during the Revolving Period, to fund the Unfunded Exposure Account in an amount necessary to cause all amounts in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Equity Amount, or (b) after the Revolving Period, to fund the Unfunded Exposure Account in an amount necessary to cause the amounts in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount; (13) to the Administrative Agent to be distributed to the Administrative Agent, any applicable Lender, the Collateral Custodian, the Collateral Administrator, the Indemnified Parties, or the Secured Parties, as applicable, all other amounts then due and owing, including any unpaid Administrative Expenses or Collateral Custodian Fees, any amounts accrued and unpaid under the Fee Letter, Increased Costs, Indemnified Taxes, indemnities, but other than the principal of Advances Outstanding, then due under this Agreement, including, without limitation, any other Obligations; (14) [reserved]; (15) to be distributed at the discretion of the Collateral Manager (i) during the Revolving Period, to the Principal Collection Account to be used (on such Payment Date or maintained in the Principal Collection Account for -80- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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such use) with respect to any Reinvestment of Principal Collections and the acquisition of Loans as permitted by this Agreement, (ii) to repay the Advances Outstanding or (iii) to reimburse the Collateral Manager for any unreimbursed amounts paid by the Collateral Manager on the Borrower'sBorrowers' behalf pursuant to this Agreement, to the extent not otherwise reimbursed hereunder; provided that any Available Funds in the Interest Collection Account not distributed or maintained pursuant to this clause (15) shall, on such Payment Date, be distributed in accordance with the remainder of this Section 2.7(a); and (16) any remaining amounts shall be distributed (i) if a Default (about which notice has been given to thea Borrower or thea Borrower otherwise has knowledge thereof) has occurred and is continuing, to the Interest Collection Account, or (ii) otherwise, to the Operating Account or as otherwise directed by the BorrowerBorrowers, which amounts may be used by the BorrowerBorrowers to make Restricted Payments or for any other purpose permitted hereunder. (b) Principal Collections. On each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct (which direction shall be deemed given upon receipt by the Collateral Custodian of the related Payment Date Report) the Collateral Custodian to pay pursuant to the latest Payment Date Report (and the Collateral Custodian shall make payment from the Principal Collection Account to the extent of Available Funds, in reliance on the information set forth in such Payment Date Report) to the following Persons, the following amounts in the following order of priority: (1) to the extent not paid pursuant to Section 2.7(a), to the applicable Person, in the order of priority set forth in Section 2.7(a), such amounts payable pursuant to clauses (1) through (8) thereof; (2) during the Revolving Period, to be distributed at the discretion of the Collateral Manager (i) to be used (on such Payment Date or maintained in the Principal Collection Account for such use) with respect to any Reinvestment of Principal Collections and the acquisition of Loans as permitted by this Agreement or (ii) to repay the Advances Outstanding; provided that any Available Funds in the Principal Collection Account not distributed or maintained pursuant to this clause (2) shall, on such Payment Date, be distributed in accordance with the remainder of this Section 2.7(b); (3) to the extent not paid pursuant to Section 2.7(a), to the applicable Person, in the order of priority set forth in Section 2.7(a), such amounts payable pursuant to clause (9) thereof; (4) after the Revolving Period End Date, to the Administrative Agent to be distributed pro rata to the Lenders to repay the Advances until paid in full; -81- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(5) to the extent not paid pursuant to Section 2.7(a), to the applicable Person, in the order of priority set forth in Section 2.7(a), such amounts payable pursuant to clauses (10) through (15) thereof; and (6) any remaining amounts shall be distributed (i) if a Default (about which notice has been given to thea Borrower or thea Borrower otherwise has knowledge thereof) has occurred and is continuing, to the Principal Collection Account, or (ii) otherwise, to the Operating Account or as otherwise directed by the BorrowerBorrowers, which amounts may be used by the BorrowerBorrowers to make Restricted Payments or for any other purpose permitted hereunder. Section 2.8 Alternate Settlement Procedures. On (1) each Payment Date and (2) to the extent requested by the Administrative Agent in its sole discretion, on any Business Day, in each case, (a) following the occurrence of and during the continuation of an Event of Default or (b) following the declaration of the occurrence, or the deemed occurrence, as applicable, of the Termination Date pursuant to Section 9.2(a), the Collateral Manager (or, after delivery of a Notice of Exclusive Control, the Administrative Agent) shall direct (which direction shall be deemed given upon receipt by the Collateral Custodian of the related Payment Date Report) the Collateral Custodian to pay pursuant to the latest Payment Date Report or such other direction as may be timely given by the Administrative Agent (and the Collateral Custodian shall make payment from the Collection Account to the extent of Available Funds and amounts in the Operating Account, in reliance on the information set forth in such Payment Date Report or such other direction) to the following Persons, the following amounts in the following order of priority: (1) to the BorrowerBorrowers, in respect of Taxes (but excluding all Taxes imposed on net income), registration and filing fees then due and owing by theany Borrower (or its direct and indirect equity holders) that are attributable solely to the operations of theany Borrower; provided that amounts payable with respect to Taxes, registration and filing fees pursuant to this clause (1) during any one (1) year shall not, individually or in the aggregate, exceed $15,000; (2) first, to the Collateral Manager, in an amount equal to all reasonable and necessary out-of-pocket costs and expenses of the Collateral Manager incurred in connection with any sale of Collateral, not to exceed $125,000 in the aggregate during any calendar year, and second, to the Collateral Custodian and the Securities Intermediary pro rata, in an amount equal to any accrued and unpaid Collateral Custodian Fees; (3) [reserved]; (4) (x) initially, to Willow Tree Corporation, and (y) after the resignation or removal of Willow Tree Corporation (or any other Affiliate of any Loan Party) as the Collateral Manager hereunder, first, to the Collateral Manager -82- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(including, for the avoidance of doubt, the Replacement Collateral Manager, if applicable), to pay any accrued and unpaid Senior Collateral Manager Fees, or the Replacement Collateral Manager Fees, as applicable, and, second, to pay all documented fees and expenses of the Collateral Manager (including, without limitation, reasonable attorney's fees, costs and expenses), in each case in an aggregate amount with respect to such documented fees and expenses in any rolling 12-month period not to exceed $100,000; (5) to the Administrative Agent, in an amount equal to any accrued and unpaid fees, expenses and indemnities set forth in the Transaction Documents; (6) to the Administrative Agent to be distributed pro rata to each Lender, in an amount equal to any accrued and unpaid Non-Usage Fee (such Non-Usage Fee to be allocated based on the unused Commitment of each Lender) and any accrued and unpaid Breakage Costs; (7) to the Administrative Agent to be distributed pro rata to each Lender, any accrued and unpaid Interest with respect to Advances made by such Lender; (8) to the Administrative Agent to be distributed pro rata to the Lenders to repay the principal on the Advances Outstanding of such Lenders; (9) to make a RIC Tax Distribution to the Transferor; (10) to the Administrative Agent to be distributed to the Administrative Agent, any applicable Lender, the Collateral Custodian, the Securities Intermediary, the Collateral Administrator, the Indemnified Parties, or the Secured Parties, as applicable, all other fees and amounts, including any unpaid Administrative Expenses or Collateral Custodian Fees, any amounts accrued and unpaid under the Fee Letter, Breakage Costs, Increased Costs, Indemnified Taxes, and indemnities, but other than the principal of Advances Outstanding, then due under this Agreement; (11) to the Collateral Manager to pay out-of-pocket costs and expenses of the Collateral Manager not paid pursuant to clause (2) or clause (4) above; (12) to the BorrowerBorrowers to pay amounts of the type described in clause (1), to the extent not otherwise paid pursuant to clause (1); and (13) to the extent the Obligations (other than contingent Obligations for which no claim has been made) have been paid in full, any remaining amounts shall be distributed to the Operating Account or as otherwise directed by the BorrowerBorrowers, which amounts may be used by the -83- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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BorrowerBorrowers to make Restricted Payments or for any other purpose permitted hereunder. Section 2.9 Collections and Allocations. (a) Collections. The Collateral Manager shall transfer, or cause to be transferred, all Collections received directly by it to the General Collection Account within two (2) Business Days after such Collections are received. The Collateral Manager shall promptly identify any Collections received as being on account of Interest Collections or Principal Collections and shall segregate and transfer, or cause to be transferred, all Principal Collections and Interest Collections in accordance with Section 5.1(f). (b) Excluded Amounts. The Collateral Manager may withdraw from the Collection Account any deposits thereto constituting Excluded Amounts, provided that the Collateral Manager shall, concurrently with such withdrawal, deliver to the Administrative Agent and each Lender a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Administrative Agent. (c) Initial Deposits. On the Funding Date with respect to any Loan, the Collateral Manager will deposit into the Collection Account all Collections, if any, received on or before such Funding Date in respect of Loans being transferred to and included as part of the Collateral on such date. (d) Investment of Funds. Until the occurrence of an Event of Default, to the extent there are uninvested amounts deposited in the Accounts, all such amounts shall be invested in Permitted Investments selected by the Collateral Manager (or pursuant to standing instructions provided by the Collateral Manager); provided that, from and after the occurrence of an Event of Default, to the extent there are uninvested amounts in the Accounts, all such amounts may be invested in Permitted Investments selected by the Administrative Agent (which may be standing instructions). All earnings (net of losses and investment expenses) thereon shall be retained or deposited into the applicable Account and shall be applied as Collections on each Payment Date pursuant to the provisions of Section 2.7 and Section 2.8 (as applicable). (e) Unfunded Exposure Account. (i) TheNo Borrower shall not acquire any Delayed Draw Loan or Revolving Loan unless, in each case, immediately after giving effect to such acquisition or issuance, thesuch Borrower shall deposit an amount equal to the Required Funding Amount with respect to such Delayed Draw Loan or Revolving Loan, as applicable, into the Unfunded Exposure Account. Subject to the satisfaction of the Withdrawal Conditions, amounts on deposit in the Unfunded Exposure Account may be withdrawn by thesuch Borrower (x) to fund any draw requests of the relevant Obligors under any Revolving Loan or Delayed Draw Loan or (y) to make a deposit into the Principal Collections Account. Any such withdrawal will be subject to the following conditions (the "Withdrawal Conditions"): -84- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(1) after giving effect to any such withdrawal under clause (x) above, no Borrowing Base Deficiency exists; and (2) after giving effect to any such withdrawal under clause (x) or (y) above, the aggregate amount on deposit in the Unfunded Exposure Account is equal to or greater than the aggregate Required Funding Amount with respect to all Loans included in the Collateral. (ii) Any draw request made by an Obligor under a Revolving Loan or Delayed Draw Loan, along with wiring instructions for the applicable Obligor, shall be forwarded by the applicable Borrower to the Collateral Custodian (with a copy to the Administrative Agent) along with an instruction to the Collateral Custodian to withdraw the applicable amount from the Unfunded Exposure Account and, to the extent received by thesuch Borrower or the Collateral Manager, a certification from the Obligor (which may be a notice of borrowing) that the conditions to fund such draw are satisfied, and the Collateral Custodian shall fund such draw request in accordance with such instructions from thesuch Borrower. (iii) If thea Borrower shall receive any Principal Collections from an Obligor with respect to a Revolving Loan and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount on deposit in the Unfunded Exposure Account is less than the aggregate Required Funding Amount with respect to all Loans included in the Collateral (the amount of such shortfall, in each case, the "Unfunded Exposure Shortfall"), the Collateral Custodian shall deposit into the Unfunded Exposure Account an amount of such Principal Collections equal to the lesser of (a) the aggregate amount of such Principal Collections and (b) the Unfunded Exposure Shortfall as directed by thea Borrower (or Collateral Manager on its behalf). (f) Operating Account. At any time, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the BorrowerBorrowers may cause any amounts on deposit in the Operating Account to be disbursed at the discretion of the BorrowerBorrowers. For the avoidance of doubt, the BorrowerBorrowers may use the proceeds of Advances on deposit in the Operating Account for the purpose of acquiring Loans to be pledged as Collateral by thea Borrower hereunder subject, in each case, to the satisfaction of the requirements set forth in Section 3.2. If an Event of Default has occurred and is continuing, any amounts in the Operating Account shall be available for application in accordance with Section 2.8. (g) Limitation on Transfers. Except as set forth in Sections 2.7, 2.8, 2.9(b), 2.14 and 5.1(f), neither the BorrowerBorrowers nor the Collateral Manager shall withdraw or order a transfer of funds from any Collection Account, and the Collateral Custodian shall not comply with an order or direction from the BorrowerBorrowers or the Collateral Manager to withdraw or transfer funds from any Collection Account, in any case, without the prior written consent of the Administrative Agent, which consent may be given at the Required Lenders' sole discretion. On each Payment Date, amounts in the Interest Collection Account and the Principal Collection Account shall be applied to make the payments and disbursements described in -85- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 2.7 or 2.8, as applicable. For the avoidance of doubt, neither the BorrowerBorrowers nor the Collateral Manager will instruct, nor will the Collateral Custodian permit, any release of funds from any Collection Account except in accordance with this Section 2.9(g). Section 2.10 Payments, Computations, Etc. (a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the BorrowerBorrowers or the Collateral Manager to the Administrative Agent or the other Secured Parties hereunder shall be paid or deposited in accordance with the terms hereof no later than 1:00 p.m. on the day when due in lawful money of the United States in immediately available funds and any amount not received before such time shall be deemed received on the next Business Day. The BorrowerBorrowers or the Collateral Manager, as applicable, shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due hereunder at the Interest Rate applicable during an Event of Default, payable on demand; provided that such interest rate shall not at any time exceed the maximum rate permitted by Applicable Law. Such interest shall be for the account of the applicable Secured Party. All computations of interest and other fees hereunder shall be made on the basis of a year consisting of 360 days (other than calculations with respect to the Base Rate, which shall be based on a year consisting of 365 or 366 days) for the actual number of days elapsed. (b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of the payment of Interest or any fee payable hereunder, as the case may be. To the extent that Available Funds are insufficient on any Payment Date to satisfy the full amount of any Increased Costs pursuant to Section 2.12, such unpaid amounts shall remain due and owing and shall accrue interest at the Interest Rate until repaid in full. (c) If any Advance requested by the BorrowerBorrowers is not effectuated as a result of theany Borrower's actions or failure to fulfill any condition under Section 3.2 applicable to theany Borrower, as the case may be, on the date specified therefor, except as a result of the gross negligence, bad faith, fraud or willful misconduct of any Lender (as determined by a court of competent jurisdiction in a final, non-appealable judgment), the BorrowerBorrowers shall indemnify the applicable Lender against any reasonable loss, cost or expense incurred by the applicable Lender, to the extent reasonable and documented (other than any such loss, cost or expenses due to the gross negligence, bad faith, fraud, or willful misconduct of such Lender (as determined by a court of competent jurisdiction in a final, non-appealable judgment)), including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the applicable Lender to fund or maintain such Advance. Any such Lender shall provide to the BorrowerBorrowers documentation setting forth the amounts of any loss, cost or expense referred to in the previous sentence. (d) If at any time after the Effective Date, the Advances Outstanding hereunder are not allocated among the Lenders in accordance with their respective Pro Rata Shares, the Lenders agree to make such purchases and sales of interests in the Advances -86- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Outstanding between themselves so that each Lender is then holding its relevant Pro Rata Share of Advances Outstanding based on their Commitments at such time (such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith), with all subsequent extensions of credit under this Agreement to be made in accordance with the respective Pro Rata Shares, of the Lenders from time to time party to this Agreement as provided herein. (e) The BorrowerBorrowers shall have the option to (i) request that any Advance bear interest at Term SOFR or (ii) continue any Advance that bears interest at Term SOFR as an Advance that bears interest at Term SOFR upon the expiration of the applicable Interest Period and the succeeding Interest Period of that continued Advance shall commence on the last day of the Interest Period of the Advance to be continued. Any such election must be made by no later than 12:00 p.m. on the third (3rd) U.S. Government Securities Business Day prior to (1) the Interest Period of any proposed Advance that bears interest at Term SOFR, or (2) the end of the Interest Period with respect to any Advance that bears interest at Term SOFR to be continued as such. If no election is received with respect to an Advance that bears interest at Term SOFR by 12:00 p.m. on the third (3rd) U.S. Government Securities Business Day prior to the end of the Interest Period with respect thereto, such Loan shall be converted to a Loan that bears interest at Daily Simple SOFR at the end of its Interest Period. BorrowerThe Borrowers must make such election by notice to the Administrative Agent in writing. In the case of any continuation, such election must be made pursuant to a Notice of Continuation, to the Administrative Agent (with a copy to the Collateral Custodian). Notwithstanding the foregoing, at no time shall there be more than six (6) Advances that bear interest at Term SOFR outstanding. (f) In the event the Collateral Custodian receives instructions from the Collateral Manager or the BorrowerBorrowers which conflict with any instruction received by the Administrative Agent with respect to dispositions of the Collateral, the Collateral Custodian shall rely on and follow the instructions given by the Administrative Agent. Section 2.11 Fees. (a) The Collateral Custodian, the Collateral Administrator and the Securities Intermediary shall be entitled to receive the Collateral Custodian Fees in accordance with Sections 2.7 and 2.8, as applicable. (b) On each Payment Date during the Revolving Period and, if applicable, the Payment Date immediately after the end of the Revolving Period, the BorrowerBorrowers shall pay to the Administrative Agent, for the benefit of the Lenders, the allocated portion (based on the unused Commitment of each Lender) of the Non-Usage Fee. Section 2.12 Increased Costs; Capital Adequacy; Illegality. (a) If either (i) the introduction of or any change (including any change by way of imposition or increase of reserve requirements) in or in the interpretation of any Applicable Law or (ii) the compliance by the Administrative Agent or any Lender with any -87- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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guideline or request from any central bank or other Governmental Authority having jurisdiction over the Administrative Agent or such Lender (as determined by the Administrative Agent or such Lender, as applicable, in good faith, such determination being conclusive for the purposes of this Section 2.12 absent manifest error) (whether or not having the force of law), shall (a) subject the Administrative Agent or any Lender to any Tax or increased Tax of any kind whatsoever (other than (A) Indemnified Taxes that are covered under Section 2.13(a) and (B) Excluded Taxes) with respect to this Agreement, (b) impose, modify or deem applicable any reserve requirement (including any reserve requirement imposed by the Board of Governors of the Federal Reserve System, but excluding any reserve requirement, if any, included in the determination of Interest), special deposit or similar requirement against assets of, deposits with or for the amount of, or credit extended by, the Administrative Agent or any Lender or (c) impose any other condition (other than with respect to Taxes) affecting the Administrative Agent's or any Lender's rights hereunder or under any other Transaction Document, the result of which is to increase the cost to the Administrative Agent or any Lender or to reduce the amount of any sum received or receivable by the Administrative Agent or a Lender under this Agreement or under any other Transaction Document, and in each case the Administrative Agent or such Lender has made a similar determination with respect to other facilities similarly situated other than for the reason of identifiable legal differences between such facilities, then on the Payment Date following the tenth (10th) Business Day after demand by the Administrative Agent or such Lender (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), and in any case the BorrowerBorrowers shall pay directly to the Administrative Agent or such Lender such additional amount or amounts as will compensate the Administrative Agent or such Lender for such additional or increased cost incurred or such reduction suffered but only to the extent there are amounts available therefor pursuant to Section 2.7 and Section 2.8 (it being understood and agreed that to the extent there are not amounts available therefor on such Payment Date, such amounts shall be payable to the Administrative Agent or such Lender on the next Payment Date on which amounts therefor are available); provided that any such determination by the Administrative Agent or such Lender, as applicable, shall be made in good faith. (b) If either (i) the introduction of or any change in or in the interpretation of any law, guideline, rule, regulation, directive or request or (ii) compliance by the Administrative Agent or any Lender with any law, guideline, rule, regulation, directive or request from any central bank or other Governmental Authority or agency having jurisdiction over the Administrative Agent or such Lender (as determined by the Administrative Agent or such Lender, as applicable, in good faith, such determination being conclusive for the purposes of this Section 2.12 absent manifest error) (whether or not having the force of law), including compliance by the Administrative Agent or a Lender with any request or directive regarding capital adequacy has the effect of reducing the rate of return on the capital of the Administrative Agent or a Lender (other than any reduction on account of Tax) as a consequence of its obligations hereunder or arising in connection herewith to a level below that which the Administrative Agent or any such Lender could have achieved but for such introduction, change or compliance (taking into consideration the policies of the Administrative Agent or such Lender with respect to capital adequacy) by an amount deemed by the Administrative Agent or such Lender in good faith to be material, and in each case the Administrative Agent or such Lender has made a similar determination with respect to other facilities similarly situated other than for -88- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the reason of identifiable legal differences between such facilities, then from time to time, on the Payment Date following the tenth (10th) Business Day after demand by the Administrative Agent or such Lender (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), the BorrowerBorrowers shall pay directly to the Administrative Agent or such Lender such additional amount or amounts as will compensate the Administrative Agent or such Lender for such reduction but only to the extent there are amounts available therefor pursuant to Section 2.7 and Section 2.8 (it being understood and agreed that to the extent there are not amounts available therefor on such Payment Date, such amounts shall be payable to the Administrative Agent or such Lender on the next Payment Date on which amounts therefor are available); provided that notwithstanding anything in this Section 2.12(b) to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "change in law" for the purposes of clause (i) above, regardless of the date enacted, adopted or issued. Notwithstanding the foregoing, this clause (b) shall not apply with respect to Taxes. (c) If, as a result of any event or circumstance described in clause (a) or (b) of this Section 2.12, the Administrative Agent or any Lender is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support to the Administrative Agent or such Lender in connection with this Agreement or the funding or maintenance of Advances hereunder (and the Administrative Agent or such Lender, as applicable, is required to compensate such banks or other financial institutions or similarly situated banks or other financial institutions under other facilities similarly situated other than for the reason of identifiable legal differences between such facilities), then on the Payment Date following the tenth (10th) Business Day after demand by the Administrative Agent or such Lender, the BorrowerBorrowers shall pay to the Administrative Agent or such Lender such additional amount or amounts as may be necessary to reimburse the Administrative Agent or such Lender for any amounts payable or paid by it but only to the extent there are amounts available therefor pursuant to Section 2.7 and Section 2.8 (it being understood and agreed that to the extent there are not amounts available therefor on such Payment Date, such amounts shall be payable to the Administrative Agent or such Lender on the next Payment Date on which amounts therefor are available). (d) In determining any amount provided for in this Section 2.12, the Administrative Agent or any applicable Lender may use any reasonable averaging and attribution methods. The Administrative Agent or a Lender making a claim under this Section 2.12 shall submit to the BorrowerBorrowers a written description as to such additional or increased cost or reduction and the calculation thereof, which written description shall be conclusive absent manifest error. In determining any amount provided for in this Section 2.12, the Administrative Agent or the applicable Lender will act reasonably and in good faith. (e) [Reserved]. -89- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(f) Failure or delay on the part of the Administrative Agent or any Lender to demand compensation pursuant to this Section 2.12 shall not constitute a waiver of the Administrative Agent's or such Lender's right to demand or receive such compensation. Notwithstanding anything to the contrary in this Section 2.12, the BorrowerBorrowers shall not be required to compensate the Administrative Agent or a Lender pursuant to this Section 2.12 for any amounts incurred or reductions suffered more than six (6) months prior to the date that the Administrative Agent or such Lender notifies the BorrowerBorrowers of the Administrative Agent's or such Lender's intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such six (6) month period shall be extended to include the period of such retroactive effect. (g) Each Lender agrees that it will take such commercially reasonable actions as the BorrowerBorrowers may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section 2.12 or Section 2.13; provided that no Lender shall be obligated to take any actions that would, in the reasonable opinion of such Lender, be disadvantageous to such Lender. In no event will the BorrowerBorrowers be responsible for increased amounts referred to in this Section 2.12 which relates to any other entities to which any Lender provides financing. (h) Neither the Administrative Agent nor Lender shall exercise rights to recover Increased Costs pursuant to this Section 2.12 in a manner that is less favorable to BorrowerBorrowers than the Administrative Agent's or such Lender's exercise of such rights with respect to borrowers that are similarly situated to the BorrowerBorrowers. The Administrative Agent or any Lender recovering Increased Costs pursuant to this Section 2.12 must be charging all similarly situated borrowers or customers similar costs, damages, losses or expenses at such time. The determination of whether a borrower or customer is similarly situated shall be made by the Administrative Agent or the applicable Lender in good faith. Any such determination shall be conclusive absent manifest error. (i) Any participant with respect to a participation interest in an Advance shall be entitled to the benefit of this Section 2.12 (subject to the requirements and limitations herein) to the same extent as if it was a Lender and had acquired its interest in the Advance by assignment; provided that such participant shall not be entitled to receive any greater payment under Section 2.12, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the participant acquired the applicable participation. (j) Other than with respect to a Benchmark Transition Event (for which reference is made to Section 12.18), if the Administrative Agent reasonably determines (which determination shall be conclusive and binding absent manifest error) that (i) "Daily Simple SOFR" cannot be determined pursuant to the definition thereof or (ii) "Term SOFR" cannot be determined pursuant to the definition thereof, the Administrative Agent will promptly so notify the BorrowerBorrowers and each Lender (with a copy to the Collateral Custodian). Upon notice thereof by the Administrative Agent to the BorrowerBorrowers, the BorrowerBorrowers may revoke any request for an Advance bearing interest at the applicable Benchmark that cannot be determined pursuant to the foregoing sentence and, failing that, (x) in the case of clause (i) -90- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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above, all Advances and all Advances Outstanding shall bear interest at Term SOFR plus the Applicable Spread, (y) in the case of clause (ii) above, all Advances and all Advances Outstanding shall bear interest at Daily Simple SOFR plus the Applicable Spread and (z) in the case of the occurrence of clauses (i) and (ii) above, all Advances and all Advances Outstanding shall bear interest at the Base Rate plus the Applicable Spread, in each case, computed as otherwise described herein until the Administrative Agent revokes such notice(s); provided, however, the Administrative Agent may, with the consent of the BorrowerBorrowers and in consultation with the applicable Lender, establish an alternative interest rate with respect to such Advances during the pendency of such period. (k) If any Lender determines that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund Advances whose interest is determined by reference to Daily Simple SOFR or Term SOFR, as applicable, or to determine to charge interest rates based upon Daily Simple SOFR or Term SOFR, as applicable, then, upon notice thereof by such Lender to the BorrowerBorrowers (through the Administrative Agent), any obligation of such Lender to make or continue Advances that bear interest at Daily Simple SOFR or Term SOFR, as applicable, shall be suspended until such Lender notifies the Administrative Agent and the BorrowerBorrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the BorrowerBorrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay (pursuant to Section 2.3(a)) without any penalty, fee or premium (but in each case excluding Breakage Costs), or, if applicable, convert all Advances that bear interest at Daily Simple SOFR or Term SOFR, as applicable, of such Lender to Advances that bear interest at the Base Rate (or convert to Daily Simple SOFR or Term SOFR, as applicable), on the Payment Date therefor, if such Lender may lawfully continue to maintain such Advances that bear interest at Daily Simple SOFR or Term SOFR, as applicable, to such day, or immediately, if such Lender may not lawfully continue to maintain such Advances that bear interest at Daily Simple SOFR or Term SOFR, as applicable. Section 2.13 Taxes. (a) Defined Terms. For purposes of this Section 2.13, the term "Applicable Law" includes FATCA. (b) Payments Free of Taxes. Any and all payments by or on account of any obligation of theany Borrower under this Agreement or any other Transaction Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then (i) the applicable Withholding Agent shall be entitled to make such deduction or withholding, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law, and (iii) if such Tax is an Indemnified Tax, then the sum payable by thesuch Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.13) the applicable Secured Party receives an amount equal to the sum it would have received had no such deduction or withholding been made. -91- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(c) Payment of Other Taxes by the BorrowerBorrowers. The BorrowerBorrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. (d) Indemnification by the BorrowerBorrowers. The BorrowerBorrowers shall indemnify each applicable Secured Party, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.13) payable or paid by such Secured Party or required to be withheld or deducted from a payment to such Secured Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the BorrowerBorrowers by a Secured Party (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Secured Party, shall be conclusive absent manifest error. (e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (x) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower hasBorrowers have not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the BorrowerBorrowers to do so), (y) any Taxes attributable to such Lender's failure to comply with the provisions of Section 12.16(db) relating to the maintenance of a Participant Register and (z) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Transaction Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 2.13(e). (f) Evidence of Payments. As soon as practicable after any payment of Taxes by thea Borrower to a Governmental Authority pursuant to this Section 2.13, thesuch Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. (g) Status of Lenders. (i) Any Secured Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the BorrowerBorrowers and the Administrative Agent, at the time or times reasonably requested by the BorrowerBorrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the -92- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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BorrowerBorrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Secured Party, if reasonably requested by the BorrowerBorrowers or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the BorrowerBorrowers or the Administrative Agent as will enable the BorrowerBorrowers or the Administrative Agent to determine whether or not such Secured Party is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.13(g)(ii)(A1), (ii)(B2) and (ii)(D4) below) shall not be required if in the Secured Party's reasonable judgment such completion, execution or submission would subject such Secured Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Secured Party. (ii) Without limiting the generality of the foregoing, (1) any Lender that is a U.S. Person shall deliver to the BorrowerBorrowers and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the BorrowerBorrowers or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; (2) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the BorrowerBorrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the BorrowerBorrowers or the Administrative Agent), whichever of the following is applicable: a. in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty; b. executed copies of IRS Form W-8ECI; c. in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section -93- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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881(c) of the Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of thea Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" related to thea Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) described in Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance Certificate") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or d. to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by executed copies of IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-9, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and indirect partner; (3) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the BorrowerBorrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the BorrowerBorrowers or the Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the BorrowerBorrowers or the Administrative Agent to determine the withholding or deduction required to be made; and (4) if a payment made to a Secured Party under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Secured Party were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Secured Party shall deliver to the BorrowerBorrowers and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the BorrowerBorrowers or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the -94- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Code) and such additional documentation reasonably requested by the BorrowerBorrowers or the Administrative Agent as may be necessary for the BorrowerBorrowers and the Administrative Agent to comply with their obligations under FATCA and to determine that such Secured Party has complied with such Secured Party's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.13(g)(ii)(4), "FATCA" shall include any amendments made to FATCA after the Effective Date. Each Secured Party agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the BorrowerBorrowers and the Administrative Agent in writing of its legal inability to do so. (h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.13 (including by the payment of additional amounts pursuant to this Section 2.13), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.13 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the written request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 2.13(h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.13(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.13(h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.13(h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. (i) Survival. Each party's obligations under this Section 2.13 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and Advances and the repayment, satisfaction or discharge of all obligations under any Transaction Document. Section 2.14 Reinvestment; Discretionary Sales, Substitutions and Repurchases of Loans. (a) Reinvestment. On the terms and conditions hereinafter set forth as certified in writing to the Administrative Agent and the Collateral Custodian, on any date prior to the Revolving Period End Date (in the case of clause (i) below) or the Termination Date (in -95- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the case of clause (ii) below), and without limiting the provisions of Section 2.7(a) on each Payment Date, theany Borrower may withdraw funds on deposit in the Principal Collection Account for the following purposes: (i) to reinvest such funds in Loans to be pledged hereunder (a "Reinvestment"), so long as (1) all applicable conditions precedent set forth in Section 3.2 have been satisfied, (2) each Loan acquired by thesuch Borrower in connection with such reinvestment shall be an Eligible Loan, (3) no Event of Default has occurred and is continuing and, immediately after giving effect to such Reinvestment, no Default or Event of Default shall have occurred, and (4) immediately after giving effect to such Reinvestment, there shall not exist a Borrowing Base Deficiency; provided that, notwithstanding anything to the contrary set forth in Section 3.2, in the event a Borrowing Base Deficiency shall have existed immediately prior to giving effect to such Reinvestment, thesuch Borrower may effect a Reinvestment so long as, immediately after giving effect to such Reinvestment and any other sale or transfer or other action taken in accordance with Section 2.6 substantially contemporaneous therewith, the Borrowing Base Deficiency is reduced to zero Dollars ($0); or (ii) to make payments in respect of the Advances Outstanding at such time in accordance with and subject to the terms of Section 2.3. Upon the satisfaction of the applicable conditions set forth in Section 2.14(a) (as certified by thesuch Borrower to the Administrative Agent and the Collateral Custodian, and as acknowledged by the Administrative Agent to the Collateral Custodian), the Collateral Custodian will release funds from the Principal Collection Account to thesuch Borrower in an amount not to exceed the lesser of (A) the amount requested by thesuch Borrower and (B) the amount on deposit in the Principal Collection Account on such day. (b) Substitutions. TheAny Borrower may, subject to clauses (e) and (f) below, replace any Loan with another Loan (each such sale and reinvestment, a "Substitution") so long as (i) each substitute Loan acquired by thesuch Borrower in connection with a Substitution shall be an Eligible Loan, (ii) all applicable conditions precedent set forth in Section 3.2 have been satisfied with respect to each Loan to be acquired by thesuch Borrower in connection with such Substitution and (iii) from and after the Revolving Period End Date, the cash principal payment schedule with respect to any substitute Loan acquired by thesuch Borrower in connection with a Substitution shall be substantially similar to the Loan sold or otherwise transferred in connection with such Substitution. (c) Discretionary Sales. Upon notice by thea Borrower, unless waived by the Administrative Agent, (with a copy to the Collateral Custodian), thesuch Borrower shall be permitted, subject to clauses (e) and (f) below, to sell Loans (or portions thereof, each, a "Discretionary Sale"); provided that thesuch Borrower shall make a deposit in the Collection Account in immediately available funds in an amount equal to the net cash price received by thesuch Borrower pursuant to any Discretionary Sale promptly upon thesuch Borrower's receipt of such cash price. -96- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(d) Repurchase or Substitution of Warranty Loans. Not later than five (5) Business Days following the earlier of (i) knowledge by thea Borrower or the Collateral Manager that any Loan constitutes a Warranty Loan or (ii) receipt by thea Borrower from the Administrative Agent of written notice thereof, thesuch Borrower shall either: (i) cause the Transferor to repurchase such Loan and make a deposit to the Collection Account in immediately available funds in an amount equal to (A) the Outstanding Balance of the related Warranty Loan as of the date of the repurchase, multiplied by (B) the Purchase Price (without giving effect to the proviso in the definition thereof) plus, only with respect to the repurchase of Warranty Loans, any expenses or fees with respect to such Loan; provided that the Administrative Agent shall have the right to determine whether the amount so deposited is sufficient to satisfy the foregoing requirements; or (ii) substitute for such Warranty Loan a substitute Eligible Loan, provided that all requirements with respect to Substitutions set forth in this Section 2.14 are satisfied. Upon receipt of written certification from the applicable Borrower certifying to the confirmation of the deposit of the amounts set forth in Section 2.14(d)(i) into the Collection Account or the delivery by thesuch Borrower of a substitute Eligible Loan for each Warranty Loan (the date of such confirmation or delivery, the "Release Date"), such Warranty Loan and related Underlying Assets shall be removed from the Collateral and, as applicable, the substitute Eligible Loan and related Underlying Assets shall be included in the Collateral. On the Release Date of each Warranty Loan, the Administrative Agent, for the benefit of the Secured Parties, shall automatically and without further action be deemed to release to the applicable Borrower, without recourse, representation or warranty, all the right, title and interest and any Lien of the Administrative Agent, for the benefit of the Secured Parties in, to and under the Warranty Loan and any related Underlying Assets, and all future monies due or to become due with respect thereto shall be deemed to be released. TheSuch Borrower may (A) on and after the Release Date, transfer such Warranty Loan and (B) transfer any Equity Security, in each case, without restriction; provided that immediately after giving effect to any such transfer described in the foregoing clause (B), there shall not exist a Borrowing Base Deficiency. Notwithstanding the foregoing or anything herein to the contrary, upon the request of the BorrowerBorrowers, the Administrative Agent may, in its sole discretion, waive the requirement to repurchase or substitute any Loan pursuant to this Section 2.14(d). (e) Conditions to Sales, Substitutions and Repurchases. Any Discretionary Sale or sale pursuant to a Substitution effected pursuant to this Section 2.14 shall be subject to the satisfaction of the following conditions: (i) on or prior to the date of such Discretionary Sale or sale pursuant to a Substitution (or such later date as may be agreed by the Administrative Agent in its sole discretion), the applicable Borrower shall deliver to the Administrative Agent (with a copy to Collateral Custodian) (x) a Borrowing Base Certificate that gives effect to such Discretionary Sale or sale pursuant to a Substitution, (y) a list of all Loans to be sold or -97- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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substituted (which may be included in the Borrowing Base Certificate referenced in clause (x)) and (z) notice of any amount to be deposited into the Collection Account in connection with any sale or Substitution (which may be included in the Borrowing Base Certificate referenced in clause (x)); (ii) [reserved]; (iii) [reserved]; (iv) the representations and warranties contained in Section 4.1 and 4.2 hereof shall continue to be true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects, and except for those representations and warranties made as of a specific date, which are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) as of such date) following any sale or Substitution, except to the extent any such representation or warranty relates to an earlier date, (v) any repayment of Advances Outstanding in connection with any sale or Substitution of Loans hereunder shall comply with the requirements set forth in Section 2.3; (vi) any Discretionary Sale or sale in connection with a Substitution shall be made by the Collateral Manager, on behalf of the applicable Borrower, in a transaction (1) reflecting arms-length market terms and (2) in which thesuch Borrower makes no representations, warranties or covenants and provides no indemnification for the benefit of any other party to such sale (other than that thesuch Borrower has good title thereto, free and clear of all Liens and has the right to sell the related Loan and other representations which are customarily made or provided in connection with the sale of assets of such type) (and the parties agree that the assignment agreement form attached as an exhibit to the applicable Underlying Instrument (solely to the extent such assignment agreement form (x) is reasonable and customary for a credit facility of the type to which such sale relates and (y) does not contain atypical or unusually burdensome covenants or representations and warranties in respect of thesuch Borrower, in each case, in the Collateral Manager's reasonable and good faith discretion) shall satisfy this clause (2)); provided that if a Default or Event of Default has occurred and is continuing any Discretionary Sale or sale in connection with a Substitution to an Affiliate of thea Borrower shall require the prior written consent of the Administrative Agent in its reasonable discretion (unless, solely in the case of a Default (and not an Event of Default), such Default is remedied upon consummation of such sale); provided further that, the Administrative Agent's prior written consent shall not be required for any such Discretionary Sale or sale in connection with a Substitution that satisfies the requirement of clause (C) of Section 2.14(e)(vii). -98- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(vii) (A) no Collateral Manager Termination Event, Default or Event of Default shall have occurred and be continuing and, immediately after giving effect to any Discretionary Sale or Substitution, as applicable, no Collateral Manager Termination Event, Default or Event of Default shall have occurred (unless, solely in the case of a Default (and not an Event of Default), such Default is remedied upon consummation of such sale); (B) notwithstanding anything set forth in this Section 2.14, immediately after giving effect to any Discretionary Sale or Substitution, as applicable, there shall not exist a Borrowing Base Deficiency; provided that, notwithstanding the foregoing or anything to the contrary set forth in Section 3.2, in the event a Borrowing Base Deficiency shall have existed immediately prior to giving effect to a Substitution or Discretionary Sale, such Borrower may effect such Substitution or Discretionary Sale so long as, immediately after giving effect to such Substitution or Discretionary Sale and any other sale or transfer or other action taken in accordance with Section 2.6 substantially contemporaneous therewith, the Borrowing Base Deficiency shall be reduced to zero ($0); and (C) unless consented to by the Administrative Agent in its sole discretion, (x) the net cash price received by thesuch Borrower pursuant to any Discretionary Sale (determined taking into account any cash equity contribution received by thesuch Borrower in connection and concurrently therewith) shall be equal to or greater than the Adjusted Borrowing Value of the Loan sold in connection with such Discretionary Sale; provided that, solely for the purpose of determining if this clause (C)(x) has been satisfied, with respect to any Loan for which the net cash price received by thesuch Borrower equals or exceeds ninety-five percent (95.0%) of the Outstanding Balance thereof, the net cash price received by thesuch Borrower shall be treated as if it were one hundred percent (100.0%) of the Outstanding Balance of such Loan and (y) the Adjusted Borrowing Value of the substitute Loan acquired by thesuch Borrower in connection with any Substitution (determined taking into account any cash equity contribution received by thesuch Borrower in connection and concurrently therewith) shall be greater than the Adjusted Borrowing Value of the Loan sold or otherwise transferred in connection with such Substitution; (viii) the BorrowerBorrowers shall pay an amount equal to all Breakage Costs and all accrued and unpaid reasonable and documented out-of-pocket costs and expenses of the Administrative Agent, the Lenders and the Collateral Custodian in connection with any such sale, Substitution or repurchase (including, but not limited to, expenses incurred in connection with the release of the Lien of the Administrative Agent on behalf of the Secured Parties in connection with such sale, Substitution or repurchase), including, without limitation, reasonable and documented legal fees and expenses of (A) a single outside counsel, and a single local counsel in any applicable jurisdiction, of the Administrative Agent and the Lenders, taken as a whole, provided that, if any Lender reasonably determines in good faith that it is necessary or advisable to retain its own counsel by reason of conflict of interest, the BorrowerBorrowers shall reimburse such Lender for the reasonable and documented out-of-pocket fees and disbursements of such counsel and (B) a single outside counsel, and a single local counsel in any applicable jurisdiction, of the Collateral Custodian; and -99- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(ix) notwithstanding anything to the contrary in this Section 2.14(e), during the Revolving Period, so long as no Event of Default has occurred and is continuing and, immediately after giving effect thereto, no Default or Event of Default shall have occurred, theany Borrower may dispose of any Zero Value Asset through a Discretionary Sale, Substitution or otherwise without satisfying any other requirement of this Section 2.14(e). (f) Limitations on Sales, Substitutions and Repurchases. (i) The aggregate Outstanding Balance of all Loans (other than Zero Value Assets transferred at a time when no Default or Event of Default is continuing and Warranty Loans) which are transferred by thea Borrower to the Transferor or an Affiliate thereof in connection with a Substitution, a Discretionary Sale or the transfer to the Transferor pursuant to a Restricted Payment shall not exceed during any 12-month rolling period (or such lesser number of months as shall have elapsed since the Effective Date) in the aggregate twenty percent (20.00%) of the Net Purchased Loan Balance measured as of the date of such Substitution, Discretionary Sale or dividend. (ii) Notwithstanding the limitation set forth in Section 2.14(f)(i), and subject to satisfaction of all other applicable requirements set forth in this Section 2.14 or elsewhere in this Agreement, so long as no Default or Event of Default has occurred and is continuing, theany Borrower may transfer Loans that are Zero Value Assets to the Transferor or an Affiliate thereof in connection with a Substitution, a Discretionary Sale or the transfer to the Transferor pursuant to a Restricted Payment without regard to the limitation set forth in Section 2.14(f)(i); provided however, that such transfer may not cause the sale of Loans pursuant to the Transaction Documents to fail to qualify as a true sale such that Milbank LLP or another legal counsel of national standing could no longer render a customary true sale opinion with respect thereto. (g) Notices to Lenders. If requested by a Lender, the Administrative Agent shall provide such Lender with copies of any notices and other materials received by the Administrative Agent pursuant to this Section 2.14 in connection with any sale, Substitution, or repurchase of Loans. Upon request from the Collateral Custodian (acting solely at the direction of the Required Lenders), the applicable Borrower (or Collateral Manager, on its behalf) shall deliver an Officer's Certificate to the Collateral Custodian, on which it may conclusively rely, to the effect that all conditions precedent to such sale, Substitution or repurchase of Loans, as the case may be, have been satisfied. Section 2.15 Assignment of the Sale AgreementAgreements. TheEach Borrower hereby collaterally assigns to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of thesuch Borrower's right, title and interest in and to, but none of its obligations under, the Sale AgreementAgreements, any Third Party Sale Agreement and any UCC financing statements filed under or in connection therewith to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations of the -100- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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BorrowerBorrowers arising in connection with this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, absolute or contingent. In furtherance and not in limitation of the foregoing, theeach Borrower hereby collaterally assigns to the Administrative Agent for the benefit of the Secured Parties its right to indemnification under the Sale AgreementAgreements and any Third Party Sale Agreement. TheEach Borrower confirms that, following the occurrence and during the continuation of an Event of Default, the Administrative Agent, on behalf of the Secured Parties, shall have the right to enforce thesuch Borrower's rights and remedies under the Sale AgreementAgreements, any Third Party Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Secured Parties. Section 2.16 Defaulting Lenders. (a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: (i) That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 12.1. (ii) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, as the BorrowerBorrowers may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the BorrowerBorrowers, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Advances under this Agreement; fourth, to the payment of any amounts owing to the Lenders, as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the BorrowerBorrowers as a result of any judgment of a court of competent jurisdiction obtained by the BorrowerBorrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Advances in respect of which that Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.16 shall be deemed -101- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. (iii) No Defaulting Lender shall be entitled to receive any fees payable by the Borrower or itsBorrowers or their respective Affiliates pursuant to any Transaction Document for any period during which that Lender is a Defaulting Lender (and the BorrowerBorrowers and their Affiliates shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). (b) If the BorrowerBorrowers and the Administrative Agent agree in writing that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of Advances Outstanding of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Shares, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the BorrowerBorrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. Section 2.17 Mitigation Obligations; Replacement of Lenders. (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.12, or requires the BorrowerBorrowers to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13, then such Lender shall (at the request of the BorrowerBorrowers) use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or Section 2.13, as the case may be, in the future and (ii) would not otherwise be disadvantageous to such Lender. Upon receipt of such estimate, the BorrowerBorrowers may approve the proposed designation or assignment, in which case the Lender shall use reasonable efforts to effect the same. The BorrowerBorrowers hereby agreesagree to pay all reasonable costs and expenses incurred by any Lender in connection with any such approved designation or assignment. (b) Replacement of Lenders. If any Lender (other than Ally Bank so long as it is the Administrative Agent) requests compensation under Section 2.12, or if thea Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13, or if any Lender is a Defaulting Lender hereunder, or if any Lender does not consent to any amendment or modification (including in the form of a consent or waiver) that requires the approval of all or all affected Lenders in accordance with the terms of Section 12.1 which is approved by the BorrowerBorrowers, the -102- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Administrative Agent and the Required Lenders, then the BorrowerBorrowers may, at itstheir sole expense and effort, upon notice to such Lender and the Administrative Agent, (1) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.16), all of its interests, rights and obligations under this Agreement and the Transaction Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: (i) such assigning Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or theany Borrower (in the case of all other amounts); (ii) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.13, such assignment will result in a reduction in such compensation or payments thereafter; and (iii) such assignment does not conflict with Applicable Law; or (2) terminate the Commitment of such Lender and repay all Obligations of the BorrowerBorrowers owing to such Lender relating to the portion of the Advances held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the BorrowerBorrowers to require such assignment and delegation cease to apply. Section 2.18 Increase of Commitment; Facility Amount. (a) At any time during the Revolving Period, provided that no Event of Default has occurred and is continuing, the Commitment for any Lender may be increased in connection with a corresponding increase in the Facility Amount upon the written request of the BorrowerBorrowers with the prior written consent of the Administrative Agent and such Lender (and with notice to the Collateral Custodian) (an "Increased Commitment"); provided that, (i) following such Increased Commitment, the Facility Amount shall not exceed $750,000,000, and (ii) any increase in the Facility Amount shall be in a minimum amount of $25,000,000. Except for upfront fees payable to Lenders providing any Increased Commitment, any such Increased Commitment shall be on the same terms (including the pricing and maturity date) as, and pursuant to the documentation applicable to, the Commitments provided pursuant to the Agreement as of the Effective Date. Prior to, or on the date of, the effectiveness of any such Increased Commitment, if requested by the Administrative Agent or any increasing Lender, the BorrowerBorrowers shall execute and deliver to the applicable Lender a revised Note in an aggregate face amount equal to such Lender's revised Commitment. TheEach Borrower confirms that each Lender, in its sole and absolute discretion, without regard to the value or performance of the facility documented hereby or any other factor, may elect not to increase its -103- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Commitment. Upon such increase, Annex B hereto shall be deemed to be revised to reflect such increase in each increasing Lender's Commitment. (b) In connection with any increase in the Facility Amount, the BorrowerBorrowers may, with the written consent of the Administrative Agent, add additional Persons as Lenders (with notice to the Collateral Custodian). Each additional Lender shall become a party hereto by executing and delivering to the Administrative Agent and the BorrowerBorrowers a Joinder Supplement and a Transferee Letter. ARTICLE III CONDITIONS TO THE EFFECTIVE DATE AND ADVANCES Section 3.1 Conditions to Effective Date. No Lender and neither the Administrative Agent nor the Collateral Custodian shall be obligated to take, fulfill or perform any other action hereunder, until the following conditions have been satisfied, in the sole discretion of, or waived in writing, by the Administrative Agent: (a) This Agreement and the other Transaction Documents shall have been duly executed by, and delivered to, the parties thereto, and the Administrative Agent shall have received such other documents, instruments, agreements and legal opinions as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement; (b) The Administrative Agent shall have received satisfactory evidence that the Borrower, the Transferor and the Collateral Manager have obtained all required consents and approvals of all Persons to the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby; (c) The BorrowerCapital Fund SPV and the Collateral Manager shall each have delivered to the Administrative Agent a certification in the form of Exhibit D, and such certification shall, with respect to the BorrowerCapital Fund SPV, include a representation that the BorrowerCapital Fund SPV has neither incurred nor suffered to exist any Indebtedness as of the Effective Date (for the avoidance of doubt, other than Indebtedness incurred hereunder and under the Onshore Loan Agreement and the Offshore Loan Agreement); (d) The BorrowerCapital Fund SPV and the Collateral Manager shall each have delivered to the Administrative Agent a certificate as to whether such entity is Solvent in the form of Exhibit C; (e) The BorrowerCapital Fund SPV and Collateral Manager shall have delivered to the Administrative Agent certification that no Default, Event of Default, Change of Control or Collateral Manager Termination Event has occurred and is continuing; -104- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(f) The Administrative Agent shall have received the executed legal opinion or opinions of (i) Milbank LLP, counsel to the Loan Parties, covering (A) authority of the BorrowerCapital Fund SPV, (B) enforceability of this Agreement and the other Transaction Documents, (C) true sale and non-consolidation matters, and (D) UCC, perfection and other closing matters, and (ii) Eversheds Sutherland (US) LLP, counsel to Willow Tree Corporation, covering authority of the Willow Tree Corporation to enter into the Transaction Documents, in each case, (x) in form and substance acceptable to the Administrative Agent in its reasonable discretion and (y) delivered in escrow pending release by Milbank LLP or Eversheds Sutherland (US) LLP, as applicable, pursuant to Section 5.1(y)(i); (g) [Reserved]; (h) The BorrowerCapital Fund SPV and the Administrative Agent shall have executed the Fee Letter, and the BorrowerCapital Fund SPV shall have paid all fees due and unpaid under the Fee Letter, it being agreed that, notwithstanding any provision herein to the contrary, all fees required to be paid on the Effective Date pursuant to the Fee Letter may be paid by the BorrowerCapital Fund SPV from funds on deposit in the General Collection Account; (i) The BorrowerCapital Fund SPV, the Collateral Manager, the Securities Intermediary and the Collateral Custodian shall have executed the Collateral Custodian Fee