# EDGAR Filing Document

**Accession Number:** 0002045370
**File Stem:** 0001213900-25-067875
**Filing Date:** 2025-7
**Character Count:** 1358602
**Document Hash:** 89a5af83b2c41dd8685f8defc5afd3be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-067875.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001213900-25-067875

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

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Remora Capital Corp
- **CENTRAL INDEX KEY:** 0002045370

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

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56753
- **FILM NUMBER:** 251152894

**BUSINESS ADDRESS:**
- **STREET 1:** 3200 WEST END AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203
- **BUSINESS PHONE:** 615-380-1095

**MAIL ADDRESS:**
- **STREET 1:** 3200 WEST END AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203

**As filed with the Securities and Exchange Commission on July 28, 2025**

 **Registration No. 000-56753**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **Amendment No. 1 to**

**Form 10**

**GENERAL FORM FOR REGISTRATION OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Remora Capital Corporation**

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

---

| | |
|:---|:---|
| Maryland | 33-2299238 |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(I.R.S. Employer<br> Identification No.)** |
| 3200 West End Avenue, Suite 500, Nashville, TN | 37203 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (615) 380-1095**

**with copies to:**

Cynthia M. Krus, Esq.

Stephani M. Hildebrandt, Esq.

Eversheds Sutherland (US) LLP

700 6th Street NW, Suite 700

Washington, DC 20001

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

**None**

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

Common Stock, par value $0.001 per share

Preferred Stock, par value $0.001 per share

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 ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> 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. ☐

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Explanatory Note](#a_001) | ii |
| [Forward-Looking Statements](#a_002) | iii |
| [Summary of Risk Factors](#a_003) | iv |
| [Item 1. Business](#a_004) | 1 |
| [Item 1A. Risk Factors](#a_005) | 36 |
| [Item 2. Financial Information](#a_006) | 58 |
| [Item 3. Properties](#a_007) | 63 |
| [Item 4. Security Ownership of Certain Beneficial Owners and Management](#a_008) | 63 |
| [Item 5. Directors and Executive Officers](#a_009) | 65 |
| [Item 6. Executive Compensation](#a_010) | 70 |
| [Item 7. Certain Relationships and Related Transactions, and Director Independence](#a_011) | 71 |
| [Item 8. Legal Proceedings](#a_012) | 71 |
| [Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters](#a_013) | 72 |
| [Item 10. Recent Sales of Unregistered Securities](#a_014) | 76 |
| [Item 11. Description of Registrant's Securities to be Registered](#a_015) | 77 |
| [Item 12. Indemnification of Directors and Officers](#a_016) | 83 |
| [Item 13. Financial Statements and Supplementary Data](#a_017) | 84 |
| [Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_018) | 85 |
| [Item 15. Financial Statements and Exhibits](#a_019) | 86 |

---

i

**EXPLANATORY NOTE**

Remora Capital Corporation is filing this registration statement on Form 10 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on a voluntary basis to permit it to file an election to be regulated as a business development company (a "BDC"), under the Investment Company Act of 1940, as amended (the "1940 Act"), and to provide current public information to the investment community. After we file this Registration Statement, we intend to file an election to be regulated as a BDC under the 1940 Act and be subject to the 1940 Act requirements applicable to BDCs. In addition, we intend to elect to be treated, and expect to qualify annually thereafter, as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

Once this Registration Statement is effective, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require us, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We will also be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. The SEC maintains a website (http://www.sec.gov) that contains the reports mentioned in this section. Additionally, we will be subject to the proxy rules in Section 14 of the Exchange Act and the Company, directors, officers, and principal shareholders will be subject to the reporting requirements of Sections 13 and 16 of the Exchange Act.

Unless indicated otherwise in this Registration Statement or the context requires otherwise, the terms:

● "we," "us," "our" and the "Company" refer to Remora Capital Corporation; and

● "Investment Manager," "Adviser," "Administrator" and "Remora" refer to Remora Capital Management, LLC.

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

**Investing in the securities issued by the Company may be considered speculative and involves a high degree of risk, including the following:**

● Our securities are not currently listed on an exchange and given that we have no current intention of pursuing any such listing, it is unlikely that a secondary trading market will develop for our securities. The purchase of our securities is intended to be a long-term investment. We do not intend to complete a liquidity event within any specific time period, if at all.

● Our distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to us for investment. Any capital returned to you through distributions will be distributed after payment of fees and expenses.

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

ii

**FORWARD-LOOKING STATEMENTS**

This Registration Statement 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 entitled "Risk Factors" in Part I of this Registration Statement and elsewhere in this Registration Statement.

The following factors are among those that may cause actual results to differ materially from our forward-lowing statements:

● our future operating results;

● our business prospects and prospects of our portfolio companies;

● changes in political, economic, or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the imposition of tariffs and ongoing trade negotiations between the United States and other countries with which our portfolio companies may do business;

● the volatility of the leveraged loan markets;

● risk of borrower default;

● interest rate volatility;

● actual and potential conflicts of interest with our Adviser and its affiliates;

● our ability to make distributions;

● changes to the fair value of our investments;

● geo-political conditions, including revolutions, insurgency or wars;

● the impact of increased competition;

● our regulatory structure and tax status as a BDC and a RIC; and

● future changes in laws or regulations and conditions in our operating areas.

We have based the forward-looking statements included in this Registration Statement on information available to us on the date of this Registration Statement, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC, including subsequent amendments to this Registration Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

iii

**Summary of Risk Factors**

An investment in our securities involves significant risks. The risk factors described below are a summary of the principal risk factors associated with an investment in our securities. These are not the only risks we face. This summary should be read closely together with the risk factors set forth below in "Item 1A. Risk Factors" of this Registration Statement and other reports and documents we file with the SEC.

***Risks Related to Our Business and Structure***

● We have no operating history.

● We will rely on Remora and the service providers with whom we intend to contract to originate, source and diligence our prospective portfolio investments, and any failure of these parties to adequately fulfill such obligations could have a material impact on our business, financial condition, and results of operations.

● Our financial condition and results of operations depend on Remora's ability to effectively manage and deploy capital.

● The compensation we pay Remora 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.

 ****

***Risks Related to Remora and its Affiliates***

● Our fee structure may create a conflict of interest due to the incentives for Remora to make speculative investments or use substantial leverage.

● Remora and its affiliates have long-term relationships with other companies that may influence Remora's investments.

 ****

***Risks Related to the Economy***

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

● Political, social and economic conditions and events will occur that create uncertainty and have significant impact on issuers, industries, governments and other systems to which the companies and their investments are exposed.

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

 ****

***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.

● General fluctuations in the market prices of securities may affect the value of our investments.

● We will be competing for investments with many other investors, including other BDCs, private equity funds, private credit funds, hedge funds, collateralized loan obligations ("CLOs") and other institutional investors.

● We may invest in companies with capital structures involving significant leverage, including private credit funds.

 ****

iv

 ****

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

● Changes to laws and regulations governing our operations may cause us to alter our investment strategies.

● Certain federal and local banking and regulatory bodies or agencies may require us, Remora and/or certain employees of Remora to obtain licenses or authorizations to engage in many types of lending activities.

 ****

***Risks Related to BDCs***

● We will be subject to corporate-level U.S. federal income tax if we are unable to qualify as a RIC.

● The 1940 Act permits us to incur additional leverage with certain consents.

● 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.

● If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act.

 ****

***Risks Related to Our Common Stock***

● Our common stock will be 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.

● Our common stock has not, and will not, be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any state securities laws.

***Risks Related to Our Preferred Stock***

 ****

● There will be no public market for the preferred stock, as we do not intend to apply to list the preferred stock on a national securities exchange.

● Dividend payments on the preferred stock are not guaranteed.

● Our ability to pay dividends on shares of our preferred stock may be limited by Maryland law and the 1940 Act.

● The cash distributions you receive in connection with our preferred stock may be less frequent or lower in amount than you expect.

● Holders of the preferred stock will be subject to inflation risk.

● The preferred stock represents perpetual equity interests in us, and investors will have limited liquidity options with respect to the preferred stock.

v

**Item 1. Business.**

**The Company**

Remora Capital Corporation, a Maryland corporation, has been established to seek attractive risk-adjusted returns from senior secured corporate loans primarily in the core middle market in the United States and Canada (the "Target Market"). We define the core middle market as companies that generate earnings before interest, taxes, depreciation and amortization, or "EBITDA," between $7.5 million and $50 million. Remora believes market conditions in this core middle market represent the most ideal balance for its investment partners of risk, yield and traditional covenanted underwriting amongst non-bank loan originators ("Originators") who Remora believes to be industry leaders.

Our investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. We intend to build a diversified portfolio of high-quality, senior secured loans to middle-market companies in our Target Market. We primarily establish co-investment programs with loan originators or their affiliates to purchase loan assets on a secondary basis and make opportunistic secondary market purchases of loan assets. We purchase (directly or via co-investment) loan assets as a co-lender or as a "club" lender and participate in loan syndications, as discussed below. We may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by other loan originators.

We will principally target investments in first lien senior secured loans (which are in first position or have first claim to underlying collateral and the senior most securities in the capital structure) issued typically by non-bank loan Originators to tenured private equity sponsors ("Sponsors") for leveraged buyout acquisitions and growth capital financings. Remora will target, on average, to have 50/50 loan-to-equity value ("LTV") with Sponsors' equity capital invested junior to our investments, demonstrating significant collateral support for our investments. Remora believes this investment strategy will drive consistent current income for our investors at attractive yields while maintaining a core focus on capital preservation.

We are externally managed by Remora, a Delaware limited liability company, pursuant to an investment management agreement (the "Investment Management Agreement"). Subject to the overall supervision of our board of directors (the "Board"), Remora will manage our day-to-day operations and will provide us with investment advisory services pursuant to the Investment Management Agreement. Remora is an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Remora will also serve as our administrator (the "Administrator") pursuant to an administration agreement (the "Administration Agreement"). The Administrator will provide all administrative services necessary for us to operate.

We are a Maryland corporation that intends to be an externally managed, non-diversified, closed-end management investment company. We intend to elect to be regulated as a BDC under the 1940 Act (such election, the "BDC Election") and to elect to be treated as a RIC for U.S. federal income tax purposes and to qualify annually thereafter as a RIC under the Code.

**Remora**

Remora was founded by Daniel Mafrice, Joe Altman, and Chris Kyriopoulos in March 2021 and is registered as an investment adviser under the Advisers Act. Remora is led by Messrs. Mafrice, Altman, and Kyriopoulos (collectively, the "Investment Team" or "Principals"), who have worked together collectively for over 20 years and have an average of over 25 years' experience in principal investing, corporate finance, business operations and leveraged finance. They have successfully invested together since the early 2000s. As of March 31, 2025, Remora had $268.1 million in discretionary assets under management ("AUM").