Letter, and the BorrowerCapital Fund SPV shall have paid all fees due and unpaid under the Collateral Custodian Fee Letter as of the date of its execution, it being agreed that, notwithstanding any provision herein to the contrary, all fees required to be paid on the Effective Date pursuant to the Collateral Custodian Fee Letter may be paid by the BorrowerCapital Fund SPV from funds on deposit in the General Collection Account; (j) Upon request, each applicable Lender shall have received a duly executed copy of its Note, in a principal amount equal to the Commitment of the Lender; (k) The Administrative Agent shall have received a secretary's certificate of each Loan Party (i) that includes a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the board of directors, manager(s) or member(s) of such Loan Party, as applicable, authorizing (A) the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, and (B) the borrowings contemplated hereunder, and a certification that such resolutions have not been amended, modified, revoked or rescinded, (ii) that includes a copy of the Governing Documents of such Loan Party and a certification that, except as disclosed therein, there has not been any amendment, modification or supplement to such Governing Documents, (iii) that includes a certification as to the incumbency and signature of the officers of such Loan Party executing any Transaction Document and (iv) that includes certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of such Loan Party (A) in the jurisdiction of its organization and (B) in each other jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires it to qualify as a foreign Person except, as to this clause (B), where the failure to so qualify could not be reasonably expected to have a Material Adverse Effect, which certificate shall be in form and -105- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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substance satisfactory to the Administrative Agent and shall be executed by a corporate secretary or Responsible Officer of such Loan Party; (l) The Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent, of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of each Loan Party, and bankruptcy and pending lawsuits with respect to the Loan Parties and the results of such search shall be satisfactory to the Administrative Agent; (m) The Administrative Agent shall have received (i) all documentation and other information requested by the Administrative Agent in its sole discretion and/or required by regulatory authorities with respect to the BorrowerCapital Fund SPV and the Collateral Manager under applicable "know your customer" and anti-money laundering rules and regulations, including the USA Patriot Act, and (ii) a Beneficial Ownership Certification with respect to the BorrowerCapital Fund SPV, in each case, in form and substance reasonably satisfactory to the Administrative Agent; (n) The results of the due diligence procedures, as carried out by the Administrative Agent, are satisfactory to the Administrative Agent, in its reasonable discretion; and (o) The representations and warranties contained in Section 4.1 and Section 4.2 are true and correct in all respects on and as of the Effective Date (other than any representation and warranty that is expressly made as of another specific date which were true, correct, and complete as of such date); and (p) All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the other Transaction Documents shall be reasonably satisfactory in form and substance to the Administrative Agent, and the Administrative Agent shall have received such other documents and legal opinions in respect of any aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request. Section 3.2 Conditions Precedent to All Advances and Acquisitions of Loans. Each Loan Advance and Swingline Advance under this Agreement, each Reinvestment of Principal Collections pursuant to Section 2.14(a)(i), each acquisition of Loans in connection with a Substitution pursuant to Section 2.14(b) and each acquisition of Loans with amounts on deposit in the Operating Account (each, a "Transaction") shall be subject to the further conditions precedent that: (a) With respect to any Loan Advance or Swingline Advance, the Collateral Manager on the Borrower'sBorrowers' behalf shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian), by not later than the deadline set forth in Section 2.2(c) (or such shorter period as may be agreed to by the Administrative Agent and each Lender), a Funding Notice in the form of Exhibit A-1 and a Borrowing Base Certificate updated -106- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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to the date such Transaction is requested and giving pro forma effect to such Transaction, executed by the Collateral Manager and the BorrowerBorrowers. (b) With respect to any Reinvestment of Principal Collections permitted by Section 2.14(a)(i) and each acquisition of Loans in connection with a Substitution pursuant to Section 2.14(b), the Collateral Manager on the Borrower'sBorrowers' behalf shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian), no later than 12:00 p.m. on the date of such Transaction, a Reinvestment Notice in the form of Exhibit A-3 and a Borrowing Base Certificate, updated to the date such Transaction is requested and giving pro forma effect to such Transaction, executed by the Collateral Manager and on the Borrower'sBorrowers' behalf. (c) [Reserved]. (d) Other than with respect to an acquisition of Loans with funds on deposit in the Operating Account, on the date of such Transaction the following shall be true and correct, and the BorrowerBorrowers and the Collateral Manager shall have certified in the related Borrower's Notice that all conditions precedent to the requested Transaction have been satisfied (other than such conditions precedent (i) that are, by their express terms, subject to the judgment or satisfaction of the Administrative Agent or any Lender or (ii) that shall have been, as of the date of such Transaction, expressly waived with respect to such Transaction in writing by the Administrative Agent and the Lenders (or the required portion thereof) in accordance with the terms of this Agreement) and shall thereby be deemed to have certified that: (i) The representations and warranties contained in Section 4.1 and Section 4.2 are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any representation and warranty that is expressly made as of another specific date which were true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) as of such date); (ii) No event has occurred, or would result from such Transaction or from the application of proceeds thereof, that constitutes an Event of Default, Default, Change of Control or Collateral Manager Termination Event; (iii) On and as of such day, immediately after giving effect to such Transaction, the Advances Outstanding does not exceed the Availability (or, to the extent permitted under Section 2.14, that any existing Borrowing Base Deficiency is reduced to zero); and (iv) To the knowledge of the Collateral Manager, no Applicable Law shall prohibit or enjoin the making of such Advance by any Lender or the proposed acquisition of Loans (if any). -107- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(e) (i) With respect to any Loan Advance or Swingline Advance under this Agreement or any Reinvestment of Principal Collections pursuant to Section 2.14(a)(i), the Revolving Period End Date shall not have occurred and (ii) with respect to any Transaction, the Termination Date shall not have occurred; (f) [Reserved]; (g) The BorrowerBorrowers and Collateral Manager shall have delivered to the Administrative Agent (and, if applicable, to Collateral Custodian) all reports required to be delivered as of the date of such Transaction including all deliveries required by Section 2.2; (h) The BorrowerBorrowers shall have paid all fees then required to be paid and, without duplication of Section 2.11, shall have reimbursed the Lenders, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary and the Administrative Agent for all fees, costs and expenses then required to be paid in connection with the closing of the transactions contemplated hereunder and under the other Transaction Documents, including the reasonable and documented attorney fees and any other legal and document preparation costs incurred by the Lenders, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary and the Administrative Agent; (i) [Reserved]; and (j) The BorrowerBorrowers shall have delivered to the Administrative Agent an Officer's Certificate (which may be part of the applicable Borrower's Notice) in form and substance reasonably satisfactory to the Administrative Agent certifying that each of the foregoing conditions precedent has been satisfied (other than such conditions precedent (i) that are, by their express terms, subject to the judgment or satisfaction of the Administrative Agent or any Lender or (ii) that shall have been, as of the date of such Transaction, expressly waived with respect to such Transaction in writing by the Administrative Agent and the Lenders (or the required portion thereof) in accordance with the terms of this Agreement). Section 3.3 Custodianship; Transfer of Loans and Permitted Investments. (a) The Collateral Custodian (or the Securities Intermediary on its behalf) shall hold all Certificated Securities and Instruments delivered to it as Collateral in accordance with the terms hereof in physical form at the Custody Facilities or at such other location identified to the Administrative Agent and the BorrowerBorrowers, in any event in segregated accounts in the name of the applicable Borrower. Any successor Securities Intermediary shall be a state or national bank or trust company which is not an Affiliate of theany Borrower and which is a Qualified Institution. (b) Each time that theany Borrower (or the Collateral Manager on behalf of thea Borrower) shall direct or cause the acquisition of any Permitted Investment, thesuch Borrower shall (or the Collateral Manager on behalf of thesuch Borrower) cause the delivery of such Permitted Investment to the Collateral Custodian at the Custody Facilities. -108- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(c) TheEach Borrower (or the Collateral Manager on behalf of thesuch Borrower) shall direct that the Collateral Custodian cause all Collateral acquired by thesuch Borrower that constitutes Financial Assets to be credited to the Collateral Account, and shall cause all Permitted Investments acquired by thesuch Borrower to be delivered to the Collateral Custodian (or the Securities Intermediary on its behalf) by one of the following means (and shall take any and all other actions requested by the Administrative Agent necessary to create and perfect in favor of the Administrative Agent a valid security interest in each Permitted Investment, which security interest shall be senior to that of any other creditor of thesuch Borrower (whether now existing or hereafter acquired) (other than pursuant to Permitted Liens)): (i) in the case of an Instrument or a Certificated Security represented by a Security Certificate in registered form by having it Indorsed to the Collateral Custodian (or the Securities Intermediary on its behalf) or in blank by an effective Indorsement or registered in the name of the Administrative Agent and by (A) delivering such Instrument to the Collateral Custodian or delivering such Security Certificate to the Collateral Custodian at the Custody Facilities (or at such other location identified to the Administrative Agent and the BorrowerBorrowers) and (B) causing the Collateral Custodian to maintain continuous possession of such Instrument or Security Certificate at the Custody Facilities (or at such other location identified to the Administrative Agent and the BorrowerBorrowers); (ii) in the case of an Uncertificated Security, by either (A) (1) causing the Administrative Agent to become the registered owner of such Uncertificated Security and (2) causing such registration to remain effective or (B) entering into a control agreement with respect to such Uncertificated Security with the issuer thereof; (iii) in the case of any Security Entitlement, by causing each such Security Entitlement to be credited to a Securities Account in the name of thesuch Borrower pursuant to the applicable Account Control Agreement; and (iv) in the case of General Intangibles (including any Permitted Investment not evidenced by an Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming thesuch Borrower as debtor and the Administrative Agent as secured party and describing the Permitted Investment (as the case may be) as the collateral at the filing office of the Secretary of State of the State of Delaware (it being understood that a UCC financing statement describing the collateral as "all assets of the Borrower" or words of similar effect will be deemed to satisfy the requirements of this clause (iv) in the case of any General Intangibles to be delivered by thesuch Borrower). (d) The security interest of the Administrative Agent in any Collateral disposed of in a transaction permitted by this Agreement shall, immediately and without further action on the part of the Administrative Agent, be released and the Collateral Custodian shall immediately release such Collateral to, or as directed by, the applicable Borrower. -109- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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ARTICLE IV REPRESENTATIONS AND WARRANTIES Section 4.1 Representations and Warranties of the BorrowerBorrowers. TheEach Borrower represents and warrants as follows as of the FirstSecond Amendment Effective Date, each Funding Date and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made (subject in each case to any additional materiality qualifiers provided for in the provisions of this Agreement (including in Section 3.2(d) in the case of a Funding Date) or such other Transaction Documents requiring or deeming made the following representations and warranties): (a) Organization and Good Standing. TheEach Borrower has been duly organized, and is validly existing as a limited liability company in good standing, under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted, and had at all relevant times, and now has all necessary power, authority and legal right to acquire, own and sell the Collateral. (b) Due Qualification. TheEach Borrower is (i) duly qualified to do business and is in good standing as a limited liability company in its jurisdiction of formation, and (ii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified, licensed or approved could not reasonably be expected to have a Material Adverse Effect. (c) Power and Authority; Due Authorization; Execution and Delivery. TheEach Borrower (i) has all necessary limited liability company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company action, the execution, delivery and performance of each Transaction Document to which it is a party and the transfer and assignment of a security interest in the Collateral on the terms and conditions herein provided. This Agreement and each other Transaction Document to which thesuch Borrower is a party have been duly executed and delivered by thesuch Borrower. (d) Binding Obligation. Each Transaction Document to which theany Borrower is a party constitutes a legal, valid and binding obligation of thesuch Borrower enforceable against thesuch Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and by general principles of equity (whether such enforceability is considered in a proceeding in equity or at law). (e) No Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and the fulfillment of the terms thereof will not -110- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Governing Documents of theany Borrower or any material Contractual Obligation of theany Borrower, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) upon any of theany Borrower's properties pursuant to the terms of any such Contractual Obligation, or (iii) violate any Applicable Law that could reasonably be expected to have a Material Adverse Effect. (f) Agreements. As of the Second Amendment Effective Date, theno Borrower is not a party to any agreement or instrument or subject to any corporate restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. As of the Effective Date, theno Borrower is not a party to or otherwise subject or has any of its property that is subject to any indenture or other agreement or instrument evidencing Indebtedness of thesuch Borrower, or any other agreement or instrument where a default could reasonably be expected to result in a Material Adverse Effect. (g) No Proceedings. (i) As of the Second Amendment Effective Date, there is no litigation, proceeding or (to the knowledge of theany Borrower) investigation pending or, to the knowledge of theany Borrower, threatened in writing against theany Borrower, before any Governmental Authority, and, (ii) as of any date thereafter, there is no litigation, proceeding or (to the knowledge of theany Borrower) investigation pending or, to the knowledge of theany Borrower, threatened in writing against theany Borrower, before any Governmental Authority (x) asserting the invalidity of any Transaction Document to which theany Borrower is a party, (y) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which theany Borrower is a party or (z) that could reasonably be expected to have Material Adverse Effect. (h) All Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by theany Borrower of each Transaction Document to which thesuch Borrower is a party have been obtained, except where the failure to obtain such approval, authorization, consent, order, license, filing or other action could not reasonably be expected to have a Material Adverse Effect. (i) [Reserved]. (j) Solvency. TheNo Borrower is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents to which theany Borrower is a party do not and will not render thesuch Borrower not Solvent. (k) Taxes. (i) TheEach Borrower is and has always been treatedclassified as a disregarded entity of the Transferor for U.S. federal income tax purposes and no election has been filed by theany Borrower to be classified as an association taxable as a corporation for U.S. federal income tax purposes. TheEach Borrower will, unless otherwise required by applicable lawApplicable Law, treat the Advances and Notes as indebtedness for U.S. federal income tax purposes. -111- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(ii) Each of the BorrowerBorrowers and the Transferor has timely filed or caused to be timely filed (taking into account valid extensions of the time for filing) all material Tax returns required to be filed by it and has timely paid all material Taxes due, except Taxes that are being contested in good faith by appropriate proceedings and for which it has set aside on its books adequate reserves in accordance with GAAP. (l) Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents (including the use of the proceeds from the Advances) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The No Borrower does not ownowns or intendintends to carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any "margin stock" within the meaning of Regulation U or to extend "purpose credit" within the meaning of Regulation U. (m) Security Interest. (i) This Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from time to time in the State of New York) in the Collateral in favor of the Administrative Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC and is prior to all other Liens other than Permitted Liens, and is enforceable as such against creditors of and purchasers from the BorrowerBorrowers; (ii) this Agreement constitutes a security agreement within the meaning of Section 9-102(a)(73) of the UCC as in effect from time to time in the State of New York. (iii) the Collateral is comprised of "instruments", "general intangibles", "certificated securities", "security entitlements", "uncertificated securities", "deposit accounts", "securities accounts", "investment property" and "proceeds" (each as defined in the applicable UCC) and such other categories of collateral under the applicable UCC as to which the applicable Borrower has complied with its obligations under Section 4.1(m)(i); (iv) with respect to Collateral that constitutes Deposit Accounts: (1) theeach Borrower has taken all steps necessary to enable the Administrative Agent to obtain "control" (within the meaning of the UCC as in effect from time-to-time in the State of New York) with respect to each such Account; and (2) such Accounts are not in the name of any Person other than the applicable Borrower, subject to the Lien of the Administrative Agent. The No Borrower has not instructed the depository bank of any Account to comply with -112- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the instructions of any Person other than the Administrative Agent; provided that, until the Administrative Agent delivers a Notice of Exclusive Control, the BorrowerBorrowers and the Collateral Manager may cause cash in such Accounts to be invested in Permitted Investments and Loans (solely to the extent acquired in accordance with the terms of this Agreement), and the proceeds thereof to be distributed in accordance with this Agreement. (v) with respect to Collateral that constitutes Security Entitlements: (1) all of such Security Entitlements have been credited to an Account that is a Securities Account and the securities intermediary for each such Securities Account has agreed to treat all assets (other than Cash) credited to such Account as Financial Assets within the meaning of the UCC as in effect from time-to-time in the State of New York; (2) theeach Borrower has taken all steps necessary to enable the Administrative Agent to obtain "control" (within the meaning of the UCC as in effect from time-to-time in the State of New York) with respect to each Account that is a Securities Account; and (3) the Accounts that are Securities Accounts are not in the name of any Person other than the applicable Borrower, subject to the Lien of the Administrative Agent. The No Borrower has not instructed the securities intermediary of any Account that is a Securities Account to comply with the entitlement order of any Person other than the Administrative Agent; provided that, until the Administrative Agent delivers a Notice of Exclusive Control, the BorrowerBorrowers and the Collateral Manager may cause cash in the Accounts to be invested in Permitted Investments and Loans (solely to the extent acquired in accordance with the terms of this Agreement), and the proceeds thereof to be distributed in accordance with this Agreement. (vi) all Accounts constitute "deposit accounts" as defined in Section 9-102 of the UCC as in effect from time-to-time in the State of New York and/or "securities accounts" as defined in the Section 8-501(a) of the UCC as in effect from time-to-time in the State of New York; (vii) theeach Borrower owns and has good and marketable title to the Collateral owned by it free and clear of any Lien of any Person (other than Permitted Liens); (viii) theeach Borrower has received all consents and approvals required by the terms of any Loan to the granting of a security interest in the Loans hereunder to the Administrative Agent, on behalf of the Secured Parties; (ix) theeach Borrower has taken all necessary steps to authorize the Administrative Agent to file all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the -113- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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security interest in that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in thesuch Borrower's jurisdiction of organization; (x) upon the delivery to the Collateral Custodian of all Collateral constituting "instruments" and "certificated securities" (as defined in the UCC as in effect from time to time in the jurisdiction where the Collateral Custodian's Corporate Trust Office is located), the crediting of all Collateral that constitutes Financial Assets (as defined in the UCC as in effect from time to time in the State of New York) to an Account and the filing of the appropriate financing statements in the jurisdiction in which thesuch Borrower is located, such security interest shall be a valid and first priority (subject to Permitted Liens) perfected security interest in that portion of the Collateral in which a security interest may be created under Article 9 of the UCC as in effect from time to time in the State of New York; (xi) other than clauses (a), (b), (e), (f), (g) and (h) of the definition of "Permitted Liens", theno Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral. The No Borrower has not authorized the filing of and is not aware of any financing statements against thesuch Borrower that include a description of any collateral included in the Collateral other than any financing statement (A) relating to the security interest granted hereunder or to thesuch Borrower under the applicable Sale Agreement or any Third Party Sale Agreement, as applicable, or (B) that has been terminated and/or fully and validly assigned to the Administrative Agent on or prior to the date hereof. There are no judgments or tax lien filings against theany Borrower; (xii) [reserved]; (xiii) [reserved]; (xiv) with respect to Collateral that constitutes a "certificated security," such certificated security has been delivered to the Collateral Custodian (or the Securities Intermediary on its behalf) on behalf of the Administrative Agent and, if in registered form, has been specially Indorsed to the Collateral Custodian or in blank by an effective Indorsement or has been registered in the name of the Administrative Agent upon original issue or registration of transfer by the BorrowerBorrowers of such certificated security; and (xv) with respect to Collateral that constitutes an Uncertificated Security, theeach Borrower has caused the Administrative Agent to gain "control" of such Collateral pursuant to Section 8-106(c) of the UCC. (n) Reports Accurate. All information, exhibits, financial statements, documents, books, records or reports relating to the BorrowerBorrowers furnished in writing to the Administrative Agent, the Collateral Custodian or any Lender by any Loan Party in connection with this Agreement are, as of the date furnished, true, complete and correct in all material respects when taken as a whole (or, (A) in the case of general economic data, industry -114- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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information or information not prepared by or under the direction of the BorrowerBorrowers, true and correct in all material respects, as of the date furnished, when taken as a whole, to the knowledge of the BorrowerBorrowers after reasonable inquiry or (B) in the case of any projections and forward-looking information, such has been prepared in good faith and based on assumptions believed by the BorrowerBorrowers to be reasonable at the time such projections or forward-looking information were so furnished in light of information available to the BorrowerBorrowers at such time after reasonable inquiry; it being recognized that projections and forward-looking information are subject to significant uncertainty and contingencies (many of which are beyond the control of the BorrowerBorrowers) and are therefore not to be viewed as fact and actual results during such future period or periods covered by such projections and forward-looking information may materially differ from the results set forth therein). (o) Location of Offices. TheEach Borrower's location (within the meaning of Article 9 of the UCC) is, and at all times has been, the State of Delaware. TheNo Borrower has not changed its name (whether by amendment of its certificate of formation, by reorganization or otherwise) or its jurisdiction of organization and has not changed its location within the four (4) months preceding the FirstSecond Amendment Effective Date, in each case other than any change of name or other corporate change for which notice has been duly provided pursuant to Section 5.1(o)(vii). (p) Legal Name. Each Loan Party's exact legal name is, and at all times has been the name as set forth on Schedule I hereto. (q) Sale AgreementAgreements. The Sale Agreement isAgreements are the only agreementagreements pursuant to which thea Borrower purchases Collateral from the Transferor or any Affiliate of the Transferor, the Collateral Manager or, in the case of the California Borrower, Capital Fund SPV unless such purchase is made pursuant to a transaction otherwise permitted hereunder. (r) Value Given. (i) With respect to Loans transferred to thea Borrower by the Transferor, the or Capital Fund SPV, as applicable, such Borrower has given reasonably equivalent value to the Transferor or Capital Fund SPV, as applicable (including equity in thesuch Borrower) in consideration for the transfer to thesuch Borrower of each such Loan, and no such transfer has been made for or on account of an antecedent debt, and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code and (ii) with respect to Loans transferred to thea Borrower by a Person other than the Transferor or Capital Fund SPV, such transferor is not an Affiliate of thesuch Borrower and such transfer occurred on an arms-length basis. (s) Accounting. TheEach Borrower accounts for the transfers to it of interests in Collateral as sales of such Collateral for financial accounting purposes and for legal purposes on its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein, provided, that its assets may be included in a consolidated financial statement of its Affiliates so long as (i) appropriate notation shall be made on such consolidated financial statements (if any) to indicate its separateness from such Affiliate and to indicate that its assets have been pledged as collateral. -115- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(t) Special Purpose Entity. TheNo Borrower has not andnor shall not: (i) engage in any business or activity other than the purchase, receipt and management of Collateral, the transfer and pledge of Collateral pursuant to the terms of the Transaction Documents, the sale of Collateral as permitted hereunder, the entry into and the performance under the Transaction Documents and such other activities as are incidental thereto; (ii) acquire or own any assets other than (a) the Collateral or (b) incidental property as may be necessary for the operation of thesuch Borrower and the performance of its obligations under the Transaction Documents; (iii) merge into or consolidate with any Person or dissolve, wind-up, terminate or liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets (other than in accordance with the provisions hereof), without in each case first obtaining the prior written consent of the Administrative Agent, or except as permitted by this Agreement, change its legal structure, or jurisdiction of formation; (iv) fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, amend, modify, terminate or fail to comply with the provisions of its limited liability company agreement except as otherwise permitted pursuant to Section 5.2(h), or fail to observe limited liability company formalities; (v) form, acquire or own any Subsidiary (other than, in the case of Capital Fund SPV, the California Borrower), own any equity interest in any other entity (other than (i) any Equity Security received in exchange for a Loan or portion thereof in connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof and (ii) in the case of Capital Fund SPV, the California Borrower), or make any Investment in any Person (other than (i) Permitted Investments or any Investment otherwise permitted hereunder and (ii) in the case of Capital Fund SPV, the California Borrower) without the prior written consent of the Administrative Agent; (vi) commingle its assets with the assets of any of its Affiliates, or of any other Person (other than the other Borrower); (vii) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Indebtedness incurred under the terms of the Transaction Documents; (viii) fail to pay its debts and liabilities from its assets as the same shall become due; (ix) fail to maintain its records, books of account and bank accounts separate and apart from those of any other Person (other than the other Borrower); -116- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(x) enter into any contract or agreement with any Person, except (a) the Transaction Documents, (b) contracts and agreements relating to the acquisition and disposition of the Collateral, (c) the Underlying Instruments, and (d) other contracts or agreements that are upon terms and conditions that are commercially reasonable and that would be available on an arms-length basis with third parties other than such Person; (xi) seek its dissolution, termination, liquidation or winding up in whole or in part; (xii) fail to correct any known misunderstandings regarding the separate identity of thesuch Borrower from the Transferor or any other Person; (xiii) except as provided in this Agreement, guarantee, become obligated for, or hold itself out to be responsible for the debt of another Person (other than the other Borrower); (xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is transacting business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals or Affiliates) other than the other Borrower; (xv) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; (xvi) divide or permit any division of thesuch Borrower; (xvii) except as may be required or permitted by the Code and U.S. Treasury regulations or applicable state or local tax law, hold itself out as or be considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or (c) any other Person; (xviii) fail to maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; provided, however, that thea Borrower's assets may be included in a consolidated financial statement of its Affiliates; provided that (a) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of thesuch Borrower from such Affiliate and to indicate that thesuch Borrower's assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (b) such assets shall also be listed on thesuch Borrower's own separate balance sheet; (xix) [Reserved]; -117- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(xx) fail to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries of its own employees, if any; (xxi) acquire the obligations of or securities issued by its Affiliates or members (other than the other Borrower), it being understood that this clause (xxi) shall not prevent thea Borrower from acquiring Loans from the Transferor or Capital Fund SPV, as applicable; (xxii) [Reserved]; (xxiii) fail to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space and services performed by any employee of an Affiliate; (xxiv) to the extent used, fail to use separate invoices and checks bearing its own name; (xxv) pledge its assets for the benefit of any other Person, other than with respect to payment of the indebtedness to the Secured Parties hereunder; (xxvi) fail at any time to have at least one (1) independent manager (the "Independent Manager") which shall be a natural Person and must, in each such instance, be a Person who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, Global Securitization Services, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation, Donald J. Puglisi & Associates or, if none of those companies is then providing professional Independent Managers, another nationally recognized company reasonably approved by the Administrative Agent, in each case that is not an Affiliate of theany Borrower and that provides professional Independent Managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following: (w) a member, partner, equityholder, manager, director, officer or employee of theany Borrower or any of its equityholders or Affiliates (other than as an Independent Manager of thea Borrower or any of its equityholders or Affiliates that is required by a creditor to be a single purpose bankruptcy remote entity); (x) a creditor, supplier or service provider (including provider of professional services) to theany Borrower or any of its equityholders or Affiliates (other than as an Independent Manager of thea Borrower or any of its equityholders or Affiliates that is required by a creditor to be a single purpose bankruptcy remote entity); (y) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or (z) a Person that controls (whether directly, indirectly or otherwise) any of (w), (x) or (y) above. A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (w) by reason of being the Independent Manager of a "special -118- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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purpose entity" affiliated with thea Borrower shall be qualified to serve as an Independent Manager of thea Borrower; provided that the fees that such individual earns from serving as Independent Manager of affiliates of thea Borrower in any given year constitute in the aggregate less than five percent (5.00%) of such individual's annual income for that year; provided that thea Borrower shall have ten (10) Business Days to replace any Independent Manager upon the death, resignation or incapacitation of the current Independent Manager; (xxvii) fail to provide that the unanimous consent of (A) all members and (B) the Independent Manager is required for thesuch Borrower to (1) institute proceedings to be adjudicated bankrupt or insolvent, (2) institute or consent to the institution of bankruptcy or insolvency proceedings against it, (3) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy or insolvency, (4) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for thesuch Borrower, (5) make any assignment for the benefit of thesuch Borrower's creditors, (6) admit in writing its inability to pay its debts generally as they become due, or (7) take any action in furtherance of any of the foregoing; or (xxviii) fail to file its own tax returns separate from those of any other Person, except to the extent that thesuch Borrower is treated as a "disregarded entity" for tax purposes and is not required to file tax returns under applicable lawApplicable Law, and pay any taxes required to be paid under applicable lawApplicable Law. (u) Beneficial Ownership Certification. As of the Second Amendment Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all material respects. (v) Investment Company Act. TheNo Borrower is not registered as, and no Borrower is not required to registerbe registered as, an "investment company" within the meaning of the 1940 Act. (w) ERISA. TheNo Borrower (i) does not maintainmaintains, nor do any employees of theany Borrower participate in, an "employee pension benefit plan," as such term is defined in Section 3 of ERISA which is subject to Title IV of ERISA (a "Pension Plan") and (ii) does not constituteconstitutes "plan assets" within the Plan Asset Rules. (x) Compliance with Law. TheEach Borrower has complied in all respects with all Applicable Law to which it may be subject, and no item of Collateral contravenes any Applicable Law, in each case, except for instances of non-compliance or contravention that could not reasonably be expected to have a Material Adverse Effect. (y) No Material Adverse Effect. Except as previously disclosed to the Administrative Agent, no event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect on theany Borrower since the last Reporting Date. -119- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(z) Amendments. No Loan has been amended, modified or waived since the Effective Date or the related Funding Date, as the case may be, except for amendments, modifications or waivers, if any, to such Loan otherwise permitted under Section 6.4(a) and in accordance with the Servicing Standard. (aa) Full Payment. As of the date of thea Borrower's acquisition thereof, thesuch Borrower has no knowledge of any fact which should lead it to expect that any Loan acquired by such Borrower will not be repaid by the relevant Obligor in full. (bb) Sanctions; Anti-Money Laundering Laws; and Anti-Corruption Laws. None of theNo Borrower or any of itsnor any of their respective Subsidiaries or any of thetheir respective directors, officers, managers or, to the knowledge of theany Borrower, itstheir respective Impacted Affiliates or any employees or agents (acting as such) of theany Borrower or any of itstheir respective Subsidiaries is a Sanctioned Person or otherwise identified on any list maintained by the Office of Foreign Asset Control of the U.S. Department of the Treasury or such other list or such similar lists relating to Sanctions. The Borrower maintains or isBorrowers maintain or are otherwise subject to policies and procedures designed to promote and achieve compliance with applicable Anti-Money Laundering Laws and Anti-Corruption Laws. The representations and warranties in Section 4.1(m) shall survive the termination of this Agreement and such representations and warranties may not be waived by any party hereto without the consent of the Administrative Agent and the Required Lenders. (cc) Assets Under Management. The Investment Advisor, together with Willow Tree Credit Partners LP, has assets under management (which shall include all assets of the Collateral Manager (including all direct and indirect equity commitments to the Collateral Manager) and all assets of any other Person or any separately managed account (including any direct and indirect equity commitments to such Person or account) for which the Investment Advisor or Willow Tree Credit Partners LP acts as the investment advisor or manager) with an aggregate value greater than or equal to $1,000,000,000 (as calculated pursuant to the definition of the Collateral Manager Termination Event). Section 4.2 Representations and Warranties of the BorrowerBorrowers Relating to the Agreement and the Collateral. TheEach Borrower represents and warrants as follows as of the FirstSecond Amendment Effective Date, each Funding Date and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made (subject in each case to any additional materiality qualifiers provided for in the provisions of this Agreement (including in Section 3.2(d) in the case of a Funding Date) or such other Transaction Documents requiring or deeming made the following representations and warranties): (a) Eligibility of Collateral. TheSuch Borrower has conducted such due diligence and other review as it considered necessary with respect to the Loans set forth on the Loan List. As of the Second Amendment Effective Date and each Funding Date, (i) the Loan -120- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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List and the information contained in each Funding Notice delivered pursuant to Section 2.2, is an accurate and complete listing of all Loans included in the Collateral as of the related Funding Date and the information contained therein with respect to the identity of such Loans and the amounts owing thereunder is true, correct and complete as of the related Funding Date, (ii) each such Loan included in the Borrowing Base is an Eligible Loan, (iii) each Loan included in the Collateral is free and clear of any Lien of any Person (other than Permitted Liens) and in compliance with all Applicable Laws in all material respects and (iv) with respect to each Loan included in the Collateral, all consents, licenses, approvals or authorizations of or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected or given by thesuch Borrower in connection with the transfer of the security interest in such Collateral to the Administrative Agent as agent for the benefit of the Secured Parties have been duly obtained, effected or given and are in full force and effect. (b) No Fraud. Each Loan was originated without any fraud or material misrepresentation by thesuch Borrower or its Affiliates or to the knowledge of thesuch Borrower or its Affiliates, of the related Obligors. Section 4.3 Representations and Warranties of the Collateral Manager. The Collateral Manager represents and warrants as follows as of the First Amendment Effective Date, each Funding Date and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made (subject in each case to any additional materiality qualifiers provided for in the provisions of this Agreement (including in Section 3.2(d) in the case of a Funding Date) or such other Transaction Documents requiring or deeming made the following representations and warranties): (a) Organization and Good Standing. The Collateral Manager has been duly incorporated, and is validly existing as a corporation in good standing, under the laws of the State of Maryland, with all requisite corporate power and authority to own or lease its properties and conduct its business as such business is presently conducted. (b) Due Qualification. The Collateral Manager is duly qualified to do business and is in good standing as a corporation, and has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified, licensed or approved could not reasonably be expected to have a Material Adverse Effect. (c) Power and Authority; Due Authorization; Execution and Delivery. The Collateral Manager (i) has all necessary corporate power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary corporate action, the execution, delivery and performance of each Transaction Document to which it is a party. This Agreement and each other Transaction Document to which the Collateral Manager is a party have been duly executed and delivered by the Collateral Manager. -121- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(d) Binding Obligation. Each Transaction Document to which the Collateral Manager is a party constitutes a legal, valid and binding obligation of the Collateral Manager enforceable against the Collateral Manager in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and general principles of equity (whether considered in a suit at law or in equity). (e) No Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and the fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Collateral Manager Governing Documents or any Contractual Obligation of the Collateral Manager which, in the case of any Contractual Obligation, could reasonably be expected to have a Material Adverse Effect, (ii) result in the creation or imposition of any Lien upon any of the Collateral pursuant to the terms of any such Contractual Obligation, other than this Agreement, or (iii) violate any Applicable Law that could reasonably be expected to have a Material Adverse Effect. (f) No Proceedings. There is no litigation, proceeding or (to the knowledge of theany Borrower or the Collateral Manager) investigation pending or, to the knowledge of the Collateral Manager, threatened in writing against the Collateral Manager, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which the Collateral Manager is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which the Collateral Manager is a party or (iii) that could reasonably be expected to have Material Adverse Effect. (g) All Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Collateral Manager of each Transaction Document to which the Collateral Manager is a party have been obtained, except where the failure to obtain such approval, authorization, consent, order, license, filing or other action could not reasonably be expected to have a Material Adverse Effect. (h) Reports Accurate. All information, exhibits, financial statements, documents, books, records or reports relating to theany Borrower or the Collateral Manager furnished in writing by the Collateral Manager to the Administrative Agent, the Collateral Custodian or any Lender in connection with this Agreement are, as of the date furnished, true, complete and correct in all material respects when taken as a whole (or, (A) in the case of general economic data, industry information or information not prepared by or under the direction of the Collateral Manager, true and correct in all material respects, as of the date furnished, when taken as a whole to the knowledge of the Collateral Manager after reasonable inquiry or (B) in the case of any projections and forward-looking information, such has been prepared in good faith based on assumptions believed by the Collateral Manager to be reasonable at the time such projections or forward-looking information were so furnished in light of information available to the Collateral Manager at such time, it being recognized that projections and forward-looking information are subject to significant uncertainty and contingencies (many of which are beyond the control of the Collateral Manager) and are therefore not to be viewed as fact and actual results during such future period or periods covered -122- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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by such projections and forward-looking information may materially differ from the results set forth therein). (i) Solvency. The Collateral Manager is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents to which the Collateral Manager is a party do not and will not render the Collateral Manager not Solvent. (j) [Reserved]. (k) ERISA. The Collateral Manager does not maintain, and the employees of the Collateral Manager do not participate in, a Pension Plan. (l) Investment Company Act. The Collateral Manager is not registered as and is not required to register as an "investment company" within the meaning of the 1940 Act. It being acknowledged that the Willow Tree Corporation will elect to be regulated as a "business development company" for purposes of the Investment Company Act. (m) Compliance with Law. The Collateral Manager has complied with all Applicable Law to which it may be subject, and no item of Collateral contravenes any Applicable Law in each case, except for instances of non-compliance or contravention that could not reasonably be expected to have a Material Adverse Effect. (n) No Material Adverse Effect. Except as previously disclosed to the Administrative Agent, no event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect on the Collateral Manager since the last Reporting Date. (o) Eligibility of Collateral. The Collateral Manager has conducted such due diligence and other review as it considered necessary with respect to the Loans set forth on the Loan List. As of the Effective Date and each Funding Date, (i) the Loan List and the information contained in each Funding Notice delivered pursuant to Section 2.2, is an accurate and complete listing of all Loans included in the Collateral as of the related Funding Date and the information contained therein with respect to the identity of such Loans and the amounts owing thereunder is true, correct and complete as of the related Funding Date, (ii) each such Loan included in the Borrowing Base is an Eligible Loan, (iii) each Loan included in the Collateral is free and clear of any Lien of any Person (other than Permitted Liens) and in compliance with all Applicable Laws in all material respects and (iv) with respect to each Loan included in the Collateral, all consents, licenses, approvals or authorizations of or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected or given by the Collateral Manager in connection with the transfer of the security interest in such Collateral to the Administrative Agent as agent for the benefit of the Secured Parties have been duly obtained, effected or given and are in full force and effect. (p) No Fraud. Each Loan was originated without any fraud or material misrepresentation by the Collateral Manager or its Affiliates. -123- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(q) Sanctions; Anti-Money Laundering Laws; and Anti-Corruption Laws. None of the Collateral Manager or any of its directors, officers, managers or, to the knowledge of the Collateral Manager, its Impacted Affiliates or any employees or agents (acting as such) of the Collateral Manager is a Sanctioned Person or otherwise identified on any list maintained by the Office of Foreign Asset Control of the U.S. Department of the Treasury or such other list or such similar lists relating to Sanctions. The Collateral Manager maintains or is otherwise subject to policies and procedures designed to promote and achieve compliance with applicable Anti-Money Laundering Laws and Anti-Corruption Laws. Section 4.4 Representations and Warranties of the Collateral Custodian. The Collateral Custodian represents and warrants as follows: (a) Organization; Power and Authority. It is a duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. It has full corporate or limited liability company power, authority and legal right to execute, deliver and perform its obligations as Collateral Custodian under this Agreement, and is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act. (b) Due Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have been duly authorized by all necessary corporate or limited liability company action on its part, either in its individual capacity or as Collateral Custodian, as the case may be. (c) No Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, result in any breach of its constitutional documents or bylaws or operating agreement or any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the Collateral Custodian is a party or by which it or any of its property is bound. (d) No Violation. The execution and delivery of this Agreement, the performance of the Transactions contemplated hereby to be performed by it and the fulfillment of the terms hereof applicable to it will not conflict with or violate, in any material respect, any Applicable Law as to the Collateral Custodian. (e) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority applicable to the Collateral Custodian required in connection with the execution and delivery of this Agreement, the performance by the Collateral Custodian of the transactions contemplated hereby and the fulfillment by the Collateral Custodian of the terms hereof have been obtained. (f) Validity, Etc. The Agreement constitutes the legal, valid and binding obligation of the Collateral Custodian, enforceable against the Collateral Custodian in -124- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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accordance with its terms, except as such enforceability may be limited by applicable Insolvency Laws and general principles of equity (whether considered in a suit at law or in equity). (g) Custodial Status. As of the Effective Date, the Collateral Custodian satisfies the requirements specified in 15 U.S. Code § 80a–17(f)applicable to a Person maintaining securities and similar investments. ARTICLE V GENERAL COVENANTS Section 5.1 Affirmative Covenants of the BorrowerBorrowers. During the Covenant Compliance Period: (a) Compliance with Laws. TheEach Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Collateral or any part thereof, except for instances of non-compliance that could not reasonably be expected to have a Material Adverse Effect. (b) Preservation of Company Existence. TheEach Borrower will (i) preserve and maintain its company existence, rights, franchises and privileges in the jurisdiction of its formation, (ii) qualify and remain qualified in good standing (to the extent such concept exists in such jurisdiction) as a limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect and (iii) maintain the Governing Documents of thesuch Borrower in full force and effect and shall not amend the same without the prior written consent of the Administrative Agent except as permitted under Section 5.2(h). (c) Performance and Compliance with Collateral. TheEach Borrower will, at its expense, timely and fully perform and comply (or cause the Transferor to perform and comply pursuant to the Capital Fund Sale Agreement and use commercially reasonable efforts to cause any third party seller to perform and comply pursuant to the related Third Party Sale Agreement to the extent that failure to do so would result in an Eligible Loan becoming ineligible) with all provisions, covenants and other promises required to be observed by it (i) under the Transaction Documents and (ii) under the Collateral and all other agreements related to such Collateral except in the case of clause (ii) where such failure could not reasonably be expected to have a Material Adverse Effect. (d) Keeping of Records and Books of Account; Inspection Rights. (i) TheEach Borrower will keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all requirements of law are made of all dealings and transactions in relation to its business and activities. TheEach Borrower, the Transferor and the Collateral Manager will permit representatives and agents of the Administrative Agent to visit and inspect any of its properties or the properties of its Affiliates, to examine it and its Affiliates corporate, financial and -125- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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operating records relating to the Collateral, the Eligible Loans, and make copies of the Required Loan Documents, and to discuss its affairs, finances and accounts with its directors and officers (provided, that (A) representatives of such Person may be present at any such discussion and (B)(1) any third party's confidential information subject to a confidentiality agreement with a Loan Party that prohibits the disclosure of such third party's information to the Administrative Agent, (2) material and affairs protected by the attorney-client privilege, and (3) material which such Person may not disclose without violation of any Applicable Law may be redacted or excluded from the information provided to the Administrative Agent pursuant to this Section 5.1(d)), all at the expense of the Transferor and the BorrowerBorrowers and at such reasonable times during normal business hours, upon reasonable (and in any event not less than two (2) Business Days') advance written notice from the Administrative Agent to such Person; provided, that when an Event of Default exists the Administrative Agent (or any representative or agent thereof) may do any of the foregoing at any time and without advance notice (other than discussions with auditors and other third parties, for which reasonable prior notice shall still be required); provided, further, that so long as no Event of Default shall have occurred and be continuing (at which time no limits shall apply), (x) no more than two (2) such inspections, visitations, examinations, appraisals and audits conducted pursuant to this Section 5.1(d)(i) or (ii), in the aggregate, shall be conducted in any one year and (y) Transferor and the BorrowerBorrowers shall not be obligated to reimburse Administrative Agent for more than one (1) such inspection, visitation, examination, appraisal or audit conducted pursuant to this Section 5.1(d)(i) or (ii), in the aggregate, in any calendar year; provided that the exercise of any combination of rights pursuant to this Section 5.1(d)(i) and (ii), by Administrative Agent shall constitute a single inspection, visitation, examination, appraisal and audit. For purposes of clarity, any Lender or its designated representatives having requested to attend in the case of physical inspections may, at such Lender's expense, accompany the Administrative Agent in the case of such physical inspections. (ii) In connection with the foregoing clause (i), the Administrative Agent (through any of its officers, employees, or agents) shall have the right, from time to time hereafter (A) at any time that an Event of Default has occurred and is continuing, to, to the extent thesuch Borrower has such right under the applicable Underlying Instruments, communicate directly with any and all of thesuch Borrower's account debtors and Obligors to verify the existence and terms thereof, provided that the Administrative Agent has given thesuch Borrower prior notice of its intention to do so and (B) upon reasonable advance notice, to audit the Collateral, or any portion thereof, in order to verify any Loan Party's financial condition or the amount, quality, value, condition of, or any other matter relating to, the Collateral; and each of the Transferor and the BorrowerBorrowers shall, and shall cause the Collateral Manager to permit any designated representative of the Administrative Agent to visit and inspect any of the properties of the Transferor, theany Borrower or the Collateral Manager, as applicable, to inspect and to discuss their respective finances and any of their respective properties and Collateral, during normal business hours (provided, that (A) representatives of such Person may be present at any such discussion and (B)(1) any third party's confidential information subject to a confidentiality agreement with a Loan Party that prohibits the -126- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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disclosure of such third party's information to the Administrative Agent, (2) material and affairs protected by the attorney-client privilege, and (3) material which such Person may not disclose without violation of any Applicable Law may be redacted or excluded from the information provided to the Administrative Agent pursuant to this Section 5.1(d) (provided that, to the extent the immediately preceding proviso prohibits disclosure of information reasonably necessary for the Administrative Agent to determine whether a Loan constitutes an Eligible Loan hereunder, such Loan shall be ineligible until such time as information is available for the Administrative Agent to make such determination)). The BorrowerBorrowers shall reimburse the Administrative Agent for any reasonable and documented out-of-pocket expense incurred in the exercise of the foregoing provisions to the extent reimbursable under Section 12.9. Audit fees and other charges for the inspections contemplated in this Section 5.1(d) shall be as follows: (a) a fee of $1,000.00 per day, per auditor, plus reasonable and documented out-of-pocket expenses for each field audit of the Transferor, the BorrowerBorrowers or any other Loan Party or Person performed by personnel employed by the Administrative Agent, and (b) the reasonable and documented out-of-pocket charges and expenses paid or incurred by the Administrative Agent if it elects to employ the services of one or more third Persons to perform field audits of the Transferor, the BorrowerBorrowers, any other Loan Party or the Collateral Manager or to appraise the Collateral, or any portion thereof. So long as no Event of Default shall have occurred and be continuing, (x) the Transferor, the Collateral Manager and the BorrowerBorrowers shall not be obligated to reimburse Administrative Agent for more than one (1) such inspection, visitation, examination, appraisal or audit conducted pursuant to this Section 5.1(d)(i) or (ii), in the aggregate, in any calendar year and (y) no more than two (2) such inspections, visitations, examinations, appraisals and audits conducted pursuant to this Section 5.1(d)(i) or (ii), in the aggregate, shall be conducted in any one year; provided that the exercise of any combination of rights pursuant to this Section 5.1(d)(i) and (ii), by Administrative Agent shall constitute a single inspection, visitation, examination, appraisal and audit. Notwithstanding anything herein to the contrary, the BorrowerBorrowers, the Transferor and the Collateral Manager shall not, unless an Event of Default has occurred and is continuing, be required to pay a combined total amount of more than $100,000 in any twelve-month period in connection with inspections, visitations, examinations, appraisals and/or audits conducted pursuant to this Section 5.1(d)(i) or Section 5.1(d)(ii). (e) Protection of Interest in Collateral. With respect to the Collateral acquired by thea Borrower, thesuch Borrower will (i) acquire such Collateral pursuant to and in accordance with the terms of the applicable Sale Agreement or directly from a third party pursuant to a Third Party Sale Agreement and (ii) at thesuch Borrower's expense, take all action necessary to perfect, protect and more fully evidence thesuch Borrower's ownership of such Collateral free and clear of any Lien (other than Permitted Liens), including executing or causing to be executed such instruments or notices as the Administrative Agent may reasonably deem necessary or appropriate; provided that thesuch Borrower shall have no responsibility for filing and maintaining effective financing statements (including any amendments thereto or assignments thereof) in any filing offices, or filing continuation statements, amendments or assignments with respect thereto in any filing offices. -127- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(f) Deposit of Collections. (i) TheEach Borrower shall, or cause the Collateral Manager to, instruct each Obligor responsible for payment or relevant administrative agent or other similar agent, as applicable, to deliver all Collections in respect of the Collateral to the applicable General Collection Account; provided that thesuch Borrower is not required to so instruct any Obligor to the extent that payment is made to the lenders under the Underlying Instruments by the relevant administrative agent or other similar agent thereunder. TheEach Borrower shall transfer, or cause to be transferred, all Collections received in any other account to the General Collection Account within two (2) Business Days after such Collections are received. (ii) TheEach Borrower shall promptly (and in any event within two (2) Business Days after identifying any Collections received as being on account of Interest Collections or Principal Collections), direct the Collateral Custodian to transfer from the General Collection Account (A) all Collections received by it in respect of the Collateral attributable to Interest Collections to the applicable Interest Collection Account, (B) other than as provided in clause (C), all Collections received by it in respect of the Collateral attributable to Principal Collections to the applicable Principal Collection Account and (C) to the extent provided in Section 2.9(e), Collections to the Unfunded Exposure Account. (g) Special Purpose Entity. TheEach Borrower shall be in compliance with the special purpose entity requirements set forth in Section 4.1(t). (h) Servicing Standard. The BorrowerBorrowers will comply in all material respects with the Servicing Standard in regard to the Collateral. (i) Events of Default. Promptly following theany Borrower's knowledge or notice of the occurrence of any Event of Default or Default, the BorrowerBorrowers will provide the Administrative Agent and the Collateral Custodian with written notice of the occurrence of such Event of Default or Default of which theany Borrower has knowledge or has received notice. In addition, such notice will include a written statement of a Responsible Officer of the BorrowerBorrowers setting forth the details of such event and the action that the Borrower proposesBorrowers propose to take with respect thereto. The Administrative Agent will provide each Lender with a copy of any such notice promptly upon receipt thereof. (j) Obligations. TheEach Borrower shall pay its Indebtedness and other obligations promptly and in accordance with their terms and pay and discharge promptly when due all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon the Collateral or any part thereof. (k) Taxes. (i) TheEach Borrower will at all times continue to be treatedclassified as a disregarded entity of the Transferor for U.S. federal income tax purposes. TheEach -128- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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required to have been withheld by, the BorrowerBorrowers which equal or exceed $100,000 in the aggregate, telephonic or facsimile notice (confirmed in writing within five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof; (ii) Auditors' Management Letters. Promptly after the receipt thereof, any auditors' management letters received by the BorrowerBorrowers; (iii) Representations and Warranties. Promptly after receiving knowledge or notice of the same, the BorrowerBorrowers shall notify the Administrative Agent if any representation or warranty set forth in Section 4.1 or Section 4.2 was incorrect in any material respect (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall have been incorrect in any respect) at the time it was given or deemed to have been given and at the same time deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the BorrowerBorrowers shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of theany Borrower which would render any of the said representations and warranties untrue in any material respect (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties would be rendered untrue in any respect) as of such Funding Date; (iv) ERISA. (A) Promptly after receiving notice of any Reportable Event with respect to theany Borrower (or any ERISA Affiliate thereof), a copy of such notice and (B) promptly and without delay after becoming aware that theany Borrower constitutes "plan assets" within the Plan Asset Rules, notice thereof; (v) Proceedings. As soon as possible and in any event within three (3) Business Days after an executive officer of thea Borrower or the Transferor receives notice or obtains knowledge thereof or at the request of the Administrative Agent, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or any Loan Party; provided that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, thea Borrower in excess of $250,000, or the Transferor in excess of the Threshold shall be deemed to be material for purposes of this Section 5.1(o); (vi) Notice of Certain Events. Promptly (and in any event within three (3) Business Days (or, with respect to subclauses (4) through (7) below, such later date as agreed to by the Administrative Agent in its sole discretion) upon obtaining knowledge -130- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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thereof, notice of (1) any Collateral Manager Termination Event, (2) any other event or circumstance that could reasonably be expected to have a Material Adverse Effect, (3) any amendment to the Governing Documents of the Transferor if such amendment materially and adversely effects the interests of the Administrative Agent and the Lenders, as determined in the reasonable judgement of the Collateral Manager, (4) the occurrence of any default by an Obligor on any Loan, (5) any Value Adjustment Event, (6) any event or circumstance whereby any Loan which was included in the latest calculation of the Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria (other than criteria waived by the Administrative Agent on or prior to the related Funding Date in respect of such Loan) listed in the definition of "Eligible Loan", or (7) any Loan described in the foregoing subclause (4) again satisfies all of the criteria listed in the definition of "Eligible Loan" and a Borrower intends to re-include such Eligible Loan in the calculation of the Borrowing Base; (vii) Corporate Changes. As soon as possible and in any event within five (5) Business Days after the effective date thereof, notice of any change in the name, jurisdiction of organization, corporate structure, tax characterization or location of records of theany Borrower; provided that theeach Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral; and (viii) Accounting Changes. As soon as possible and in any event within two (2) Business Days after the effective date thereof, notice of any material change in the accounting policies of theany Borrower relating to loan accounting or revenue recognition. (p) Contest Recharacterization. TheEach Borrower shall in good faith contest any attempt to recharacterize the treatment of the Loans as property of the bankruptcy estate of the Transferor. (q) Payment Date Reporting. (i) The BorrowerBorrowers shall deliver (or shall cause to be delivered) a Payment Date Report, for the previous quarter ending as of the applicable Determination Date, and delivered to the Administrative Agent, the Collateral Administrator and Collateral Custodian not later than 3:00 p.m. on the day that is two (2) Business Days preceding the related Payment Date; provided that if (i) a Swingline Advance has been made and remains un-refinanced by the Lenders as of the day that is one (1) Business Day preceding the related Payment Date, or (ii) a Borrowing Base Deficiency has occurred after the applicable Determination Date and remains continuing as of the day that is two (2) Business Days preceding the related Payment Date, in each case the Payment Date Report shall reflect (or, if already delivered, be revised to reflect) amounts necessary to repay such Swingline Advance and/or cure such Borrowing Base Deficiency, as applicable, pursuant to Section 2.7(a)(8). Each such Payment Date Report shall contain instructions to the Collateral Custodian to withdraw funds on the related -131- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Payment Date from the applicable Collection Account and pay or transfer amounts set forth in such report in the manner specified, and in accordance with the priorities established, in Section 2.7 or Section 2.8, as applicable. (ii) [Reserved]. (iii) If and to the extent the Collateral Manager may be required to calculate or to report in a Payment Date Report or other accounting hereunder or under the Collateral Manager Governing Documents, the Dollar Equivalent of any amount, including the outstanding principal amount of an Eligible Loan, the Advances, the Borrowing Base or other such calculation or amount involving an Approved Foreign Currency, it shall use (A) the Dollar Equivalent identified in or (B) the Assigned Value provided in, as the case may be, the collateral database compiled and delivered (or caused to be compiled and delivered) to the Collateral Manager by the Collateral Administrator hereunder for the related collection or reporting period or other such amount as is identified in such calculation or such report by the Collateral Manager. (iv) In preparing the Payment Date Report and other information and statements required hereunder, the Collateral Administrator shall provide the Collateral Manager with such information and data maintained pursuant to the terms of the Collateral Administration Agreement to assist the Collateral Manager in preparing the Payment Date Report and to the extent required under the terms of the Collateral Administration Agreement. The Collateral Administrator shall have the rights, protections and immunities provided to it in the Collateral Administration Agreement. (v) In each Payment Date Report, the Collateral Manager shall further include a statement in the Borrowing Base Certificate delivered pursuant to Section 5.1(t) as to the amount and type (whether Principal Collections, Interest Collections or other Collections) of all Collections received since the prior Reporting Date, all Principal Collections and Interest Collections on deposit as of such Reporting Date and a detailed aging of each Loan. (r) Sanctions; Anti-Money Laundering Laws; and Anti-Corruption Laws. TheEach Borrower shall at all times comply (i) in all respects with Sanctions and (ii) in all material respects with applicable Anti-Money Laundering Laws and Anti-Corruption Laws. (s) Financial Statements. The BorrowerBorrowers shall furnish to the Administrative Agent for distribution to each Lender: (i) as soon as available, but in any event within one hundred twenty (120) days after the end of each fiscal year of Willow Tree Corporation, a copy of the audited consolidated balance sheet of Willow Tree Corporation as at the end of such year and the related statements of income and retained earnings and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, and, in the case of financial statements of Willow Tree Corporation, reported on without a "going concern" or like qualification or exception, or qualification arising out of the scope of the audit, by an independent certified public accountants of nationally -132- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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recognized standing; provided that the foregoing delivery requirement shall be satisfied if Willow Tree Corporation shall have filed with the SEC its Annual Report on Form 10-K for such fiscal year, which is available to the public via EDGAR or any similar successor system; (ii) as soon as available, but in any event not later than seventy-five (75) days after the end of each of the first three (3) quarterly periods of each fiscal year of Willow Tree Corporation, the unaudited balance sheet of Willow Tree Corporation as at the end of such quarter and the related unaudited statements of income and retained earnings and of cash flows of Willow Tree Corporation for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, and prepared on a consolidated and consolidating basis, and each of which shall be certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments); provided that the foregoing delivery requirement shall be satisfied if Willow Tree Corporation shall have filed with the SEC its Quarterly Report on Form 10-Q for such fiscal quarter, which is available to the public via EDGAR or any similar successor system; and (iii) all such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein). (t) Certificates; Other Information. The BorrowerBorrowers shall furnish to the Administrative Agent for distribution to each Lender: (i) concurrently with the delivery of the financial statements referred to in Section 5.1(s)(i), a fully and properly completed certificate in the form of Exhibit L, certified on behalf of the BorrowerBorrowers by a Responsible Officer of the BorrowerBorrowers; (ii) on each Measurement Date (or, in any instance, such later date as agreed to by the Administrative Agent in its sole discretion), a Borrowing Base Certificate showing the Borrowing Base and the Availability as of such date; (iii) promptly, but in any event not later than the applicable Loan Modification Delivery Date (or such later date as agreed to by the Administrative Agent in its sole discretion), a copy of (x) any material Loan Modification, including, without limitation, any Material Modification, and (y) any other Loan Modification to which theany Borrower and/or the Collateral Manager is a signatory, together with any internal investment memorandum (or similar documents) prepared by thesuch Borrower or the Collateral Manager in connection with such Loan Modification; (iv) within five (5) Business Days after the same are filed, copies of all financial statements, filings and reports which theany Borrower or the Transferor may -133- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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make to, or file with, the Securities and Exchange Commission or any successor or analogous Governmental Authority; (v) within one hundred eighty (180) days (or such greater number of days as may be agreed by the Administrative Agent in its sole discretion) after the end of each fiscal year of the Transferor (commencing with the fiscal year ending December 31, 2024), a report covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing (or any other party identified by the Administrative Agent) to the effect that such accountants (or such other party) have applied certain agreed-upon procedures (the "Agreed-Upon Procedures Report") (a copy of which procedures are attached hereto as Schedule IV, it being understood that the Transferor and the Administrative Agent may provide an updated Schedule IV reflecting any further amendments to such Schedule IV agreed to between the Transferor and the Administrative Agent from time to time) a copy of which shall replace the then existing Schedule IV) to certain documents and records relating to the Collateral and the Loan Parties, compared the information contained in three random Borrowing Base Certificates (provided that the Administrative Agent, in its sole discretion, may elect that such analysis include (x) a smaller number of Borrowing Base Certificates and (y) only a subset of Loans included in each Borrowing Base Certificate) and Payment Date Reports, in each case, delivered during the period covered by such Agreed-Upon Procedures Report with such documents and records and that no matters came to the attention of such accountants (or such other party) that caused them to believe that (A) the information and the calculations included in such Borrowing Base Certificates and Payment Date Reports were not determined or performed in accordance with the provisions of this Agreement, except for such exceptions as such accountants (or such other party) shall believe to be immaterial and such other exceptions as shall be set forth in such statement, or (B) a Collateral Manager Termination Event occurred during the applicable reporting period except for any Collateral Manager Termination Event set forth in such statement; provided that, if the Administrative Agent has provided written notice to the BorrowerBorrowers that the Administrative Agent has, in its reasonable discretion, elected to directly engage a firm of independent certified public accountants of nationally recognized standing (or any other party identified by the Administrative Agent) to provide an Agreed-Upon Procedures Report for an applicable fiscal year, the BorrowerBorrowers shall not be obligated to separately furnish an Agreed-Upon Procedures Report for such fiscal year; (vi) [reserved]; (vii) [reserved]; (viii) concurrently with the delivery of the financial statements referred to in Sections 5.1(s)(i) and 5.1(s)(ii), a fully and properly completed compliance certificate in the form of Exhibit F, certified on behalf of the BorrowerBorrowers by a Responsible Officer of the BorrowerBorrowers; (ix) in each Payment Date Report, a calculation of Available Capital certified by Willow Tree Corporation and a calculation of the Borrower'sBorrowers' -134- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Total Interest Coverage Ratio to the extent tested pursuant to Section 5.2(n), certified as complete and correct by a Responsible Officer; and (x) promptly, such additional financial and other information as any Lender may from time to time reasonably request; provided, that (1) any third party's confidential information subject to a confidentiality agreement with a Loan Party that prohibits the disclosure of such third party's information to the Administrative Agent, (2) material and affairs protected by the attorney-client privilege, and (3) material which such Person may not disclose without violation of any Applicable Law may be redacted or excluded from the information provided to the Administrative Agent pursuant to this clause (x). (u) Further Assurances. TheEach Borrower will execute any and all further documents, financing statements, agreements and instruments, and take all further action (including filing UCC and other financing statements, agreements or instruments) that the Administrative Agent may reasonably request, in order to effectuate the transactions contemplated by the Transaction Documents and in order to grant, preserve, protect, perfect or more fully evidence the validity and first priority (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such security interests and Liens will be created hereunder and the BorrowerBorrowers shall deliver or cause to be delivered to the Administrative Agent all such instruments and documents (including legal opinions and lien searches) as it shall reasonably request to evidence compliance with this Section 5.1(u). TheEach Borrower agrees to provide such evidence as the Administrative Agent shall reasonably request as to the perfection and priority status of each such security interest and Lien. (v) Non-Consolidation. TheEach Borrower shall at all times act in a manner such that each of the assumptions made by Milbank LLP in their opinion delivered pursuant to Section 3.1(f) (in the case of Capital Fund SPV) or the Second Amendment (in the case of the California Borrower) is true and accurate in all material respects. TheEach Borrower shall at all times observe and be in compliance in all material respects with all covenants and requirements in the Governing Documents of thesuch Borrower. (w) Know Your Customer Laws. TheEach Borrower will furnish to the Administrative Agent promptly, from time to time, information and documentation reasonably requested by the Administrative Agent or any Lender for the purpose of compliance with "know your customer" laws, including the Beneficial Ownership Regulation. (x) Other. TheEach Borrower will furnish to the Administrative Agent promptly, from time to time, such other information, documents, records or reports reasonably available to it respecting the Collateral or the condition or operations, financial or otherwise, of the Collateral Manager or thesuch Borrower as the Administrative Agent or any Lender may from time to time reasonably request in order to protect the interests of the Administrative Agent or the other Secured Parties under or as contemplated by this Agreement; provided, that (1) any third party's confidential information subject to a confidentiality agreement with a Loan Party that prohibits the disclosure of such third party's information to the Administrative Agent, (2) material and affairs protected by the attorney-client privilege, and (3) material which such -135- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Person may not disclose without violation of any Applicable Law may be redacted or excluded from the information provided to the Administrative Agent. (y) Post Closing Obligations. The BorrowerCapital Fund SPV shall cause the obligations set forth in clauses (i) and (ii) below to be satisfied in full, on or before the date specified for each such obligations: (i) Not later than one (1) Business Day after the Effective Date (or such later date as agreed to by the Administrative Agent in its sole discretion), the Administrative Agent shall have received written confirmation from each of Milbank LLP and Eversheds Sutherland (US) LLP that its opinion letter delivered pursuant to Section 3.1(f) has been released from escrow. (ii) Not later than one (1) Business Day after the Effective Date, the BorrowerCapital Fund SPV shall have paid to Alter Domus (US) LLC all fees, costs and expenses owing to Alter Domus (US) LLC in its capacities as the "Document Custodian" under each of the Onshore Loan Agreement and the Offshore Loan Agreement, which fees, costs and expenses are in the aggregate amount of $17,370, together with attorneys' fees and expenses in an aggregate amount equal to $2,750. Section 5.2 Negative Covenants of the BorrowerBorrowers. During the Covenant Compliance Period: (a) Other Business. TheNo Borrower will not (i) engage in any business other than (A) entering into and performing its obligations under the Transaction Documents and other activities contemplated by the Transaction Documents, (B) the acquisition, ownership, administration and management of the Collateral, (C) the sale of Loans as permitted hereunder, and (D) the distribution of cash and other assets to its equityholders to the extent permitted by the Transaction Documents, (ii) incur any Indebtedness other than Indebtedness incurred under the terms of the Transaction Documents or (iii) form any Subsidiary or make any Investment in any other Person (other than, in the case of the Capital Fund SPV, the California Borrower) except as permitted hereunder. (b) Collateral Not to be Evidenced by Instruments. TheNo Borrower will take noany action to cause any Loan that is not, as of the Effective Date or the related Funding Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Loan or unless such Instrument is immediately delivered to the Collateral Custodian, together with an Indorsement in blank, as collateral security for such Loan. (c) Security Interests. Except as otherwise permitted herein and in respect of any Discretionary Sale, Substitution or sale of a Warranty Loan or a Zero Value Asset, theno Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any Collateral, whether now existing or hereafter transferred hereunder to thesuch Borrower, or any interest therein. The BorrowerBorrowers will promptly notify the Administrative Agent of the existence of any Lien -136- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(other than the security interest granted to the Administrative Agent, on behalf of the Secured Parties, pursuant to this Agreement or Permitted Liens described in clauses (a), (b), (d), (e), (f) or (g) of the definition of "Permitted Liens") on any Collateral and the BorrowerBorrowers shall defend the right, title and interest of the Administrative Agent, as agent for the Secured Parties in, to and under the Collateral against all claims of third parties (other than Permitted Liens described in clauses (a), (b), (d), (e), (f) or (g) of the definition of "Permitted Liens"). (d) Mergers, Acquisitions, Sales, etc. TheNo Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire any of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, or sell, transfer, convey or lease any of its assets, or sell or assign with or without recourse any Collateral or any interest therein (other than as permitted pursuant to this Agreement, the applicable Sale Agreement or any Third Party Sale Agreement); provided that thea Borrower may acquire any Equity Security received in exchange for a Loan or portion thereof in connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof. (e) Restricted Payments. TheNo Borrower shall not make any Restricted Payments or RIC Tax Distributions (other than RIC Tax Distributions made in accordance with Section 2.7 or 2.8) other than distributions of (i) amounts paid to it in accordance with Section 2.7 or 2.8 on a Payment Date as set forth in the related Payment Date Report, (ii) the proceeds of Advances, (iii) during the Revolving Period, or thereafter with the consent of the Administrative Agent, Zero Value Assets, (iv) amounts necessary to make a RIC Tax Distribution on any date other than a Payment Date (each, an "Intra-Quarter Permitted RIC Distribution") if (A) the Borrower providesBorrowers provide five (5) Business Days' notice to the Administrative Agent together with a certificate certifying that as of such date of certification, the Borrower expectsBorrowers expect to, after giving effect to such Intra-Quarter Permitted RIC Distribution and all Collections the Borrower expectsBorrowers expect to receive by the immediately following Payment Date, have sufficient funds to make all payments on such immediately following Payment Date to Persons entitled to receive all payments in priority to RIC Tax Distributions under Section 2.7 (together with a schedule specifying the amount of (x) the Collections that will remain in the Collection Account immediately after such Intra-Quarter Permitted RIC Distribution, (y) the Collections the Borrower expectsBorrowers expect to receive by the immediately following Payment Date and (z) the amounts that would be required to satisfy all payments in priority to RIC Tax Distributions under Section 2.7 on such immediately following Payment Date (assuming for purposes of this clause that the Advances Outstanding (and the rate of Interest incurred) and the Unused Facility Amount (and the rate of Non-Usage Fee incurred) shall remain constant from the date of such certification) and (B) no RIC Tax Distribution under this clause (iv) had been made in the applicable calendar year or, (v) distribution from California Borrower to Capital Fund SPV or (vi) amounts on deposit in the Operating Account; provided that, distributions may be made under the foregoing clauses (i), (ii), (iii), (iv) and (vvi) only if immediately before and after giving effect to such distribution, (x) the Advances Outstanding shall not exceed Availability and (y) no Default or Event of Default shall exist. (f) Change of Location of Underlying Instruments. TheNo Borrower shall not, without the prior consent of the Administrative Agent, consent to the Collateral Custodian -137- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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moving any Certificated Securities or Instruments from the Collateral Custodian's Custody Facilities on the Effective Date, unless the Borrower hasBorrowers have given at least thirty (30) days' written notice to the Administrative Agent and has authorized the Administrative Agent to take all actions required under the UCC of each relevant jurisdiction in order to ensure that the Secured Parties' first priority (subject to Permitted Liens) perfected security interest continues in effect. (g) ERISA Matters. TheNo Borrower will not (i) assuming the lenders are not using "plan assets" within the meaning of the Plan Asset Rules to make the Advances, engage in any transaction that is a non-exempt prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code, (ii) knowingly permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan of an ERISA Affiliate, if any, other than a Multiemployer Plan, (iii) fail to make or knowingly permit any ERISA Affiliate to fail to make, any payments to a Multiemployer Plan that thesuch Borrower or any ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iv) terminate any Pension Plan of an ERISA Affiliate, if any, which could reasonably be expected to have a Material Adverse Effect, (v) knowingly permit to exist any occurrence of any Reportable Event with respect to a Pension Plan of an ERISA Affiliate, if any, or (vi) take any actions that would cause the underlying assets of theany Borrower to constitute "plan assets" within the meaning of the Plan Asset Rules. (h) Operating Agreement. TheNo Borrower will not amend, modify, waive or terminate any provision of its operating agreement after the Second Amendment Effective Date in any matter that is materially adverse to the Lenders or otherwise expressly prohibited under this Agreement without the prior written consent of the Administrative Agent. (i) Changes in Payment Instructions to Obligors. TheNo Borrower will not make any change, or permit the Collateral Manager to make any change, in its instructions to any relevant administrative agent or Obligor, as applicable, regarding payments to be made with respect to the Collateral to the Collection Account, unless the Administrative Agent has consented to such change; provided that the BorrowerBorrowers may change such instructions to direct such payments be made to the General Collection Account of the BorrowerCapital Fund SPV, rather than any relevant account initially established for the Offshore Borrower, in connection with the closure of such account, so long as the BorrowerCapital Fund SPV provides the Administrative Agent notice of such instruction and closure on or prior to the date thereof. (j) Extension or Amendment of Collateral. TheNo Borrower will not, except as otherwise permitted in Section 6.4(a), agree to extend, amend or otherwise modify the terms of any Loan. (k) Fiscal Year. TheNo Borrower shall not change its fiscal year or method of accounting without providing the Administrative Agent with prior written notice (i) providing a reasonably detailed explanation of such changes and (ii) including pro forma financial statements demonstrating the impact of such change. -138- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(l) Change of Control. TheNo Borrower shall not enter into any transaction or agreement which results or, upon consummation, would result, in a Change of Control. (m) Ownership. TheNo Borrower shall not have any direct owners other than the Transferor (with respect to Capital Fund SPV) or Capital Fund SPV (with respect to the California Borrower). (n) Minimum Interest Coverage Ratio. As of the end of any Accrual Period, beginning with the Accrual Period ending March 31, 2025, Borrowerthe Borrowers shall not permit itsthe Total Interest Coverage Ratio to be less than 1.50 to 1.00 unless, within three (3) Business Days of the last day of the Accrual Period in which the BorrowerBorrowers failed to comply with the requirement set forth in this Section 5.2(n), the BorrowerBorrowers shall have (i) prepaid Loan Advances in an amount that would be sufficient for the BorrowerBorrowers to have complied with the Total Interest Coverage Ratio requirement set forth in this Section 5.2(n) re-determined as if such prepayment of Loan Advances occurred on the first day of such four-Accrual Period period to which such failure relates (the sufficiency of such amount to be determined by the Administrative Agent) or (ii) provided satisfactory evidence to the Administrative Agent that an Equity Cure Notice was delivered with respect to such event in such amount and the Loan Advances are repaid in such amount not more than twelve (12) Business Days after the last day of the Accrual Period in which the BorrowerBorrowers failed to comply with the requirement set forth in this Section 5.2(n); provided, that (1) if the Borrower exercisesBorrowers exercise the cure right set forth in the preceding clause (i) or (ii), then the calculation of the Total Interest Coverage Ratio for the applicable subsequent periods shall be calculated in accordance with clause (i) above, and (2) the BorrowerBorrowers shall not be permitted to exercise the cure right set forth in the preceding clause (i) or (ii) (A) in any consecutive Accrual Periods, (B) more than two (2) times in any given fiscal year, or (C) more than five (5) times during the term of this Agreement. (o) Operations of the California Borrower. Notwithstanding any provision of this Agreement to the contrary, until such time as the Borrowers shall have delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent that the California Borrower shall have received a California Finance Lender License, the California Borrower (i) shall not receive any proceeds of any Advances and (ii) shall not engage in any business operations (including, without limitation, the acquisition of assets (or contracting to do any of the foregoing)) without the prior written consent of the Administrative Agent other than (A) applying for a California Finance Lender License, and (B) incurring de minimis liabilities and acquiring de minimis assets in connection with such application. Section 5.3 Affirmative Covenants of the Collateral Manager. During the Covenant Compliance Period: (a) Compliance with Law. The Collateral Manager will comply in all material respects with all Applicable Law, including those with respect to the Collateral or any part thereof, except for instances of non-compliance that could not reasonably be expected to have a Material Adverse Effect. -139- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) Preservation of Corporate Existence. The Collateral Manager will (i) preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation and (ii) qualify and remain qualified in good standing (to the extent such concept exists in such jurisdiction) as a corporation in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect. (c) Performance and Compliance with Collateral. The Collateral Manager will duly fulfill and comply with all obligations on the part of the BorrowerBorrowers to be fulfilled or complied with under or in connection with each item of Collateral, other than the funding, reimbursement or payment obligations of the BorrowerBorrowers under or in connection with each item of Collateral, and will do nothing to materially impair the rights of the Administrative Agent, as agent for the Secured Parties, or of the Secured Parties in, to and under the Collateral. (d) Keeping of Records and Books of Account; Inspection Rights. (i) The Collateral Manager will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Collateral in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Collateral and the identification of the Collateral. (ii) The Collateral Manager shall comply with and shall cause the BorrowerBorrowers and any other Loan Party to comply with the terms and provisions of Section 5.1(d) hereof. (iii) The Collateral Manager will on or prior to the date hereof, mark its master data processing records and other books and records relating to the Collateral with a legend to reflect the ownership of the Collateral by the BorrowerBorrowers and the security interest of the Administrative Agent as agent for the Secured Parties granted hereunder in the Collateral. (e) Servicing Standard. The Collateral Manager will comply in all material respects with the Servicing Standard in regard to the Collateral. Compliance by the Collateral Manager with this covenant shall be deemed to constitute compliance by the BorrowerBorrowers with its corresponding obligations under Sections 5.1(h). (f) Events of Default. Promptly following the Collateral Manager's knowledge or notice of the occurrence of any Event of Default or Default, the Collateral Manager will provide the Administrative Agent and the Collateral Custodian with written notice of the occurrence of such Event of Default or Default of which the Collateral Manager has knowledge or has received notice. In addition, such notice will include a written statement of a Responsible Officer of the Collateral Manager setting forth the details of such event and the action that the Collateral Manager proposes to take with respect thereto. The Administrative Agent will provide each Lender with a copy of any such notice promptly upon receipt thereof. -140- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(g) [Reserved]. (h) Other. The Collateral Manager will promptly furnish to the Administrative Agent such other information, documents, records or reports in its possession, or that can be obtained by the Collateral Manager through reasonable inquiry, respecting the Collateral or the condition or operations, financial or otherwise, of the Collateral Manager as the Administrative Agent or any Lender may from time to time reasonably request in order to protect the interests of the Administrative Agent or Secured Parties under or as contemplated by this Agreement; provided, that (1) any third party's confidential information subject to a confidentiality agreement with a Loan Party that prohibits the disclosure of such third party's information to the Administrative Agent, (2) material and affairs protected by the attorney-client privilege, and (3) material which such Person may not disclose without violation of any Applicable Law may be redacted or excluded from the information provided to the Administrative Agent. (i) Proceedings. The Collateral Manager will furnish to the Administrative Agent, as soon as possible and in any event within three (3) Business Days after the Collateral Manager receives notice or obtains knowledge thereof or at the request of the Administrative Agent, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or any Loan Party; provided that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting (x) the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or theany Borrower in excess of $250,000, or (y) the Transferor in excess of the Threshold, shall be deemed to be material for purposes of this Section 5.3(i). (j) [Reserved]. (k) Loan Register. The Collateral Manager will maintain, or cause to be maintained, with respect to each Noteless Loan a register (which may be in physical or electronic form and readily identifiable as the loan asset register) (each, a "Loan Register") in which it will record, or cause to be recorded, (v) the principal amount of such Noteless Loan, (w) the amount of any principal or interest due and payable from the Obligor thereunder, (x) the amount of any sum in respect of such Noteless Loan received from the related Obligor, (y) the date of origination of such Noteless Loan and (z) the maturity date of such Noteless Loan. At any time a Noteless Loan is included in the Collateral, the Collateral Manager shall deliver to the Administrative Agent a copy of the related Loan Register, together with a certificate of a Responsible Officer of the Collateral Manager certifying to the accuracy of such Loan Register as of the date of acquisition of such Noteless Loan by the applicable Borrower. Section 5.4 Negative Covenants of the Collateral Manager. During the Covenant Compliance Period: -141- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(a) Mergers, Acquisition, Sales, etc. The Collateral Manager will not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an entirety to any Person unless the Collateral Manager or its Permitted Affiliate is the surviving entity or sell more than fifty percent (50.00%) of its Capital Stock to any Person and/or such Person's Affiliates, unless: (i) the Collateral Manager has delivered to the BorrowerBorrowers and the Administrative Agent an Officer's Certificate and an Opinion of Counsel (which may rely on an Officer's Certificate as to factual matters) each stating that any consolidation, merger, conveyance or transfer and such supplemental agreement executed in connection therewith comply with this Section and that all conditions precedent herein provided for relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such supplemental agreement is legal, valid and binding with respect to the Collateral Manager and such other matters as the BorrowerBorrowers or the Administrative Agent may reasonably request; (ii) the Collateral Manager shall have delivered notice of such consolidation, merger, conveyance or transfer to the BorrowerBorrowers and the Administrative Agent; and (iii) after giving effect thereto, no Default or Event of Default shall have occurred. (b) Change of Location of Underlying Instruments. The Collateral Manager shall not, without the prior consent of the Administrative Agent, move (or direct or permit any other Person to move) any Certificated Securities or Instruments from the Collateral Custodian's Custody Facilities unless the Collateral Manager has given at least thirty (30) days' written notice to the Administrative Agent and has authorized the Administrative Agent to take all actions required under the UCC of each relevant jurisdiction in order to continue the first priority (subject to Permitted Liens) perfected security interest of the Administrative Agent as agent for the Secured Parties in the Collateral. (c) Change in Payment Instructions to Obligors. The Collateral Manager will not make any change in its instructions to Obligors or any relevant administrative agent, as applicable, regarding payments to be made with respect to the Collateral in accordance with Section 2.9 hereof, unless the Administrative Agent has consented to such change; provided that the Collateral Manager may change such instructions to direct such payments be made to the General Collection Account of the BorrowerCapital Fund SPV, rather than any relevant account initially established for the Offshore Borrower, in connection with the closure of such account, so long as the Collateral Manager provides the Administrative Agent notice of such instruction and closure on or prior to the date thereof. (d) Extension or Amendment of Collateral. Except as otherwise permitted under Section 6.4(a), the Collateral Manager will not agree to extend, amend or otherwise modify the terms of any Loan on behalf of theany Borrower. -142- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 5.5 Affirmative Covenants of the Collateral Custodian. During the Covenant Compliance Period: (a) Compliance with Law. The Collateral Custodian will comply in all material respects with all Applicable Law. (b) Preservation of Existence. The Collateral Custodian will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect. Section 5.6 Negative Covenants of the Collateral Custodian. During the Covenant Compliance Period: (a) Underlying Instruments. The Collateral Custodian will not dispose of any physical documents constituting the Underlying Instruments in any manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and will not dispose of any Collateral except as contemplated by this Agreement. (b) No Changes to Collateral Custodian Fee. The Collateral Custodian will not make any changes to the Collateral Custodian Fee set forth in the Collateral Custodian Fee Letter without the prior written approval of the Administrative Agent and the BorrowerBorrowers. ARTICLE VI COLLATERAL MANAGEMENT Section 6.1 Designation of the Collateral Manager. Subject to Section 6.11, the servicing, administering and collection of the Collateral shall be conducted by the Collateral Manager. The Collateral Manager may, with the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed) (provided that consent from the Administrative Agent shall not be required for any delegation to or subcontracting with the Investment Advisor or an Affiliate of the Collateral Manager), subcontract with any other Person for servicing, administering or collecting the Collateral; provided that (i) the Collateral Manager shall select any such Person with reasonable care and shall be solely responsible for the fees and expenses payable to such Person, (ii) the Collateral Manager shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Collateral Manager pursuant to the terms hereof without regard to any subcontracting arrangement and (iii) any such subcontract shall be subject to the provisions hereof. The Collateral Manager may assign its rights and -143- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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duties hereunder to a Permitted Affiliate in accordance with the terms hereof (including the definitions of "Permitted Affiliate" and the "Change of Control"). Section 6.2 Duties of the Collateral Manager. (a) Appointment. TheEach Borrower hereby appoints the Collateral Manager as its agent to service the Collateral and enforce its rights and remedies in, to and under such Collateral. The Collateral Manager hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto as set forth herein. The Collateral Manager and theeach Borrower hereby acknowledge that the Administrative Agent and the other Secured Parties are third party beneficiaries of the obligations undertaken by the Collateral Manager hereunder. (b) Duties. The Collateral Manager shall take or cause to be taken all such actions as may be necessary or advisable to collect on the Collateral from time to time, all in accordance with Applicable Law and the Servicing Standard. Without limiting the foregoing, the duties of the Collateral Manager shall include the following: (i) preparing and submitting claims to, and acting as post-billing liaison with, Obligors on each Loan (for which no administrative or similar agent exists); (ii) maintaining all necessary records and reports with respect to the Collateral and providing such reports to the Administrative Agent in respect of the management and administration of the Collateral (including information relating to its performance under this Agreement) as may be required hereunder or as the Administrative Agent may reasonably request; (iii) maintaining and implementing administrative and operating procedures (including an ability to recreate management and administration records evidencing the Collateral in the event of the destruction of the originals thereof) and keeping and maintaining all documents, books, records and other information reasonably necessary or advisable for the collection of the Collateral; (iv) promptly delivering to the Administrative Agent or the Collateral Custodian, from time to time, such information and management and administration records (including information relating to its performance under this Agreement) in the possession of the Collateral Manager, or that can be obtained by the Collateral Manager through reasonable inquiry, as the Administrative Agent or the Collateral Custodian may from time to time reasonably request; provided, that (1) any third party's confidential information subject to a confidentiality agreement with a Loan Party that prohibits the disclosure of such third party's information to the Administrative Agent or Collateral Custodian, (2) material and affairs protected by the attorney-client privilege, and (3) material which such Person may not disclose without violation of any Applicable Law may be redacted or excluded from the information provided to the Administrative Agent and Collateral Custodian; provided that, to the extent this sentence prohibits disclosure of information reasonably necessary for the Administrative Agent to determine whether a Loan constitutes an Eligible Loan hereunder, such Loan shall be ineligible until such -144- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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time as information is available for the Administrative Agent to make such determination; (v) identifying each Loan clearly and unambiguously in its records to reflect that such Loan is owned by the applicable Borrower and that thesuch Borrower is granting a security interest therein to the Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement; (vi) notifying the Administrative Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim (1) that is or is threatened in writing to be asserted by an Obligor with respect to any Loan (or portion thereof) owned in whole or in part by theany Borrower of which it has knowledge or has received written notice; or (2) that could reasonably be expected to have a Material Adverse Effect and of which it has knowledge or has received written notice; (vii) providing the prompt written notice to the Administrative Agent, prior to the effective date thereof, of any proposed changes in the Servicing Standard; (viii) maintaining the first priority, perfected security interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral subject to Permitted Liens; provided that the Collateral Manager shall have no responsibility for filing or maintaining effective financing statements (including any amendments thereto or assignments thereof) in any filing offices, or filing continuation statements, amendments or assignments with respect thereto in any filing offices; (ix) so long as Willow Tree Corporation or one of its Affiliates is the Collateral Manager, maintaining the Loan File(s) (including any updates or amendments thereto) with respect to Loans included as part of the Collateral on a Platform; provided that upon the occurrence and during the continuance of an Event of Default or a Collateral Manager Termination Event, the Administrative Agent may request the Loan File(s) to be sent to the Administrative Agent or its designee; (x) so long as Willow Tree Corporation or one of its Affiliates is the Collateral Manager, with respect to each Loan included as part of the Collateral, making the Loan File available for inspection by the Administrative Agent, upon reasonable advance notice, at the offices of the Collateral Manager during normal business hours; (xi) directing the Collateral Custodian to make payments pursuant to the instructions set forth in the latest Payment Date Report in accordance with Section 2.7 and Section 2.8 and preparing the Payment Date Reports and such other reports as required pursuant to Section 6.8; and (xii) cooperating with the Collateral Administrator in performing its duties under the Collateral Administration Agreement in the manner and at the times required hereunder and under the Collateral Administration Agreement. -145- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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It is acknowledged and agreed that in circumstances in which a Person other than thea Borrower, the Transferor or the Collateral Manager acts as lead agent with respect to any Loan, the Collateral Manager shall perform its administrative and management duties hereunder only to the extent that, as a lender under the related loan syndication Underlying Instruments, it has the right to do so. (c) In performing its duties hereunder and under the other Transaction Documents, the Collateral Manager shall service and administer, and exercise and enforce its rights and remedies in respect of, the Loans and other Collateral and, to the extent consistent with the foregoing, the same care, skill, prudence and diligence with which the Collateral Manager services and administers loans for its own account or for the account of others. The standard required by this Section 6.2(c) is referred to herein as the "Servicing Standard". Notwithstanding anything to the contrary contained herein, the Collateral Manager shall not be liable for any loss or damages or otherwise be liable to the Lenders, the Administrative Agent or any other Secured Party except to the extent that the Collateral Manager failed to perform its obligations hereunder in accordance with the Servicing Standard as determined pursuant to a final, non-appealable adjudication by a court of competent jurisdiction. (d) Notwithstanding anything to the contrary contained herein, the exercise by the Administrative Agent or the Secured Parties of their rights hereunder (including, but not limited to, the delivery of a Collateral Manager Termination Notice), shall not release the Collateral Manager, the Transferor or the BorrowerBorrowers from any of their duties or responsibilities with respect to the Collateral except to the extent provided in Section 6.11 hereof. The Secured Parties, the Administrative Agent and the Collateral Custodian shall not have any obligation or liability with respect to any Collateral, other than to use reasonable care in the custody and preservation of collateral in such party's possession and, in the case of the Collateral Custodian, to maintain such collateral in segregated accounts as provided in this Agreement, nor shall any of them be obligated to perform any of the obligations of the Collateral Manager hereunder. (e) Any payment by an Obligor in respect of any Indebtedness owed by it to thea Borrower shall, except as otherwise specified by such Obligor or otherwise required by contract (including by the Underlying Instrument) or law and unless otherwise instructed by the Administrative Agent, be applied as a collection of a payment by such Obligor (starting with the oldest such outstanding payment due) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. (f) It is hereby acknowledged and agreed that, in addition to acting in its capacity as Collateral Manager pursuant to the terms of this Agreement, Willow Tree Corporation will engage in other business and render other services outside the scope of its capacity as Collateral Manager (including acting as administrative agent or as a lender with respect to Underlying Instruments). It is hereby further acknowledged and agreed that such other activities shall in no way whatsoever alter, amend or modify any of the Collateral Manager's rights, duties or obligations under the Transaction Documents (including its duty to comply with the Servicing Standard). -146- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 6.3 Authorization of the Collateral Manager. (a) Each of the BorrowerBorrowers, the Administrative Agent, and each Lender hereby authorizes the Collateral Manager to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of the Collateral Manager and not inconsistent with the grant of a security interest granted by the BorrowerBorrowers to the Administrative Agent, on behalf of the Secured Parties, hereunder, to collect all amounts due under any and all Collateral, including endorsing any of their names on checks and other instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof. The BorrowerBorrowers and the Administrative Agent, on behalf of the Secured Parties shall furnish the Collateral Manager with any powers of attorney and other documents necessary or appropriate to enable the Collateral Manager to carry out its management and administrative duties hereunder, and shall cooperate with the Collateral Manager to the fullest extent in order to ensure the collectability of the Collateral. In no event shall the Collateral Manager be entitled to make any Secured Party or the Collateral Custodian a party to any litigation without such party's express prior written consent, or to make the BorrowerBorrowers a party to any litigation (other than any foreclosure or similar collection procedure or any bankruptcy, insolvency or other similar proceeding with respect to an Obligor) without the Administrative Agent's consent. (b) After the declaration of the Termination Date, at the direction of the Administrative Agent, the Collateral Manager shall take such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral; provided that the Administrative Agent may, in accordance with Section 5.1(m), notify any relevant administrative agent or Obligor, as applicable, with respect to any Collateral of the assignment of such Collateral to the Administrative Agent, on behalf of the Secured Parties, and direct that payments of all amounts due or to become due be made directly to the Administrative Agent or any collection agent, sub-agent or account designated by the Administrative Agent and, upon such notification and at the expense of the BorrowerBorrowers, the Administrative Agent may enforce collection of any such Collateral, and adjust, settle or compromise the amount or payment thereof. Section 6.4 Collection of Payments; Accounts. (a) Collection Efforts, Modification of Collateral. The Collateral Manager will collect or use its commercially reasonable efforts to cause to be collected, all payments called for under the terms and provisions of the Loans included in the Collateral as and when the same become due in accordance with the Servicing Standard. Neither the BorrowerBorrowers nor the Collateral Manager may agree to waive, modify or otherwise vary any provision of any Loan included in the Collateral in any manner contrary to the Servicing Standard. (b) Taxes and other Amounts. The Collateral Manager will use commercially reasonable efforts consistent with the Servicing Standard to collect all payments with respect to -147- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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amounts due for Taxes, assessments and insurance premiums relating to each Loan to the extent required to be paid to theany Borrower for such application under the Underlying Instrument and remit such amounts from funds on deposit in the Operating Account to the appropriate Governmental Authority or insurer as required by the Underlying Instruments. (c) Payments to Collection Account. On or before the applicable Funding Date, the Collateral Manager shall have instructed all Obligors responsible for payment and/or any relevant administrative agents to make all payments owing to theany Borrower in respect of the Collateral directly to the General Collection Account; provided that the Collateral Manager is not required to so instruct any Obligor to the extent that payment is made to the lenders under the related Underlying Instruments by the relevant administrative agent or other similar agent thereunder. (d) Accounts. Each of the parties hereto hereby agrees that the Collateral Account shall be deemed to be a comprised of a Securities Account and a related Deposit Account, together with any additional subaccounts as the Collateral Custodian may determine from time to time are necessary for administrative convenience. Each of the parties hereto hereby agrees to cause the Securities Intermediary to agree with the parties hereto that with respect to the Collateral Account, (A) the property other than Cash (subject to Section 6.4(e) below with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC) is to be treated as a Financial Asset, (B) all Cash shall be held in the related Deposit Account and (C) the jurisdiction governing the Account, all Cash and other Financial Assets credited to the Account and the securities intermediary's jurisdiction (within the meaning of Section 9-304(b) of the UCC) shall, in each case, be the State of New York. In no event may any Financial Asset held in the Collateral Account be registered in the name of, payable to the order of, or specially Indorsed to, thea Borrower, unless such Financial Asset has also been Indorsed in blank or to the Securities Intermediary. In addition, for an Approved Foreign Currency, the Collateral Custodian shall, on or after the date hereof, establish segregated accounts that each constitute a Principal Collection Account and Interest Collection Account for an Approved Foreign Currency. Any amounts received by the Collateral Custodian that are denominated in an Approved Foreign Currency that are required to be deposited into the Principal Collection Account or the Interest Collection Account shall be deposited by the Collateral Custodian into the applicable Principal Collection Account or Interest Collection Account, as applicable, for an Approved Foreign Currency. (e) Underlying Instruments. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a "securities intermediary" as defined in the UCC) to the contrary, the Collateral Custodian shall not be under any duty or obligation in connection with the acquisition by thea Borrower, or the grant by thea Borrower to the Administrative Agent, of any Loan to examine or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of thesuch Borrower under the related Underlying Instruments, or otherwise to examine the Underlying Instruments, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including any necessary consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing any Loan granted as collateral security to the Administrative Agent hereunder as custodial agent for the Administrative Agent in accordance with the terms of this Agreement. -148- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Notwithstanding any term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that (a) interests in Loans may be acquired and delivered by the BorrowerBorrowers to the Collateral Custodian hereunder from time to time which are not evidenced by, or accompanied by delivery of, a "security" (as that term is defined in UCC Section 8-102) or an "instrument" (as that term is defined in Section 9-102(a)(4a) of the UCC), and may be evidenced solely by delivery to the Collateral Custodian of a facsimile copy or "pdf" of a duly executed transfer document described in clause (a)(ii) of the definition of "Required Loan Documents" (such document, a "Loan Assignment Agreement") in favor of the applicable Borrower as assignee, (b) any such Loan Assignment Agreement (and the registration of the related Loans on the books and records of the applicable obligor or bank agent) shall be registered in the name of the applicable Borrower, and (c) any duty on the part of the Collateral Custodian with respect to such Loan (including in respect of any duty it might otherwise have to maintain a sufficient quantity of such Loan for purposes of UCC Section 8-504) shall be limited to the exercise of reasonable care by the Collateral Custodian in the physical custody of any such Loan Assignment Agreement delivered in original form. (f) Adjustments. If (i) the Collateral Manager makes a deposit into the Collection Account on behalf of thea Borrower in respect of a Collection of a Loan and such Collection was received by the Collateral Manager in the form of a check that is not honored for any reason or (ii) the Collateral Manager makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Collateral Manager shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid. Section 6.5 Realization Upon Defaulted or Delinquent Loans. The Collateral Manager will use reasonable efforts consistent with the Underlying Instruments to exercise available remedies relating to a Loan that is delinquent in the payment of any amounts due thereunder or with respect to which the related Obligor defaults in the performance of any of its obligations thereunder in order to maximize recoveries thereunder if satisfactory arrangements cannot be made. The Collateral Manager will comply with the Servicing Standard and Applicable Law in exercising such remedies, including but not limited to acceleration and foreclosure, and employ practices and procedures in exercising such remedies consistent with the Servicing Standard, including reasonable efforts to enforce all material payment obligations of Obligors by foreclosing upon and causing the sale of such Underlying Assets at public or private sale if no satisfactory arrangements can be made for collection of delinquent payments. Notwithstanding any of the foregoing, the Collateral Manager shall not be obligated to breach any of its duties or responsibilities under any Underlying Instruments to comply with this Section 6.5. Section 6.6 Collateral Manager Compensation. As compensation for its servicing, administrative and management activities hereunder and reimbursement for its expenses, the Collateral Manager or its designee shall be -149- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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entitled to receive the Senior Collateral Manager Fee and reimbursement of its expenses pursuant to the provisions of Section 2.7 and Section 2.8, as applicable. Section 6.7 Payment of Certain Expenses by the Collateral Manager. The initial Collateral Manager will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including fees and disbursements of its independent accountants, Taxes imposed on the Collateral Manager, expenses incurred by the Collateral Manager in connection with payments and reports pursuant to this Agreement, and all other fees and expenses not expressly stated under this Agreement for the account of the BorrowerBorrowers, provided that the Collateral Manager will be reimbursed for any such fees and expenses incurred hereunder (including fees and expenses paid by the Collateral Manager on behalf of the Borrower (Borrowers (including attorney's and accountants' fees and expenses)) and any Taxes incurred in the performance of its duties (but not in respect of any Taxes payable by the Collateral Manager on its compensation), subject to the availability of funds pursuant to Sections 2.7 and 2.8. The BorrowerBorrowers will be required to pay all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the Accounts. Section 6.8 Reports. (a) Borrower'sBorrowers' Notice. On each Funding Date and on the date of each Reinvestment of Principal Collections pursuant to Section 2.14(a)(i) or acquisition by thea Borrower of Loans in connection with a Substitution pursuant to Section 2.14(b), the BorrowerBorrowers (or the initial Collateral Manager on its behalf) will provide the applicable Borrower'sBorrowers' Notice and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent (with a copy to the Collateral Custodian). (b) Tax Returns. Upon reasonable request by the Administrative Agent, the initial Collateral Manager shall deliver copies of all foreign and U.S. federal, state and local income tax returns and reports filed by theany Borrower or in which theany Borrower was included. (c) Obligor Financial Statements; Other Reports. Reasonably promptly after receipt thereof, the Collateral Manager will deliver, or cause the applicable Borrower to deliver, to the Administrative Agent (with a copy to the Collateral Custodian), to the extent received by thesuch Borrower or the Collateral Manager pursuant to the Underlying Instruments, the complete financial reporting package with respect to each Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to each Loan for such Obligor) provided to thesuch Borrower or the Collateral Manager for the quarterly and annual periods required by the Underlying Instruments. Upon demand by the Administrative Agent or any Lender, the Collateral Manager will provide any financial or other information that is in the possession of the Collateral Manager, or that can be obtained by the Collateral Manager through commercially reasonable efforts, as the Administrative Agent or such Lender may reasonably request with respect to any Obligor. Notwithstanding the foregoing, (1) any third party's confidential information subject to a -150- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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confidentiality agreement with a Loan Party that prohibits the disclosure of such third party's information to the Administrative Agent or Collateral Custodian, (2) material and affairs protected by the attorney-client privilege, and (3) material which such Person may not disclose without violation of any Applicable Law may be redacted or excluded from the documents and information provided to the Administrative Agent, the Lenders and Collateral Custodian; provided that, to the extent this sentence prohibits disclosure of information reasonably necessary for the Administrative Agent to determine whether a Loan constitutes an Eligible Loan hereunder, such Loan shall be ineligible until such time as information is available for the Administrative Agent to make such determination. (d) Amendments to Loans. The Collateral Manager will furnish via electronic communication pursuant to procedures approved by the Administrative Agent, to the Administrative Agent, a copy of (x) any material Loan Modification, including, without limitation, any Material Modification, and (y) any other Loan Modification to which theany Borrower and/or the Collateral Manager is a signatory (along with any internal investment memorandum (or similar documents) prepared by theany Borrower or the Collateral Manager in connection with such Loan Modification) not later than the applicable Loan Modification Delivery Date (or such later date as agreed to by the Administrative Agent in its sole discretion). Section 6.9 Annual Statement as to Compliance. The Collateral Manager will provide to the Administrative Agent (with a copy to the Collateral Custodian), within one hundred twenty (120) days following the end of each fiscal year of the Collateral Manager, commencing with the fiscal year ending on December 31, 2024, a fiscal report and certificate signed by a Responsible Officer of the Collateral Manager substantially in the form of Exhibit L hereto certifying that (a) a review of the activities of the Collateral Manager, and the Collateral Manager's performance pursuant to this Agreement, for the fiscal period ending on the last day of such fiscal year has been made under such Person's supervision and (b) the Collateral Manager has performed or has caused to be performed in all material respects all of its obligations under this Agreement throughout such year and no Collateral Manager Termination Event has occurred and is continuing or, if any such Collateral Manager Termination Event has occurred and is continuing, a statement describing the nature thereof and the steps being taken to remedy such Collateral Manager Termination Event. Section 6.10 The Collateral Manager Not to Resign. The Collateral Manager shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Manager shall be supported as to clause (i) above by written advice of counsel, a summary of which will be provided to the Administrative Agent. Section 6.11 Collateral Manager Termination Events. -151- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(a) Upon the occurrence and during the continuance of a Collateral Manager Termination Event, notwithstanding anything herein to the contrary, the Administrative Agent, by written notice to the Collateral Manager and a copy to the Collateral Custodian (such notice, a "Collateral Manager Termination Notice"), may, in its sole discretion, terminate all of the rights and obligations of the Collateral Manager as Collateral Manager under this Agreement. Following any such termination, the Administrative Agent may, in its sole discretion, assume or delegate (other than to a Disqualified Person) the servicing, administering and collection of the Collateral (and is authorized to direct the Collateral Custodian and Collateral Administrator in such matters) prior to the appointment and replacement of the Collateral Manager as to the servicing, administering and collection of the Collateral); provided that, at least five (5) Business Days prior to any appointment of a replacement Collateral Manager (the "Replacement Collateral Manager") hereunder, the Administrative Agent shall notify the BorrowerBorrowers of such proposed replacement and shall consult with the BorrowerBorrowers regarding such replacement; provided, further, that the Replacement Collateral Manager shall not be a Disqualified Person; provided, further, that until any such assumption or delegation, the Collateral Manager shall (i) unless otherwise notified by the Administrative Agent, continue to act in such capacity pursuant to Section 6.1 and (ii) as requested by the Administrative Agent (A) terminate some or all of its activities as Collateral Manager hereunder in the manner requested by the Administrative Agent in its sole discretion as necessary or desirable, (B) provide such information in the possession of the Collateral Manager, or that can be obtained by the Collateral Manager through reasonable inquiry, as may be requested by the Administrative Agent to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof and (C) take all other actions reasonably requested by the Administrative Agent, in each case to facilitate the transition of the performance of such activities to the Replacement Collateral Manager. (b) Upon the appointment of the Replacement Collateral Manager, the Collateral Manager agrees to cooperate and use its commercially reasonable efforts in effecting the transition of the responsibilities and rights of servicing of the Collateral, including the transfer to the Replacement Collateral Manager for the administration by it of all cash amounts that shall at the time be held by the Collateral Manager for deposit, or have been deposited by the Collateral Manager, or thereafter received with respect to the Collateral and the delivery to the Replacement Collateral Manager in an orderly and timely fashion of all files and records in the possession of the Collateral Manager, or that can be obtained by the Collateral Manager through reasonable inquiry, with respect to the Collateral and a computer data file in readable form containing all such information necessary to enable the Replacement Collateral Manager to service the Collateral. In addition, the Collateral Manager agrees to cooperate and use its commercially reasonable efforts in providing, at the expense of the Collateral Manager, the Replacement Collateral Manager with reasonable access (including at the premises of the Collateral Manager) to the employees of the Collateral Manager, and any and all of the books, records (in electronic or other form) or other information reasonably requested by it that is in the possession of the Collateral Manager, or that can be obtained by the Collateral Manager through reasonable inquiry, to enable the Replacement Collateral Manager to assume the servicing functions hereunder and under this Agreement and to maintain a list of key servicing personnel and contact information. -152- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(c) The Collateral Manager will, upon the request of the Replacement Collateral Manager following the occurrence of a Collateral Manager Termination Event, provide the Replacement Collateral Manager with a power of attorney providing that the Replacement Collateral Manager is authorized and empowered to execute and deliver, on behalf of the Collateral Manager, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do so or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination or to perform the duties of the Collateral Manager under this Agreement. Section 6.12 Custody Arrangements. Without limiting the Borrower'sBorrowers' obligations hereunder, the parties acknowledge that the BorrowerBorrowers may arrange for a custodian meeting the requirements specified in 15 U.S. Code § 80a–17(f) to hold and maintain any securities, documents and instruments on its behalf. ARTICLE VII THE COLLATERAL CUSTODIAN Section 7.1 Designation of Collateral Custodian. (a) Initial Collateral Custodian. The role of the Collateral Custodian with respect to the Underlying Instruments relating to the Permitted Investments shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 7.1. Until the Administrative Agent shall give to State Street Bank and Trust Company a Collateral Custodian Termination Notice, State Street Bank and Trust Company is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof. (b) Successor Collateral Custodian. Upon the Collateral Custodian's receipt of a Collateral Custodian Termination Notice from the Administrative Agent and the designation of a successor Collateral Custodian pursuant to the provisions of Section 7.5, the Collateral Custodian agrees that it will terminate its activities as Collateral Custodian hereunder. Section 7.2 Duties of Collateral Custodian. (a) Appointment. Each of the BorrowerBorrowers and the Administrative Agent hereby designates and appoints the Collateral Custodian to act as its agent and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby accepts such agency appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral Custodian pursuant to the terms hereof. -153- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) Duties. On or before the initial Funding Date, and until its removal pursuant to Section 7.5, the Collateral Custodian shall perform, on behalf of the Administrative Agent and the Secured Parties, the following duties and obligations: (i) [Reserved]. (ii) [Reserved]. (iii) The Collateral Custodian shall make payments in accordance with Section 2.7 and Section 2.8 (the "Payment Duties"). (iv) The Collateral Custodian shall provide a written daily report to the Administrative Agent and the Collateral Manager of (x) all deposits to and withdrawals from the Accounts for each Business Day and the outstanding balances as of the end of each Business Day, and (y) a report of settled trades for each Business Day. For the avoidance of doubt the Collateral Custodian will not permit any withdrawal from any Collection Account except in accordance with Section 2.9(g). (v) On or before the Effective Date, the Collateral Custodian shall accept from the Collateral Manager delivery of the information required to be set forth in the Borrowing Base Certificate in hard copy and on computer file. (vi) In performing its duties, all calculations made by the Collateral Custodian pursuant to this Section 7.2(b) using Advance Rate, EBITDA and Unrestricted Cash of any Obligor (or, with respect to Advance Rate, Loan) shall be made using such amounts and an Approved Foreign Currency as provided by the BorrowerBorrowers or the Collateral Manager to the Collateral Custodian. (vii) In performing its duties, the Collateral Custodian shall use a commercially reasonable degree of care and attention required or expected with respect to the provision of similar services and similar loans. Section 7.3 Merger or Consolidation. Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this Agreement and any other Transaction Document to which it is a party without further act of any of the parties to this Agreement. Section 7.4 Collateral Custodian Compensation. As compensation for its collateral custodian activities hereunder, the Collateral Custodian shall be entitled to a Collateral Custodian Fee pursuant to the provision of Section 2.7 -154- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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or Section 2.8, as applicable. The Collateral Custodian's entitlement to receive the Collateral Custodian Fee shall cease on the earlier to occur of: (i) its removal as Collateral Custodian pursuant to Section 7.5 or (ii) the termination of this Agreement. Section 7.5 Collateral Custodian Removal. The Collateral Custodian may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Custodian (the "Collateral Custodian Termination Notice"); provided that notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed by the Administrative Agent with the consent of the BorrowerBorrowers (such consent not to be unreasonably withheld or delayed) (except during the continuance of an Event of Default), has agreed to act as Collateral Custodian hereunder, and has received all Underlying Instruments held by the previous Collateral Custodian. Section 7.6 Limitation on Liability. (a) The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Administrative Agent or, prior to the occurrence of an Event of Default or Collateral Manager Termination Event, the Collateral Manager or (b) the verbal instructions of the Administrative Agent or, prior to the occurrence of an Event of Default or Collateral Manager Termination Event, the Collateral Manager. (b) The Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel. (c) The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except, notwithstanding anything to the contrary contained herein, in the case of its willful misconduct, bad faith or grossly negligent performance or omission of its duties and in the case of its grossly negligent performance of its Payment Duties and in the case of its grossly negligent performance of its duties in taking and retaining custody of the Underlying Instruments. Under no circumstances will the Collateral Custodian be liable for indirect, special, consequential or incidental damages, such as loss of use, revenue or profit. (d) The Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required to and will not make any representations -155- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any legal action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it. (e) The Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian. (f) The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder. (g) It is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral. (h) The Collateral Custodian may assume the genuineness of any such Required Loan Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each Required Loan 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 Collateral to be held by the Collateral Custodian under this Agreement, it shall be the sole responsibility of the BorrowerBorrowers to make or cause delivery thereof to the Collateral Custodian, and the Collateral Custodian shall not be under any obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made available in respect of any Collateral or to compel or cause delivery thereof to the Collateral Custodian. Without prejudice to the generality of the foregoing, the Collateral Custodian shall be without liability to the BorrowerBorrowers, the Collateral Manager, the Administrative Agent or any other Person for any damage or loss resulting from or caused by events or circumstances beyond the Collateral Custodian's reasonable control, 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 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 (it being understood that the Collateral Custodian shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances); errors by the BorrowerBorrowers, the Collateral Manager or the Administrative Agent (including any Responsible Officer of any thereof) in its instructions to the Collateral Custodian; or changes in applicable law, regulation or orders. (i) [Reserved]. (j) In case any reasonable question arises as to its duties hereunder, the Collateral Custodian may, in the absence of a continuing of an Event of Default or the occurrence of the Termination Date, request instructions from the Collateral Manager and during -156- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the existence of an Event of Default or following the occurrence of the Termination Date, request instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Collateral Manager or the Administrative Agent, as applicable. The Collateral Custodian shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent and, to the extent that it is entitled to rely on such instructions, instructions of the BorrowerBorrowers or the Collateral Manager. (k) Without limiting the generality of any terms of this Section, the Collateral Custodian shall have no liability for any failure, inability or unwillingness on the part of the Collateral Manager, the Administrative Agent, any agent or the BorrowerBorrowers to provide accurate and complete information on a timely basis to the Collateral Custodian, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Custodian's part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof. (l) The Collateral Custodian shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral Custodian. (m) The Collateral Custodian may exercise any of its rights or powers hereunder or perform any of its duties hereunder with respect to any foreign exchange transaction, either directly or, by or through agents or attorneys, and the Collateral Custodian shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed hereunder with due care by it. Neither the Collateral Custodian nor any of its affiliates, directors, officers, shareholders, agents or employees will be liable to the Collateral Manager, the BorrowerBorrowers or any other Person, except by reason of acts or omissions by the Collateral Custodian constituting bad faith, fraud, willful misconduct, gross negligence or reckless disregard of the Collateral Custodian's duties hereunder. The Collateral Custodian shall in no event have any liability for the actions or omissions of the BorrowerBorrowers, the Collateral Manager, the Administrative Agent, or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the BorrowerBorrowers, the Collateral Manager, the Administrative Agent, or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Custodian's own bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties hereunder. (n) It is understood and agreed that any foreign exchange transaction effected by the Collateral Custodian acting at the direction of the Administrative Agent, the BorrowerBorrowers or the Collateral Manager may be entered with State Street Bank and Trust Company or its affiliates acting as principal or otherwise through customary banking channels. The Collateral Custodian shall be entitled at all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions. Each party hereto acknowledges that the Collateral Custodian or any affiliates of the Collateral Custodian involved in any such foreign exchange transactions may make a margin or banking income from foreign exchange transactions entered into pursuant to this section for which they shall not be required to -157- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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account to the BorrowerBorrowers, the Administrative Agent or the Collateral Manager. All risk and expense incident to such conversion is the responsibility of the BorrowerBorrowers, the Administrative Agent or the Collateral Manager. The Collateral Custodian shall have no (x) responsibility for fluctuations in exchange rates affecting any collections or conversion thereof and (y) to the extent it complies with the instructions provided by the respective party, liability for any losses incurred or resulting from the rates obtained in such foreign exchange transactions. (o) The Collateral Custodian shall have no obligation to supervise, verify, monitor or administer the performance of the Collateral Manager or the BorrowerBorrowers and shall have no liability for any action taken or omitted by the Collateral Manager (including any successor to the Collateral Manager) or the BorrowerBorrowers. The Collateral Custodian may act through its agents, attorneys and custodians in performing any of its duties and obligations under this Agreement, it being understood by the parties hereto that the Collateral Custodian will be liable for any acts or omissions of any such agents, attorneys or custodians acting for and on behalf of the Collateral Custodian. Neither the Collateral Custodian nor any of its officers, directors, employees or agents shall be liable, directly or indirectly, for any damages or expenses arising out of the services performed under this Agreement other than damages or expenses that result from the gross negligence, bad faith, fraud, reckless disregard or willful misconduct of it or them or the failure to perform materially in accordance with this Agreement. Section 7.7 Resignation of the Collateral Custodian. (a) The Collateral Custodian shall not resign from the obligations and duties hereby imposed on it except upon (a) ninety (90) days written notice to the BorrowerBorrowers, the Collateral Manager, the Administrative Agent and each Lender, or (b) the Collateral Custodian's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Custodian could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Custodian shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent. No such resignation shall become effective until a successor Collateral Custodian shall have assumed the responsibilities and obligations of the Collateral Custodian hereunder. Upon the resignation of the Collateral Custodian, the Administrative Agent shall appoint a successor Collateral Custodian that, unless an Event of Default shall have occurred and be continuing, is reasonably acceptable to the BorrowerBorrowers, and if it does not do so within thirty (30) days of the Collateral Custodian's resignation, the BorrowerBorrowers may so appoint the successor and if it does not do so within sixty (60) days of the Collateral Custodian's resignation, Collateral Custodian may petition a court of competent jurisdiction for the appointment of a successor. (b) Upon ninety (90) days prior written notice to the BorrowerBorrowers, the Collateral Manager, the Administrative Agent and each Lender, the Collateral Custodian will have the right to assign its obligations hereunder with the prior written consent of the Administrative Agent and the BorrowerBorrowers, which consents shall not be unreasonably withheld; provided that such assignment must be to a Person that is a nationally reputable collateral custodian with experience providing services of the type that Collateral Custodian is -158- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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obligated to provide hereunder and with respect to loans of the type represented by the Loans. In addition, the Collateral Custodian may execute any of its duties under this Agreement by or through agents; provided that the Collateral Custodian shall remain primarily liable for the due performance of its duties hereunder. Section 7.8 Access to Certain Documentation and Information Regarding the Collateral; Audits. The Collateral Manager, the BorrowerBorrowers and the Collateral Custodian shall provide to the Administrative Agent access to the Underlying Instruments and all other documentation regarding the Collateral including in such cases where the Administrative Agent is required in connection with the enforcement of the rights or interests of the Secured Parties, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two (2) Business Days' prior written request, (ii) during normal business hours and (iii) subject to the Collateral Manager's and Collateral Custodian's normal security and confidentiality procedures; provided that the Administrative Agent may, and shall upon request of any Lender, permit each Lender to be included on any such review, and shall use commercially reasonable efforts to schedule any review on a day when Lenders desiring to participate in such review may be included. Notwithstanding the foregoing, (1) any third party's confidential information subject to a confidentiality agreement with a Loan Party that prohibits the disclosure of such third party's information to the Administrative Agent or Collateral Custodian, (2) material and affairs protected by the attorney-client privilege, and (3) material which such Person may not disclose without violation of any Applicable Law may be redacted or excluded from the documents and information provided to the Administrative Agent, the Lenders and Collateral Custodian. From time to time at the discretion of the Administrative Agent, the Administrative Agent may review the Collateral Manager's collection and administration of the Collateral in order to assess compliance by the Collateral Manager with Article VI and may conduct an audit of the Collateral, the Underlying Instruments, and the information contained in the Borrowing Base Certificates and Payment Date Reports in conjunction with such a review. Such review shall be reasonable in scope and shall be completed in a reasonable period of time. The fees and expenses of the Collateral Custodian incurred under this Section 7.8 shall be borne by the BorrowerBorrowers; provided that so long as no Event of Default has occurred and is continuing, the BorrowerBorrowers shall be responsible for all costs and expenses for only one (1) such visit per fiscal year. ARTICLE VIII SECURITY INTEREST Section 8.1 Grant of Security Interest. (a) This Agreement constitutes a security agreement and the Advances effected hereby constitute secured loans by the applicable Lenders to the BorrowerBorrowers under Applicable Law. For such purpose, theeach Borrower hereby collaterally assigns and grants as of the Effective Date to the Administrative Agent, as agent for the Secured Parties, a lien and continuing security interest in all of thesuch Borrower's right, title and interest in, to and -159- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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under (in each case, whether now owned or existing, or hereafter acquired or arising) all Accounts, General Intangibles, Instruments and Investment Property and any and all other property of any type or nature owned by it (the "Collateral"), including but not limited to: (i) all Loans, Permitted Investments and Equity Securities, all payments thereon or with respect thereto and all contracts to purchase, commitment letters, confirmations and due bills relating to any Loans, Permitted Investments or Equity Securities; (ii) the Accounts and all Cash and Financial Assets credited thereto and all income from the investment of funds therein; (iii) all Transaction Documents to which thesuch Borrower is a party; (iv) all funds delivered to the Collateral Custodian (directly or through a bailee); (v) all Collections, rights in Underlying Assets and Underlying Instruments, Insurance Policies, all Required Loan Documents and related records and assets; and (vi) all accounts, accessions, profits, income benefits, proceeds, substitutions and replacements, whether voluntary or involuntary, of and to any of the property of thesuch Borrower described in the preceding clauses; in each case, whether now existing or hereafter arising or acquired by thesuch Borrower, and wherever the same may be located, to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations of the BorrowerBorrowers arising in connection with this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, including all Obligations. Notwithstanding any of the other provisions set forth in this Agreement, this Agreement shall not constitute a grant of a security interest in (A) any Excluded Amounts, (B) any amounts received by theany Borrower from an Obligor following the sale of the related Loan by thesuch Borrower pursuant to Section 2.14 which thesuch Borrower is required to pay to the purchaser or transferee of such Loan, and (C) any property to the extent that such grant of a security interest is prohibited by any Applicable Law not in effect as of the date hereof or requires a consent not obtained of any Governmental Authority pursuant to such Applicable Law, and (D) any Pledged Collateral (as defined in the applicable Pledge Agreement), provided that (x) immediately at such time as the prohibition shall no longer be applicable, such security interest shall attach immediately to such assets and (y) the Collateral includes any Proceeds of any such assets. The powers conferred on the Administrative Agent and the other Secured Parties hereunder are solely to protect the Administrative Agent's and the other Secured Parties' interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such powers. Each of the Administrative Agent and each Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to theany Borrower for -160- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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any act or failure to act hereunder, except for its own gross negligence, bad faith, fraud or willful misconduct as determined by a final, non-appealable judgment by a court of competent jurisdiction. If theany Borrower fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any obligation to do so, may itself perform or comply, or otherwise cause performance or compliance, with such agreement. The reasonable and documented out-of-pocket expenses of the Administrative Agent incurred in connection with such performance or compliance, together with interest thereon at the rate per annum applicable to Advances, shall be payable by the BorrowerBorrowers to the Administrative Agent to the extent reimbursable under Section 12.9 on the next Payment Date following demand therefor with an accompanying reasonably detailed description thereof (provided that such Payment Date is at least ten (10) Business Days following the date that the Borrower receivesBorrowers receive written demand therefor with the accompanying description thereof, and otherwise on the second Payment Date following demand therefor) and shall constitute Obligations secured hereby. (b) The grant of a security interest under this Section 8.1 does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent or any of the other Secured Parties of any obligation of theany Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (i) the BorrowerBorrowers shall remain liable under any applicable Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent, as agent for the Secured Parties, of any of its rights in the Collateral shall not release theany Borrower from any of its duties or obligations under any applicable Collateral, and (iii) none of the Administrative Agent or any other Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties of the BorrowerBorrowers thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. (c) Notwithstanding anything to the contrary, the BorrowerBorrowers, the Collateral Manager, the Administrative Agent, the Collateral Custodian and each Lender hereby agree to treat, and to cause each of their respective Affiliates to treat, each Note as indebtedness for purposes of U.S. federal, state and local income or franchise tax to the extent permitted by Applicable Law and shall file its tax returns or reports, or cause its Affiliates to file such tax returns or reports, in a manner consistent with such treatment. Section 8.2 Release of Lien on Collateral. The Lien created pursuant to this Agreement shall (in the case of clauses (i) and (ii) below, solely with respect to the Collateral described in such clauses) be automatically released with upon the occurrence of the following: (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) any Loan has been the subject of a Discretionary Sale, Substitution or a sale of a Warranty Loan or a Zero Value Asset pursuant to Section 2.14 or (iii) this Agreement terminates in accordance with Section 12.6. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral -161- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the BorrowerBorrowers, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager's obligations pursuant to Section 6.5 with respect to the Proceeds of any such sale. Section 8.3 Remedies. Upon the occurrence and during the continuance of an Event of Default, subject to Section 9.2(c), the Administrative Agent and Secured Parties shall have, with respect to the Collateral granted pursuant to Section 8.1, and in addition to all other rights and remedies available to the Administrative Agent and Secured Parties under this Agreement, any other Transaction Document or other Applicable Law, all rights and remedies set forth in Section 9.2. Section 8.4 Waiver of Certain Laws. Each of the BorrowerBorrowers and the Collateral Manager agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the BorrowerBorrowers and the Collateral Manager, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine. Section 8.5 Power of Attorney. Each of the BorrowerBorrowers and the Collateral Manager hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place and stead and at the Borrower'sBorrowers' expense, in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement during the continuance of an Event of Default, including the following powers: (a) to give any necessary receipts or acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (c) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the BorrowerBorrowers and the Collateral Manager hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant -162- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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hereto, and (d) to sign any agreements, orders or other documents (other than any amendment to any Transaction Document) in order to enforce the Administrative Agent's rights and obligations under or pursuant to any Transaction Document. Nevertheless, if so requested by the Administrative Agent, the BorrowerBorrowers shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. ARTICLE IX EVENTS OF DEFAULT Section 9.1 Events of Default. The following events shall be Events of Default ("Events of Default") hereunder: (a) any failure by the BorrowerBorrowers to pay any principal when due (including on the Termination Date); provided, that, if such failure to pay (other than any such failure with respect to a payment due on the Termination Date) is due to an administrative error or omission, such failure to pay shall constitute an Event of Default if not cured within three (3) Business Days after theany Borrower has actual knowledge; or (b) any failure by the BorrowerBorrowers to pay all accrued and unpaid Interest and Non-Usage Fees on any Payment Date; provided that, if such failure to pay is due to administrative error or omission, such failure to pay shall constitute an Event of Default if not cured within three (3) Business Days after the agent responsible for such error or omission receives written notice or has actual knowledge of such administrative error or omission and so notifies the BorrowerBorrowers, or theany Borrower or the Transferor otherwise has actual knowledge of such administrative error or omission; or (c) failure to pay, on the Termination Date, the outstanding principal of all Advances Outstanding, and all Interest and all fees accrued and unpaid thereon together with all other Obligations; or (d) any Loan Party fails to make any payments not addressed by Section 9.1(a) through (c) when due under the Transaction Documents and the same continues unremedied for a period of thirty (30) days after the earlier to occur of (i) the date on which written notice of such failure shall have been given to the applicable Loan Party and (ii) the date on which the applicable Loan Party acquires knowledge thereof; or (e) the failure on the part of theany Borrower to (i) observe or perform the covenants set forth in Section 5.1(c)(ii) and the same continues unremedied for a period of two (2) Business Days (if such failure can be remedied), (ii) observe or perform the covenants set forth in Sections 5.1(d) or 5.1(k) and the same continues unremedied for a period of five (5) Business Days (if such failure can be remedied), (iii) observe or perform the covenants set forth in Section 5.1(f) (x) in a manner such that the aggregate amount of the Collections not delivered or transferred in accordance with Section 5.1(f) shall exceed $75,000 in the aggregate at any -163- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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given time, or (y) in any manner and the same continues unremedied for a period of two (2) Business Days after theany Borrower or the Collateral Manager receives written notice or has actual knowledge of such failure (if such failure can be remedied), or (iv) to observe or perform the covenants set forth in Sections 5.1(a), 5.1(b), 5.1(e), 5.1(g), 5.1(n), 5.1(p), 5.1(v) or 5.2; or (f) the failure on the part of the Collateral Manager to (i) observe or perform the covenants set forth in Section 5.3(c), (d) or (e) and the same continues unremedied for a period of five (5) Business Days (or, in the case of Section 5.3(c), two Business Days) (if such failure can be remedied) or (ii) observe or perform the covenants set forth in Sections 5.3(a), 5.3(b), 5.3(f), 5.3(j), 5.4 or 6.8(d); or (g) any failure on the part of any Loan Party duly to observe or perform in any material respect any other covenants or agreements of such Loan Party (other than those specifically addressed by a separate Event of Default), as applicable, set forth in this Agreement or the other Transaction Documents to which such Loan Party is a party and the same continues unremedied for a period of ten (10) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the applicable Loan Party and (ii) the date on which the applicable Loan Party acquires knowledge thereof; or (h) the occurrence of an Insolvency Event relating to theany Borrower; or (i) the occurrence of a Change of Control; or (j) the occurrence of a Collateral Manager Termination Event; or (k) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction against any Loan Party for the payment of money in excess individually or in the aggregate of $250,000 (in the case of the BorrowerBorrowers) or the Threshold (in the case of the Transferor and the Collateral Manager) (in each case net of amounts covered by insurance for which the related insurer has not denied coverage), and, in either case, there is a period of thirty (30) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or (l) theany Borrower shall assign or attempt to assign any of its rights, obligations or duties under this Agreement without the prior written consent of the Administrative Agent (such consent to be provided) in the sole and absolute discretion of the Administrative Agent; or (m) [reserved]; or (n) theany Borrower shall fail to qualify as a bankruptcy-remote entity based upon the criteria set forth in Section 4.1(t), such that Milbank LLP or another law firm reasonably acceptable to the Administrative Agent could no longer render a customary nonconsolidation opinion with respect thereto; or -164- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(o) any Transaction Document, or any material portion of a Lien granted thereunder, shall (except in accordance with its terms or solely and directly as a result of any act or omission of the Administrative Agent, the Replacement Collateral Manager or the Collateral Custodian), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of any Loan Party party thereto, or (p) any Loan Party or Governmental Authority shall, directly or indirectly, contest or deny in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document or any lien, security interest, liability or obligation thereunder; or (q) (i) the failure of the Transferor or the Collateral Manager to make any payment when due (after giving effect to any related grace period) with respect to any recourse debt or other obligations for borrowed money, in excess of the Threshold in the aggregate, or (ii) the occurrence of any event or condition (after giving effect to any related grace period) that has resulted in the acceleration of such recourse debt or other obligations for borrowed money, and such amounts remain unpaid for five (5) Business Days after the occurrence of such failure to pay or acceleration thereof; or (r) any security interest securing any of the Obligations under any Transaction Document shall, in whole or in part, cease to be a first priority perfected security interest (subject only to the Permitted Liens) except (x) as otherwise expressly permitted to be released in accordance with the applicable Transaction Document or (y) solely and directly as a result of any act or omission of the Administrative Agent, the Replacement Collateral Manager or the Collateral Custodian; or (s) the existence of a Borrowing Base Deficiency which continues unremedied (following written notice to the Borrower or theBorrowers or any Borrower's knowledge thereof) for (x) three (3) consecutive Business Days or (y) if an Equity Cure Notice was delivered with respect to such event, twelve (12) Business Days; or (t) theany Borrower shall become required to register as an "investment company" within the meaning of the 1940 Act; or (u) the IRS or any other Governmental Authority shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of theany Borrower, or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any assets of theany Borrower and such lien shall not have been released within five (5) Business Days, unless in each case, a reserve has been established therefor in accordance with GAAP and such lien is being diligently contested in good faith by thesuch Borrower (except to the extent that the amount secured by such lien exceeds $250,000); or (v) any representation, warranty or certification made by any Loan Party in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect in any material respect when made or deemed made (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) and -165- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to such Loan Party and (ii) the date on which such Loan Party acquires knowledge thereof. Section 9.2 Remedies. (a) Upon the occurrence of an Event of Default, the Administrative Agent may, or, at the direction of the Required Lenders shall, by notice to the BorrowerBorrowers (with a copy to the Collateral Custodian, it being agreed that the failure to give such notice shall not impair the rights of the Administrative Agent or the Lenders hereunder), declare (i) the Termination Date to have occurred and the Notes and all other Obligations to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which are hereby waived by the BorrowerBorrowers) or (ii) the Revolving Period End Date to have occurred; provided that in the case of any event involving theany Borrower described in Section 9.1(h), the Notes and all other Obligations shall be immediately due and payable in full (without presentment, demand, notice of any kind, all of which are hereby expressly, waived by the BorrowerBorrowers) and the Termination Date shall be deemed to have occurred automatically upon the occurrence of any such event. The Administrative Agent shall forward a copy of any notice delivered to the BorrowerBorrowers pursuant to this Section 9.2(a) to the Lenders. (b) Subject to the limitations set forth in Section 9.2(c), on and after the declaration or occurrence of the Termination Date, the Administrative Agent, for the benefit of the Secured Parties, shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. The BorrowerBorrowers and the Collateral Manager hereby agree that they will, at the Borrower'sBorrowers' expense and at the direction of the Administrative Agent, forthwith, (i) assemble all or any part of the Loans as directed by the Administrative Agent and make the same available to the Administrative Agent at a place to be designated by the Administrative Agent and (ii) subject to the limitations set forth in Section 9.2(c), without notice except as specified below, sell the Loans or any part thereof upon such commercially reasonable terms, in such lots, to such buyers, and according to such other instructions provided by the Administrative Agent; provided that, notwithstanding anything to the contrary set forth herein, the Administrative Agent will not cause or direct the sale of any Loans or other Collateral on and after the declaration or occurrence of the Termination Date unless either (i) the Administrative Agent determines that the anticipated proceeds of a sale or liquidation of all or any portion of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the Obligations (or in the case of a sale of less than all of the Collateral, an amount sufficient to discharge the amount of the Obligations attributable to such portion of the Collateral); or (ii) the Required Lenders direct such sale and liquidation; provided further that, notwithstanding anything to the contrary set forth herein, the Administrative Agent will not cause or direct the sale of any Loans or other Collateral if, at the time of such sale, the only Event of Default that has occurred and is then continuing is (A) an Event of Default resulting from the occurrence of a Collateral Manager Termination Event which resulted solely -166- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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under clause (c) or clause (i) of the definition thereof and/or (B) an Event of Default pursuant to Section 9.1(j) or Section 9.1(k), in either case, resulting from judgments, decrees or orders against the Collateral Manager or the Transferor. The Borrower agreesBorrowers agree that, to the extent notice of sale shall be required by law, ten (10) days' notice to the BorrowerBorrowers of any sale hereunder shall constitute reasonable notification. All cash Proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Loans (after payment of any amounts incurred in connection with such sale) shall be deposited into the Collection Account and to be applied pursuant to Section 2.8. The occurrence of a Termination Date as defined in clauses (a) and (b), inclusive, of the definition of "Termination Date" shall constitute a Termination Date for the purposes of this Section 9.2. (c) (i) If the Administrative Agent or the Replacement Collateral Manager elects to sell the Collateral, in whole, or in part, at a public or private sale, in one or more transactions, the BorrowerBorrowers and/or any Affiliate designated by the BorrowerBorrowers or the Transferor may purchase the Collateral, in whole but not in part, prior to such sale at a purchase price that is not less than the amount of the Obligations as of the date of such proposed sale. The Borrower'sBorrowers' and the Transferor's right to purchase the Collateral pursuant to this clause (i) and any related limitation on the Administrative Agent's or the Replacement Collateral Manager's right to sell any or all of the Collateral shall terminate at 4:00 p.m. on the tenth (10th) Business Day following the Business Day on which the Borrower receivesBorrowers receive notice of the Administrative Agent's or the Replacement Collateral Manager's election to sell all or any portion of such Collateral. Notwithstanding anything herein to the contrary, neither the Administrative Agent nor any Replacement Collateral Manager shall have any right to sell any or all of the Collateral during the time that the BorrowerBorrowers and/or the Transferor isare entitled to exercise itstheir right to purchase the Collateral pursuant to this Section 9.2(c), and any sale of any or all of the Collateral by the Administrative Agent or any Replacement Collateral Manager shall be subject to this Section 9.2(c). (ii) In addition to the Borrower'sBorrowers' and the Transferor's rights set forth in clause (c)(i) above, in connection with any sale or disposition of Collateral: (1) It is understood that theany Borrower and/or any Affiliate of theany Borrower may purchase the Collateral at a price not less than the amount of the Obligations as of the date of such proposed sale. (2) It is understood that each of the BorrowerBorrowers and the Transferor may submit its bid for the Collateral as a combined bid with the bids of other members of a group of bidders, and shall have the right to find bidders to bid on the Collateral or any portion thereof. ARTICLE X INDEMNIFICATION -167- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 10.1 Indemnities by the BorrowerBorrowers. (a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, theeach Borrower hereby agrees to indemnify the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, any Replacement Collateral Manager, the other Secured Parties, the Lenders and each of their respective assigns and directors, officers, employees, agents and advisors (collectively, the "Indemnified Parties"), on the next Payment Date following demand therefor with the accompanying description thereof (provided that such Payment Date is at least ten (10) Business Days following the date that the Borrower receivesBorrowers receive written demand therefor with the accompanying description thereof, and otherwise on the second Payment Date following demand therefor), and hold each Indemnified Party harmless from and against any and all damages, losses, claims (whether brought by or involving thea Borrower or any other third party), liabilities and related, reasonable and documented out-of-pocket costs and expenses, including reasonable and documented out-of-pocket attorneys' fees and disbursements of counsel retained by such Indemnified Parties or any of them (provided that the Borrower'sBorrowers' indemnification obligations to (x) the Administrative Agent, the Lenders and any related Indemnified Parties for attorney fees and expenses is limited to the reasonable and documented out-of-pocket fees and disbursements of a single primary outside counsel (and a single local counsel for each other relevant jurisdiction) of the Administrative Agent, the Lenders and their related Indemnified Parties, taken as a whole, provided that, if any Lender reasonably determines in good faith that it is necessary or advisable to retain its own counsel by reason of conflict of interest, the BorrowerBorrowers shall indemnify such Lender for the reasonable and documented out-of-pocket fees and disbursements of such counsel and (y) the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, the Replacement Collateral Manager, the other Secured Parties and the related Indemnified Parties for attorney fees and expenses is limited to the reasonable and documented out-of-pocket fees and disbursements of a single primary outside counsel (and a single local counsel for each other relevant jurisdiction) of the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, the Replacement Collateral Manager, the other Secured Parties and the related Indemnified Parties, taken as a whole) (all of the foregoing being collectively referred to as the "Indemnified Amounts") awarded against or actually incurred by such Indemnified Party arising out of, in connection with or as a result of: (i) the execution, delivery or administration of this Agreement (including any claim or action commenced by an Indemnified Party to enforce any such indemnification obligations hereunder), any other Transaction Document, any agreement or instrument contemplated hereby or thereby, the performance by the parties of their respective obligations hereunder and thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) having an interest in the Collateral or in respect of any Loan included in the Collateral, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory brought by a third party or by a Borrower or any other Loan Party or any of the Borrower'sBorrowers' or such Loan Party's directors, shareholders or creditors, and regardless of whether any Indemnified Party is a party thereto, excluding, however, any Indemnified Amounts to the extent resulting from gross negligence, bad faith, fraud or willful misconduct on the part of any Indemnified Party as determined by a court of competent jurisdiction in a final, non-appealable judgment. If -168- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the Borrower hasBorrowers have made any indemnity and/or contribution payment pursuant to this Section 10.1 and Section 10.3 and such payment fully indemnified the recipient thereof and the recipient thereafter collects any payments from others in respect of such Indemnified Amounts then, the recipient shall repay to the BorrowerBorrowers an amount equal to the amount it has collected from others in respect of such indemnified amounts. Without limiting the foregoing, the BorrowerBorrowers shall indemnify each Indemnified Party for Indemnified Amounts (except to the extent resulting from gross negligence, bad faith, fraud or willful misconduct on the part of such Indemnified Party as determined by a final non-appealable judgment by a court of competent jurisdiction) relating to or resulting from: (i) any representation or warranty made or deemed made by theany Borrower, the Collateral Manager or any of their respective officers under or in connection with this Agreement or any other Transaction Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered; (ii) the failure of any Loan acquired on the Effective Date to be an Eligible Loan as of the Effective Date and the failure of any Loan acquired after the Effective Date to be an Eligible Loan on the related Funding Date; (iii) the failure by theany Borrower or the Collateral Manager to comply with any term, provision or covenant contained in this Agreement or any agreement executed in connection with this Agreement, or with any Applicable Law, with respect to any Collateral or the nonconformity of any Collateral with any such Applicable Law; (iv) the failure to vest and maintain vested in the Administrative Agent, as agent for the Secured Parties, a perfected security interest in the Collateral, together with all Collections, free and clear of any Lien (other than Permitted Liens) whether existing at the time of any Advance or at any time thereafter; (v) [reserved]; (vi) [reserved]; (vii) any dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the Obligor to the payment with respect to any Collateral (including a defense based on the Collateral not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or services related to such Collateral or the furnishing or failure to furnish such merchandise or services; (viii) any failure of any Loan Party to perform its duties or obligations in accordance with the provisions of this Agreement or any of the other Transaction Documents to which it is a party or any failure by any Loan Party or any Affiliate thereof to perform its respective duties under any Collateral; -169- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(ix) any inability to obtain any judgment in, or utilize the court or other adjudication system of, any state in which an Obligor may be located as a result of the failure of theany Borrower or the Transferor to qualify to do business or file any notice or business activity report or any similar report; (x) any action taken by theany Borrower or the Collateral Manager in the enforcement or collection of any Collateral in breach of the servicing and administration standards set forth in Article VI of this Agreement; (xi) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with the Underlying Assets or services that are the subject of any Collateral; (xii) the failure by theany Borrower to pay when due any sales, excise or personal property taxes payable in connection with the Collateral; (xiii) any repayment by the Administrative Agent or another Secured Party of any amount previously distributed in repayment of Advances Outstanding or payment of Interest or any other amount due hereunder, in each case, which amount the Administrative Agent or another Secured Party believes in good faith is required to be repaid; (xiv) except with respect to funds held in the Collection Account, the commingling of Collections on the Collateral at any time with other funds; (xv) any investigation, litigation or proceeding related to this Agreement or the use of proceeds of Advances or the security interest in the Collateral; (xvi) any failure by theany Borrower to give reasonably equivalent value to the Transferor, Capital Fund SPV or to the applicable third party transferor, in consideration for the transfer by the Transferor, Capital Fund SPV or such third party to thesuch Borrower of any item of Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of the Bankruptcy Code; (xvii) the use of the proceeds of any Advance in a manner other than as provided in this Agreement and the other Transaction Documents; (xviii) the failure of theany Borrower, the Transferor or any of their respective agents or representatives to remit to the Collateral Manager or the Administrative Agent, Collections on the Collateral remitted to theany Borrower, the Transferor, the Collateral Manager or any such agent or representative as provided in this Agreement; or (xix) the failure of the Collateral Manager to satisfy its obligations under Section 10.2. -170- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) Any amounts subject to the indemnification provisions of this Section 10.1 shall be paid by the BorrowerBorrowers to the Indemnified Party on the Payment Date following such Person's demand therefor, accompanied by a reasonably detailed description in writing of the related damage, loss, claim, liability and related costs and expenses; provided that such Payment Date is at least ten (10) Business Days following the date that the Borrower receivesBorrowers receive written demand therefor and the accompanying description, and otherwise on the second Payment Date following demand therefor. (c) If for any reason the indemnification provided above in this Section 10.1 is unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the BorrowerBorrowers shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and the BorrowerBorrowers on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable considerations; provided that the BorrowerBorrowers shall not be required to contribute in respect of any Indemnified Amounts excluded in Section 10.1(a). (d) The obligations of the BorrowerBorrowers under this Section 10.1 shall survive the resignation or removal of the Administrative Agent, the Collateral Manager, the Collateral Custodian, the Collateral Administrator or the Securities Intermediary and the termination of this Agreement. (e) Notwithstanding anything to the contrary contained herein, in no event shall the BorrowerBorrowers be liable for special, indirect, punitive, exemplary or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Borrower hasBorrowers have been advised of the likelihood of such loss or damage and regardless of the form of action Section 10.2 Indemnities by the Collateral Manager. (a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Collateral Manager hereby agrees to indemnify each Indemnified Party, on the tenth (10th) Business Day following demand therefor with the accompanying description thereof, from and against any and all Indemnified Amounts (except to the extent resulting from gross negligence, bad faith, fraud or willful misconduct on the part of such Indemnified Party as determined by a court of competent jurisdiction in a final non-appealable judgment) awarded against or actually incurred by any such Indemnified Party by reason of the Collateral Manager's gross negligence, bad faith, fraud or willful misconduct in the performance or failure to perform any of its obligations under this Agreement. The provisions of this indemnity shall run directly to and be enforceable by an injured party subject to the limitations hereof. If the Collateral Manager has made any indemnity payment pursuant to this Section 10.2 and such payment fully indemnified the recipient thereof and the recipient thereafter collects any payments from others in respect of such Indemnified Amounts, the recipient shall repay to the Collateral Manager an amount equal to the amount it has collected from others in respect of such indemnified amounts. -171- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) Any amounts subject to the indemnification provisions of this Section 10.2 shall be paid by the Collateral Manager to the Administrative Agent on behalf of the applicable Indemnified Party within ten (10) Business Days following such Person's demand therefor (and the Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the Administrative Agent of such). (c) The Collateral Manager shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse for uncollectible or uncollected Loans. (d) The obligations of the Collateral Manager under this Section 10.2 shall survive the resignation or removal of the Administrative Agent or the Collateral Custodian and the termination of this Agreement. (e) Any indemnification pursuant to this Section 10.2 shall not be payable from the Collateral. (f) Notwithstanding anything herein to the contrary, each Indemnified Party hereby agrees to not seek payment from the Collateral Manager with respect to any indemnification pursuant to this Section 10.2 prior to seeking payment from the BorrowerBorrowers with respect to such indemnity; provided that (i) no payment shall need to be sought from thea Borrower if thesuch Borrower is insolvent or if the applicable party is stayed from such request under applicable Bankruptcy Laws and (ii) if the Borrower isBorrowers are unable to make such payment, any Indemnified Party may then seek payment from the Collateral Manager in accordance with this Section 10.2. (g) To the extent disclosure thereof is not restricted and to the extent available, each applicable Indemnified Party shall deliver to the BorrowerBorrowers and the Collateral Manager copies of all notices and documents (including court papers) received by such Indemnified Party relating to the claim giving rise to the Indemnified Amounts under Section 10.1 and/or Section 10.2 within a reasonable time after such Indemnified Party's receipt thereof (provided that the failure to do so shall not impair or otherwise limited such Indemnified Party's rights under Sections 10.1 and 10.2). (h) Notwithstanding anything to the contrary contained herein, in no event shall the Collateral Manager be liable for special, indirect, punitive, exemplary or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Manager has been advised of the likelihood of such loss or damage and regardless of the form of action. Section 10.3 Taxes. Section 10.1 and Section 10.2 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. -172- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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ARTICLE XI THE ADMINISTRATIVE AGENT Section 11.1 Appointment. Each Secured Party hereby appoints and authorizes the Administrative Agent as its agent and bailee for purposes of perfection pursuant to the applicable UCC and hereby further authorizes the Administrative Agent to appoint additional agents and bailees (including the Collateral Custodian) to act on its behalf and for the benefit of each of the Secured Parties. Each Secured Party further authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality, of the foregoing, each Secured Party hereby appoints the Administrative Agent as its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent may deem necessary or appropriate or that a Secured Party may reasonably request in order to perfect, protect or more fully evidence the security interests granted by the BorrowerBorrowers hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including the execution by the Administrative Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. The Lenders may direct the Administrative Agent to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Administrative Agent hereunder, the Administrative Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Lenders; provided that the Administrative Agent shall not be required to take any action hereunder if the taking of such action, in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative Agent requests the consent of a Lender pursuant to the foregoing provisions and the Administrative Agent does not receive a consent (either positive or negative) from such Person within ten (10) Business Days of such Person's receipt of such request, then such Lender shall be deemed to have declined to consent to the relevant action. The Administrative Agent shall also act as the "collateral agent" under the Transaction Documents, and each of the Lenders hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as "collateral agent" and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to this Article XI for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted -173- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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under the Transaction Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article XI and Articles X and XII (as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Transaction Documents) as if set forth in full herein with respect thereto. Section 11.2 Standard of Care; Exculpatory Provisions. (a) The Administrative Agent shall exercise such rights and powers vested in it by this Agreement and the other Transaction Documents, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. (b) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Transaction Documents. Without limiting the generality of the foregoing, the Administrative Agent: (i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; (ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Transaction Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Transaction Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Transaction Document or Applicable Law; and (iii) shall not, except as expressly set forth herein and in the other Transaction Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the BorrowerBorrowers or any of itstheir respective Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. (c) The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary) or (ii) in the absence of its own gross negligence, bad faith, fraud or willful misconduct as determined by a court of competent jurisdiction by final nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Collateral Manager, the BorrowerBorrowers or a Lender. (d) The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection -174- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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with this Agreement or any other Transaction Document (except to the extent made by it), (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith (except to the extent delivered by it), (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein (except to the extent applicable to it) or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document or any other agreement, instrument or document (except with respect to itself) or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. Section 11.3 The Administrative Agent's Reliance, Etc. Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or omitted to be taken by it or them as the Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents, except for its or their own gross negligence, bad faith, fraud or willful misconduct. Without limiting the foregoing, the Administrative Agent: (i) may consult with legal counsel (including counsel for any Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible for any statements, warranties or representations made by any other Person in or in connection with this Agreement; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any of the other Transaction Documents on the part of any Loan Party or to inspect the property (including the books and records) of any Loan Party; (iv) other than with respect to itself, shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; (v) may rely upon and shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties, or upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person. In determining compliance with any condition hereunder to the making of an Advance, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Advance. Section 11.4 Credit Decision with Respect to the Administrative Agent. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the other Transaction Documents to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own -175- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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decisions in taking or not taking action under this Agreement and the other Transaction Documents to which it is a party. Section 11.5 Indemnification of the Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the BorrowerBorrowers or, if the Collateral Manager is liable for any such reimbursement hereunder, the Collateral Manager), ratably in accordance with its Pro Rata Share from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any of the other Transaction Documents, or any action taken or omitted by the Administrative Agent hereunder or thereunder; provided that, the Lenders shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent's gross negligence, bad faith, fraud or willful misconduct. The payment of amounts under this Section 11.5 shall be on an after-Tax basis. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent, ratably in accordance with its Pro Rata Share promptly upon demand for any reasonable and documented out-of-pocket expenses (including reasonable and documented out-of-pocket counsel fees) incurred by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lenders hereunder and/or thereunder and to the extent that the Administrative Agent is not reimbursed for such expenses by the BorrowerBorrowers or, if the Collateral Manager is liable for any such reimbursement hereunder, the Collateral Manager. Section 11.6 The Successor Administrative Agent. The Administrative Agent may resign as the Administrative Agent upon thirty (30) days' notice to the Lenders and the BorrowerBorrowers. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor administrative agent for the Lenders, with the approval of the BorrowerBorrowers at all times other than during the existence of a Default or an Event of Default (which approval of the BorrowerBorrowers shall not be unreasonably withheld, conditioned or delayed). Upon the acceptance of its appointment as the successor administrative agent hereunder, the Person acting as such successor administrative agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and the term "Administrative Agent" means such successor administrative agent and the retiring Administrative Agent's appointment, powers and duties as the Administrative Agent shall be terminated. After any retiring Administrative Agent's resignation or removal hereunder as the Administrative Agent, the provisions of this Article XI and Sections 12.9 and 12.11 shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. Any resignation by Ally Bank as Administrative Agent shall also constitute its resignation as Swingline Lender unless otherwise expressly provided in writing by Ally Bank. If Ally Bank resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for -176- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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hereunder with respect to any Swingline Advance made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Advances or fund risk participations in Swingline Advances that are outstanding as of the effective date of such resignation (but not after such date) pursuant to Section 2.2(g). Upon the appointment by the Lenders of a successor Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Swingline Lender and (ii) the retiring Swingline Lender shall be discharged from all of its duties and obligations hereunder or under the other Transaction Documents in its capacity as such. Section 11.7 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facility as well as activities as the Administrative Agent. Notwithstanding the foregoing, the Administrative Agent shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Administrative Agent pursuant to the terms hereof without regard to any such subcontracting arrangement. Section 11.8 Payments by the Administrative Agent. Unless specifically allocated to a specific Lender pursuant to the terms of this Agreement, all amounts received by the Administrative Agent on behalf of the Lenders shall be paid by the Administrative Agent to the Lenders in accordance with their respective Pro Rata Shares in the applicable Advances Outstanding, or if there are no Advances Outstanding in accordance with their most recent Commitments, on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such Business Day, but, in any event, shall pay such amounts to such Lender not later than the following Business Day. The Administrative Agent shall pay amounts owing to each Lender in accordance with the written instructions delivered by each such Lender to the Administrative Agent. Section 11.9 Collateral Matters. Each of the Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion: (a) to release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties, under any Transaction Document (i) upon the termination of the Commitment and payment in full of all Obligations (other than contingent indemnification obligations), (ii) that is sold or to be sold as part of or in -177- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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connection with any sale permitted hereunder or under any other Transaction Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 12.1; and (b) to subordinate or release any Lien on any Collateral granted to or held by the Administrative Agent under any Transaction Document to the holder of any other Lien on the Collateral. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release or subordinate its interest in particular types or items of property pursuant to this Section 11.9. In each case as specified in this Section 11.9, the Administrative Agent will, at the Borrower'sBorrowers' expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Transaction Documents or to subordinate its interest in such item, in each case in accordance with the terms of the Transaction Documents and this Section 11.9. The Administrative Agent agrees that it shall not deliver a Notice of Exclusive Control except during the continuance of an Event of Default. Section 11.10 Erroneous Payments. (a) If the Administrative Agent (x) notifies a Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party (any such Lender, Secured Party or other recipient (and each of their respective successors and assigns), a "Payment Recipient") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "Erroneous Payment") and (y) demands in writing the return of such Erroneous Payment (or a portion thereof) (provided, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within 5 Business Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 11.10 and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received) together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such -178- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. (b) Without limiting the immediately preceding clause (a), each Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party (and each of their respective successors and assigns) hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case: (i) it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and (ii) such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one (1) Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 11.10(b). For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Section 11.10(b) shall not have any effect on a Payment Recipient's obligations pursuant to Section 11.10(a) or on whether or not an Erroneous Payment has been made. (c) Each Lender and each Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender or Secured Party under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Secured Party under any Transaction Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding clause (a). (d) The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all -179- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Secured Party, to the rights and interests of such Lender or Secured Party, as the case may be) under the Transaction Documents with respect to such amount (the "Erroneous Payment Subrogation Rights") and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the BorrowerBorrowers or any other Loan Party; provided that this Section 11.10 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the BorrowerBorrowers relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from, or on behalf of (including through the exercise of remedies under any Transaction Document), the BorrowerBorrowers for the purpose of making a payment on the Obligations. (e) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and each Payment Recipient hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation, any defense based on "discharge for value" or any similar doctrine. (f) Each party's obligations, agreements and waivers under this Section 11.10 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document. ARTICLE XII MISCELLANEOUS Section 12.1 Amendments and Waivers. Except as provided in this Section 12.1, no amendment, waiver or other modification of any provision of this Agreement shall be effective without the written agreement of the BorrowerBorrowers, the Collateral Manager (to the extent the Collateral Manager is Willow Tree Corporation or an Affiliate thereof), the Transferor, the Administrative Agent and the Required Lenders; provided, that no amendment, waiver or consent shall: (a) increase the Commitment of any Lender or the amount of Advances of any Lender, in any case, without the written consent of such Lender (it being understood that a waiver of any condition precedent set forth in Article III or the waiver of any Default or an Event of Default shall not in and of itself constitute an extension or increase of any Commitment of any Lender); -180- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) waive, extend or postpone any date fixed by this Agreement or any other Transaction Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitments hereunder or under any other Transaction Document (including as a result of any modification to the definition of "Revolving Period" or "Scheduled Revolving Period End Date") without the written consent of each Lender directly and adversely affected thereby; (c) reduce the principal of, or the rate of interest specified herein on, any Advance or Obligation, or any fees or other amounts payable hereunder or under any other Transaction Document without the written consent of each Lender directly and adversely affected thereby (provided that only the consent of the Required Lenders shall be necessary to amend solely clause (a)(ii) or (b)(ii) of the definition of "Applicable Spread" or to waive the obligation of the BorrowerBorrowers to pay additional default interest using clause (a)(ii) or clause (b)(ii) of the definition of "Applicable Spread"); (d) change Section 2.7, 2.8 or any related definitions or provisions in a manner that would alter the order of application of proceeds or would alter the pro rata sharing of payments required thereby, in each case, without the written consent of each Lender directly and adversely affected thereby; (e) change any provision of this Section or reduce the percentages specified in the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby; (f) consent to the assignment or transfer by any Loan Party of such Loan Party's rights and obligations under any Transaction Document to which it is a party (except as expressly permitted hereunder), in each case, without the written consent of each Lender; (g) make any modification to the definition of (i) "Borrowing Base", "Availability", "Advance Rate", "Adjusted Borrowing Value", "Dollar Equivalent" or "Excess Concentration Amount", in each case, which would have a material adverse effect on the calculation of the Borrowing Base or the Availability or (ii) "Eligible Loan" in a manner that would reduce or make less restrictive the requirements for a Loan to be an Eligible Loan, in either case without the written consent of each Lender; (h) release all or substantially all of the Collateral or release any Transaction Document (other than as specifically permitted or contemplated in this Agreement or the applicable Transaction Document) without the written consent of each Lender; (i) provide for any additional duties or obligations to be performed by the Collateral Custodian or the Collateral Administrator or modify the rights of the Collateral Custodian or the Collateral Administrator hereunder in any manner materially adverse to the Collateral Custodian or the Collateral Administrator without the written consent of the Collateral Custodian or the Collateral Administrator; or -181- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(j) provide for any additional duties or obligations to be performed by the Collateral Manager or modify the rights of the Collateral Manager hereunder in any manner materially adverse to the Collateral Manager without the written consent of the Collateral Manager; provided further, that (i) any amendment of the Agreement that is solely for the purpose of adding a Lender or waiving, extending or postponing any fee to the Administrative Agent may be effected without the written consent of any Lender and, at any time that an Event of Default has occurred and is continuing, the BorrowerBorrowers, (ii) no such amendment, waiver or modification materially adversely affecting the rights or obligations of the Collateral Custodian, Securities Intermediary or Collateral Administrator shall be effective without the written agreement of such Person, (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent, affect the rights or duties of the Administrative Agent under this Agreement or any other Transaction Document, (iv) no such amendment, waiver or modification materially adversely affecting the rights or obligations of the Swingline Lender or the duties of the Swingline Lender under this Agreement or any other Transaction Document shall be effective without the written agreement of such Person, (v) any amendment of the Agreement that a Lender is advised by its legal or financial advisors to be necessary or desirable in order to avoid the consolidation of theany Borrower with such Lender for accounting purposes may be effected without the written consent of any other Lender and (vi) the Administrative Agent and the BorrowerBorrowers shall be permitted to amend any provision of the Transaction Documents (and such amendment shall become effective without any further action or consent of any other party to any Transaction Document) if the Administrative Agent and the BorrowerBorrowers shall have jointly identified a facial error or any error or omission of a technical or immaterial nature in any such provision. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender. Section 12.2 Notices, Etc. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 12.2(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by email or telecopy, as follows: (i) if to the BorrowerBorrowers, the Collateral Manager, Ally Bank, the Collateral Custodian or the Collateral Administrator, as set forth on Annex A; (ii) if to the Administrative Agent, to Ally Bank, as set forth on Annex A; (iii) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. -182- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that, the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the BorrowerBorrowers may, in its or their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that, approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement); provided that, if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. (c) TheEach Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Syndicate Communications available to the Lenders by posting such Syndicate Communications on the Syndicate Platform. The Syndicate Platform is provided by the Administrative Agent "as is" and "as available". The Agent Parties (defined below) do not warrant the accuracy or completeness of the Syndicate Communications or the adequacy of the Syndicate Platform and expressly disclaim liability for errors or omissions in the Syndicate Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Syndicate Communications or the Syndicate Platform. In no event shall the Administrative Agent or any of its Affiliates (collectively, the "Agent Parties") have any liability to the BorrowerBorrowers, any Lenders or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower'sBorrowers' or any Agent Party's transmission or posting of Obligor materials through the Platform, the Syndicate Platform or via email, except to the extent such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith, fraud or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the BorrowerBorrowers, any Lender or any other Person for indirect, incidental, consequential or punitive damages (as opposed to direct or actual damages). (d) Notwithstanding the foregoing, theeach Borrower hereby acknowledges that certain of the Lenders (each, a "Public Lender") may have personnel who do not wish to receive material non-public information with respect to thesuch Borrower or itstheir respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in -183- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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investment and other market-related activities with respect to such Person's securities. TheEach Borrower hereby agrees that (i) all Syndicate Communications that are to be made available to Public Lenders shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof; (ii) by marking Syndicate Communications "PUBLIC", thesuch Borrower shall be deemed to authorize the Administrative Agent and the Lenders to treat such Syndicate Communications as not containing any material non-public information with respect to thesuch Borrower or any Affiliate thereof or their respective securities for purposes of United States federal and state securities laws; (iii) all Syndicate Communications marked "PUBLIC" are permitted to be made available through the Syndicate Platform; and (iv) the Administrative Agent shall be entitled to treat any Syndicate Communications that are not marked "PUBLIC" as being suitable only for posting on a portion of the Syndicate Platform designated as "Non-Public Information". Section 12.3 Ratable Payments. If any Secured Party, whether by setoff or otherwise, has payment made to it with respect to any portion of the Obligations owing to such Secured Party (other than payments received pursuant to Section 2.12, 2.13 or 10.1) in a greater proportion than that received by any other Secured Party, such Secured Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of the Obligations held by the other Secured Parties so that after such purchase each Secured Party will hold its ratable proportion of the Obligations; provided that if all or any portion of such excess amount is thereafter recovered from such Secured Party, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. Section 12.4 No Waiver; Remedies. No failure on the part of the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary or a Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law. Section 12.5 Binding Effect; Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of the Loan Parties, the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, the Secured Parties and their respective successors and permitted assigns. Each Indemnified Party and each Indemnified Party shall be an express third party beneficiary of this Agreement. Section 12.6 Term of this Agreement. This Agreement, including the Borrower'sBorrowers' representations and covenants set forth in Articles IV and V, and the Collateral Manager's representations, covenants and duties set forth in Articles IV and V, create and constitute the continuing -184- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect during the Covenant Compliance Period; provided that the rights and remedies with respect to any breach of any representation and warranty made or deemed made by thea Borrower or the Collateral Manager pursuant to Articles IV and V, the provisions, including the indemnification and payment provisions, of Article X, Section 2.13, Section 12.9, Section 12.10 and Section 12.11, shall be continuing and shall survive any termination of this Agreement. Section 12.7 Governing Law; Jury Waiver. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. Section 12.8 Consent to Jurisdiction; Waivers. Each of the BorrowerBorrowers, the Collateral Manager, the Lenders, the Collateral Custodian and the Administrative Agent hereby irrevocably and unconditionally: (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Transaction Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York sitting in New York City, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; provided that the Collateral Custodian and/or the Administrative Agent may bring a claim in any other jurisdiction to the extent necessary to enforce its rights in Collateral located in such jurisdiction; (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient forum and agrees not to plead or claim the same; (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to its address as provided in Section 12.2; (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 12.8 any special, indirect, exemplary, punitive or consequential damages. -185- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Section 12.9 Costs and Expenses. (a) In addition to the rights of indemnification granted to the Indemnified Parties under ARTICLE X hereof, theeach Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, any Replacement Collateral Manager and the other Secured Parties incurred in connection with the preparation, execution, delivery, administration (including periodic inspections, reporting and auditing, subject to the limitations, as applicable, set forth in Section 5.1(d) and Section 7.8), renewal, amendment or modification of, or any waiver or consent issued in connection with, this Agreement, the Transaction Documents and the other documents to be delivered hereunder or in connection herewith or therewith, including, without limitation, the reasonable and documented out-of-pocket fees and expenses of counsel for the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, any Replacement Collateral Manager and the other Secured Parties with respect thereto and with respect to advising the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, any Replacement Collateral Manager and the other Secured Parties as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable and documented out-of-pocket counsel fees and expenses), incurred by the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, any Replacement Collateral Manager or the other Secured Parties in connection with the enforcement of, or protection of its rights under, this Agreement or any other Transaction Document by such Person and the other documents to be delivered hereunder or thereunder or in connection herewith or therewith; provided that the Borrower'sBorrowers' reimbursement obligations hereunder to (w) the Administrative Agent and the Lenders for attorney fees and expenses is limited to the reasonable and documented out-of-pocket fees and disbursements of a single primary outside counsel (and a single local counsel for each other relevant jurisdiction) of the Administrative Agent and the Lenders, taken as a whole, provided that, if any Lender reasonably determines in good faith that it is necessary or advisable to retain its own counsel by reason of conflict of interest, the BorrowerBorrowers shall reimburse such Lender for the reasonable and documented out-of-pocket fees and disbursements of such counsel, (x) any Replacement Collateral Manager for attorney fees and expenses is limited to the reasonable and documented out-of-pocket fees and disbursements of a single primary outside counsel (and a single local counsel for each other relevant jurisdiction) of such Replacement Collateral Manager and (y) the Collateral Custodian, the Collateral Administrator, the Securities Intermediary and the other Secured Parties for attorney fees and expenses is limited to the reasonable and documented out-of-pocket fees and disbursements of a single primary outside counsel (and a single local counsel for each other relevant jurisdiction) of the Collateral Custodian, the Collateral Administrator, the Securities Intermediary and the other Secured Parties, taken as a whole. (b) The BorrowerBorrowers shall pay on the Payment Date following receipt of a request therefor, the costs and expenses that are due and payable pursuant to Section 12.9(a) and that have been invoiced at least five (5) Business Days prior to such Payment Date and incurred by the Administrative Agent and the Secured Parties, in each case in connection with -186- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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periodic audits of the Loan Parties' books and records, the Collateral, the Underlying Instruments, and the information contained in the Borrowing Base Certificates and Payment Date Reports. Section 12.10 No Proceedings. (a) Each of the parties hereto (other than the Administrative Agent) hereby agrees that it will not institute against, or join any other Person in instituting against, theany Borrower any Insolvency Proceeding so long as there shall not have elapsed one (1) year and one (1) day (or such longer preference period and one (1) day as shall then be in effect) since the end of the Covenant Compliance Period. The provisions of this Section 12.10 are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this Section 12.10 and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under U.S. federal or state bankruptcy or similar laws of any jurisdiction. (b) The provisions of this Section 12.10 shall survive the termination hereof. Section 12.11 Recourse Against Certain Parties. (a) No recourse under or with respect to any obligation, covenant or agreement (including the payment of any fees or any other obligations) of the Administrative Agent, any Secured Party, or any Loan Party as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, affiliate, stockholder, shareholder, member, officer, partner, employee, administrator, partner, organizer or director of the Administrative Agent, any Secured Party, or any Loan Party by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Administrative Agent, any Secured Party, or any Loan Party contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of the Administrative Agent, any Secured Party, or any Loan Party, and that no personal liability whatsoever shall attach to or be incurred by the Administrative Agent, any Secured Party, any Loan Party or any incorporator, stockholder, shareholder, affiliate, officer, partner, employee or director of the Administrative Agent, any Secured Party, or any Loan Party under or by reason of any of the obligations, covenants or agreements of the Administrative Agent, any Secured Party, or any Loan Party contained in this Agreement or in any other such instruments, documents or agreements, or that are implied therefrom, and that any and all personal liability of the Administrative Agent, any Secured Party, or any Loan Party and each incorporator, stockholder, shareholder, affiliate, officer, partner, employee administrator, partner, organizer or director of the Administrative Agent, any Secured Party or any Loan Party, or any of them, for breaches by the Administrative Agent, any Secured Party, or any Loan Party of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a -187- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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condition of and in consideration for the execution of this Agreement; provided that the foregoing non-recourse provisions shall in no way affect any rights the Secured Parties might have against any incorporator, affiliate, stockholder, officer, employee or director of any Loan Party to the extent of any fraud, misappropriation, embezzlement or any other financial crime constituting a felony by such Person. (b) Notwithstanding any contrary provision set forth herein, no claim may be made by any Loan Party or any other Person against the Administrative Agent and the Secured Parties or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect to any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and each Loan Party hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected. (c) Notwithstanding any contrary provision set forth herein, no claim may be made by the Administrative Agent, any Lender, any other Secured Party or any other Person against any Loan Party or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential, exemplary or punitive damages in respect to any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and the Administrative Agent, each Lender and each other Secured Party hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected. (d) No obligation or liability to any Obligor under any of the Loans is intended to be assumed by the Administrative Agent and the Secured Parties under or as a result of this Agreement and the transactions contemplated hereby. (e) The provisions of this Section 12.11 shall survive the termination of this Agreement. Section 12.12 Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances. (a) The Collateral Manager shall cause this Agreement, all amendments hereto and any other necessary documents covering the right, title and interest of the Administrative Agent, as agent for the Secured Parties, and of the Secured Parties to the Collateral to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law to fully preserve and protect the right, title and interest of the Administrative Agent, as agent of the Secured Parties, hereunder to all property comprising the Collateral; provided that the Collateral Manager shall have no responsibility for filing or maintaining effective financing statements (including any amendments thereto or assignments thereof) in any filing offices, or filing continuation statements, amendments or assignments with respect thereto in any filing offices. The BorrowerBorrowers shall cooperate fully with the Collateral Manager in connection with -188- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this Section 12.12(a). (b) TheEach Borrower agrees that from time to time, at its expense, it will promptly authorize, execute and deliver all instruments and documents, and take all actions, that the Administrative Agent may reasonably request in order to perfect, protect or more fully evidence the security interest granted in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce their rights and remedies hereunder or under any other Transaction Document. (c) If theany Borrower or the Collateral Manager fails to perform any of its obligations hereunder, the Administrative Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative Agent's or such Secured Party's reasonable and documented out-of-pocket costs and expenses incurred in connection therewith shall be payable by the BorrowerBorrowers as provided in ARTICLE X. TheEach Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent as its attorney-in-fact to act on behalf of thesuch Borrower (i) to file financing statements necessary or desirable in the Administrative Agent's reasonable discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral, including those that describe the Collateral as "all assets," or words of similar effect, and (ii) to file a carbon, photographic or other reproduction of any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its reasonable discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Collateral. This appointment is coupled with an interest and is irrevocable. (d) Without limiting the generality of the foregoing, theeach Borrower hereby authorizes the Administrative Agent to, not earlier than six (6) months and not later than three (3) months prior to the fifth anniversary of the date of filing any financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Covenant Compliance Period shall have ended, file or cause to be filed an appropriate continuation statement with respect to such financing statement. Section 12.13 Confidentiality. (a) Each of the Administrative Agent, the Secured Parties, the Collateral Custodian and each Loan Party shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement (and the terms hereof) and all information with respect to the other parties, including all information regarding the Loans, the business and beneficial ownership of the BorrowerBorrowers and the Collateral Manager hereto and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to its external accountants, investigators, auditors, attorneys, or other agents engaged by such party in connection with any due diligence or comparable activities with respect to the transactions and Loans contemplated herein and the agents of such Persons ("Excepted Persons"); provided that each Excepted Person shall, as a condition to any such disclosure, agree for the benefit of the Administrative Agent, the Secured -189- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Parties, the Collateral Custodian and the Loan Parties (A) to maintain the confidentiality of this Agreement (and the terms thereof) and all information with respect to the other parties, including all information regarding the Loans and the BorrowerBorrowers and the Collateral Manager, and (B) that such information shall be used solely in connection with such Excepted Person's evaluation of, or relationship with, the Borrower and itsBorrowers and their affiliates, (ii) disclose the existence of the Agreement, but not the financial terms hereof; provided that the BorrowerBorrowers and the Transferor may share the financial terms hereof with their existing or prospective equity investors, financing providers or Affiliates; provided that the financial terms hereof shall only be shared with or disclosed to financing providers if (1) the Administrative Agent provides its express consent to such disclosure or (2) (x) such information is shared or disclosed in the ordinary course of the Transferor's business in connection with the Transferor's furnishing of audited financial statements to current financing providers under the Transferor's subscription credit facilities or, to the extent the information shared or disclosed consists solely of the Facility Amount or the Advances Outstanding, providers under the Transferor's repurchase facilities, (y) such information is not shared or disclosed in connection with a proposed refinancing of this Agreement or with the intention of soliciting terms for a proposed refinancing of this Agreement, and (z) the BorrowerBorrowers or the Transferor, as applicable, shall have notified the Administrative Agent of the disclosure of such information, (iii) disclose such information as is required by Applicable Law and (iv) disclose this Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents; provided that, in the case of clause (iii) and (iv), to the extent permitted by law, the disclosing party shall give the Loan Parties prior written notice thereof. It is understood that the financial terms that may not be disclosed except in compliance with this Section 12.13(a) include, without limitation, all fees and other pricing terms, and all Events of Default, Collateral Manager Termination Events, and priority of payment provisions. (b) Anything herein to the contrary notwithstanding, each Loan Party hereby consents to the disclosure of any nonpublic information with respect to it (i) to the Administrative Agent, the Collateral Custodian or the Secured Parties by each other, (ii) by the Administrative Agent, the Collateral Custodian and the Secured Parties to any prospective or actual assignee or participant of any of them who would be permitted to be an assignee or participant hereunder, or (iii) by the Administrative Agent and the Secured Parties to any Rating Agency, any commercial paper dealer or other provider of a surety, guaranty or credit or liquidity enhancement to any Lender, and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing; provided in the case of clause (ii) and (iii) that (A) each such Person is informed of the confidential nature of such information and agrees for the benefit of the Loan Parties to maintain the confidentiality thereof, (B) such Person agrees for the benefit of the Loan Parties that such information shall be used solely in connection with such Person's evaluation of the BorrowerBorrowers and (C) each of the Administrative Agent, the Collateral Custodian and the Secured Parties (as applicable) shall give prior written notice to the BorrowerBorrowers and the Collateral Manager of any such proposed disclosure to (x) except during the continuation of an Event of Default, any prospective or actual assignee or participant, or (y) any Rating Agency, any commercial paper dealer or other provider of a surety, guaranty or -190- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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credit or liquidity enhancement to any Lender. In addition, the Secured Parties and the Administrative Agent, may disclose any such nonpublic information as required pursuant to any law, rule, regulation, direction, request or order of any judicial or administrative authority or proceedings (whether or not having the force or effect of law); provided that, to the extent permitted by law, the Secured Parties and the Administrative Agent shall give the Loan Parties prior written notice thereof. (c) Each of the Administrative Agent, the Secured Parties and the Collateral Custodian agrees that (i) it will keep the information of the Obligors confidential in the manner required by the applicable Underlying Instruments, (ii) it will hold confidential any information provided to it on behalf of the BorrowerBorrowers, the Transferor, the Collateral Manager or any of their Affiliates or the in connection with a prospective Loan in the same manner and pursuant to the same procedures and exceptions that it applies to confidential information delivered directly to it when acting in the same capacity as it is acting under this Agreement, (iii) it will use any information described in clauses (i) and (ii) above only in connection with this Agreement, and (iv) if (A) the BorrowerBorrowers, the Transferor, the Collateral Manager or any Impacted Affiliate delivers information in connection with a Loan or a prospective Loan that was prepared by a third party (other than the Obligor or any agent thereof), and (B) such third party has entered into an agreement with the BorrowerBorrowers, the Transferor, the Collateral Manager or any of their Affiliates restricting the ability of the BorrowerBorrowers, the Transferor, the Collateral Manager or any of their Affiliates to rely on such report, it will not have any direct rights against such third party (or the party which has engaged such third party) unless otherwise expressly acknowledged and agreed to by such third party or engaging party. (d) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known (after such information becomes publicly known) other than as a result of a breach of this Section 12.13; (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation (including, in the case of the Loan Parties, this Agreement (and the terms hereof) and any other information made available to the public in connection with Willow Tree Corporation's reporting and public filing obligations under applicable statute, law, rule or regulation), (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Administrative Agent's, the Secured Parties', the Collateral Custodian's, the Collateral Manager's, the Transferor's or the Borrower'sBorrowers' business or that of their affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, the Secured Parties, the Collateral Custodian, the Collateral Manager, the Transferor or the BorrowerBorrowers or an officer, director, employer, shareholder or affiliate of any of the foregoing is a party, provided that, to the extent permitted by law, such disclosing party shall give the Loan Parties prior written notice thereof; (D) in any preliminary or final offering circular, registration statement or contract or other document approved in writing in advance by the BorrowerBorrowers or the Collateral Manager or (E) to any affiliate, independent or internal auditor, agent (including any potential sub-or-successor Collateral Manager), employee or attorney of the Collateral Custodian having a need to know the same, provided that the Collateral Custodian advises such recipient of the confidential nature of the information being disclosed and such person agrees to the terms hereof -191- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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for the benefit of the BorrowerBorrowers and the Collateral Manager; or (iii) any other disclosure authorized by the BorrowerBorrowers or the Collateral Manager, as applicable. (e) Notwithstanding any other provision of this Agreement, each Loan Party shall each have the right to keep confidential from the Administrative Agent and the Collateral Custodian and/or the other Secured Parties, for such period of time as such Loan Party determines is reasonable (i) any information that any Loan Party reasonably believes to be in the nature of trade secrets and (ii) any other information that any Loan Party or any of their Affiliates, or the officers, employees or directors of any of the foregoing, is required to by law. (f) Nothing in this Agreement prohibits or restricts any party or its affiliates, employees or agents from communicating about violations or possible violations of Applicable Law directly to any governmental agency or entity, any self-regulatory organization, or any law enforcement authority to the extent such communication is protected under whistleblower provisions of the applicable laws or regulations. Section 12.14 Execution in Counterparts; Severability; Integration. This Agreement (including any amendment, modification or waiver in respect of this Agreement) may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile), each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The words "execution," "signed," "signature," and words of similar import herein shall be deemed to include electronic or digital signatures or the keeping of records in electronic form, each of which shall be of the same effect, validity and enforceability as manually executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 USC § 7001 et seq.), the Electronic Signatures and Records Act of 1999 (NY State Technology Law §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act. Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement, the other Transaction Documents and any agreements or letters (including fee letters) executed in connection herewith contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings. Section 12.15 Waiver of Setoff. Each of the parties hereto hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against any Lender or its assets. Section 12.16 Assignments by the Lenders. -192- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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(a) Each Lender may at any time assign, or grant a security interest or sell a participation interest in or sell any Advance or Commitment (or portion thereof) or any Note (or any portion thereof) to any Person; provided that, as applicable, (i) no transfer (including a sale of a participation interest therein) of any Advance or Commitment (or any portion thereof) or of any Note (or any portion thereof) shall be made unless such transfer is exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made in accordance with the Securities Act and such laws, and is made only to either an "accredited investor" as defined in paragraphs (a)(1), (2), (3), or (7) of Rule 501 of Regulation D under the Securities Act or any entity in which all of the equity owners come within such paragraphs or to a "qualified institutional buyer" as defined in Rule 144A under the Securities Act which in each case is a "qualified purchaser" as defined in the 1940 Act and is not related to Willow Tree Corporation in a manner described in Section 57(b) or 57(e) of the 1940 Act, (ii) [reserved], (iii) [reserved], (iv) in the case of an assignment of any Advance or Commitment (or any portion thereof) or of any Note (or of any portion thereof) the assignee executes and delivers to the Collateral Manager, the BorrowerBorrowers and the Administrative Agent a fully executed Joinder Supplement substantially in the form of Exhibit H hereto (unless such assignee is already a Lender hereunder) and a transferee letter substantially in the form of Exhibit G hereto (a "Transferee Letter"), (v) the consent of the Administrative Agent shall be required for any assignment, and (vi) so long as no Event of Default has occurred or is continuing, the consent of the BorrowerBorrowers (such consent not to be unreasonably withheld, conditioned or delayed and shall be deemed if no response is made by the BorrowerBorrowers within five (5) Business Days after delivery to the BorrowerBorrowers of notice of a proposed assignment) shall be required for any assignment or participation, other than an assignment or participation (x) to a Lender, an Affiliate of a Lender or an Approved Fund, or (y) required by Applicable Law or Governmental Authority; provided that (1) no such consent of the BorrowerBorrowers shall be required with respect to the sale of a participation interest unless such sale is to (x) a Disqualified Person or (y) any fund, investment manager or other Person that is primarily engaged in the business of making, originating or owning U.S. corporate debt obligations (other than an international, national or regional banking institution, a pension, retirement or savings fund, a sovereign wealth fund, or an insurance company), and (2) for so long as no Event of Default has occurred or is continuing, no assignment may be made, and no participation may be sold, to a Disqualified Person pursuant to this clause (vi) without the consent of the BorrowerBorrowers. The parties to any such assignment, grant or sale of a participation interest shall execute and deliver to such assigning Lender for its acceptance and recording in its books and records, such agreement or document as may be satisfactory to such parties. TheNo Borrower shall not assign or delegate, or grant any interest in, or permit any Lien to (other than Permitted Liens) exist upon, any of thesuch Borrower's rights, obligations or duties under the Transaction Documents without the prior written consent of the Lenders. Notwithstanding anything contained in this Agreement to the contrary, Ally Bank shall not need prior consent of theany Borrower or any other party hereto to consolidate with or merge into any Person or convey or transfer substantially all of its properties and assets, including as part of such a transaction all or substantially all of its Advances, Commitments and Notes, to any Person. Notwithstanding anything contained in this Agreement to the contrary, if any Lender becomes a Defaulting Lender, unless such Lender shall have been deemed to no longer be a Defaulting Lender pursuant to Section 2.16(b), then the Administrative Agent shall have the right to cause -193- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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such Person to assign its entire interest in the Advances and Commitments and this Agreement to a transferee selected by the Administrative Agent and, except during the continuance of an Event of Default, with the consent of the BorrowerBorrowers, in an assignment which satisfies the conditions set forth in the first sentence of this Section 12.16(a). Assignments and participations shall be subject to the following additional conditions, as applicable: (1) no assignments or participations shall be made to (x) theany Borrower or any of the Borrower's Affiliates or Subsidiaries of any Borrower or (y) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (y); (2) no assignments or participations shall be made to a natural person; (3) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loan Advances of any class, the amount of the Commitment or Loan Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the BorrowerBorrowers and the Administrative Agent otherwise consent, provided that no such consent of the BorrowerBorrowers shall be required if an Event of Default has occurred and is continuing; (4) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; (5) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and (6) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and itsBorrowers and their affiliates and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including federal and state securities laws, and containing payment instruction for such assignee. (b) The Administrative Agent, acting solely for this purpose as an agent of the BorrowerBorrowers, shall maintain at one of its lending offices, a copy of each transfer pursuant -194- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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to Section 12.16(a) delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of (and stated interest on) the Advances owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). Transfer by a Lender of its rights hereunder or under any Note may be effected only by the recording by the Administrative Agent of the identity of the transferee in the Register. The entries in the Register shall be conclusive absent manifest error, and the BorrowerBorrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Collateral Manager and any Lender, at any reasonable time and from time to time upon reasonable prior notice. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the BorrowerBorrowers, maintain a register on which it enters the name and address of each participant and the principal amounts of (and stated interest on) each participant's interest in the Advances or other obligations under the Transaction Documents (the "Participant Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any commitment, loans, or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury regulations and Section 1.163-5 of the proposed U.S. Treasury regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. (c) The Collateral Custodian may, at any time, assign all or any part of its rights and obligations hereunder as Collateral Custodian; provided, however, that any such assignee shall (i) be a bank or other financial institution organized and doing business under the laws of the United States or of any state thereof, (ii) be authorized under such laws to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $200,000,000, (iv) be subject to supervision or examination by a United States federal or state banking authority, (v) have a long-term unsecured debt rating of at least "Baa1" by Moody's and "BBB+" by S&P, (vi) have an office within the United States; (vii) be in the business of providing collateral custodian services consistent with those required pursuant to this Agreement and (viii) is otherwise reasonably acceptable to the Administrative Agent and, except during the continuance of an Event of Default the BorrowerBorrowers and the Collateral Manager; and provided, further, that such assignment shall not be effective unless (i), prior to such assignment, the Collateral Custodian shall have given ninety (90) days written notice to the BorrowerBorrowers, the Collateral Manager, the Administrative Agent and each Lender describing such assignment and (ii) such assignee has assumed the responsibilities and obligations of the Collateral Custodian being assigned to it in writing. (d) TheEach Borrower agrees that each participant shall be entitled to the benefits of Section 2.12 and 2.13 (subject to the requirements and limitations therein, including -195- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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the requirements under Section 2.13(g) (it being understood that the documentation required under Section 2.13(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.16(a); provided that such participant (A) agrees to be subject to the provisions of Section 2.17 as if it were an assignee under Section 12.16(a); and (B) shall not be entitled to receive any greater payment under Sections 2.12 or 2.13, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the participant acquired the applicable participation; provided, further, that the terms of any such participation shall not entitle the participant to direct such Lender as to the manner in which it votes in connection with any amendment, supplement or other modification of this Agreement or any waiver or consent with respect to any departure from the terms hereof, in each case unless and to the extent that the subject matter thereof is one as to which the consent of all Lenders is required in order to approve the same. (e) In the event of any grant by a Lender of a participation interest in any Advance or Commitment (or portion thereof) or any Note (or any portion thereof) to a participant, whether or not with the consent of the BorrowerBorrowers, such Lender shall remain responsible for the performance of its obligations hereunder, and the Loan Parties shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. (f) Each Lender party hereto as of the Effective Date represents to the Administrative Agent and each Loan Party that, as of such date, such lender is a Qualified Lender and each Transferee (as defined below), represents and warrants to the BorrowerBorrowers that it is a Qualified Lender. Neither any Lender nor any Transferee may assign, sell any participation in or otherwise transfer (any such transaction, a "Transfer") any of its rights or obligations under this Agreement or any other Transaction Document to any Person (a "Transferee"), unless (i) the Transferee shall have represented and agreed in writing that it is a Qualified Lender at the time of such Transfer, (ii) the Transferee agrees that it will be bound by the restrictions on Transfer contained in this Section 12.16(f), (iii) a copy of any such representations or agreements shall have been furnished to the BorrowerBorrowers and (iv) any such representations or agreements shall run to the benefit of and be enforceable by the BorrowerBorrowers. Section 12.17 Heading and Exhibits. The headings herein are for purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes. Section 12.18 Benchmark Replacement Setting. (a) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event with respect to each of Term SOFR and Daily Simple SOFR, the Administrative Agent and the -196- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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BorrowerBorrowers may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the BorrowerBorrowers so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 12.18(a) will occur prior to the applicable Benchmark Transition Start Date, and, for the avoidance of doubt, no Benchmark replacement shall occur under this Section 12.18 unless a Benchmark Transition Event shall have occurred with respect to each of Term SOFR and Daily Simple SOFR. (b) Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective upon notice from the Administrative Agent without any further action or consent of any other party to this Agreement or any other Transaction Document. (c) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the BorrowerBorrowers and the Lenders (with a copy to the Collateral Custodian) of (A) the occurrence of a Benchmark Transition Event and its related Benchmark Transition Start Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 12.18(d) below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lender (or group of Lenders) pursuant to this Section 12.18, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 12.18. (d) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information -197- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor. (e) Benchmark Unavailability Period. Upon the Borrower'sBorrowers' receipt of notice of the commencement of any Benchmark Unavailability Period, the BorrowerBorrowers may revoke any request for an Advance at the then-current Benchmark, and failing that, all Advances shall bear interest at the Base Rate in lieu of Daily Simple SOFR or Term SOFR, as applicable, computed as otherwise described herein; provided, however, the Administrative Agent may, with the consent of the BorrowerBorrowers, establish an alternative interest rate with respect to such Advances during the pendency of such period. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. Section 12.19 Divisions. Any reference herein to a merger, consolidation, amalgamation, assignment or sale, disposition or transfer of all or substantially all assets, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, consolidation, amalgamation, assignment or sale, disposition or transfer of all or substantially all assets, or similar term, as applicable, to, of or with a separate Person. Notwithstanding anything to the contrary in this Agreement, (i) any division of a limited liability company shall constitute a separate Person hereunder, and each resulting division of any limited liability company that, prior to such division, is a Subsidiary, a Loan Party, a joint venture or any other like term shall remain a Subsidiary, a Loan Party, a joint venture, or other like term, respectively, after giving effect to such division, to the extent required under this Agreement, and any resulting divisions of such Persons shall remain subject to the same restrictions and corresponding exceptions applicable to the pre-division predecessor of such divisions, and (ii) in no event shall the Transferor or theany Borrower be permitted to effectuate a division. Section 12.20 Judgment Currency. This is an international loan transaction in which the specification of Dollars or an Approved Foreign Currency, as the case may be (the "Specified Currency"), and payment in New York City, New York or the country of the Specified Currency, as the case may be (the "Specified Place"), is of the essence, and the Specified Currency shall be the currency of account in all events relating to Advances denominated in the Specified Currency. The payment obligations of the BorrowerBorrowers under this Agreement shall not be discharged or satisfied by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures does not yield the amount of the Specified Currency at the Specified Place due hereunder. If for the purpose of obtaining -198- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the "Second Currency"), the rate of exchange that shall be applied shall be the rate at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with the Second Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of the BorrowerBorrowers in respect of any such sum due from itthem to the Administrative Agent or any Lender hereunder or under any other Transaction Document (in this Section called an "Entitled Person") shall, notwithstanding the rate of exchange actually applied in rendering such judgment be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged to be due hereunder in the Second Currency such Entitled Person may in accordance with normal banking procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency so adjudged to be due; and the BorrowerBorrowers hereby, as a separate obligation and notwithstanding any such judgment (but subject to the provisions set forth in this Section 12.20), agreesagree to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum originally due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred. Section 12.21 Recognition of the U.S. Special Resolution Regimes. To the extent that this Agreement and/or any other Transaction Document constitutes a QFC, theeach Borrower agrees with each Secured Party as of the Effective Date as follows: (a) In the event a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this Agreement and/or any other Transaction Document, and any interest and obligation in or under this Agreement and/or any other Transaction Document from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement and/or any other the Transaction Document, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that a Covered Party or a BHC Act Affiliate of such Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement and/or any other Transaction Document that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement and/or any other Transaction Document were governed by the laws of the United States or a state of the United States. Section 12.22 USA PATRIOT ACT. Each Secured Party subject to the USA Patriot Act hereby notifies the BorrowerBorrowers that, pursuant to the requirements of the USA Patriot Act, it may be required to obtain, verify and record information that identifies the BorrowerBorrowers, which information includes the namenames and addressaddresses of the BorrowerBorrowers and other -199- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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information that will allow such Secured Party to identify the BorrowerBorrowers in accordance with the USA Patriot Act. Section 12.23 Joint and Several Liability. Each Borrower hereby unconditionally and irrevocably agrees as follows: (a) All Obligations shall be joint and several among the Borrowers and each Borrower shall make payment upon the maturity of the Obligations by acceleration or otherwise, and such obligation and liability on the part of the Borrowers shall in no way be affected by any failure of the Administrative Agent or any Lender to pursue or preserve its rights against any Borrower or any other Loan Party or the release by the Administrative Agent or any Lender of any Collateral now or thereafter acquired from any Borrower or any other Loan Party, and such agreement by the Borrowers to pay upon any notice issued pursuant thereto is unconditional and unaffected by prior recourse by the Administrative Agent or any Lender to the Borrowers or any Collateral for the Borrowers' Obligations or the lack thereof. The Borrowers waive all suretyship or similar defenses. The Administrative Agent and the Lenders may at their option enforce the entire amount of the Obligations against any one or more of the Borrowers (including, without limitation, separately, whether or not the Administrative Agent or Lenders exercise remedies against any other Borrower or its property). (b) The successful operation and condition of the Borrowers is dependent on the continued successful performance of the functions of the group comprising the Borrowers as a whole and the successful operation of each Borrower is dependent on the successful performance and operation of each other Borrower. Each Borrower expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from successful operations of each of the Borrowers. Each Borrower expects to derive benefit (and the boards of directors or other governing body of the Borrowers have determined that the Borrowers may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lenders to the Borrowers hereunder, both in their separate capacities and as members of the group of companies. The Borrowers have determined that execution, delivery, and performance of this Agreement and any other Transaction Documents to be executed by such Person is within its corporate purpose, will be of direct and indirect benefit to the Borrowers, and is in their best interest. Section 12.24 Section 12.23 Amendment and Restatement. (a) This Agreement amends and restates in their entirety the Onshore Loan Agreement and the Offshore Loan Agreement. This Agreement and the other Transaction Documents govern the present relationship between the BorrowerBorrowers (including Capital Fund SPV in its capacity as successor-by-merger to the Offshore Borrower), the Collateral Manager (including in its capacity as successor-by-merger to the Onshore Collateral Manager and the Offshore Collateral Manager), the Lenders (including, to the extent applicable, in their respective capacities as Onshore Lenders and Offshore Lenders), the Administrative Agent and the Collateral Custodian. This Agreement, however, is in no way intended, nor shall it be construed, to affect, replace, impair or extinguish the creation, attachment, perfection or priority -200- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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of the security interests in, and other Liens on, the "Collateral" (as such term is defined in the Onshore Loan Agreement and the Offshore Loan Agreement) granted by the BorrowerCapital Fund SPV, the Offshore Borrower or any other Person under either of the Onshore Loan Agreement or the Offshore Loan Agreement (collectively, the "Existing Liens"). Each of the BorrowerCapital Fund SPV and the Collateral Agent, by this Agreement, hereby acknowledges, reaffirms and confirms to the Administrative Agent and the Lenders the continued existence of the Existing Liens. In addition, except as otherwise provided herein, all monetary obligations and liabilities and indebtedness created or existing under, pursuant to, or as a result of, the Onshore Loan Agreement or the Offshore Loan Agreement (the "Existing Loan Agreement Obligations") shall continue in existence within the definition of "Obligations" under this Agreement and any and all of the Transaction Documents. Each of the BorrowerCapital Fund SPV and the Collateral Manager, by this Agreement, acknowledges, reaffirms and confirms the continued existence of the Existing Loan Agreement Obligations as "Obligations" hereunder, and hereby agrees that this Agreement shall not be deemed to evidence or result in a novation or repayment or re-borrowing of such obligations and liabilities and indebtedness. The BorrowerCapital Fund SPV agrees that any outstanding commitment or other obligation to make advances or otherwise extend credit or credit support to the BorrowerCapital Fund SPV pursuant to either of the Onshore Loan Agreement or the Offshore Loan Agreement is superseded by this Agreement. The BorrowerCapital Fund SPV represents and warrant that it has not assigned or otherwise transferred any rights arising under either of the Onshore Loan Agreement or the Offshore Loan Agreement. (b) Each Loan Party (including in their respective capacities as successor to the Offshore Borrower, the Onshore Collateral Manager and the Offshore Collateral Manager, as applicable) acknowledges and confirms that it has no defense, setoff, claim or counterclaim against the Administrative Agent or any of the Lenders with regard to the "Obligations" (as defined in the Onshore Loan Agreement) created under the Onshore Loan Agreement or the "Obligations" (as defined in the Offshore Loan Agreement) created under the Offshore Loan Agreement, and the Liens and security interests granted pursuant to the Transaction Documents secure the Obligations of any Loan Party, or all of them, owed to the Administrative Agent and the Lenders under either of the Onshore Loan Agreement or the Offshore Loan Agreement, in either case, as amended and restated hereby. (c) To the extent not expressly amended and restated on the Effective Date or expressly terminated, the Transaction Documents (as defined in each of the Onshore Loan Agreement and the Offshore Loan Agreement) in effect immediately prior to the Effective Date (the "Existing Transaction Documents") shall continue in full force and effect, are hereby ratified, reaffirmed and confirmed in all respects, and shall, for the avoidance of doubt, constitute "Transaction Documents" under this Agreement. On and after the Effective Date, (i) such Existing Transaction Documents shall each be deemed to be amended to the extent necessary to give effect to the provisions of this Agreement, (ii) all references to or terms defined by reference to the Onshore Loan Agreement or the Offshore Loan Agreement, as applicable, in such Existing Transaction Documents shall be deemed to refer to the Onshore Loan Agreement or the Offshore Loan Agreement, as applicable, as amended and restated hereby and (iii) all references to any Article, Section or sub-clause of the Onshore Loan -201- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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Agreement or the Offshore Loan Agreement, as applicable, in any such Existing Transaction Document shall be deemed to be references to the corresponding provisions of this Agreement. (d) Each of the parties hereto agrees that the Merger Transactions do not breach or violate this Agreement, the Onshore Loan Agreement, the Offshore Loan Agreement or any Existing Transaction Document, notwithstanding anything herein or therein to the contrary. The Administrative Agent and the Lenders hereby consent to the amendments to the Borrower'sCapital Fund SPV's limited liability company agreement as delivered to the Administrative Agent before the Effective Date. (e) Notwithstanding any language to the contrary contained in the Onshore Loan Agreement (including, without limitation, Section 14.5 of the Onshore Loan Agreement): (i) the Administrative Agent, the Onshore Lenders and the BorrowerCapital Fund SPV each hereby acknowledge and agree that the role of the "Document Custodian" (as defined in the Onshore Loan Agreement) is being eliminated pursuant to this Agreement; and (ii) as a result of the elimination of such role, the Administrative Agent, the Onshore Lenders and the BorrowerCapital Fund SPV each hereby voluntarily discharges, waives, acquits, surrenders and expressly releases Alter Domus (US) LLC, in its capacity as "Document Custodian" (as defined in the Onshore Loan Agreement) and its officers, directors, employees, agents, affiliates, representatives, attorneys, partners, members and their respective successors and assigns (collectively, the "Onshore Released Parties") from (a) all obligations to any of the Administrative Agent, the Onshore Lenders, the BorrowerCapital Fund SPV, or any other Person under the Transaction Documents (as defined in the Onshore Loan Agreement), and (b) any and all claims, causes of action, damages, liabilities or obligations of every nature and description in any way or manner which relates, directly or indirectly, to or arises out of the any Onshore Released Party's performance and obligations under the Transaction Documents (as defined in the Onshore Loan Agreement) or the transactions relating thereto; whether known or unknown, anticipated or unanticipated, fixed or contingent, at law or in equity, that the Administrative Agent, the Onshore Lenders or the BorrowerCapital Fund SPV at any time may have, or that its successors and assigns may have against the Onshore Released Parties. (f) Notwithstanding any language to the contrary contained in the Offshore Loan Agreement (including, without limitation, Section 14.5 of the Offshore Loan Agreement): (i) the Administrative Agent, the Offshore Lenders and the BorrowerCapital Fund SPV each hereby acknowledge and agree that the role of the "Document Custodian" (as defined in the Offshore Loan Agreement) is being eliminated pursuant to this Agreement; and (ii) as a result of the elimination of such role, the Administrative Agent, the Offshore Lenders and the BorrowerCapital Fund SPV each hereby voluntarily discharges, waives, acquits, surrenders and expressly releases Alter Domus (US) LLC, in -202- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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its capacity as "Document Custodian" (as defined in the Offshore Loan Agreement) and its officers, directors, employees, agents, affiliates, representatives, attorneys, partners, members and their respective successors and assigns (collectively, the "Offshore Released Parties") from (a) all obligations to any of the Administrative Agent, the Offshore Lenders, the BorrowerCapital Fund SPV, or any other Person under the Transaction Documents (as defined in the Offshore Loan Agreement), and (b) any and all claims, causes of action, damages, liabilities or obligations of every nature and description in any way or manner which relates, directly or indirectly, to or arises out of the any Offshore Released Party's performance and obligations under the Transaction Documents (as defined in the Offshore Loan Agreement) or the transactions relating thereto; whether known or unknown, anticipated or unanticipated, fixed or contingent, at law or in equity, that the Administrative Agent, the Offshore Lenders or the BorrowerCapital Fund SPV at any time may have, or that its successors and assigns may have against the Offshore Released Parties. ARTICLE XIII TAX CONSIDERATIONS Section 13.1 Acknowledgement of Parties. The parties hereto acknowledge and agree that, for U.S. federal income tax purposes, financial accounting and other purposes, the parties will treat the Advances and the Notes as indebtedness and not as equity interests in theany Borrower unless otherwise required by Applicable Law. [Remainder of page intentionally left blank; signature pages follow.] -203- [Willow Tree BDC] Amended and Restated Loan, Security and Collateral Management Agreement #506694681