Remora currently provides investment management and advisory services to Remora Capital Partners I, LP and Remora Capital Partners I QP LP (collectively, "Fund I"), levered private funds launched in November 2021, as well as Remora Capital Partners II, LP, and Remora Capital Partners II QP, LP (collectively, "Fund II" and together with Fund I, the "Funds"), unlevered private funds launched in December 2023, all of which pursue a strategy of participating as co-lenders in senior secured corporate loans. Since inception through March 31, 2025, Fund I has invested $248.3 million in 129 senior secured loans, and Fund II has invested $56.6 million in 54 senior secured loans. As of March 31, 2025, the combined portfolios of the Funds, which we expect to acquire immediately prior to the BDC Election, had $239.5 million (at fair value) invested in 138 loans to 84 borrowers. See "Formation Transaction" for more information about the acquisition of our initial portfolio.

*Investment Committee*

 

Messrs. Mafrice, Altman, and Kyriopoulos serve as the Investment Committee of Remora. The Investment Committee normally meets on a quarterly basis with additional meetings as necessary. Each investment must be approved by a majority of the Investment Committee. In addition, Mr. Mafrice, as Chairman of the Investment Committee, has the right to veto the approval of any investment.

**Formation Transaction**

Immediately prior to the BDC Election, we expect to acquire the assets, including the investment portfolios, of the Funds (the "Legacy Portfolio") through the merger of the Funds with and into the Company, with the Company continuing as the surviving entity in the merger (the "Formation Transaction") pursuant to an agreement and plan of merger between the Company and each of the Funds (the "Merger Agreements"). As a result of the Formation Transaction, investors in the Funds will each receive shares of both preferred stock and common stock of the Company equal to the net asset value ("NAV") of their account in the respective Fund in exchange for, and pro rata to, their limited partnership interests in the applicable Fund. In addition, we expect our founders, directors and officers to receive approximately $517,000 in common stock and preferred stock in connection with the Formation Transaction from the conversion of existing partnership interests in the Funds as of March 31, 2025.

*Legacy Portfolio*

 ****

As of March 31, 2025, the Legacy Portfolio had $239.5 million (at fair value) invested in 84 portfolio companies. As of March 31, 2025, 100% of the Legacy Portfolio was comprised of first lien senior secured debt at floating rates. As of the date of this Registration Statement, the Funds had zero loans in default or on non-accrual and had zero realized investment losses since inception.

The following table summarizes the Legacy Portfolio's mix of investments by industry based on fair value as of March 31, 2025:

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| | | |
|:---|:---|:---|
|  | **Fair Value** | **% of Total<br> Investments at<br> Fair Value** |
| Media | $22747142 | 9.50% |
| Software | $19780296 | 8.26% |
| Professional Services | $16367949 | 6.83% |
| Health Care Providers and Services | $15171898 | 6.33% |
| IT Services | $13269398 | 5.54% |
| Aerospace and Defense | $11258679 | 4.70% |
| Transportation and Logistics | $10684429 | 4.46% |
| Commercial Services and Supplies | $10591253 | 4.42% |
| Machinery | $10484674 | 4.38% |
| Health Care Equipment & Supplies | $9755637 | 4.07% |
| Transportation Infrastructure | $8919609 | 3.72% |
| Health Care Technology | $8134722 | 3.40% |
| Automobiles | $6929975 | 2.89% |
| Water Utilities | $6055375 | 2.53% |
| Household Products | $5623200 | 2.35% |
| Construction & Engineering | $5437563 | 2.27% |
| Interactive Media and Services | $5310891 | 2.22% |
| Diversified Consumer Services | $5261365 | 2.20% |
| Electrical Equipment | $5185876 | 2.16% |
| Hotels, Restaurants and Leisure | $4929733 | 2.06% |
| Diversified Financial Services | $4700835 | 1.96% |
| Food and Staples Retailing | $4243376 | 1.77% |
| Building Products | $3752850 | 1.57% |
| Auto Components | $3256849 | 1.36% |
| Life Sciences Tools and Services | $2924813 | 1.22% |
| Freight and Logistics | $2877910 | 1.20% |
| Other Industries<sup>(1)</sup> | $15893589 | 6.63% |
| **Total** | $**239549886** | **100.0%** |

---

(1) "Other
 Industries" is comprised of multiple industries each of which constitute less than 1.0% of the Legacy Portfolio's total
 investments at fair value.

*Credit Facility*

The Company expects to amend and acquire or refinance a credit facility governed by a revolving credit and security agreement dated as of August 3, 2022, borrowed by RCP I QP Finance, LLC and RCP I Finance, LLC, jointly and severally, both of which operate as wholly owned subsidiaries of the entities which comprise Fund I. As of March 31, 2025, lenders had total commitments under the revolving credit facility of $103 million and the borrowers had outstanding borrowings of $91.6 million.

**Private Offering**

We intend to offer, on a continuous basis, shares of our common stock, par value $0.001 per share, pursuant to the terms set forth in subscription agreements that we will enter into with investors in connection with private offering (each, a "Subscription Agreement"). Shares of our common stock to be sold in the private offering will not be registered under the Securities 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 Securities 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 Securities Act. Shares of our 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 Securities Act or an exemption from registration is available. There is no assurance that our common stock will be registered for sale under the Securities Act or under securities laws of any other jurisdiction.

**Our Business Strategy**

 ****

Remora, through its unique investment strategy, relationships and scale, provides investment access to qualified individual investors (commonly referred to as "retail investors") that is otherwise only available to the largest, most sophisticated financial institutions. We intend to rely on Remora's existing partnerships and the new partnerships Remora forms with core middle market loan Originators to enable us to participate as a co-lender, "club" lender, or as part of loan syndications to acquire our investments. In addition, we may acquire small portions of loans post-origination in the secondary market. Remora does not intend to act as lead agent or directly arrange loans to borrowers. This provides Remora with the flexibility, based on changes in market conditions and underwriting practices, to opportunistically target co-lending opportunities or secondary market loan acquisitions in either the broadly syndicated loan ("BSL") market or the lower middle market in addition to the core middle market. The BSL market is generally defined as loan issuance sizes of greater than $250 million, which are typically made to companies with more than $50 million of EBITDA. The lower middle market typically is defined to include companies in excess of $3 million of EBITDA. When acting as a co-investor or co-lender in senior debt securities, Remora (through the Company's investment) does not control the tranche; thus, Remora will capitalize on key relationships with, and confidence in, the lead agent or lender that does exercise control.

Remora believes its multi-level underwriting and risk management process provides a broader array of due diligence and risk management resources than can be supported by any single Originator. By partnering with and investing alongside industry leading Originators, the Company's loans are underwritten by three levels of due diligence: (1) market leading private equity Sponsors engage in intensive industry and company specific due diligence to rigorously and selectively invest in market leading companies, (2) tenured middle market loan Originators narrow the pool of Sponsor-backed companies by performing their own primary due diligence, versus relying solely on private equity Sponsors' research or borrower generated reports, and (3) the experienced Remora team curates its portfolio from multiple loan Originators and conducts additional borrower and financial Sponsor due diligence. A single loan origination partner of Remora's could employ a team of over 50 underwriting experts, asset managers, experienced operating executives, and workout specialists. By accessing multiple loan origination partners, Remora can expand its knowledge base across hundreds of the industry's most experienced, tenured lending professionals and private equity investors.

Remora believes its investment strategy provides unique access and opportunity for our shareholders to efficiently deploy capital alongside the industry's leading firms to premium quality borrowers supported by some of the middle market's strongest private equity Sponsors. Many direct lending firms may spend over three years to deploy their investment capital. However, Remora can deploy capital relatively quickly, minimizing investors' opportunity costs (often referred to as a J-curve) and investing in securities with a shorter remaining life to maturity.

We invest in a small percentage of borrowers' loan facilities, thus relying on Originators to act as lead agent, and typically the largest holder, of our loan investments. We intend to continue to invest primarily in first lien position securities, and our target average portfolio mix is intended to be at least 90% first lien plus first lien unitranche senior secured loans, and no more than 10% second lien senior secured loans or more junior lien position loans. We are targeting an average LTV of less than 60% across our portfolio of loans, and Remora specifically targets borrowers owned by Sponsors with strong reputations and significant dry powder to support borrowers' future capital needs. Remora believes that its partnerships uniquely enable Remora to curate a loan portfolio for the Company to avoid direct investments into and exposure to cyclical or other non-desirable industries for lenders.

We generate returns from interest income on loan investments, lender fees and from acquiring loans at either their original issue discount ("OID") or for less than the par value. We intend to make distributions of our profits and returns from loan investments to investors on a quarterly basis. While our primary objective will be to drive consistent current income for investors at attractive yields, Remora is equally focused on capital preservation.

A BDC may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions). We will employ leverage with the goal of enhancing our returns to investors targeting a leverage ratio of 1.0x our net assets we hold, or 50% of total AUM, meaning that for every $100 of net assets we hold, we will target raising up to $100 from borrowing and issuing senior securities. With the approval of the Board and subject to our maximum asset coverage ratio of 150%, we may incur leverage in excess of our target leverage strategy. As a BDC, we generally must have at least 150%, subject to certain conditions, asset coverage for our debt after incurring any new indebtedness. We intend to meet the requirements for reducing our minimum asset coverage ratio to 150%, meaning that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities.

Remora generally excludes loans in industries with single asset risk, such as real estate, as well as select cyclical or other high-risk industries (lending or investment companies, commodities, energy exploration and production) further enhancing risk management across the Company. Post-investment, the Remora team seeks to actively manage risk through diligent portfolio monitoring and oversight. Remora's Investment Committee meets periodically to perform a full portfolio review, in addition to periodic examination of individual loan performance, borrowers' financial performance, and industry, sector, and geographic risk monitoring.

The primary goal of the Company is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. It is currently expected that we will continue to invest over 95% of our capital commitments into floating rate loans. These loans typically offer declining interest rate protection through a SOFR floor of 1.00%. Therefore, our gross yield will be expected to decrease with significant declines in 1-month and 3-month SOFR interest rates until such rates fall below 1.00%, at which point the loans are typically insulated from declining interest rates below a reference rate of 1.00%.

*Club Lender / Co-Lender Syndications*

We intend to continue to participate in loan offerings in a role that is referred to in the industry as a "club" lender or co-lender. Club participation is typically on a "one-off" basis vs. participating in all or many of a lender's new loan originations. A typical core middle market loan usually has one lead agent that sources and originates the loan through its relationships with financial Sponsors or borrowers. The lead agent or Sponsor may then invite up to two to eight co-lenders or club lenders (depending on the issuance size of loan) to participate in a syndication of part of the loan balance. In some cases, lenders may choose to close a loan with the intent to syndicate part of the loan post-closing to a club or group of co-lenders. Some lenders may also partner with Remora in what is known as a "season-to-sell structure" where Remora may elect to be obligated to participate in a loan origination anywhere from three to twelve months post-closing.

 

*Seasoned Loan Acquisitions / Direct Lender Liquidity*

 

We will also look to opportunistically acquire small loan positions in the secondary market, post-origination and post syndication. Remora is not intending to acquire entire loans off the balance sheets of direct lenders seeking to exit portfolio company exposure. However, rather than exiting troubled assets, Remora believes lenders, who may or may not have troubled assets in their portfolios, will want to partner with Remora to sell a small portion of performing loans to generate liquidity for their firms or as another unique avenue for creating a symbiotic growth capital relationship with Remora. This strategy coincides with Remora's focus on investing in existing performing loan assets in addition to new originations to more rapidly deploy capital for our investors.