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. BORROWER: WT CAPITAL FUND – SPV1, LLC, as the Borrower By: Willow Tree Capital Corporation, its sole member By:_______________________________________ Name: Mark Klingensmith Title: Authorized Signatory COLLATERAL MANAGER AND TRANSFEROR: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:_______________________________________ Name: Mark Klingensmith Title: Authorized Signatory [Signatures continued on the following pageSignature Pages Omitted.] [Signature Page] Amended and Restated Loan, Security and Collateral Management Agreement

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ADMINISTRATIVE AGENT AND ARRANGER: ALLY BANK, as the Administrative Agent and Arranger By: Name: Tara De Title: Authorized Signatory LENDERS: ALLY BANK, as a Lender By: Name: Tara De Title: Authorized Signatory [Signatures continued on the following page.] [Signature Page] Amended and Restated Loan, Security and Collateral Management Agreement

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THE COLLATERAL CUSTODIAN: STATE STREET BANK AND TRUST COMPANY, not in its individual capacity but solely as Collateral Custodian By: Name: Audrey Feeney Title: Vice President THE COLLATERAL ADMINISTRATOR: STATE STREET BANK AND TRUST COMPANY, not in its individual capacity but solely as the Collateral Administrator By: Name: Audrey Feeney Title: Vice President [Signature Page] Amended and Restated Loan, Security and Collateral Management Agreement

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Annex A If to a Borrower or Collateral Manager: WT CAPITAL FUND - SPV1, LLC c/o Willow Tree Credit Partners LP General Counsel 450 Park Avenue, 29th Floor New York, NY 10022 With a copy to: Chief Financial Officer Willow Tree Credit Partners LP 450 Park Avenue, 29th Floor New York, NY 10022 If to Ally Bank: ALLY BANK as the Administrative Agent 300 Park Avenue, 4th Floor New York, New York 10022 Attention: SFD Portfolio Manager Facsimile No.: (212)-884-7693 Email: SFOperations@Ally.com with a copy to: ALLY BANK 300 Park Avenue, 4th Floor New York, New York 10022 Attention: Legal Services/SFD Facsimile No.: (212)-884-7189 Email: Jorge.Wagner@Ally.com [Annex A] Amended and Restated Loan, Security and Collateral Management Agreement

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Annex A If to the Collateral Custodian: STATE STREET BANK AND TRUST COMPANY 1776 Heritage Drive, Mail Stop: JAB0527 North Quincy, Massachusetts 02171 Attention: Structured Trust and Analytics Email: StructuredTrustandAnalytics@StateStreet.com [Annex A] Amended and Restated Loan, Security and Collateral Management Agreement

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[Annex B] Amended and Restated Loan, Security and Collateral Management Agreement Silicon Valley Bank, a division of First-Citizens Bank & Trust Company Commitment $85,000,000 Annex B COMMITMENTS Ally Bank Total: $500,000,000490,000,000 $500,000,000575,000,000 Lender

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Modified DMS: iw://hklaw.cloudimanage.com/active/525233475/13 - [Willow Tree BDC] Exhibit A to Second Amendment to Amended and Restated Loan Agreement.docx Move To 3 Table Insert Description: [Willow Tree BDC] Exhibit A to Second Amendment to Amended and Restated Loan Agreement 1 Intelligent Table Comparison: Active Table Delete Summary report: Litera Compare for Word 11.11.0.158 Document comparison done on 12/22/2025 12:43:12 PM 0 Changes: Table moves to 0 Add Table moves from Original DMS: iw://hklaw.cloudimanage.com/active/531408228/1 - [Willow Tree BDC] Conformed Loan Agreement through First Amendment (For Redlining Ex. A to Second Amendment).docx 0 1231 Embedded Graphics (Visio, ChemDraw, Images etc.) 0 Delete Embedded Excel 0 1192 Description: [Willow Tree BDC] Conformed Loan Agreement through First Amendment (For Redlining Ex. A to Second Amendment) Format changes 0 Style name: HK Comparison Style Move From Total Changes: 2430 3

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B Exhibits and Schedules [See attached.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS AND SCHEDULES TO AMENDED AND RESTATED LOAN, SECURITY AND COLLATERAL MANAGEMENT AGREEMENT Dated as of November 8, 2024 EXHIBITS EXHIBIT A-1 Form of Funding Notice EXHIBIT A-2 Form of Repayment Notice EXHIBIT A-3 Form of Reinvestment Notice EXHIBIT A-4 Form of Borrowing Base Certificate EXHIBIT A-5 Form of Incumbency Certificate EXHIBIT A-6 Form of Payment Date Report EXHIBIT A-7 [Reserved] EXHIBIT A-8 Form of Notice of Continuation EXHIBIT B-1 Form of Promissory Note EXHIBIT B-2 Form of Swingline Note EXHIBIT C Form of Officer's Certificate as to Solvency EXHIBIT D Form of Officer's Closing Certificate EXHIBIT E [Reserved] EXHIBIT F Form of Compliance Certificate EXHIBIT G Form of Transferee Letter EXHIBIT H Form of Joinder Supplement EXHIBIT I-1 EXHIBIT I-2 EXHIBIT I-3 EXHIBIT I-4 U.S. Tax Compliance Certificate – For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes U.S. Tax Compliance Certificate – For Foreign Participants that are not Partnerships For U.S. Federal Income Tax Purposes U.S. Tax Compliance Certificate – For Foreign Participants that are Partnerships For U.S. Federal Income Tax Purposes U.S. Tax Compliance Certificate – For Foreign Lenders that are Partnerships For U.S. Federal Income Tax Purposes EXHIBIT J EXHIBIT K EXHIBIT L [Reserved] Form of Assignment and Assumption Form of Annual Statement as to Compliance

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&nbsp;&nbsp;&nbsp;&nbsp;[Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULES SCHEDULE I Loan Party Names SCHEDULE II Loan List SCHEDULE III [Omitted] SCHEDULE IV Agreed-Upon Procedures SCHEDULE V S&P Industry Classifications SCHEDULE VI Disqualified Persons

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-1 FORM OF FUNDING NOTICE [Date] WT CAPITAL FUND - SPV1, LLC WT CAPITAL FUND-SPV1 SUB GOLD LLC Ally Bank, as the Administrative Agent 300 Park Avenue, 4th Floor New York, New York 10022 Attention: SFD Portfolio Manager Facsimile No.: (212) 884-7693 with a copy to: Ally Bank 300 Park Avenue, 4th Floor New York, New York 10022 Attention: Legal Services/SFD Facsimile No.: (212) 884-7189 Email: jorge.wagner@ally.com State Street Bank and Trust Company 1776 Heritage Drive, Mail Stop: JAB0527 North Quincy, Massachusetts 02171 Attention: Structured Trust and Analytics Email: StructuredTrustandAnalytics@StateStreet.com Re: Amended and Restated Loan, Security and Collateral Management Agreement dated as of November 8, 2024 Ladies and Gentlemen: This Funding Notice is delivered to you pursuant to Sections 2.2 and 3.2 of that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 "Borrower" and collectively, jointly and severally, the "Borrowers") each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly appointed Responsible Officers, as applicable, hereby certify as follows: 1. The Borrowers hereby request an Advance as described in the Notice of Borrowing attached hereto as Annex A. The Advance shall be at least equal to $500,000 (or, in the case of any Advance to be applied to fund any draw under a Revolving Loan or Delayed Draw Loan, such lesser amount as may be required to fund such draw). 2. Attached to this Funding Notice is a true, correct and complete list of the Obligors and all Loans which will become part of the Collateral in connection with the Advance requested hereby, each Loan reflected thereon being an Eligible Loan except to the extent a portion of any such Loan is being acquired solely with equity contributions, and specifying (a) the Outstanding Balance, Assigned Value and Purchase Price of each such Loan, (b) with respect to any Revolving Loan or Delayed Draw Loan, the amount to be deposited in the Unfunded Exposure Account in connection with the acquisition of each such Loan pursuant to Section 2.9(e) of the Loan and Security Agreement, (c) whether such Loan is a First Lien Loan, First Lien Last Out Loan, Second Lien Loan or Recurring Revenue Loan and (d) the Advance Rate applicable to such Loan. 3. All of the conditions precedent to the Advance requested herein as set forth in [Section 3.1 and]1 Section 3.2 of the Loan and Security Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Advance, including the following: (i) The representations and warranties contained in Section 4.1 and Section 4.2 of the Loan and Security Agreement are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any representation and warranty that is expressly made as of another specific date which were true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) as of such date); 1 To be included for initial advance only.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 (ii) No event has occurred and is continuing, or would result from such Advance or from the application of proceeds therefrom, which constitutes an Event of Default, Default, Change of Control or a Collateral Manager Termination Event; (iii) On and as of such day, immediately after giving effect to such Advance, the Advances Outstanding do not exceed the Availability (or, to the extent permitted under Section 2.14 of the Loan and Security Agreement, that any existing Borrowing Base Deficiency is reduced to zero); and (iv) To the knowledge of the Collateral Manager, no Applicable Law prohibits or enjoins the making of such Advance by any Lender or the proposed acquisition of Loans. 4. Each of the undersigned certify that all information contained herein and in the Borrowing Base Certificate attached hereto as Annex B (after giving pro forma effect to the Advance requested pursuant to this Funding Notice and the use of the proceeds thereof) is true, correct and complete as of the date hereof. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned have executed this Funding Notice this ______ day of ________________, __________. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:____________________________________ Name: Title: [Attach Borrowing Base Certificate and List of Loans]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX A TO FUNDING NOTICE NOTICE OF BORROWING The Borrowers give notice that they hereby request an Advance under the Loan and Security Agreement, and in that connection sets forth below the information relating to such Advance (the "Proposed Advance"): (i) Such Proposed Advance is in the aggregate amount of $____________, and is to be made on (date)___________________, and shall bear interest at [Daily Simple SOFR] [Term SOFR for an Available Tenor of one month's duration] [Term SOFR for an Available Tenor of three month's duration] with an Interest Period of [one] [three] month(s). (ii) The Borrowers hereby direct the Administrative Agent to deposit $____________ in the Unfunded Exposure Account in accordance with Section 2.9(e) of the Loan and Security Agreement. The remaining proceeds of the Proposed Advance should be transmitted to the Borrowers in accordance with the following wire transfer instructions: Bank Name City, State & ZIP ABA Routing No. Account Name: Account No: Amount: Reference: Bank Name City, State & ZIP ABA Routing No. Account Name: Account No: Amount: Reference:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX B TO FUNDING NOTICE BORROWING BASE CERTIFICATE [See attached.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-2 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-2 FORM OF REPAYMENT NOTICE [Date] WT CAPITAL FUND - SPV1, LLC WT CAPITAL FUND-SPV1 SUB GOLD LLC Ally Bank, as the Administrative Agent 300 Park Avenue, 4th Floor New York, New York 10022 Attention: SFD Portfolio Manager Facsimile No.: (212) 884-7693 with a copy to: Ally Bank 300 Park Avenue, 4th Floor New York, New York 10022 Attention: Legal Services/SFD Facsimile No.: (212) 884-7189 Email: jorge.wagner@ally.com State Street Bank and Trust Company 1776 Heritage Drive, Mail Stop: JAB0527 North Quincy, Massachusetts 02171 Attention: Structured Trust and Analytics Email: StructuredTrustandAnalytics@StateStreet.com Re: Amended and Restated Loan, Security and Collateral Management Agreement dated as of November 8, 2024 Ladies and Gentlemen: This Repayment Notice is delivered to you pursuant to Section 2.3 of that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND- SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-2 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly appointed Responsible Officers, as applicable, hereby certify as follows: 1. [Pursuant to Section 2.3(a) of the Loan and Security Agreement, the Borrowers desire to reduce the Advances Outstanding (an "Advance Reduction") by the amount of $__________ (without any penalty, fee or premium (and in each case excluding Breakage Costs)). Any repayment of the Advances Outstanding (other than with respect to repayments of Advances Outstanding made by the Borrowers to reduce a Borrowing Base Deficiency to $0.00) shall be in a minimum amount of $500,000 (or such lesser amount as may be agreed to by the Administrative Agent in its sole discretion) (other than (x) any prepayment of Swingline Advances for which no minimum shall apply and (y) any such partial repayment of Advances Outstanding which is funded (A) solely with proceeds from the repayment of a Revolving Loan or (B) solely with amounts otherwise distributable to the Borrowers under Section 2.7(a)(16), Section 2.7(b)(6) or Section 2.8(13) of the Loan and Security Agreement).] 2. In connection with such [Advance Reduction], the Borrowers shall deliver to the Administrative Agent funds sufficient to repay such Advances Outstanding together with all accrued Interest and Breakage Costs, but only to the extent such accrued Interest and/or Breakage Costs are requested with such repayment by an applicable Lender. 3. The Borrowers hereby request that such [Advance Reduction] be made on the following date: _________. Each of the undersigned certify that all information contained herein is true and correct as of the date hereof. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-2 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned have executed this Repayment Notice this ______ day of ________________, __________. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-3 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-3 FORM OF REINVESTMENT NOTICE [Date] WT CAPITAL FUND - SPV1, LLC WT CAPITAL FUND-SPV1 SUB GOLD LLC Ally Bank, as the Administrative Agent 300 Park Avenue, 4th Floor New York, New York 10022 Attention: SFD Portfolio Manager Facsimile No.: (212) 884-7693 with a copy to: Ally Bank 300 Park Avenue, 4th Floor New York, New York 10022 Attention: Legal Services/SFD Facsimile No.: (212) 884-7189 Email: jorge.wagner@ally.com State Street Bank and Trust Company 1776 Heritage Drive, Mail Stop: JAB0527 North Quincy, Massachusetts 02171 Attention: Structured Trust and Analytics Email: StructuredTrustandAnalytics@StateStreet.com Re: Amended and Restated Loan, Security and Collateral Management Agreement dated as of November 8, 2024 Ladies and Gentlemen: This Reinvestment Notice is delivered to you pursuant to Section 3.2(b) of that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND- SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-3 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly appointed Responsible Officers, as applicable, hereby certify as follows: 1. [In connection with a proposed Reinvestment of Principal Collections permitted by Section 2.14(a)(i) of the Loan and Security Agreement, the Borrowers hereby request a disbursement (a "Disbursement") of Principal Collections from the Principal Collections Account in the amount of $_______________;][In connection with a proposed acquisition of Loans in connection with a Substitution pursuant to Section 2.14(b) of the Loan and Security Agreement, the Borrowers hereby notify the Administrative Agent and Collateral Custodian that the amount of $_______________ will be deposited into the Collection Account in connection with such Substitution ;] the Eligible Loan supporting this [Disbursement][Substitution] are in Dollars [or an Approved Foreign Currency]. 2. The Borrowers hereby request that such [Disbursement][Substitution] be made on the following date:________________. 3. Attached to this Reinvestment Notice as Annex A is a true, correct and complete calculation of the Borrowing Base and all components thereof and a true, correct and complete list of the Obligors and all Loans which will become part of the Collateral in connection with the [Disbursement][Substitution] described above, each Loan reflected thereon being an Eligible Loan, and specifying (a) the Outstanding Balance, Assigned Value and Purchase Price of each such Loan, (b) with respect to any Revolving Loan or Delayed Draw Loan, the amount to be deposited in the Unfunded Exposure Account in connection with the acquisition of each such Loan pursuant to Section 2.9(e) of the Loan and Security Agreement, (c) whether such Loan is a First Lien Loan, First Lien Last Out Loan, Second Lien Loan or Recurring Revenue Loan and (d) the Advance Rate applicable to such Loan. 4. All of the conditions precedent to the [Disbursement][Substitution] requested herein as set forth in Sections 2.14 and 3.2 of the Loan and Security Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such [Disbursement][Substitution] including the following: (i) The representations and warranties contained in Section 4.1 and Section 4.2 of the Loan and Security Agreement are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) on and as of such day as though made on and as of such day and shall be deemed to have been made on

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-3 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 such day (other than any representation and warranty that is expressly made as of another specific date which were true, correct, and complete in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) as of such date); (ii) No event has occurred and is continuing, or would result from such [Disbursement][Substitution] or from the application of proceeds therefrom, which constitutes an Event of Default, Default, Change of Control or a Collateral Manager Termination Event; (iii) On and as of such day, immediately after giving effect to such [Disbursement][Substitution] and the application of proceeds therefrom, the Advances Outstanding do not exceed the Availability (or, to the extent permitted under Section 2.14 of the Loan and Security Agreement, any existing Borrowing Base Deficiency is reduced to zero); and (iv) To the knowledge of the Collateral Manager, no Applicable Law prohibits or enjoins the making of any Advance in connection with such [Disbursement][Substitution] by any Lender or the proposed Reinvestment of Principal Collections or acquisition of Loans; Each of the undersigned certify that all information contained herein and in the Borrowing Base Certificate attached hereto as Annex A is true, correct and complete as of the date hereof. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-3 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned have executed this Reinvestment Notice this ______ day of ________________, __________. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-3 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX A to Exhibit A-3 BORROWING BASE CERTIFICATE [See attached.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-4 FORM OF BORROWING BASE CERTIFICATE This certificate is delivered pursuant to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. As of the date hereof, the undersigned each certify that (i) all of the information set forth in Annex I attached hereto is true, correct and complete and for the avoidance of doubt, includes the amount and type (whether Principal Collections, Interest Collections or other Collections) of all Collections received since the last Reporting Date, all Principal Collections and Interest Collections on deposit as of the date hereof and a detailed aging of each Loan; (ii) the Borrowers and Collateral Manager are in compliance with all covenants and agreements under the Loan and Security Agreement and no Default, Event of Default or Collateral Manager Termination Event has occurred and is continuing under the Loan and Security Agreement; (iii) all of the Loans owned by the Borrowers are Eligible Loans, within the meaning of such term in the Loan and Security Agreement other than as waived by the Administrative Agent with respect to any such Loan; [and] (iv) [all material amendments, restatements, supplements, waivers or other modifications to any Underlying Instruments of any Eligible Loan, together with any documentation prepared by the Borrowers or the Collateral Manager in connection with such document, that constitute a Material Modification which was given effect in the calendar month immediately preceding the Reporting Date on which this certificate is delivered, have been

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 delivered to the Administrative Agent and have been identified as such in Annex I attached hereto;]2 (v) The representations and warranties contained in Section 4.1 and Section 4.2 of the Loan and Security Agreement are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) on and as of the date hereof as though made on and as of the date hereof (other than any representation and warranty that is expressly made as of another specific date which were true, correct, and complete in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) as of such date)[.][; and] (vi) [to the extent this certificate is delivered in connection with a Discretionary Sale or sale pursuant to a Substitution effected pursuant to Section 2.14 and Section 3.2, as applicable, of the Loan and Security Agreement, the undersigned further certifies that: a. Annex I hereto includes a list of all Loans to be sold or substituted, as applicable; b. the Borrowers have notified the Administrative Agent and Collateral Custodian that an amount equal to $_______________ shall be deposited into the Collection Account in connection with such Discretionary Sale or Substitution, as applicable; c. the repayment of Advances Outstanding (if any) in connection with such Discretionary Sale or Substitution, as applicable complies with the requirements set forth in Section 2.3 of the Loan and Security Agreement; d. the representations and warranties contained in Sections 4.1 and 4.2 of the Loan and Security Agreement shall continue to be true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects, and except for those representations and warranties made as of a specific date which are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) as of such date) following any such Discretionary Sale or Substitution, except to the extent any such representation or warranty relates to an earlier date; e. such Discretionary Sale or sale in connection with a Substitution is made by the Collateral Manager, on behalf of the Borrowers, in a transaction (1) reflecting arms- length market terms and (2) in which the Borrowers make no representations, warranties or covenants and provides no indemnification for the benefit of any other party to such sale 2 To be included when the Borrowing Base Certificate is delivered on a Reporting Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 (other than that the Borrowers have good title thereto, free and clear of all Liens and have the right to sell the related Loan and other representations which are customarily made or provided in connection with the sale of assets of such type) (and the parties agree that the assignment agreement form attached as an exhibit to the applicable Underlying Instrument (solely to the extent such assignment agreement form (x) is reasonable and customary for a credit facility of the type to which such sale relates and (y) does not contain atypical or unusually burdensome covenants or representations and warranties in respect of the Borrowers, in each case, in the Collateral Manager's reasonable and good faith discretion) shall satisfy this clause (2)); provided that if a Default or Event of Default has occurred and is continuing, any such Discretionary Sale or sale in connection with a Substitution to an Affiliate of the Borrowers, the Administrative Agent shall have given prior written consent in its reasonable discretion (unless, solely in the case of a Default (and not an Event of Default), such Default is remedied upon consummation of such sale); provided further that, the Administrative Agent's prior written consent shall not be required for any such Discretionary Sale or sale in connection with a Substitution that satisfies the requirement of clause (C) of Section 2.14(e)(vii) of the Loan and Security Agreement; f. (A) no Collateral Manager Termination Event, Default or Event of Default shall have occurred and be continuing and, immediately after giving effect to such Discretionary Sale or Substitution, as applicable, no Collateral Manager Termination Event, Default or Event of Default shall have occurred (unless, solely in the case of a Default (and not an Event of Default), such Default is remedied upon consummation of such sale); (B) notwithstanding anything set forth in Section 2.14 of the Loan and Security Agreement, immediately after giving effect to such Discretionary Sale or Substitution, as applicable, there shall not exist a Borrowing Base Deficiency; provided that, notwithstanding the foregoing or anything to the contrary set forth in Section 3.2 of the Loan and Security Agreement, in the event a Borrowing Base Deficiency exists immediately prior to giving effect to such Discretionary Sale or Substitution, as applicable, immediately after giving effect to such Discretionary Sale or Substitution and any other sale or transfer or other action taken in accordance with Section 2.6 of the Loan and Security Agreement substantially contemporaneous herewith, the Borrowing Base Deficiency shall be reduced to zero Dollars ($0); and (C) unless consented to by the Administrative Agent in its sole discretion, (x) the net cash price received by the Borrowers pursuant to such Discretionary Sale (determined taking into account any cash equity contribution received by the Borrowers in connection and concurrently therewith) shall be equal to or greater than the Adjusted Borrowing Value of the Loan sold in connection with such Discretionary Sale; provided that, solely for purposes of determining if this clause (C) has been satisfied with respect to any Loan for which the net cash price received by the Borrowers equals or exceeds ninety-five percent (95.0%) of the Outstanding Balance thereof, the net cash price received by the Borrowers shall be treated as if it were one hundred percent (100.0%) of the Outstanding Balance of such Loan; and (y) the Adjusted Borrowing Value of the substitute Loan acquired by the Borrowers in connection with any Substitution (determined taking into account any cash equity contribution received by the Borrowers in connection and concurrently therewith) shall be equal to or greater than the Adjusted Borrowing Value of the Loan sold or otherwise transferred in connection with

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 such Substitution; and g. the Borrowers shall pay an amount equal to all Breakage Costs and all accrued and unpaid reasonable and documented out-of-pocket costs and expenses of the Administrative Agent, the Lenders and the Collateral Custodian in connection with any such sale, Substitution or repurchase (including, but not limited to, expenses incurred in connection with the release of the Lien of the Administrative Agent on behalf of the Secured Parties in connection with such sale, Substitution or repurchase), including, without limitation, reasonable and documented legal fees and expenses of (A) a single outside counsel, and a single local counsel in any applicable jurisdiction, of the Administrative Agent and the Lenders, taken as a whole, provided that, if any Lender reasonably determines in good faith that it is necessary or advisable to retain its own counsel by reason of conflict of interest, the Borrowers shall reimburse such Lender for the reasonable and documented out-of-pocket fees and disbursements of such counsel and (B) a single outside counsel, and a single local counsel in any applicable jurisdiction, of the Collateral Custodian]3 [Remainder of page intentionally left blank; signature page follows.] 3 Bracketed language to be included when Borrowing Base Certificate is delivered in connection with a Discretionary Sale or sale pursuant to a Substitution effected pursuant to Section 2.14 of the Loan and Security Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Certified as of the _________________ day of ___________________, _____. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX I To Exhibit A-4 BORROWING BASE REPORT [See attached.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-5 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-5 SECRETARY'S CERTIFICATE OF DIRECTORS' RESOLUTIONS RESOLVED, that each of the officers, managers, and employees of the Borrowers designated on Exhibit A hereto are hereby authorized and directed to execute and deliver on behalf of the Borrowers to Ally Bank, borrowing base certificates, compliance certificates, repetitive and non-repetitive advance requests, bank account instructions and financial reports pursuant to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"); and it is further RESOLVED, that said officers, managers and employees so designated and each of them are hereby authorized and directed to execute and deliver all further documentation and to do all other acts that they may deem convenient or proper to carry out the foregoing; and it is further RESOLVED, that all action heretofore taken and all documentation heretofore delivered by any of said officers, managers and employees in furtherance of the foregoing is hereby ratified and confirmed. RESOLVED, that the authorizations herein set forth shall remain in full force and effect until written notice of their modification or discontinuance shall be given to and actually received by the Administrative Agent at its address designated in the Loan and Security Agreement, but no such modification or discontinuance shall affect the validity of the acts of any person authorized to so act by these resolutions performed prior to receipt of such notice by the Administrative Agent. I, [__], hereby certify that I am a Manager of WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, and WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company; that the foregoing is a true and correct copy of resolutions duly adopted by the Managers of said company by unanimous written consent in accordance with its operating agreement and the laws of the state of Delaware, and that these resolutions have not been modified, repealed or rescinded but are in full force and effect. IN WITNESS WHEREOF, the undersigned has duly executed this Unanimous Written Consent of the Board of [Directors] [Managers] of the Borrowers effective as of the date first written above.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-5 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 By: Name: Title: [Director] / [Manager] By: Name: Title: [Director] / [Manager] By: Name: Title: [Director] / [Manager]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-5 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A ALLY BANK Specimen Signatures Of Authorized Officers and Employees Name (Type or Print) Title/Position Signature 1.________________________ _______________________ ______________________ 2.________________________ _______________________ ______________________ 3.________________________ _______________________ ______________________ 4.________________________ _______________________ ______________________ 5.________________________ _______________________ ______________________ 6.________________________ _______________________ ______________________ The undersigned hereby certifies that the persons whose specimen signatures appear above are authorized to execute and deliver on behalf of the Borrowers, borrowing base certificates, compliance certificates, repetitive and non-repetitive advance requests, bank account instructions and financial reports, in addition to the person(s) heretofore so authorized. Borrowers' Names: Date: Address: City State Zip ________ Officer's Signature: Title

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-6 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-6 Ally Bank, as the Administrative Agent 300 Park Avenue, 4th Floor New York, New York 10022 Attention: SFD Portfolio Manager Facsimile No.: (212) 884-7693 with a copy to: Ally Bank 300 Park Avenue, 4th Floor New York, New York 10022 Attention: Legal Services/SFD Facsimile No.: (212) 884-7189 Email: jorge.wagner@ally.com State Street Bank and Trust Company 1776 Heritage Drive, Mail Stop: JAB0527 North Quincy, Massachusetts 02171 Attention: Structured Trust and Analytics Email: StructuredTrustandAnalytics@StateStreet.com FORM OF PAYMENT DATE REPORT This certificate is delivered pursuant to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. As of the date hereof, the undersigned certifies that: (i) all of the information set forth in Annex I attached hereto is true, correct, and complete;