*Portfolio Composition*

We will seek to invest at least 90% of our assets in senior secured corporate loans, which shall include: (i) investing in loans to companies via non-bank Originators (traditional direct lending Originators include insurance companies, asset management firms, small business investment companies ("SBICs"), private and publicly traded BDCs, mutual funds and specialty finance companies); (ii) investing in notes or other pass-through obligations representing the right to receive the principal and interest payments on a direct loan (or fractional portions thereof); (iii) investments in bank loans, broadly syndicated or closely held, including securities representing ownership or participation in a pool of such loans; and (iv) purchasing securities representing ownership or participation in a pool of direct loans. In connection with a senior secured corporate loan, we may invest in or acquire warrants or other equity securities of borrowers and may receive non-cash income features, including payment-in-kind ("PIK") interest and original issue discount ("OID"). We may also invest in warrants and equity securities directly (whether preferred or common), which are commonly referred to as equity co-investments.

A portion or all our assets will be at times invested in cash or cash equivalents. In certain circumstances or market environments, we may hold a larger position in cash or cash equivalents and reduce our investment in credit investments.

Most middle market senior secured direct loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to issuers of direct loans may generally be less extensive than that available for issuers of registered or exchange listed securities. If they were rated, direct loans likely would be rated as below investment grade quality, often referred to as "junk" loans.

We do not intend for more than 10% of our capital commitments to be invested in assets other than senior secured loans.

*Senior Debt Investments*

Senior debt instruments (e.g., first lien, senior secured loans and "stretch" senior secured loans, also referred to as "unitranche" loans) hold the most senior position in the capital structure of a borrower and have first claim to any underlying collateral of a loan. Senior debt instruments are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the borrower. The proceeds of senior debt investments primarily are used to refinance existing debt and for acquisitions, dividends, leveraged buyouts, and general corporate purposes.

We may purchase and retain in our portfolio senior debt instruments where the borrower has experienced, or may be perceived to be likely to experience, credit problems, including involvement in, or recent emergence from, bankruptcy court proceedings or other forms of debt restructuring. Such investments may provide opportunities for enhanced income as well as capital appreciation, although they also will be subject to greater risk of loss. At times, in connection with the restructuring of a senior debt instrument either outside of bankruptcy court or in the context of bankruptcy court proceedings, we may determine or be required to accept equity securities or junior credit securities in exchange for all or a portion of a senior debt instrument.

We may originate and purchase senior debt instruments or may obtain such investments on direct assignment. If we purchase a senior debt instrument on direct assignment, we typically succeed to all the rights and obligations under the loan agreement of the assigning lender and become a lender under the loan agreement with the same rights and obligations as the assigning lender. Investments in senior debt instruments on a direct assignment basis may involve additional risks to us. For example, if such loan is foreclosed, we could become part owner of any collateral and would bear the costs and liabilities associated with owning and disposing of the collateral. We may also purchase participations in senior debt instruments. Our participation in a lender's portion of a senior debt instrument typically will result in us having a contractual relationship only with such lender, not with the borrower. As a result, we may have the right to receive payments of principal, interest and any fees to which we are entitled only from the lender selling the participation and only upon receipt by such lender of payments from the borrower. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participations in a loan to a borrower, and generally are offered by banks, other financial institutions or lending syndicates. We may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, we assume the credit risk of both the borrower and the institution that sells the participation. The participation interests in which we intend to invest may not be rated by any rating agency. If they were rated, they would likely be rated as below investment grade quality, often referred to as "junk".

*Subordinated or Partially Secured Loans* 

Subordinated loans are loans made by public and private corporations and other non-governmental entities and issuers for a variety of purposes. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior debt instruments of the same borrower.

*Equity Securities* 

From time to time, we may invest in or hold common stock and other equity securities. Common stock represents an equity ownership interest in a company. Historical trends would indicate that common stock is subject to higher levels of volatility and market and issuer-specific risk than debt securities. The value of the equity securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. In addition, if our investments in equity securities are incidental to our investments in loans or fixed-income instruments, we frequently may possess material non-public information about a borrower or issuer because of our ownership of a loan or fixed-income instrument of a borrower or issuer. Because of prohibitions on trading in instruments while in possession of material non-public information, we might be unable to enter into a transaction in a security of the borrower or issuer when it would otherwise be advantageous to do so.

Opportunities to make equity co-investments alongside private equity sponsors are often offered to the lead agents and loan originators of middle market senior secured loans who are providing the senior debt financing for a financial sponsor backed leveraged buyout ("Equity Co-Investments") and therefore may be available to us in connection with certain portfolio investments. Equity Co-Investment opportunities may be a smaller portion of our investments but can enhance our potential returns. However, Equity Co-Investments can be substantially longer term than senior secured loan maturities, highly illiquid and volatile compared to our debt investments, and are reliant upon the private equity sponsor to monetize their investment for value to be created for the equity co-investor. Even if Equity Co-Investment opportunities arise directly from our participation in a portfolio investment, Remora may determine, in its sole discretion, whether or not we should participate in any Equity Co-Investment. Remora's Investment Committee may determine that an Equity Co-Investment: (i) does not meet our risk profile, (ii) exceeds our available capital or portfolio concentration for this type of investment, (iii) cannot be completed timely, or (iv) should not be made at all.

*Preferred Stock*

We may also invest in preferred stock or preferred stock Equity Co-Investments. Preferred stock represents the senior residual interest in the assets of an issuer after meeting all claims, with priority to corporate income and liquidation payments over the issuer's common stock. As such, preferred stock is inherently more risky than the bonds and loans of the issuer, but less risky than its common stock. Preferred stock often contains provisions that allow for redemption in the event of certain tax or legal changes or at the issuers' call. Preferred stock typically does not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period. Preferred stock in some instances is convertible into common stock.

Although they are equity securities, preferred stock has certain characteristics of both debt and common stock. They are debt-like in that their promised income is contractually fixed. They are common stock-like in that they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed payments. Furthermore, they have many of the key characteristics of equity due to their subordinated position in an issuer's capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows. To be payable, dividends on preferred stock must be declared by the issuer's board of directors or trustees. In addition, distributions on preferred stock may be subject to deferral and thus may not be automatically payable. Income payments on some preferred stock are cumulative, causing dividends and distributions to accrue even if not declared by the board of directors of the company or otherwise made payable. Other preferred stock is non-cumulative, meaning that skipped dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stock in which we invest will be declared or otherwise made payable. If we own preferred stock that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes while we are not receiving cash payments corresponding to such income. When interest rates fall below the rate payable on an issue of preferred stock or for other reasons, the issuer may redeem the preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Preferred stock may be significantly less liquid than many other securities, such as U.S. government securities, corporate bonds and common stock.

 *Subsidiaries*

While we do not have any subsidiaries at this time, we may in the future engage in investment activities through one or more directly- or indirectly-controlled subsidiaries, which may include entities that engage in investment activities in securities or other assets that are primarily controlled by the Company. Any of such subsidiaries' principal investment strategies or principal risks may constitute principal investment strategies or risks of the Company. We intend to comply with the applicable provisions of Section 61 of the 1940 Act governing capital structure and leverage for BDCs with respect to any subsidiary. See "Certain BDC Regulation Considerations – *Limitations on Leverage*." Additionally, each subsidiary will comply with the applicable provisions of the 1940 Act relating to affiliated transactions and custody.

**Investment Process**

*Investment Sourcing*

 

Remora expects to continue to source investment opportunities from its extensive relationships with middle market non-bank loan Originators, private equity firms, banks, financial advisers, investment banks, and current and former management teams throughout the Target Market. It also intends to form new partnerships with Originators in these markets.

Throughout their careers, Remora's Investment Team has developed deep relationships with firms that are leading the middle market in senior secured loan origination. Primarily, we plan to continue to participate as a co-lender, a "club" lender, or as part of a loan syndicate with some of the market's leading loan Originators. Additionally, Remora will continue to engage in regular dialogue with its relationships in the private equity Sponsor, capital markets, banking and advisory arenas and with other intermediaries to ensure that it is well-informed about co-lending opportunities and direct lending opportunities. Remora believes this disciplined marketing effort will enable it to have knowledge of a significant number of investment opportunities for us.

Remora believes there is an abundant opportunity to purchase portions of loan tranches, co-lend and provide liquidity to middle market loan Originators. However, we will be highly reliant on these key relationships to source investment opportunities and quickly scale our investments.

*Secondary Debt Investments* 

Even with the benefit of investment seasoning, Remora intends to apply its investment criteria and analytical thinking similar to that applied to new loan origination. This approach emphasizes the strength of the company before reviewing the credit profile:

● *Industry*: Borrowers operating in strong, stable industries;

● *Competitive Position*: Borrowers with leading market positions, differentiated product offering or a highly defensible market niche;

● *Management*: Borrowers led by experienced management teams that demonstrate the ability to execute appropriate business plans and have results driven ownership incentives and/or compensation; and

● *Sponsor*: Borrowers that are owned by leading, tenured middle market financial sponsors with deep pockets and significant junior capital at risk.

As a senior secured loan investor, the return of principal and capital preservation will be of the highest priority to the Company and the central focus of every investment. The loan components of an investment (i.e., discount, fees and interest) are usually sufficient by themselves to generate an acceptable return with excellent downside protection (i.e., contractual principal payments, fees and interest). To that end, Remora will seek to invest in situations with appropriate leverage, meaningful covenant protection and fulsome reporting.

By partnering with and investing alongside industry leading loan Originators, our loans are underwritten by three levels of due diligence: (1) market leading private equity sponsors engage in intensive industry and company specific due diligence to rigorously and selectively invest in market leading companies, (2) tenured middle market loan Originators narrow the pool of Sponsor backed companies by performing their own primary due diligence vs. solely relying on private equity Sponsors' research or Borrower generated reports, and (3) the experienced Remora team curates its portfolio from multiple loan Originators and conducts additional Borrower and financial Sponsor due diligence.

Prior to evaluating any investments, Remora will selectively choose its co-lending partners based on: (1) their concentration of lending to core middle market sized borrowers, (2) a concentration on first lien, first lien unitranche and second lien senior secured loans, (3) industry expertise, experience and track record lending to borrowers in target industries, (4) tenured relationships lending to leading financial Sponsors, (5) underwriting transparency and customized reporting, and (6) a robust management team with proven continuity. Additionally, each loan origination partner, and their professional management teams, will have a proven track record of performance through various market cycles, a strong history of originating loans with low default and high recovery rates, and a demonstrated ability to demand additional capital support from financial Sponsors when necessary. A single loan origination partner of Remora's could employ a team of over 50 underwriting experts, asset managers, experienced operating executives, and workout specialists. By accessing multiple loan origination partners, Remora can expand its knowledge base across hundreds of the industry's most experienced, tenured lending professionals and private equity investors.

Remora also acts as a third layer of underwriting review to ensure all prospective loans fit the Company's investment objectives, diversification and mix. Remora curates its portfolio to target specific approved industries of concentration as evaluated with the expertise of its Investment Committee. Remora excludes loans in industries with single asset risk, such as real estate, as well as select cyclical or other high-risk industries (lending or investment companies, commodities, energy exploration and production).

*Manager Directed Investment Evaluation* 

Throughout the history of the Investment Team's investment experience and within their existing platforms, the team has developed and refined a disciplined investment process that will be utilized by Remora with respect to the Company. The focus of the process from the outset is to identify good quality companies with strong management teams and strong ownership. Only once those characteristics in a borrower are identified will the process then focus on the credit quality of the borrower. For each prospective investment decision that is directed by Remora's Investment Committee, Remora will follow the same consistent process for approval, which also includes several meetings of the Investment Committee.

Each prospective portfolio company evaluation starts with the following questions during the preliminary evaluation phase:

● *Industry*: Is the borrower in an industry in which the Company should invest?

● *Competitive Position*: How strong is the borrower's position in the industry?

● *Management*: Is management's business plan proven, sensible and viable? Does the borrower's management team have proven ability to deliver on its plan?

● *Sponsor*: Is the financial Sponsor experienced investing in this industry?

● *Incentives*: Is there a proper ownership and incentive structure in place for the management team and the Sponsor to work cohesively to deliver on their future plan?

● *Performance*: How has the borrower performed since issuance of the loan?

Only if the Investment Team is satisfied with the strength of the borrower after answering such questions will it examine the borrower's capital structure and risk profile, including an evaluation to gain comfort with the borrower's credit profile.

**Capital Structure**: The Company's primary investment strategy is to invest in senior secured loans, primarily first lien, to give Remora comfort that the Company's principal will be protected. A basic guiding principle in Remora's evaluation is to be comfortable that the existing business can support the loan (i.e., payment of interest as well as the repayment of principal). If the borrower depends upon growth to support the security, it is Remora's view that the security then takes on equity risk and therefore is not part of the credit profile.

**Risk Profile**: Remora must feel comfortable that the loan securities are appropriately priced for the Company's risk. Remora intends to focus on income generation and principal preservation.

**Equity Support**: How much new cash has been invested by the financial Sponsor relative to the loan investment total leverage? What ability and track record does that Sponsor have in regard to avoiding and/or supporting troubled investments? How many investments have the Sponsor and agent lender conducted together, and have the Sponsors' lenders suffered significant loan losses previously?

Remora devotes significant time performing due diligence to address the questions and guidelines outlined above in conjunction with the borrower's management teams, financial Sponsors, entrepreneurs and industry experts. As part of Remora's due diligence process, it dedicates considerable effort to evaluating the creditworthiness of a target borrower. This includes running sensitivity analyses of business drivers. Remora must be comfortable that the prospective borrower's business plan is not only logical but is sensible given specific industry dynamics and borrower capabilities. In this analysis, Remora develops a view as to the potential downside scenarios and their impact on the prospective borrower's ability to service its debt and repay the Company. Once Remora becomes comfortable that downside risk can be minimized, it generates a customized internal investment committee memo for the Investment Committee to review to support their decision making.

In the case of secondary investments, it is not always possible to have the same exposure to the issuer as in a primary transaction, but Remora still undertakes significant due diligence including conversations with lead lenders and agents, where permitted Sponsors and key managers, and where necessary engage industry consultants to ensure that the investment meets the Company's risk profile. In approaching secondary investments, Remora must be satisfied that the performance of the borrower since the issuance of the asset to be purchased supports the underwriting sufficiently to augment the level of direct due diligence that can be completed.

Throughout the investment evaluation process, all of the issues and relevant data points are discussed among the Investment Team and with any outside advisors engaged by Remora. The Investment Team will use this highly collaborative process to make certain it can give clear and consistent feedback to other co-lending partners about what Remora requires to become comfortable to have the Company make an investment. Communication with investing partners is of critical importance. Particularly, since Remora is primarily underwriting its co-investment partners and is also dependent on their expertise to continue to manage portfolio investments as the majority holder of the loan, if Remora's decision comes to a "No," communication with its partners will be of utmost importance. Indeed, the art of saying "No" properly is a key to Remora's and the Company's future success. Remora believes that there is no investment that must be made, and accordingly, Remora will not sacrifice the rigor of its investment evaluation process to deploy the Company's capital.

*Investment Approval Process* 

Remora intends that the Company will benefit from the experience of the Investment Committee and the rigor of Remora's investment approval process, which has been developed by Remora's principals over the last 20 years. Once a potential investment opportunity is identified, Remora follows a definitive due diligence and screening process, as outlined to include but not be limited by the following:

● Target industry selection and continued evaluation;

● Approved financial Sponsor screening, dry powder research, reputation research and future fundraising strength testing;

● Co-lender screening and due diligence, track record, non-accrual performance, loss ratios, tenure and scale;

● Cross-correlation amongst financial Sponsor expertise in target industries and Borrower's management expertise;

● Agent lender / financial Sponsor relationship strength testing and evaluation;

● Lender / Borrower investment history and track record; and

● Borrower performance history, prospects, competitive positioning, and performance since loan issuance.

*Portfolio Monitoring – Active Investment Management* 

Post-investment, the Remora team seeks to actively manage risk through diligent portfolio monitoring and oversight. The Investment Committee meets periodically to perform a full portfolio review, in addition to periodic examination of individual credit performance, borrowers' financial performance, and industry, sector, and geographic risk monitoring.

Remora's focus on the return of the Company's invested principal requires close monitoring of the investment portfolio. Remora's active management approach is facilitated by close review of financial reporting, intensive industry and financial Sponsor research. Remora, as a co-lender, has all of the same rights as other lenders, but does not always have the same level of direct interaction with the financial Sponsors and borrowers as lead loan agents will. While Remora will always make its portfolio management team professionals available to provide significant managerial assistance to borrowers and Sponsors, Remora does not often have dedicated board seats or board observation rights of borrowers, as this right is usually not available in secondary transactions.

Remora believes that its focus on closely monitoring investments and its ability to identify risks within the Company's portfolio at an early stage will allow for better returns on the Company's investments.

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*Payment of the Company's Expenses*

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

● calculating our NAV (including appraisals and valuations);

● legal, administration, compliance, or consulting fees and expenses (including travel and conferences) payable to third parties, in connection with making investments, operating, ratings, and/or monitoring investments;

● interest payable on debt, and any legal or advisory costs incurred to arrange or maintain debt, including custodian or independent manager fees for any special purpose vehicles ("SPVs");

● sales and purchases of the shares and other securities;

● investment advisory and management fees;

● administration fees;

● transfer agent and custodial fees;

● banking costs and expenses;

● audit costs, including any AUP audits for debt, or seed audit or portfolio valuations required for a seed audit;

● technology costs related to investing or portfolio management;

● subscriptions to research and database services;

● federal and state registration fees;

● all costs of registration and listing our securities on any securities exchange in the future;

● U.S. federal, state and local taxes;

● fees and expenses of our directors who are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of us or Remora (the "Independent Directors");

● costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority ("FINRA"), or other regulators;

● costs of any reports, proxy statements or notices to stockholders (incl. printing costs or annual meetings);

● our allocable portion (which shall initially be 100%) of any fidelity bond, directors' and officers' / errors and omissions liability insurance, and any other insurance premiums;

● direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparation services and outside legal costs; and

● all other expenses incurred by or allocable to us, whether paid by us or Remora while administering our business, including rent and allocable portion of the cost of the General Counsel, Chief Compliance Officer (and Sarbanes-Oxley Act consultant, if any) and Chief Financial Officer and their respective staffs (subject, in the case of the allocable portion of the cost of the salaries of the General Counsel, Chief Financial Officer, Chief Compliance Officer, and other Remora staff attributable to their work on the Company, to a 22.5 basis points ("bps") of our NAV cap).

**Distributions; Dividend Reinvestment Program**

We have adopted a dividend reinvestment program that provides for reinvestment of our dividends and other distributions on behalf of our common shareholders if a shareholder opts into participating in such plan. As a result of adopting such a program, if our Board authorizes, and we declare, a cash dividend or distribution, our common shareholders who have opted in to our dividend reinvestment plan will have their cash dividends or distributions on our common stock automatically reinvested in additional shares of our common stock, rather than receiving cash.

The number of shares of our common stock to be issued to a shareholder under the dividend reinvestment program 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 our calendar quarter immediately preceding the date such distribution was declared. We intend to use newly issued shares of common stock to implement the program.

The dividend reinvestment program is 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.

**Management Agreements**

We will be externally managed by the Investment Manager, which is an investment adviser that is registered with the SEC under the Advisers Act. Remora will also serve as our Administrator and will provide all administrative services necessary for us to operate.

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*Investment Management Agreement* 

The description below of the proposed Investment Management Agreement is only a summary of the expected terms of the agreement that will be entered into between the Company and Remora if the Funds are converted to a BDC, is not necessarily complete, and is subject to change.

Under the terms of the Investment Management Agreement, Remora is expected to be responsible for the following:

● managing our assets in accordance with our investment objective, policies and restrictions;

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

● identifying, evaluating and negotiating the structure of the investments we make;

● executing, closing, servicing and monitoring the investments that we make;

● determining the securities and other assets that we will purchase, retain or sell;

● performing due diligence on prospective portfolio companies;

● exercising voting rights in respect of portfolio securities and other investments for us;

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

● providing us with such other investment advisory and related services as we may, from time to time, reasonably require for the investment of capital.

Remora's services under any investment management agreement will not be exclusive, and it will be free to furnish similar services to other entities.

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<u>Term</u>

Pursuant to the requirements of the 1940 Act, the Investment Management Agreement will initially have 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 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 Remora upon 60 days' written notice. The decision to terminate the Investment Management 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, Remora may generally terminate the Investment Management Agreement upon 60 days' written notice.

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<u>Removal of the Investment Manager</u>

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

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<u>Compensation of the Investment Manager</u>

Under the terms of the Investment Management Agreement, we will pay Remora an investment management fee for its services consisting of two components: a management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). Each of the Management Fee and the Incentive Fee will become payable on the terms described below immediately after we commence operations.

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<u>Management Fee</u>

Under the terms of the Investment Management Agreement, the Management Fee will be payable quarterly in advance as of the first day of each calendar quarter and will be payable at an annual rate of 1.00% of the par value of our loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Board or a valuation designee). The Management Fee for any partial quarter will be prorated during the relevant calendar quarter.

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<u>Incentive Fee</u>

Under the terms of the Investment Management Agreement, the Incentive Fee will consist of two components. These components will be largely independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee will be based on an investment-income component. Under the investment-income component, we will pay Remora each quarter 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 with Remora 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 at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.5% per quarter (6.00% annualized). Under the terms of the Investment Management Agreement, we will pay Remora an investment-income incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows: (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 1.5%; (2) 50% 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 1.765% in any calendar quarter (7.06% annualized) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.765% is referred to as the "catch-up"; the "catch-up" is meant to provide Remora with 15.0% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.765% in any calendar quarter); and (3) 15.0% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.765% in any calendar quarter (7.06% annualized) payable to Remora (once the hurdle is reached and the catch-up is achieved, 15.0% of all pre-incentive fee net investment income thereafter is allocated to Remora).

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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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.765% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;← 0% → | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;← 50% → | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;← 15.0% → |

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Under the terms of the Investment Management Agreement, the other portion of the Incentive Fee will be based on a capital gains component. Under the capital gains component of the Incentive Fee, we expect to pay Remora at the end of each calendar year 15.0% of aggregate cumulative realized capital gains from the date of the BDC Election (the "BDC Election Date") 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.