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-6 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 (ii) the Borrowers and Collateral Manager are in compliance with all covenants and agreement under the Loan and Security Agreement and no Default, Event of Default or Collateral Manager Termination Event has occurred and is continuing under the Loan and Security Agreement; (iii) all of the Loans specified by the Borrowers as "Eligible Loans" are Eligible Loans, within the meaning of such term in the Loan and Security Agreement other than as waived by the Administrative Agent with respect to any such Loan; (iv) Annex II hereto includes a correct calculation of the Borrowers' Total Interest Coverage Ratio for the relevant period ended _________ __, 202_; (iv) Annex III hereto includes a correct calculation of the Fund's Available Capital on and as of the date hereof; (v) the representations and warranties contained in Section 4.1 and Section 4.2 of the Loan and Security Agreement are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true and correct in all respects) on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any representation and warranty that is expressly made as of another specific date which were true, correct, and complete in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) as of such date); and (vi) each of the undersigned certify that all information contained herein and in the attached Borrowing Base Certificate is true, correct and complete as of the date hereof. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-6 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Certified as of the _________________ day of ___________________, _____. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:____________________________________ Name: Title: [Attach Borrowing Base Certificate]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-6 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX I To Exhibit A-6 PAYMENT DATE REPORT [On File with the Administrative Agent]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-6 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX II To Exhibit A-6 CALCULATION OF TOTAL INTEREST COVERAGE RATIO [See attached.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-6 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX iII To Exhibit A-6 CALCULATION OF FUND'S AVAILABLE CAPITAL [See attached.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-7 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-7 [RESERVED]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-8 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT A-8 FORM OF NOTICE OF CONTINUATION [_______], 20[__] WT CAPITAL FUND - SPV1, LLC WT CAPITAL FUND-SPV1 SUB GOLD LLC Ally Bank, as the Administrative Agent 300 Park Avenue, 4th Floor New York, New York 10022 Attention: SFD Portfolio Manager Facsimile No.: (212) 884-7693 Email: SFOperations@Ally.com with a copy to: Ally Bank 300 Park Avenue, 4th Floor New York, New York 10022 Attention: Legal Services/SFD Facsimile No.: (212) 884-7189 Email: Jorge.Wagner@Ally.com State Street Bank and Trust Company 1776 Heritage Drive, Mail Stop: JAB0527 North Quincy, Massachusetts 02171 Attention: Structured Trust and Analytics Email: StructuredTrustandAnalytics@StateStreet.com Re: Amended and Restated Loan, Security and Collateral Management Agreement dated as of November 8, 2024 Ladies and Gentlemen: This Notice of Continuation is delivered to you pursuant to Section 2.10(e) of that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-8 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly appointed Responsible Officer, hereby gives the Administrative Agent notice, pursuant to Section 2.10(e) of the Loan and Security Agreement, of its request to continue as an Advance that bears interest at Term SOFR for an Available Tenor of [one] [three] month's duration $[_________] in principal amount of present outstanding Advances that bear interest at [Term SOFR for an Available Tenor of [one] [three] month's duration that expire on [________, ___]] [Daily Simple SOFR]. The Interest Period for such Advances commencing on [________, ___] is requested to be [one] [three] month(s). [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A-8 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned has executed this Notice of Continuation as of the first date written above. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT B-1 FORM OF PROMISSORY NOTE $[ ________ ] [___], 20[__] THIS PROMISSORY NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), ANY STATE SECURITIES LAWS IN THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND THE BORROWERS HAVE NOT REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT"). THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS PROMISSORY NOTE, REPRESENTS THAT IT HAS OBTAINED THIS PROMISSORY NOTE IN A TRANSACTION IN COMPLIANCE WITH THE SECURITIES ACT, THE INVESTMENT COMPANY ACT AND ALL OTHER APPLICABLE LAWS OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND THE RESTRICTIONS ON SALE AND TRANSFER SET FORTH IN THE LOAN AND SECURITY AGREEMENT. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS PROMISSORY NOTE, FURTHER REPRESENTS, ACKNOWLEDGES AND AGREES THAT IT WILL NOT RE-OFFER, RE- SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE (OR ANY INTEREST HEREIN) EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT, THE INVESTMENT COMPANY ACT AND ALL OTHER APPLICABLE LAWS OF ANY JURISDICTION AND IN ACCORDANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE LOAN AND SECURITY AGREEMENT REFERRED TO HEREIN. THIS PROMISSORY NOTE IS TRANSFERABLE ONLY IN ACCORDANCE WITH THE RESTRICTIONS DESCRIBED HEREIN AND IN THE LOAN AND SECURITY AGREEMENT. ANY SALE OR TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY INTERMEDIARY. EACH TRANSFEROR OF THIS PROMISSORY NOTE OR AN INTEREST HEREIN AGREES TO PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN THE LOAN AND SECURITY AGREEMENT TO THE TRANSFEREE. FOR VALUE RECEIVED, WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company and WT CAPITAL FUND-SPV1 SUB GOLD LLC (the "Borrowers"), promise to pay to [__________] ("Lender") or its assigns, the principal sum of [___________________] Dollars ($[__________]), or, if less, the unpaid principal amount of the aggregate advances ("Advances") made by the Lender to the Borrowers pursuant to the Loan and Security Agreement (as defined below), as set forth on the attached Schedule, on the dates specified in the Loan and Security Agreement, and to pay interest on the unpaid principal amount of each Advance on each day that such unpaid principal amount is outstanding, at the Interest Rate related to such Advance as provided in the Loan and Security Agreement, on each Payment Date and each other date specified in the Loan and Security Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 This Promissory Note (this "Note") is issued pursuant to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among the Borrowers, WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. Notwithstanding any other provisions contained in this Note, if at any time the rate of interest payable by the Borrowers under this Note, when combined with any and all other charges provided for in this Note, in the Loan and Security Agreement or in any other document (to the extent such other charges would constitute interest for the purpose of any applicable law limiting interest that may be charged on this Note), exceeds the highest rate of interest permissible under applicable law (the "Maximum Lawful Rate"), then for so long as the Maximum Lawful Rate would be exceeded, the rate of interest under this Note shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest payable under this Note is less than the Maximum Lawful Rate, the Borrowers shall continue to pay interest under this Note at the Maximum Lawful Rate until such time as the total interest paid by the Borrowers is equal to the total interest that would have been paid had applicable law not limited the interest rate payable under this Note. In no event shall the total interest received by the Lender under this Note exceed the amount which the Lender could lawfully have received had the interest due under this Note been calculated since the date of this Note at the Maximum Lawful Rate. Payments of the principal of, and interest on, Advances represented by this Note shall be made by or on behalf of the Borrowers to the holder hereof by wire transfer of immediately available funds in the manner and at the address specified for such purpose as provided in the Loan and Security Agreement, or in such manner or at such other address as the holder of this Note shall have specified in writing to the Borrowers for such purpose, without the presentation or surrender of this Note or the making of any notation on this Note. If any payment under this Note falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day and interest shall be payable on any principal so extended at the applicable Interest Rate. If all or a portion of (i) the principal amount hereof or (ii) any interest payable thereon or (iii) any other amounts payable hereunder shall not be paid when due (whether at maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum set forth in the Loan and Security Agreement, in each case from the date of such non-payment to (but excluding) the date such amount is paid in full, provided that such interest rate shall not at any time exceed the Maximum Lawful Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Portions or all of the principal amount of the Note shall become due and payable at the time or times set forth in the Loan and Security Agreement. Any portion or all of the principal amount of this Note may be prepaid, together with interest thereon (and, as set forth in the Loan and Security Agreement, certain costs and expenses of the Lender) at the time and in the manner set forth in, but subject to the provisions of, the Loan and Security Agreement. Except as provided in the Loan and Security Agreement, the Borrowers expressly waive presentment, demand, diligence, protest and all notices of any kind whatsoever with respect to this Note. All amounts evidenced by this Note, the Lender's Advances and all payments and prepayments of the principal hereof and the respective dates and maturity dates thereof shall be endorsed by the Lender on the Schedule attached hereto and made a part hereof or on a continuation thereof, which shall be attached hereto and made a part hereof; provided, however, that the failure of the Lender to make such a notation shall not in any way limit or otherwise affect the obligations of the Borrowers under this Note as provided in the Loan and Security Agreement. The holder hereof may sell, assign, transfer, negotiate, grant participations in or otherwise dispose of all or any portion of any Advances made by the Lender and represented by this Note and the indebtedness evidenced by this Note, subject to the applicable provisions of the Loan and Security Agreement. This Note is secured by the security interests granted pursuant to Section 8.1 of the Loan and Security Agreement. The holder of this Note is entitled to the benefits of the Loan and Security Agreement and may enforce the agreements of the Borrowers contained in the Loan and Security Agreement and exercise the remedies provided for by, or otherwise available in respect of, the Loan and Security Agreement, all in accordance with, and subject to the restrictions contained in, the terms of the Loan and Security Agreement. If an Event of Default shall occur, the Lenders may declare, or in certain circumstances, the unpaid principal balance thereof, together with accrued interest thereon, shall be declared, and become, due and payable, in each case, in the manner and with the effect provided in the Loan and Security Agreement. The Borrowers, the Collateral Manager, the Administrative Agent, the Collateral Custodian and each Lender each intend, for U.S. federal, state and local income or franchise tax purposes, that this Note be evidence of indebtedness secured by the Collateral, and the Lender, as a lender under the Loan and Security Agreement, by the acceptance hereof, agrees to treat the Note for U.S. federal, state and local income or franchise tax purposes as indebtedness. This Note is one of the "Notes" referred to in Section 2.1 of the Loan and Security Agreement. This Note shall be construed in accordance with and governed by the laws of the State of New York. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned has executed this Note as on the date first written above. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Schedule attached to Promissory Note dated [__________] [____], 20[___] of WT CAPITAL FUND - SPV1, LLC and WT CAPITAL FUND-SPV1 SUB GOLD LLC payable to the order of [Lender]. Date of Advance or Repayment Principal Amount of Advance Principal Amount of Repayment Outstanding Principal Amount

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-2 [Ares SMA] Exhibits and Schedules to Loan, Security and Servicing Agreement EXHIBIT B-2 FORM OF SWINGLINE NOTE $[ ________ ] [___], 20[__] THIS SWINGLINE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), ANY STATE SECURITIES LAWS IN THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND THE BORROWERS HAVE NOT REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT"). THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS SWINGLINE NOTE, REPRESENTS THAT IT HAS OBTAINED THIS SWINGLINE NOTE IN A TRANSACTION IN COMPLIANCE WITH THE SECURITIES ACT, THE INVESTMENT COMPANY ACT AND ALL OTHER APPLICABLE LAWS OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND THE RESTRICTIONS ON SALE AND TRANSFER SET FORTH IN THE LOAN AND SECURITY AGREEMENT. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS SWINGLINE NOTE, FURTHER REPRESENTS, ACKNOWLEDGES AND AGREES THAT IT WILL NOT RE-OFFER, RE-SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE (OR ANY INTEREST HEREIN) EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT, THE INVESTMENT COMPANY ACT AND ALL OTHER APPLICABLE LAWS OF ANY JURISDICTION AND IN ACCORDANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE LOAN AND SECURITY AGREEMENT REFERRED TO HEREIN. THIS SWINGLINE NOTE IS TRANSFERABLE ONLY IN ACCORDANCE WITH THE RESTRICTIONS DESCRIBED HEREIN AND IN THE LOAN AND SECURITY AGREEMENT. ANY SALE OR TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY INTERMEDIARY. EACH TRANSFEROR OF THIS SWINGLINE NOTE OR AN INTEREST HEREIN AGREES TO PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN THE LOAN AND SECURITY AGREEMENT TO THE TRANSFEREE. FOR VALUE RECEIVED, WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company and WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company (the "Borrowers"), promise to pay to [__________] (the "Swingline Lender") or its assigns, the principal sum of [___________________] Dollars ($[__________]), or, if less, the unpaid principal amount of the aggregate Swingline Advances made by the Swingline Lender to the Borrowers pursuant to the Loan and Security Agreement (as defined below), on the dates specified in the Loan and Security Agreement, and to pay interest on the unpaid principal amount of each Swingline Advance on each day that such unpaid principal amount is outstanding, at the Interest Rate applicable to Swingline Advances as provided in the Loan and Security Agreement, on each Payment Date and each other date specified in the Loan and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-2 [Ares SMA] Exhibits and Schedules to Loan, Security and Servicing Agreement Security Agreement. This Swingline Note (this "Note") is issued pursuant to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among the Borrower, WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian").. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.. Notwithstanding any other provisions contained in this Note, if at any time the rate of interest payable by the Borrowers under this Note, when combined with any and all other charges provided for in this Note, in the Loan and Security Agreement or in any other document (to the extent such other charges would constitute interest for the purpose of any applicable law limiting interest that may be charged on this Note), exceeds the highest rate of interest permissible under applicable law (the "Maximum Lawful Rate"), then for so long as the Maximum Lawful Rate would be exceeded, the rate of interest under this Note shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest payable under this Note is less than the Maximum Lawful Rate, the Borrowers shall continue to pay interest under this Note at the Maximum Lawful Rate until such time as the total interest paid by the Borrowers is equal to the total interest that would have been paid had applicable law not limited the interest rate payable under this Note. In no event shall the total interest received by the Swingline Lender under this Note exceed the amount which the Swingline Lender could lawfully have received had the interest due under this Note been calculated since the date of this Note at the Maximum Lawful Rate. Payments of the principal of, and interest on, the Swingline Advances represented by this Note shall be made by or on behalf of the Borrowers to the holder hereof by wire transfer of immediately available funds in the manner and at the address specified for such purpose as provided in the Loan and Security Agreement, or in such manner or at such other address as the holder of this Note shall have specified in writing to the Borrowers for such purpose, without the presentation or surrender of this Note or the making of any notation on this Note. If any payment under this Note falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day and interest shall be payable on any principal so extended at the applicable Interest Rate. If all or a portion of (i) the principal amount hereof or (ii) any interest payable thereon or (iii) any other amounts payable hereunder shall not be paid when due (whether at maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum set forth in the Loan and Security Agreement, in each case from the date of such non-payment to

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-2 [Ares SMA] Exhibits and Schedules to Loan, Security and Servicing Agreement (but excluding) the date such amount is paid in full, provided that such interest rate shall not at any time exceed the Maximum Lawful Rate. Portions or all of the principal amount of the Note shall become due and payable at the time or times set forth in the Loan and Security Agreement. Any portion or all of the principal amount of this Note may be prepaid, together with interest thereon (and, as set forth in the Loan and Security Agreement, certain costs and expenses of the Swingline Lender) at the time and in the manner set forth in, but subject to the provisions of, the Loan and Security Agreement. Except as provided in the Loan and Security Agreement, the Borrowers expressly waive presentment, demand, diligence, protest and all notices of any kind whatsoever with respect to this Note. All amounts evidenced by this Note, the Swingline Lender's Swingline Advances and all payments and prepayments of the principal hereof and the respective dates and maturity dates thereof shall be endorsed by the Swingline Lender on the Schedule attached hereto and made a part hereof or on a continuation thereof, which shall be attached hereto and made a part hereof; provided, however, that the failure of the Swingline Lender to make such a notation shall not in any way limit or otherwise affect the obligations of the Borrowers under this Note as provided in the Loan and Security Agreement. The holder hereof may sell, assign, transfer, negotiate, grant participations in or otherwise dispose of all or any portion of any Swingline Advances made by the Swingline Lender and represented by this Note and the indebtedness evidenced by this Note, subject to the applicable provisions of the Loan and Security Agreement. This Note is secured by the security interests granted pursuant to Section 8.1 of the Loan and Security Agreement. The holder of this Note is entitled to the benefits of the Loan and Security Agreement and may enforce the agreements of the Borrowers contained in the Loan and Security Agreement and exercise the remedies provided for by, or otherwise available in respect of, the Loan and Security Agreement, all in accordance with, and subject to the restrictions contained in, the terms of the Loan and Security Agreement. If an Event of Default shall occur and be continuing, the Administrative Agent or the Required Lenders may declare, or in certain circumstances, the unpaid principal balance thereof, together with accrued interest thereon, shall be declared, and become, due and payable, in each case, in the manner and with the effect provided in the Loan and Security Agreement. The Borrowers, the Collateral Manager, the Administrative Agent, the Swingline Lender and the Collateral Custodian (if applicable) and each Lender each intend, for U.S. federal, state and local income or franchise tax purposes, that this Note be evidence of indebtedness secured by the Collateral, and the Swingline Lender, as a lender under the Loan and Security Agreement, by the acceptance hereof, agrees to treat the Note for U.S. federal, state and local income or franchise tax purposes as indebtedness. This Note is the "Swingline Note" referred to in Section 2.1 of the Loan and Security Agreement. This Note shall be construed in accordance with and governed by the laws of the State of New York. This Note may only be transferred to an assignee to the extent permitted by

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-2 [Ares SMA] Exhibits and Schedules to Loan, Security and Servicing Agreement the Loan and Security Agreement. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-2 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned has executed this Note as on the date first written above. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit C [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT C FORM OF OFFICER'S CERTIFICATE AS TO SOLVENCY [_____] [__], 2024 Reference is made to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly appointed Responsible Officers, as applicable, hereby certify as of the date first set forth above (the "Certification Date") to the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as follows: Both before and after giving effect to (a) the transactions contemplated by the Loan and Security Agreement and (b) the payment and accrual of all transaction costs, fees, and expenses in connection with the foregoing, each of the undersigned is and will be Solvent. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit C [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned have signed and delivered this Officer's Certificate as to Solvency as of the Certification Date. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit D [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT D FORM OF OFFICER'S CLOSING CERTIFICATE [_____] [__], 2024 Reference is made to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly appointed Responsible Officers, as applicable, hereby certify as of the date first set forth above (the "Certification Date") to the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as follows (other than with respect to item 5 below, which certification is made only by the Collateral Manager): 1. The representations and warranties contained in Section 4.1 and Section 4.2 of the Loan and Security Agreement are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, in which case, such representations and warranties are true in all respects) on and as of the Effective Date, and no event has occurred and is continuing, or would result from the transactions effected pursuant thereto as of the Effective Date, that constitutes or would constitute a Default or an Event of Default, Change of Control or Collateral Manager Termination Event. 2. The undersigned are each in compliance with all Applicable Laws, except in instances where non-compliance or contravention that could not reasonably be expected to have a Material Adverse Effect. 3. Except as otherwise indicated on a schedule to a Transaction Document, or as otherwise consented to by the Administrative Agent, the undersigned have delivered to the Administrative Agent true, complete and correct copies of all documents required to be delivered by them to the Administrative Agent pursuant to the Transaction Documents, all such documents are true, complete and correct in all respects on and as of the Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit D [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 4. No Liens have arisen or been granted with respect to the Collateral other than Permitted Liens and Liens being terminated simultaneously herewith. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit D [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the undersigned have signed and delivered this Officer's Closing Certificate as of the Certification Date. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title: WILLOW TREE CAPITAL CORPORATION, as Collateral Manager and Transferor By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit E [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT E [RESERVED]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit F [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT F FORM OF COMPLIANCE CERTIFICATE WT CAPITAL FUND - SPV1, LLC WT CAPITAL FUND-SPV1 SUB GOLD LLC Date: _______________, 2024 This Compliance Certificate (this "Certificate") is given by WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), pursuant to Section 5.1(t)(viii) of that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), the Borrowers, each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used herein without definition shall have the meanings set forth in the Loan and Security Agreement. The officer executing this Certificate is a Responsible Officer of the Borrowers and as such is duly authorized to execute and deliver this Certificate on behalf of the Borrower. By executing this Certificate, such officer hereby certifies to the Administrative Agent and the Lenders, on behalf of the Borrowers and not in his/her individual capacity, that: (a) the financial statements delivered with this Certificate in accordance with Sections 5.1(s)(i) and/or 5.1(s)(ii) of the Loan and Security Agreement are complete and correct in all material respects and have been prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein); (b) to the best of such officer's knowledge, no Default, Event of Default or Collateral Manager Termination Event exists [except as specified on Annex A attached hereto]; and (c) since the Effective Date and except as disclosed in prior Compliance Certificates delivered to Administrative Agent, no Loan Party has:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit F [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 (i) changed its legal name, identity, jurisdiction of incorporation, organization or formation or organizational structure or formed or acquired any Subsidiary except as follows: _______________________________; (ii) acquired all or substantially all of the assets of, or merged or consolidated with or into, any Person, except as follows: _______________________________; or (iii) changed the address of its principal place of business or otherwise relocated, except as follows: _______________________________. [Remainder of this page intentionally left blank.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit F [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the Borrowers have caused this Certificate to be executed by one of its Responsible Officers this _____ day of _______________, _____. WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit F [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 [Annex A Defaults, Events of Default or Collateral Manager Termination Events]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit G [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT G FORM OF TRANSFEREE LETTER ___________, 20___ WT CAPITAL FUND - SPV1, LLC, as a Borrower WT CAPITAL FUND-SPV1 SUB GOLD LLC, as a Borrower and WILLOW TREE CAPITAL CORPORATION, as the Collateral Manager c/o Willow Tree Credit Partners LP General Counsel 450 Park Avenue, 29th Floor New York, NY 10022 With a copy to: Chief Financial Officer Willow Tree Credit Partners LP 450 Park Avenue, 29th Floor New York, NY 10022 Ally Bank, as the Administrative Agent 300 Park Avenue, 4th Floor New York, New York 10022 Attention: SFD Portfolio Manager Facsimile No.: (212) 884-7693 with a copy to: Ally Bank 300 Park Avenue, 4th Floor New York, New York 10022 Attention: Legal Services/SFD Facsimile No.: (212) 884-7189 Email: jorge.wagner@ally.com Re: (a) the Advances of [Name of Lender] under the Loan and Security Agreement (as defined below) (the "Assigned Advances"); (b) the Notes issued by WT CAPITAL FUND - SPV1, LLC and WT CAPITAL FUND-SPV1 SUB GOLD LLC to [Name of Lender] under the Loan and Security Agreement (the "Notes"); and (c) the commitment of [Name of Lender] to make additional Advances under the Loan and Security Agreement (the "Assigned

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit G [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Commitments") Ladies and Gentlemen: In connection with our acquisition of the above-captioned Notes, Assigned Advances and Assigned Commitments (collectively, the "Assigned Assets"), we certify that (a) we understand that the Assigned Assets are not registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Securities Act and any such laws, (b) we are either a Qualified Institutional Buyer under Rule 144A of the Securities Act or an institutional "Accredited Investor" as defined in Rule (1)-501(a)(l)-(3) or (7) under the Securities Act, and have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Assigned Assets, (c) we are a "Qualified Purchaser" for the purpose of Section 3(c)(7) of the Investment Company Act of 1940, as amended, (d) we have had the opportunity to ask questions of and receive answers from the Borrowers and the Collateral Manager concerning the purchase of the Assigned Assets and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Assigned Assets, (e) we are acquiring the Assigned Assets for investment for our own account and not with a view to any distribution of such Assigned Assets (but without prejudice to our right at all times to sell or otherwise dispose of the Assigned Assets in accordance with clause (g) below), (f) we have not offered or sold any Assigned Assets to, or solicited offers to buy any Assigned Assets from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action which would result in a violation of Section 5 of the Securities Act, (g) we will not sell, transfer or otherwise dispose of any Assigned Assets unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement under the Securities Act or is exempt from such registration requirements, and if requested, we will at our expense provide an opinion of counsel satisfactory to the addressees of this certificate that such sale, transfer or other disposition may be made pursuant to an exemption from the Securities Act, (2) the purchaser or transferee of such Assigned Assets has executed and delivered to you a certificate to substantially the same effect as this certificate, and (3) the purchaser or transferee has otherwise complied with any conditions for transfer set forth in the Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"), (h) we are not acquiring a Note, directly or indirectly, for or on behalf of an employee benefit plan or other retirement arrangement subject to the Employee

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit G [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Retirement Income Security Act of 1974, as amended, and/or Section 4975 of the Internal Revenue Code of 1986, as amended, or any entity, the assets of which would be deemed plan assets under the Department of Labor regulations set forth at 29 C.F.R. §2510.3-101; unless Prohibited Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 92-23 or some other applicable prohibited transaction exemption is applicable to the acquisition and holdings of such Notes and (i) we are a U.S. Person, as such term is defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. Very truly yours. ____________________________ Print Name of Transferee By: ________________________ Responsible Officer

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit H [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT H FORM OF JOINDER SUPPLEMENT JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the financial institution identified in Item 2 of Schedule I hereto, WT CAPITAL FUND - SPV1, LLC and WT CAPITAL FUND-SPV1 SUB GOLD LLC, as the borrowers (the "Borrowers") and Ally Bank, as administrative agent (the "Administrative Agent"). WHEREAS, this Joinder Supplement is being executed and delivered under Section 12.16 of the Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), the Borrowers, each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), the Administrative Agent, Ally Bank and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meaning provided in the Loan and Security Agreement; and WHEREAS, the party set forth in Item 2 of Schedule I hereto (the "Proposed Lender") wishes to become a Lender party to the Loan and Security Agreement; NOW, THEREFORE, the parties hereto hereby agree as follows: (a) Upon receipt by the Administrative Agent of the executed counterparts to this Joinder Supplement, to which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Proposed Lender, the Borrowers and the Administrative Agent, this Joinder Supplement shall become effective (the "Joinder Effective Date"). From and after the Joinder Effective Date, the Proposed Lender shall be a Lender party to the Loan and Security Agreement for all purposes thereof. (b) Each of the parties to this Joinder Supplement agrees and acknowledges that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to affect the purposes of this Joinder Supplement. (c) By executing and delivering this Joinder Supplement, the Proposed Lender confirms to and agrees with the Administrative Agent and the other Lenders as follows: (i) none of the Administrative Agent and the other Lenders makes any representation or warranty or assumes any responsibility with respect to any statements, warranties or representations made in or in connection with the Loan and Security Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan and Security Agreement or any other instrument or document furnished pursuant thereto, or with respect to any Notes issued under the Loan and Security Agreement, or the Collateral (as defined under the Loan and Security

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit H [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Agreement) or the financial condition of any Loan Party, or the performance or observance by any Loan Party of any of their respective obligations under the Loan and Security Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto; (ii) the Proposed Lender confirms that it has received a copy of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Supplement; (iii) the Proposed Lender will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan and Security Agreement; (iv) the Proposed Lender appoints and authorizes the Administrative Agent and the Collateral Custodian, as applicable, to take such action as agent on its behalf and to exercise such powers under the Loan and Security Agreement as are delegated to the Administrative Agent and the Collateral Custodian, as applicable, by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with the Loan and Security Agreement; (v) the Proposed Lender agrees (for the benefit of the parties hereto and the other Lenders) that it will perform in accordance with their terms all of the obligations which by the terms of the Loan and Security Agreement are required to be performed by it as a Lender; and (vi) the Proposed Lender hereby individually represents and warrants, as to itself, that it would satisfy the requirements of a "qualified purchaser" as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended, or an "accredited investor" as defined in paragraphs (a)(1), (2), (3), or (7) of Rule 501 of Regulation D under the U.S. Securities Act of 1933, as amended, or any entity in which all of the equity owners come within such paragraphs. (d) Schedule II hereto sets forth administrative information with respect to the Proposed Lender. (e) This Joinder Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit H [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, the parties hereto have caused this Joinder Supplement to be executed by their respective duly authorized officers on Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto. ALLY BANK, as the Administrative Agent By: Name: Title: [NAME OF LENDER], as Proposed Lender By: Name: Title: [WT CAPITAL FUND – SPV1, LLC, as a Borrower By: Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title:]4 4 To be included if Borrowers consent is required pursuant to Section 12.16 of the Loan and Security Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit H [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE I TO JOINDER SUPPLEMENT COMPLETION OF INFORMATION AND SIGNATURES FOR JOINDER SUPPLEMENT Re: Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Item 1: Date of Joinder Supplement: Item 2: Proposed Lender: Item 3: Commitment: $

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit H [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE II TO JOINDER SUPPLEMENT ADDRESS FOR NOTICES AND WIRE INSTRUCTIONS Address for Notices: ____________________________ ____________________________ ____________________________ ____________________________ Telephone: ________________ Facsimile: ________________ email: ________________ With a copy to: ____________________________ ____________________________ ____________________________ Telephone: ________________ Facsimile: ________________ email: ________________ Wire Instructions: Name of Bank: ________________ A/C No.: ________________ ABA No.: ________________ Reference: ________________

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT I-1 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the collateral manager (in such capacity, the "Collateral Manager") and as the transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its respective successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. Pursuant to the provisions of Section 2.13(g)(ii)(2)(c) of the Loan and Security Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Advance(s) (as well as any Note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii) it is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a "10-percent shareholder" of any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a "controlled foreign corporation" related to any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or any successor thereof). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-1 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 [NAME OF LENDER] By: Name: Title: Date: ________ __, 20[ ]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-2 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT I-2 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the collateral manager (in such capacity, the "Collateral Manager") and as the transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its respective successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. Pursuant to the provisions of Section 2.13(g)(ii)(2)(d) of the Loan and Security Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a "10-percent shareholder" of any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a "controlled foreign corporation" related to any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or any successor thereof). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-2 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 [NAME OF PARTICIPANT] By: Name: Title: Date: ________ __, 20[ ]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-3 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT I-3 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the collateral manager (in such capacity, the "Collateral Manager") and as the transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its respective successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. Pursuant to the provisions of Section 2.13(g)(ii)(2)(d) of the Loan and Security Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a "bank" extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a "10-percent shareholder" of any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a "controlled foreign corporation" related to any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-3 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 [NAME OF PARTICIPANT] By: Name: Title: Date: ________ __, 20[ ]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT I-4 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to that certain Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the collateral manager (in such capacity, the "Collateral Manager") and as the transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its respective successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. Pursuant to the provisions of Section 2.13(g)(ii)(2)(d) of the Loan and Security Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Loan and Security Agreement or any other Transaction Document, neither the undersigned nor any of its direct or indirect partners/members is a "bank" extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a "10-percent shareholder" of any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower (or, if such Borrower is a disregarded entity, its sole regarded owner) as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrowers with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W- 8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 [Remainder of page intentionally left blank; signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I-4 [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 [NAME OF LENDER] By: Name: Title: Date: ________ __, 20[ ]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit J [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT J [Reserved]

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit K [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT K FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT This ASSIGNMENT AND ASSUMPTION AGREEMENT (the "Assignment and Assumption") is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below (the "Assignor") and the Assignee identified in item 2 below (the "Assignee"). Capitalized terms used but not defined herein shall have the meanings given to them in the Amended and Restated Loan, Security and Collateral Management Agreement identified below (as amended, the "Loan and Security Agreement"), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Loan and Security Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor's rights and obligations in its capacity as a Lender under the Loan and Security Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including without limitation any letters of credit and guarantees included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Loan and Security Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the "Assigned Interest"). Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 1. Assignor: [_____________] 2. Assignee: [_____________] 3. Borrowers: WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, and WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company 4. Administrative Agent: Ally Bank, as the administrative agent under the Loan and Security Agreement 5. Loan and Security Agreement: The Amended and Restated Loan, Security and

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit K [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian") 6. Assigned Interest: Assignor Assignee Aggregate Amount of Commitment for all Lenders Amount of Commitment Assigned Percentage Assigned of Aggregate Amount of Commitment for all Lenders [_______] [_______] [_______] [_______] [_______] Effective Date: [_______] [__], 20[__] [Remainder Of Page Intentionally Blank; Signature Page Follows]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit K [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 The terms set forth in this Assignment and Assumption are hereby agreed to: [ASSIGNOR] By: Name: Title: [ASSIGNEE] By: Name: Title: Consented to: ALLY BANK, as the Administrative Agent By: Name: Title: WT CAPITAL FUND – SPV1, LLC, as a Borrower By:____________________________________ Name: Title: WT CAPITAL FUND-SPV 1 SUB GOLD LLC, as a Borrower By:____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit K [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX I TO EXHIBIT K STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION 1. Representations and Warranties. 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Loan and Security Agreement or any other Transaction Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Transaction Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Transaction Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Transaction Document. 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Loan and Security Agreement, (ii) from and after the Effective Date, it shall be bound by the provisions of the Loan and Security Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iii) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (iv) it has received a copy of the Loan and Security Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (v) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, and (vi) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Loan and Security Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Transaction Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Transaction Documents are required to be performed by it as a Lender. 2. Payments. From and after the Effective Date, the Administrative Agent shall make

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit K [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile or any other electronic format shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit L [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 EXHIBIT L CERTIFICATE RE ANNUAL STATEMENT AS TO COMPLIANCE [________], 20[__] This Certificate re Annual Statement as to Compliance (this "Certificate") is delivered by a Responsible Officer of the Collateral Manager (defined below) pursuant to the terms and provisions of Section 6.9 of the Amended and Restated Loan, Security and Collateral Management Agreement, dated as of November 8, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Loan and Security Agreement"), by and among WILLOW TREE CAPITAL CORPORATION, a Maryland corporation, as the Collateral Manager (in such capacity, the "Collateral Manager") and as the Transferor (in such capacity, the "Transferor"), WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, as a borrower ("Capital Fund SPV"), WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company, as a borrower ("California Borrower" and, together with Capital Fund SPV, each individually, a "Borrower" and collectively, jointly and severally, the "Borrowers"), each of the lenders from time to time party thereto (together with its representatives, successors and assigns in such capacity, each a "Lender" and collectively, the "Lenders"), Ally Bank, as the administrative agent thereunder (together with its successors and assigns in such capacity, the "Administrative Agent") and as Arranger, and State Street Bank and Trust Company, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Loan and Security Agreement. (a) The undersigned hereby certifies that a review of the activities of the Collateral Manager, and the Collateral Manager's performance pursuant to the Loan and Security Agreement, for the fiscal year ending on [________], 20[__] (the "Relevant Year") has been made under the undersigned's supervision; and (b) The undersigned hereby certifies that the Collateral Manager has performed or has caused to be performed in all material respects all of its obligations under the Loan and Security Agreement throughout the Relevant Year and [no Collateral Manager Termination Event has occurred and is continuing][a Collateral Manager Termination Event has occurred and is continuing and Annex I attached hereto sets forth the nature thereof and the steps being taken to remedy such Collateral Manager Termination Event]. [Remainder of Page Left Intentionally Blank]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit L [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 IN WITNESS WHEREOF, certified as of the date first written above. By: ____________________________________, a Responsible Officer of WILLOW TREE CAPITAL CORPORATION, the Collateral Manager

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit L [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 ANNEX I TO EXHIBIT L ANNEX I COLLATERAL MANAGER TERMINATION EVENT

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule I [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE I LEGAL NAMES Pursuant to Section 4.1 of the Amended and Restated Loan, Security and Collateral Management Agreement, each Loan Party's exact legal name is as follows: Borrowers: WT CAPITAL FUND - SPV1, LLC, a Delaware limited liability company, and WT CAPITAL FUND-SPV1 SUB GOLD LLC, a Delaware limited liability company Collateral Manager: WILLOW TREE CAPITAL CORPORATION, a Maryland corporation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule II [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE II LOAN LIST TO BE DELIVERED IN CONNECTION WITH EACH BORROWING BASE CERTIFICATE

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule III [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE III [RESERVED]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule IV [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE IV AGREED-UPON PROCEDURES In accordance with Section 5.1(t)(v) of the Loan and Security Agreement, the Borrowers or Collateral Manager will cause a firm of nationally recognized independent public accountants (or any other party identified by the Administrative Agent) to furnish in accordance with attestation standards established by the American Institute of Certified Public Accountants a report to the effect that such accountants (or such other party) have either verified, compared, or recalculated each of the following accounts in the Borrowing Base Certificates and Payment Date Reports to applicable system or records of the Borrowers or the Collateral Manager and the financial statements of the underlying Obligors, as applicable: • Borrowing Base • Availability • Minimum Credit Enhancement Amount • Loan List o Loan Type o Purchase Price o Loan maturity date o Interest Rate:  fixed/floating  index (if applicable)  spread or coupon o S&P Industry Classification o Outstanding Principal Balance o Moody's, S&P, and Fitch ratings (if applicable) o Trailing twelve-month EBITDA for the current test period o Original trailing twelve-month reported EBITDA and Original trailing twelve- month adjusted EBITDA o Obligor Net Senior Leverage Ratio (or equivalent ratio) (recalculated based on the Obligor financial statements of the current test period) o Obligor Net Total Leverage Ratio (or equivalent ratio) (recalculated based on Obligor financial statements of the current test period) o Obligor Interest Coverage Ratio (or equivalent ratio) (recalculated based on the Obligor financial statements of the current test period) o Debt-to-Recurring Revenue Ratio (or equivalent ratio) (recalculated based on Obligor financial statements of the current test period) o Obligor Interest Coverage Ratio (RRL) (or equivalent ratio) (recalculated based on the Obligor financial statements of the current test period) o Original Obligor Net Senior Leverage Ratio (or equivalent ratio) (recalculated based on Obligor financial statements of original test period) o Original Obligor Net Total Leverage Ratio (or equivalent ratio) (recalculated based on Obligor financial statements of original test period) • Recalculation of Excess Concentration Amounts

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule IV [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 At the discretion of the Administrative Agent and a firm of nationally recognized independent public accountants (or such other party identified by the Administrative Agent), (i) three (3) random Borrowing Base Certificates and Payment Date Reports for each fiscal year (commencing with the fiscal year ending December 31, 2024), and (ii) for the ten (10) largest single Obligors in the corresponding Borrowing Base Certificates and Payment Date Reports, compare the cash activity information in the Borrowing Base to the corresponding information in the Collateral Manager cash log for the collection period relating to the corresponding Borrowing Base Certificate and Payment Date Report and noted that the interest and principal payments received during the collection period on the respective top ten Obligors cash activity were in agreement. The report provided by such firm (or such other party) may be in a format such typically utilized for a report of this nature; provided that it will consist of at a minimum (i) a list of deviations from the applicable Borrowing Base Certificate and Payment Date Report and (ii) findings after a discussion among such firm, the Borrowers and the Collateral Manager regarding the reasons for any such deviations; provided that the following will be disregarded for the purposes of this paragraph: (A) with regard to all procedures related the Collateral Custodian's cash files and the determination of the Borrowing Base, Excess Concentration Amounts, Availability, and the Minimum Credit Enhancement Amount, deviations of one percent (1%) or less, and (B) with regard to procedures related to Dollar amounts, deviations of one (1) Dollar or less.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule V [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE V S&P INDUSTRY CLASSIFICATIONS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule VI [Willow Tree BDC] Exhibits and Schedules to Amended and Restated Loan Agreement #512190547 SCHEDULE VI DISQUALIFIED PERSONS Deerpath Capital Management, LP Brightwood Capital Advisors, LLC GSO Capital Partners Ares Management Corporation Cerberus Capital Management, L.P. FS Investment Solutions, LLC AllianceBernstein Holding L.P. KKR & Co. Inc. Goldman Sachs & Co. LLC

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Timothy Lower, Chief Executive Officer of Willow Tree Capital Corporation, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K of Willow Tree Capital Corporation (the "registrant") for the year ended December 31, 2025;

2. &nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 24, 2026 | By: | /s/ Timothy Lower |
|  |  | Timothy Lower |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mark Klingensmith, Chief Financial Officer of Willow Tree Capital Corporation, certify that:

1. I have reviewed this annual report on Form 10-K of Willow Tree Capital Corporation (the "registrant") for the year ended December 31, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 24, 2026 | By: | /s/ Mark Klingensmith |
|  |  | Mark Klingensmith |
|  |  | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Willow Tree Capital Corporation (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 24, 2026 | By: | /s/ Timothy Lower |
|  |  | Timothy Lower |
|  |  | Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Willow Tree Capital Corporation (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 24, 2026 | By: | /s/ Mark Klingensmith |
|  |  | Mark Klingensmith |
|  |  | Chief Financial Officer |

---

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