For the foregoing purpose, "aggregate cumulative realized capital gains" will not include any unrealized appreciation. The capital gains component of the Incentive Fee will not be subject to any minimum return to shareholders.

<u>Exchange Listing</u>

While we do not intend to list our securities on a national securities exchange, should we complete such a listing (an "Exchange Listing"), the Incentive Fee payable under the Investment Management Agreement would increase to 20.0% paid quarterly on pre-incentive fee net investment income, subject to a hurdle rate of 1.5% per quarter (6.00% annualized) and a 100% catch-up.

<u>Fee Waivers</u>

For the twelve months following the BDC Election Date, Remora has agreed to waive 25% of its Management Fees under the Investment Management Agreement. Any such waiver of Management Fees will not be revocable during the proposed term and the amounts waived will not be subject to any right of future recoupment in favor of Remora.

<u>Limitation of Liability and Indemnification</u>

Under the terms of the Investment Management Agreement, Remora and its officers, members of its board of directors, partners, agents, employees, controlling persons, members and any other person or entity affiliated with Remora, including without limitation its sole member, will not be liable to us for any action taken or omitted to be taken by Remora in connection with the performance of any of its duties or obligations under the proposed Investment Management Agreement or otherwise as our investment manager (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).

Under the terms of the Investment Management Agreement, we expect to indemnify Remora and its officers, members of its board of directors, partners, agents, employees, controlling persons, members and any other person or entity affiliated with Remora (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 Remora's duties or obligations under the proposed investment management agreement or otherwise as an investment manager of the Company. However, the Indemnified Parties shall not be entitled to indemnification in respect of any liability to the Company or its 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.

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*Administration Agreement*

We expect to enter into the Administration Agreement with Remora. The description of the Administration Agreement is provided below.

Under the Administration Agreement, Remora will perform, or oversee the performance of, administrative services, which include, but are not limited to, providing office space, technology, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, managing the payment of expenses and the performance of administrative and professional services rendered by others and the allocable portion of the cost of our General Counsel, Chief Compliance Officer and Chief Financial Officer and their staff; provided, however, that allocable portion of the annual salaries of the General Counsel, Chief Financial Officer and the Chief Compliance Officer and their staff attributable to their work on the Company is subject to a cap equal to 22.5 bps of our NAV as of the end of the applicable fiscal year. Under the expected terms of the Administration Agreement, we expect to reimburse Remora for services performed for us pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, Remora may delegate its obligations under the Administration Agreement to an affiliate or to a third party, and we expect to reimburse Remora for any services performed for us by such affiliate or third party. To the extent that Remora outsources any of its functions, we expect to pay the fees associated with such functions on a direct basis, without profit to Remora.

Similar to the Investment Management Agreement, we expect that unless earlier terminated as described below, 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 our 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 Administration Agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares of our common stock. In addition, Remora may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice. The Board will review the costs and expenses allocated to us under any administration agreement on at least a quarterly basis.

The Administration Agreement provides that Remora and its affiliates' respective officers, directors, members, managers, shareholders and employees will be entitled to indemnification from us from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Administration Agreement, except where attributable to willful misfeasance, bad faith or gross negligence in the performance of such person's duties or reckless disregard of such person's obligations and duties under the Administration Agreement.

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*License Agreement*

We have entered into a license agreement (the "License Agreement") with Remora. Under the License Agreement, we have a non-exclusive, royalty-free license to use the names "Remora" and "Remora Capital Partners."

**Determination of Net Asset Value**

The 1940 Act requires that the board of directors of a BDC determine the fair value of the BDC's investments in good faith on a quarterly basis. Rule 2a-5 under the 1940 Act established additional requirements for determining the fair value of a BDC's investments. Rule 2a-5 permits a BDC's board of directors, in compliance with certain conditions, to designate certain parties to perform fair value determinations, subject to the oversight of the board of directors. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security.

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, the Board or the valuation designee, as applicable, will take 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 or the valuation designee, as applicable, will consider whether the pricing indicated by the external event corroborates its valuation.

If the Board determines to designate a third party to perform fair value determinations in accordance with the requirements of Rule 2a-5, the third party's valuation conclusions will be documented and then presented to the Board along with any reports required under Rule 2a-5.

The Board or the valuation designee, as applicable, will 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 ("U.S. GAAP") and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we expect to consider our 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:

● Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

● 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.

● Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, will be recognized at the beginning of the quarter in which the transfer occurred. In addition to using the above inputs in investment valuations, we expect to apply a valuation policy approved by the Board, which will be consistent with ASC 820. Under the valuation policy, the Board (or the valuation designee, if applicable) expects to 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), the Board expects to 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 Board or any valuation designee or any independent valuation firm(s) engaged by the Board will review pricing support provided by dealers or pricing services 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 quotation, 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 our investments may cause the gains or losses ultimately realized on these investments to be different than our unrealized gains or losses that we may report in any given period.

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*Determinations in Connection with the Issuance of Shares of Common Stock*

In connection each issuance of our common stock, the Board or a committee thereof will, no later than 48 hours (excluding Sundays and holidays) prior to each closing date, make the determination that we are not selling shares of our common stock at a price per share that is below our then-current NAV per share. The Board or a committee thereof expects to consider the following factors, among others, in making such determination:

● the NAV per share of common stock disclosed in the most recent periodic report filed with the SEC;

● Remora'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

● the magnitude of the difference between (i) a value that the Board or an authorized committee thereof or Remora 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 in the most recent periodic report filed with the SEC, as adjusted to reflect 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 will be 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 will be required to maintain under the 1940 Act.

**Certain BDC Regulation Considerations**

A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and making significant managerial assistance available to them. As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements.

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*SEC Reporting*

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

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*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 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.

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*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.

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*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:

● 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" (as defined in the 1940 Act), 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;o 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;o 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;o satisfies
 any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ 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;■ 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

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

● Securities of any eligible portfolio company that we control.

● 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.

● 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.

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

● 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.

 

 

*Limitations on Leverage*

As a BDC, we generally must have at least 150%, subject to certain conditions, asset coverage for our debt after incurring any new indebtedness. We intend to meet the requirements for reducing our minimum asset coverage ratio to 150%, meaning that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. A BDC may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

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*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, 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.

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*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 us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price 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 to qualify as a RIC for federal income tax purposes will typically require us to limit the amount we invest with any one counterparty.

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*Senior Securities*

We will be 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 150%, subject to certain conditions, 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 150% asset coverage ratio requirement at the time of the distribution or repurchase. 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.

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*Code of Ethics*

A BDC and its investment advisers must adopt a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements.

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*Other Considerations*

BDCs are not generally able to issue and sell shares of its common stock at a price below NAV per share. A BDC may, however, issue and sell shares of its common stock, at a price below the current NAV of the shares of the BDC's common stock, or issue and sell warrants, options or rights to acquire such shares of the BDC's common stock, at a price below the then-current NAV of the shares of the BDC's common stock if the board of directors of the BDC determines that such sale is in the BDC's best interest and in the best interests of the BDC's shareholders, and the BDC's 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 of the BDC, closely approximates the market value of such securities.

BDCs are also prohibited under the 1940 Act from knowingly participating in certain transactions with its affiliates, including the BDC's officers, directors, investment adviser, principal underwriters and certain of their affiliates, without the prior approval of the members of the board of directors of the BDC who are not "interested persons" of the BDC and, in some cases, prior approval by the SEC through an exemptive order (other than pursuant to current regulatory guidance).

BDCs are periodically examined by the SEC for compliance with the 1940 Act.

BDCs are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC against larceny and embezzlement.

BDCs and their investment advisers are required to adopt and implement written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws. BDCs are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a chief compliance officer to be responsible for administering the policies and procedures.

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*Certain ERISA Considerations*

<u>General Fiduciary Rules</u>

Investments by employee benefit plans or trusts subject to the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") (such plans or trusts referred to herein as "ERISA Plans"), are subject to ERISA's general fiduciary requirements, including the requirements of investment prudence and diversification, requirements relating to the delegation of investment authority and the requirement that an ERISA Plan's investment be made in accordance with the documents governing the ERISA Plan. Plan fiduciaries must give appropriate consideration to, among other things, the role that an investment in the BDC's stock has in the ERISA Plan's investment portfolio, taking into account the ERISA Plan's purposes, the risk of loss and the potential return with respect to such investment, the composition of the ERISA Plan's portfolio, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the Plan and the projected return of the portfolio relative to the ERISA Plan's investment objectives. Keogh plans covering only self-employed individuals ("Keogh Plans"), individual retirement accounts ("IRAs") and other non-ERISA Plan investors should also consider whether an investment in the BDC's stock is appropriate for their Keogh Plan, IRA or other non-ERISA Plan.

<u>Prohibited Transactions</u>

ERISA generally prohibits a fiduciary from causing an ERISA Plan to engage in a broad range of transactions involving the assets of the ERISA Plan and persons having a specified relationship to the ERISA Plan ("parties in interest") unless a statutory or administrative exemption applies. Similar prohibitions are contained in Section 4975 of the Code and generally apply with respect to ERISA Plans, Keogh Plans, IRAs and other plans. An excise tax may be imposed pursuant to Section 4975 of the Code on persons having a specified relationship with a plan ("disqualified persons") with respect to prohibited transactions involving the assets of the plan. Generally speaking, parties in interest for purposes of ERISA would also be disqualified persons under Section 4975 of the Code. Absent an exemption, the fiduciaries of an ERISA Plan should not invest in the Company with the assets of such ERISA Plan if Remora or any of its affiliates is a fiduciary or party in interest with respect to the assets of such ERISA Plan. In addition, any insurance company proposing to invest assets of its general account in the common stock of the Company should consider the extent that such investment would be subject to the requirements of ERISA in light of the United States Supreme Court's decision in *John Hancock Mutual Life Insurance Co. v. Harris Trust and Savings Bank* and under any subsequent legislation or other guidance that has or may become available, including Section 401(c) of ERISA and the regulations promulgated thereunder.

<u>Plan Assets</u>

When a Plan invests in the equity of an entity such as a private BDC, the Plan Asset Provisions describe what constitutes the assets of a Plan for purposes of various provisions of ERISA and Section 4975 of the Code. If a Plan invests in an equity interest that is neither a publicly offered security nor a security issued by an investment company registered under the 1940 Act, the Plan's assets generally include both the equity interest and an undivided interest in all of the entity's underlying assets, unless it is established that the entity is an operating company or that equity participation in the entity by Benefit Plan Investors is not "significant." The term "Benefit Plan Investor" is defined in the Plan Asset Provisions as (a) any employee benefit plan (as defined in Section 3(3) of ERISA) subject to the fiduciary provisions (Part 4) of Title I of ERISA, (b) any plan described in Section 4975(e)(1) of the Code, or (c) any entity whose underlying assets include plan assets by reason of a plan's investment in the entity.

Under the Plan Asset Provisions, equity participation in an entity by Benefit Plan Investors is "significant" on any date if, immediately after the most recent acquisition of any equity interest in the entity, 25% or more of the value of any class of equity interests is held by Benefit Plan Investors. For purposes of this determination, the value of equity interests held by a person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such assets (or any affiliate of such a person) is disregarded (any such person, a "Controlling Person"). We anticipate that the aggregate investment in the Company by Benefit Plan Investors may, from time to time, equal or exceed 25% (or such greater percentage as may be specified in regulations promulgated by the DOL) of the value of any class of equity interests in the Company. In such circumstances, the assets of the Company would be treated as "plan assets" for purposes of ERISA. However, we will not knowingly approve an investment by an ERISA Plan or transfer to an ERISA Plan Investor.

Each investor will be required to represent in its Subscription Agreement with us whether or not it is a Benefit Plan Investor and what portion of its assets (if any) comprise "plan assets" under the Plan Asset Provisions. We intend to use our commercially reasonable efforts to conduct our operations so that our assets will not be deemed to constitute "plan assets" of an ERISA Plan for purposes of the Plan Asset Provisions. However, there can be no assurance that, notwithstanding the efforts of Remora, participation by ERISA Plans will not be significant, or that underlying assets of the Company will not be treated as plan assets of an ERISA Plan or ERISA Plans.

<u>Plan Asset Consequences</u>

If our assets were to be treated as including plan assets of any ERISA Plan, this would result, among other things, in (a) the application of the prudence, loyalty, diversification, delegation of control and other fiduciary responsibility standards of ERISA to investments we made, and (b) the possibility that certain transactions in which we have engaged or might seek to engage in could constitute prohibited transactions under ERISA and the Code. In such an event, absent an exemption, we could be restricted from acquiring an otherwise desirable investment or from entering into an otherwise favorable transaction. In addition, if our assets were to be treated as including plan assets of any ERISA Plan, the payment of certain of the fees and/or the allocation of certain of our returns to Remora or its affiliates might constitute prohibited transactions under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, Remora and/or any other fiduciary that has engaged in the prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. In addition, the party in interest or disqualified person that has participated in the non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. These excise taxes, penalties and liabilities could be substantial. In this regard, Remora anticipates that where an exemption is necessary to enable us to enter into certain transactions with parties in interest or disqualified persons, Remora may rely on the following statutory, individual or class exemptions issued by the U.S. Department of Labor ("DOL").

Remora can take any action it determines in good faith to be desirable to operate the Company so that: (a) our assets shall not constitute "plan assets" for purposes of ERISA and Section 4975 of the Code; and (b) Remora and its affiliates shall be in compliance with ERISA and Section 4975 of the Code, to the extent applicable. Remora's authority to take such action includes the right to: (1) make structural, operating or other changes with respect to the Company, provided that such changes do not adversely affect a shareholder without such shareholder's written consent; (2) make structural or other changes in any investment; (3) dissolve the Company; (4) cancel all or part of any shareholder's uncommitted capital commitment to the Company; (5) require the transfer or withdrawal, in whole or in part, of a shareholder's shares; or (6) cause the Company to exercise its limited exclusion right to exclude a shareholder from purchasing securities from the Company on any drawdown date if, in the reasonable discretion of the Company, there is a substantial likelihood that such shareholder's purchase of securities would, among other things, cause the investments of investors which are Plans to be "significant" and the assets of the Company to be considered "plan assets" under ERISA or Section 4975 of the Code.

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*Sarbanes-Oxley Act* 

Following the effectiveness of this Registration Statement, we will be subject to the reporting and disclosure requirements of the Exchange Act, including the filing of quarterly, annual and current reports, proxy statements and other required items. In addition, we generally will be subject to the Sarbanes-Oxley Act, which imposes a wide variety of regulatory requirements on publicly held companies and their insiders. Many of these requirements affect us. For example:

● pursuant to Rule 13a-14 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer will be required to certify the accuracy of the financial statements contained in our periodic reports;

● pursuant to Item 307 of Regulation S-K, our periodic reports will be required to disclose our conclusions about the effectiveness of our disclosure controls and procedures;

● pursuant to Rule 13a-15 under the Exchange Act, our management will required to prepare an annual report regarding its assessment of our internal control over financial reporting after we have been subject to the reporting requirements of the Exchange Act for a specified period of time and, starting from the date on which we cease to be an emerging growth company under the JOBS Act, must obtain an audit of the effectiveness of internal control over financial reporting performed by our independent registered public accounting firm should we become an accelerated filer; and

● pursuant to Item 308 of Regulation S-K and Rule 13a-15 under the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal control over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act will require us to review our then-current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated under such act. We continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we comply with that act.

*JOBS Act*

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We will be, and expect to remain, an "emerging growth company," as defined in the JOBS Act, until the earliest of:

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

● the end of the fiscal year in which our total annual gross revenues first equal or exceed $1.235 billion;

● the date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and

● the last day of a fiscal year in which we (1) have an aggregate worldwide market value of our shares of common stock 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 will be will be 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 becomes an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in our internal control over financial reporting go undetected. In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We intend to take advantage of the extended transition period.

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*Proxy Voting Policies and Procedures*

We will delegate our proxy voting responsibility to Remora. The proxy voting policies and procedures of Remora are described below. The guidelines are reviewed periodically by Remora 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 Remora.

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.

We will seek to vote all proxies relating to our clients' securities in the best interest of our clients' shareholders. We will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by our clients. Although we will generally vote against proposals that may have a negative impact on our clients' portfolio securities, we may vote for such a proposal if there exist compelling long-term reasons to do so.

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***Our proxy voting decisions are made by the senior officers who are responsible for monitoring each of our clients' investments. To ensure that our vote is not the product of a conflict of interest, we will require that: (a) anyone involved in the decision-making process disclose to our Chief Compliance Officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (b) employees involved in the decision-making process or vote administration are prohibited from revealing how we intend to vote on a proposal in order to reduce any attempted influence from interested parties.***

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*Privacy Principles*

We recognize the importance of maintaining the privacy of any nonpublic personal information we receive with respect to each investor. While providing management services to us, Remora collects nonpublic personal information about shareholders from the Subscription Agreements and the certificates and exhibits thereto that each shareholder submits to Remora. Remora may also collect nonpublic personal information about each shareholder from conversations and correspondence between each shareholder and Remora, both prior to and during the course of each shareholder's investment in the Company. Remora treats all of the nonpublic personal information it receives with respect to each shareholder as confidential. Remora restricts access to such information to those employees, affiliates and agents who need to know the information in order for Remora to determine whether each shareholder meets the regulatory requirements for an investment in the Company and to provide ongoing management services to the Company. Remora does not disclose any nonpublic personal information about any investor to any third parties, other than its agents, representatives and/or affiliates, or as permitted or required by law.

**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 and to an investment in our common stock. 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 Registration Statement.

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 and our shareholders and does not purport to deal with the U.S. federal income tax consequences that may be important to particular shareholders in light of their individual circumstances or to some types of shareholders subject to special U.S. federal income tax rules, such as financial institutions, broker dealers, insurance companies, tax-exempt organizations, partnerships or other pass-through entities, persons holding our common stock in connection with a hedging, straddle, conversion or other integrated transaction, Persons required to accelerate the recognition of gross income as a result of such income being recognized on an applicable financial statement, persons who have ceased to be U.S. citizens or to be taxed as resident aliens, or individual Non-U.S. shareholders (as defined below) present in the United States for 183 days or more during a taxable year. This discussion also does not address any aspects of U.S. federal estate or gift tax, or foreign, state or local tax. This discussion assumes that our shareholders hold their shares of common stock as capital assets for U.S. federal income tax purposes (generally, assets held for investment). No ruling has been or will be sought from the IRS regarding any matter discussed herein.

For purposes of this discussion, a "**U.S. shareholder**" is a beneficial owner of a share of common stock who is for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation, or other entity treated as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income tax, regardless of its source; or

● a trust (i) the administration of which is subject to the primary supervision of a U.S. court and that has one or more "United States persons" (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (ii) that has made a valid election under applicable U.S. Treasury Regulations to be treated as a "United States person" (within the meaning of the Code).

For purposes of this discussion, a "**Non-U.S. shareholder**" generally is a beneficial owner of a share of common stock who is neither a U.S. shareholder nor a partnership (or other entity or arrangement classified as a partnership) for U.S. federal income tax purposes. If an entity or other arrangement classified as a partnership for U.S. federal income tax purposes holds our shares of common stock, the U.S. federal income tax treatment of the partnership and each partner generally will depend on the status of the partner, and the activities of the partnership. A partnership, or partner of a partnership, holding or considering an investment in our shares of common stock is urged to consult its own tax advisors regarding the U.S. federal income tax consequences of an investment in our shares of common stock.

**U.S. Federal Income Taxation of the Company.** As a BDC, we intend to elect to be treated as a RIC under subchapter M of the Code and intend to qualify for treatment as a RIC for U.S. federal income tax purposes annually thereafter. 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, asset diversification requirement and distribution requirement, each of which is discussed below.

 

<u>Domestic Corporation Requirement</u>*.* 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.

 

<u>Registration Requirement</u>*.* 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.

 

<u>Election Requirement</u>*.* The election requirement generally will be satisfied if the Company elects to be treated as a regulated investment company by computing its taxable income as a regulated investment company in its U.S. federal income tax return or it did so with respect to a previous taxable year.

 

<u>Source-of-Income Requirement</u>*.* 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 the Company's business of investing in the aforementioned stock, securities, or currencies; or net income derived from an interest in a "qualified publicly traded partnership" (the "Source-of-Income Requirement").

<u>Asset Diversification Requirement</u>. The Diversification Requirement (as defined below) will be met if we diversify our holdings so that at the end of each quarter of the taxable year:

● 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

● 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 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.

<u>Distribution Requirement</u>*.* 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:

● at least 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

● 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

● any income and gains recognized, but not distributed, from previous years on which we paid no U.S. federal income tax (the "Excise Distribution Requirement").

While we intend 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 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 intend to elect 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 U.S. federal income tax purposes 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. The remainder of this discussion assumes that we qualify as a RIC for U.S. federal income tax purposes for each taxable year.

*Company Investments*

Certain of our investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction; (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term capital gains or ordinary income; (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur for U.S. federal income tax purposes; (vi) adversely alter the U.S. federal income tax characterization of certain complex financial transactions and (vii) produce income that will not satisfy the Source-of-Income Requirement. We monitor our transactions, may make certain U.S. federal income tax elections, and may be required to borrow money or dispose of securities in order to mitigate the effect of these rules and to prevent disqualification of the Company as a RIC for U.S. federal income tax purposes; however, there can be no assurance that we will be successful in this regard.

 

<u>Debt Instruments</u>*.* In certain circumstances, we may be required to recognize taxable income for U.S. federal income tax purposes prior to the time at which we receive cash. For example, if we hold debt instruments that are treated under applicable U.S. federal income tax rules as having OID (such as debt instruments with an end-of-term payment and/or PIK interest payment or, in certain cases, debt issued with warrants), we must include in taxable income for U.S. federal income tax purposes 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. Because any OID accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our shareholders in order to satisfy the Distribution Requirement and to avoid the 4% U.S. federal excise tax, even though we will not have received any corresponding cash amount.

 

<u>Warrants</u>*.* Gain or loss realized by us for U.S. federal income tax purposes from the sale or exchange of warrants acquired by us as well as any loss attributable to the lapse of such warrants, generally are treated as capital gain or loss. The treatment of such gain or loss as long-term or short-term generally depends on how long we held a particular warrant and on the nature of the disposition transaction.

 

<u>Foreign Investments</u>*.* In the event we invest in foreign securities, we may be subject to withholding and other foreign taxes with respect to those securities. We do not expect to satisfy the applicable requirements that would permit us to pass through to our shareholders their share of the foreign taxes paid by us.

 

<u>Passive Foreign Investment Companies</u>*.* We may invest in the stock of a foreign corporation which is classified as a "passive foreign investment company" (within the meaning of section 1297 of the Code), or "PFIC." As a result, we may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. This additional tax and interest may apply even if we make a distribution in an amount equal to any "excess distribution" or gain from the disposition of such shares as a taxable dividend by it to its shareholders. In lieu of the increased income tax and deferred tax interest charges on excess distributions on and dispositions of a PFIC's shares, we can elect to treat the underlying PFIC as a "qualified electing fund," provided that the PFIC agrees to provide us with adequate information regarding its annual results and other aspects of its operations. With a "qualified electing fund" election in place, we must include in our income each year our share (whether distributed or not) of the ordinary earnings and net capital gain of a PFIC. In the alternative, we can elect, under certain conditions, to mark-to-market at the end of each taxable year our PFIC shares. We would recognize as ordinary income any increase in the value of the PFIC shares and as an ordinary loss (up to any prior income resulting from the mark-to-market election) any decrease in the value of the PFIC shares. With a "mark-to-market" or "qualified electing fund" election in place on a PFIC, we might be required to recognize in a year income in excess of its actual distributions on and proceeds from dispositions of the PFIC's shares. Any such income would be subject to the RIC distribution requirements and would be taken into account for purposes of the 4% U.S. federal excise tax (described above). No assurances can be given that any "qualified electing fund" election will be available or that, if available, we will make such an election.

Income inclusions from a qualified electing fund will be "good income" for purposes of the Source-of-Income Requirement provided that the qualified electing fund distributes such income to us in the same taxable year to which the income is included in our income or the income is derived in connection with the Company's business of investing in stocks and securities.

 

 

<u>Controlled Foreign Corporations</u>. If we hold more than 10% of the shares in a Non-U.S. corporation that is treated as a controlled foreign corporation, or a "CFC," we may be treated as receiving a deemed distribution (taxable as ordinary income for U.S. federal income tax purposes) each year from such Non-U.S. corporation in an amount equal to our pro rata share of certain of the Non-U.S. corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the Non-U.S. corporation makes an actual distribution during such year. In general, a Non-U.S. corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly, or by attribution) by U.S. shareholders. For this purpose, a "U.S. shareholder" is any U.S. person (within the meaning of the Code) who possesses (directly, indirectly, or by attribution) (a) 10% or more of the total combined voting power or (b) 10% or more of the total value of all classes of shares of a Non-U.S. corporation. If we are treated as receiving a deemed distribution from a CFC, we will be required to include such distribution in our investment company taxable income, regardless of whether we receive any actual distributions from such CFC. We must distribute such income to satisfy the Distribution Requirement and the income will be taken into account for purposes of the U.S. federal 4% excise tax.

Income inclusions from a CFC will be "good income" for purposes of the Source-of-Income Requirement, provided that they are derived in connection with the Company's business of investing in stocks and securities or the CFC distributes such income to the Company in the same taxable year to which the income is included in the Company's income.

 

<u>Foreign Currency Transactions</u>. Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time we accrue income or other receivables or accrue expenses or other liabilities denominated in a foreign currency and the time we actually collect such receivables or pay such liabilities generally are treated as ordinary income or loss. Similarly, on the disposition of debt instruments and certain other instruments denominated in a foreign currency, gains or losses attributable to fluctuations in the value of the foreign currency between the date of acquisition of the instrument and the date of disposition also are treated as ordinary gain or loss. These gains and losses may increase or decrease the amount of our investment company taxable income to be distributed to our shareholders as ordinary income.

*U.S. Federal Income Taxation of U.S. Shareholders*

Distributions by the Company generally are taxable to U.S. shareholders as either ordinary income or capital gains. Distributions of our "investment company taxable income" (which is, generally, our net ordinary income, plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. shareholders to the extent of our current and/or accumulated earnings and profits, whether paid in cash or reinvested in additional shares of our common stock pursuant to our dividend reinvestment program. To the extent such distributions paid by us to non-corporate U.S. shareholders (including individuals) are attributable to dividends from certain U.S. corporations and certain qualified foreign corporations, such distributions ("Qualified Dividends") may be eligible for a maximum U.S. federal income tax rate of 20%. In this regard, it is anticipated that distributions paid by the Company generally will not be attributable to dividends and, therefore, generally will not qualify for the 20% maximum rate applicable to Qualified Dividends.

Distributions of our net capital gains (which are generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. shareholder as long-term capital gains, which are currently taxable at a maximum rate of 20% in the case of individuals or estates, regardless of the U.S. shareholder's holding period for his, her or its shares, and regardless of whether paid in cash or reinvested in additional shares of common stock pursuant to our dividend reinvestment program. The amount of a distribution in excess of our current and accumulated earnings and profits first reduces a U.S. shareholder's adjusted tax basis in such U.S. shareholder's shares to the extent thereof (but not below zero), and the amount of a distribution that is not a dividend and is in excess of a U.S. shareholder's adjusted tax basis in such U.S. shareholder's shares is treated as gain from the sale or exchange of property to such U.S. shareholder.

Shareholders receiving dividends or distributions in the form of additional shares purchased in the market generally should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the shareholders receiving cash dividends or distributions will receive and should have a tax basis in the shares of our common stock received equal to such amount. Shareholders receiving dividends in newly issued shares of our common stock generally will be treated as receiving a distribution equal to the value of the shares of our common stock received and should have a tax basis in the shares of our common stock equal to such amount.

Although we currently intend to distribute any net long-term capital gains at least annually, we may in the future decide to retain some or all of our net long-term capital gains but designate the retained amount as a "deemed distribution." In that case, among other consequences, we will pay U.S. federal income tax on the retained amount, each U.S. shareholder will be required to include their share of the deemed distribution in income as if it had been distributed to the U.S. shareholder, and the U.S. shareholder will be entitled to claim a credit or refund, as the case may be, for the U.S. federal income tax so deemed to have been paid by the U.S. shareholder. Additionally, the U.S. shareholder may be entitled to increase its adjusted tax basis in its shares by the difference between the amount of includible gains and the tax deemed paid by the U.S. shareholder. A shareholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written notice to our shareholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a "deemed distribution."

We or the applicable withholding agent will provide you with a notice reporting the amount of any ordinary income dividends (including the amount of such dividend, if any, eligible to be treated as a Qualified Dividend) and capital gain dividends by January 31. For purposes of determining (1) whether the Distribution Requirement is satisfied for any year and (2) the amount of capital gain dividends paid for that year, we may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, if we pay you a dividend in January, which was declared in the previous October, November, or December to shareholders of record on a specified date in one of these months, then the dividend will be treated for U.S. federal income tax purposes as being paid by us and received by you on December 31 of the year in which the dividend was declared. If a shareholder purchases shares shortly before the record date of a distribution, the price of the shares of our common stock will include the value of the distribution and the shareholder will be subject to U.S. federal income tax on the distribution even though it represents a return of its investment.

 

<u>Dividend Reinvestment Program</u>*.* We have adopted a dividend reinvestment program that provides for reinvestment of our dividends and other distributions on behalf of common shareholders when a shareholder opts into the program by providing us with notice. See "Dividend Reinvestment Program." Any distributions reinvested under the dividend reinvestment program will nevertheless remain taxable to the U.S. shareholder. The U.S. shareholder will have an adjusted tax basis in the additional shares of our common stock purchased through the dividend reinvestment program equal to the amount of the reinvested distribution. The shares of our common stock will have a new holding period commencing on the day following the day on which the shares of our common stock are credited to the U.S. shareholder's account.

 

<u>Dispositions</u>*.* A U.S. shareholder generally will recognize gain or loss on the sale, exchange, or other taxable disposition of shares in an amount equal to the difference between the U.S. shareholder's adjusted tax basis in the shares of our common stock disposed of and the amount realized on their disposition. Generally, gain recognized by a U.S. shareholder on the disposition of shares will result in capital gain or loss to a U.S. shareholder, and will be a long-term capital gain or loss, if the shares of our common stock have been held for more than one year at the time of sale. Any loss recognized by a U.S. shareholder upon the disposition of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by the U.S. shareholder. A loss recognized by a U.S. shareholder on a disposition of shares will be disallowed as a deduction, if the U.S. shareholder acquires additional shares (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date that the shares of our common stock are disposed of. In this case, the tax basis of the shares our common stock acquired will be adjusted to reflect the disallowed loss.

 

 

<u>Reportable Transaction Disclosure</u>*.* In certain circumstances, the Code, applicable U.S. Treasury Regulations, and certain IRS administrative guidance require that the IRS be notified of taxable transactions through a disclosure statement attached to a taxpayer's U.S. federal income tax return. In general, if a U.S. shareholder recognizes a loss with respect to shares of $2 million or more for a U.S. shareholder who is an individual, S corporation, trust, or partnership with at least one non-corporate partner, or $10 million or more for a U.S. shareholder who is a corporation or a partnership with solely corporate partner, in any single taxable year (or a greater loss over a combination of years), the U.S. shareholder must file with the IRS a disclosure statement on Form 8886 (or a successor form). Direct U.S. shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. shareholders of most or all RICs. The fact that a loss is reportable under these authorities does not affect the determination of whether the taxpayer's treatment of the loss is proper for U.S. federal income tax purposes. Significant penalties may be imposed in connection with a failure to comply with these reporting requirements. U.S. shareholders should consult their own tax advisors to determine the applicability of these authorities in light of their individual circumstances.

 

<u>Backup Withholding</u>*.* We are required in certain circumstances to backup withhold for U.S. federal income tax purposes on taxable dividends or distributions paid to non-corporate U.S. shareholders who do not furnish us or the dividend-paying agent with their correct U.S. taxpayer identification number ("U.S. TIN") (in the case of individuals, generally, their U.S. Social Security Number) and certain certifications, or who are otherwise subject to backup withholding for U.S. federal income tax purposes. Backup withholding is not an additional U.S. federal income tax. Any amounts withheld from payments made to you may be refunded or credited against your U.S. federal income tax liability, if any, provided that the required information is timely furnished to the IRS.

 

<u>We may not be treated as publicly offered RIC for U.S. federal income tax purposes</u>*.* For any period that we do not qualify as a "publicly offered regulated investment company," as defined in the Code, U.S. shareholders will be taxed for U.S. federal income tax purposes 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 qualify as a publicly offered RIC immediately after this offering; however, we may not qualify as a publicly offered RIC for U.S. federal income tax purposes for future taxable years. If we are not a publicly offered RIC for any period, a non-corporate U.S. shareholder's allocable portion of our affected expenses, including our management fees, will be treated as an additional distribution to such U.S. shareholder and will be deductible by such U.S. 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.

 

<u>U.S. Federal Income Taxation of Tax-Exempt U.S. Shareholders</u>*.* A U.S. shareholder that is a tax-exempt organization for U.S. federal income tax purposes, and therefore generally exempt from U.S. federal income tax, may nevertheless be subject to U.S. federal income tax to the extent that it is considered to derive "unrelated business taxable income" ("UBTI"). The direct conduct by a tax-exempt U.S. shareholder of the activities we propose to conduct could give rise to UBTI. However, following the election to treat the Company as a RIC, the Company will be classified as a corporation for U.S. federal income tax purposes. Consequently, the Company's business activities generally will not be attributed to the U.S. shareholders for purposes of determining their treatment under U.S. federal income tax laws. Therefore, a tax-exempt U.S. shareholder generally should not be subject to U.S. federal income tax solely as a result of the U.S. shareholder's ownership of shares and receipt of dividends with respect to such shares. Moreover, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. shareholder. Therefore, a tax-exempt U.S. shareholder should not be treated as earning income from "debt-financed property" and dividends we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt shareholders and non-qualifying investments. In the event that any such proposals were to be adopted and applied to RICs, the U.S. federal income tax treatment of dividends payable to tax- exempt shareholders could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate investment trusts or other taxable mortgage pools, which we do not currently plan to do, which could result in a tax- exempt U.S. shareholder recognizing income that would be treated as UBTI.

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

The following discussion only applies to certain Non-U.S. shareholders. Whether an investment in our shares of common stock is appropriate for a Non-U.S. shareholder will depend upon that person's particular circumstances. An investment in our shares of common stock by a Non-U.S. shareholder may have adverse U.S federal income tax consequences. Non-U.S. shareholders should consult their own tax advisors before investing in our shares of common stock.

In general, distributions of our "investment company taxable income" to Non-U.S. shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. shareholders directly) generally are subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of our current and accumulated earnings and profits unless an applicable exception applies. This 30% U.S. federal income tax generally is collected by withholding at the source of payment. However, no withholding is required with respect to certain distributions if (i) the distributions are properly reported to our shareholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends, and (iii) certain other requirements are satisfied. We anticipate that a significant amount of our dividends will qualify as "interest-related dividends" or "short-term capital gain dividends." Therefore, our distributions of our investment company taxable income generally will not be subject to withholding of U.S. federal tax.

If the distributions are effectively connected with the conduct of a U.S. trade or business by the Non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. shareholder in the United States), we will not be required to withhold U.S. federal income tax if the Non-U.S. shareholder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. shareholders. Special certification requirements apply to a Non-U.S. shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.

Actual or deemed distributions of our net capital gains to a Non-U.S. shareholder, if properly reported by us as capital gains dividends, and gains realized by a Non-U.S. shareholder upon the sale or redemption of our shares of common stock, will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with the conduct of a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. shareholder in the United States). In addition, in the case of an individual, such net capital gains and gains realized by a Non-U.S. shareholder upon the sale or redemption of our shares of common stock may be subject to U.S. federal income tax if the Non-U.S. shareholder was present in the United States for 183 days or more during the taxable year of the distribution or gain.

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

If any actual or deemed distributions of our net capital gains, or any gains realized upon the sale, exchange, redemption, or other taxable disposition of our shares of common stock, are effectively connected with the conduct of a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. shareholder in the United States), such amounts will be subject to U.S. federal income tax, on a net income basis, in the same manner, and at the graduated rates applicable to, a U.S. shareholder. For a corporate Non-U.S. shareholder, the after-tax amount of distributions (both actual and deemed) and gains realized upon the sale or redemption of our shares of common stock that are effectively connected with the conduct of a U.S. trade or business (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. shareholder in the United States), may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty). Accordingly, investment in our shares of common stock may not be appropriate for certain Non-U.S. shareholders.

Non-U.S. shareholders will generally not be subject to U.S. federal income tax or withholding tax with respect to gain recognized on the sale or other disposition of our shares of common stock.

Under the dividend reinvestment program, our shareholders who have "opted in" to our dividend reinvestment program will have their cash distributions on our common stock automatically reinvested in additional shares of common stock, rather than receiving cash distributions. If the distribution is a distribution of our investment company taxable income and is not properly reported by us as a "short-term capital gains dividend" or "interest-related dividend," the amount distributed and treated as a dividend for U.S. federal income tax purposes (i.e., to the extent of our current and accumulated earnings and profits) will be subject to U.S. federal withholding tax as described above, and only the net after-tax amount will be reinvested in our shares of common stock. If the distribution is effectively connected with the conduct of a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, is attributable to a permanent establishment maintained by the Non-U.S. shareholder in the United States), generally the full amount of the distribution will be reinvested in the dividend reinvestment program and will be subject to U.S. federal income tax at the ordinary income tax rates applicable to U.S. shareholders. The Non-U.S. shareholder will have an adjusted tax basis in the additional shares of common stock purchased through the dividend reinvestment program equal to the amount reinvested. The additional shares of common stock will have a new holding period commencing on the day following the day on which the shares of our common stock are credited to the Non-U.S. shareholder's account.

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

If we were unable to qualify as a RIC for U.S. federal income tax purposes, any distributions by us would be treated as dividends to the extent of our current and accumulated earnings and profits. We would not be eligible to report any such dividends as "interest-related dividends," "short-term capital gain dividends," or "capital gain dividends." As a result, any such dividend paid to a Non-U.S. shareholder that is not effectively connected with the conduct of a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, attributable to a permanent establishment maintained by the Non-U.S. shareholder in the United States) would be subject to the 30% (or reduced applicable income tax treaty rate) withholding tax discussed above regardless of the source of the income giving rise to such distribution. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Non-U.S. shareholder's adjusted tax basis, and any remaining distributions would be treated as a gain from the sale of the Non-U.S. shareholder's shares subject to taxation as discussed above. For the consequences to the Company for failing to qualify as a RIC for U.S. federal income tax purposes, see "<u>Failure to Qualify as a RIC for U.S. Federal Income Tax Purposes</u>" above.

*Backup Withholding* 

 

We must generally report to our Non-U.S. shareholders and the IRS the amount of dividends paid during each calendar year and the amount of any tax withheld. Information reporting requirements may apply even if no withholding was required because the distributions were effectively connected with the Non-U.S. shareholder's conduct of a U.S. trade or business or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the Non-U.S. shareholder resides or is established. Under U.S. federal income tax law, interest, dividends and other reportable payments may, under certain circumstances, be subject to "backup withholding" at the then-applicable rate (currently, 24%). Backup withholding, however, generally will not apply to distributions to a Non-U.S. shareholder, provided the Non-U.S. shareholder furnishes to us the required certification as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN or IRS Form W-8BEN-E, or certain other requirements are met. Backup withholding is not an additional tax but can be credited against a Non-U.S. shareholder's U.S. federal income tax and may be refunded to the extent it results in an overpayment of tax and the appropriate information is timely supplied to the IRS.

**Non-U.S. shareholders are urged to consult their tax advisors regarding the application of information reporting and backup withholding in their particular situations, the availability of an exemption therefrom, and the procedures for obtaining such an exemption, if available.**

*FATCA*

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs"), unless such FFIs either: (i) enter into an agreement with the U.S. Department of the Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners); or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, such as our common stock, the U.S. Treasury Department has indicated its intent to eliminate this requirement in proposed U.S. Treasury Regulations, which state that taxpayers may rely on the proposed U.S. Treasury Regulations until final regulations are issued. The information required to be reported includes the identity and U.S. TIN of each account holder that is a specified U.S. person and transaction activity within the holder's account. In addition, subject to certain exceptions, FATCA also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs, unless such foreign entities certify that they do not have a greater than 10% owner that is a specified U.S. person or provide the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Depending on the status of a Non-U.S. shareholder and the status of the intermediaries through which they hold their shares, Non-U.S. shareholders could be subject to this 30% withholding tax with respect to distributions on their shares. Under certain circumstances, a Non-U.S. shareholder might be eligible for refunds or credits of such taxes.

**Non-U.S. persons should consult their own tax advisors with respect to the FATCA consequences of an investment in our common stock.**

**Available Information**

Following the effectiveness of this Registration Statement, we will be subject to the reporting and disclosure requirements of the Exchange Act, including the filing of quarterly, annual and current reports, proxy statements and other required items with the SEC. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at *http://www.sec.gov*.

**Item 1A. Risk Factors.**

*Investing in our securities involves significant risks. A prospective investor should consider, among other factors, the risk 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 Relating to Our Business and Structure**

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***Lack of Operating History***. We are a new entity with no operating history as a combined entity or a BDC and we have no financial information on which an 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. In addition, we may be unable to generate sufficient revenue from our operations to make or sustain distributions to our shareholders.

In addition, because we intend to elect to be regulated as a BDC and elect to be treated 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. Remora has no 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.

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***Dependence on Remora and Key Personnel Thereof***. The success of the Company is highly dependent on the financial and managerial expertise of Remora. The loss of key individuals employed by Remora, including Messrs. Mafrice, Altman, or Kyriopolous, could have a material adverse effect on the performance of the Company. Such key individuals may not necessarily continue to remain employed by Remora throughout the life of the Company. If these individuals do not maintain their existing relationships with Remora, and Remora does not develop new relationships with other professionals, we may not be able to grow our investment portfolio. In addition, individuals with whom the senior professionals of Remora have relationships are not obligated to provide the Company with investment opportunities. Therefore, we can offer no assurance that such relationships will generate investment opportunities for us.

The investment professionals of Remora expect to devote such time and attention to the conduct of our business as such business shall reasonably require. However, there can be no assurance, for example, that such investment professionals will devote any minimum number of hours each week to our affairs or that they will continue to be employed by Remora. Subject to certain remedies, in the event that certain employees of Remora cease to be actively involved with our operations, we must rely on Remora's ability to identify and retain other investment professionals to conduct our business. The Board intends to evaluate the commitment and performance of Remora in conjunction with the required approval of the Investment Management Agreement.

We depend on Remora to maintain its network of strategic relationships, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities, as well as the service provider agreements and any sub-advisory relationships. If Remora fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom Remora has relationships, including pursuant to any service provider or sub-advisory agreements, are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future.

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***Our financial condition and results of operations depend on Remora'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 Remora'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 will largely be a function of Remora'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, Remora'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.

In addition, our ability to achieve our investment objective will depend in substantial part on Remora's ability to effectively engage qualified service providers to provide loan sourcing, origination, and other services to us. There can be no guarantee Remora will be able to engage or retain such services on terms and conditions favorable to us, or at all. Such failure could have a material impact on our business, financial condition, and results of operations. Further, because we will rely on these service providers to originate and diligence prospective portfolio investments, any failure of such service providers to source appropriate investments for us could hamper our ability to deploy capital, which could have a negative impact on our business, financial condition, and results of operations.

***Unspecified Investments.*** Other than the acquisition of the of the Legacy Portfolio, we have not presently identified, made investments in or contracted to make any investments. As a result, shareholders will not be able to evaluate the economic merits, transaction terms or other financial or operational data concerning our investments prior to the Formation Transaction. Shareholders must rely on Remora's professionals and the Board to implement our investment policies, to evaluate our investment opportunities and to structure the terms of our investments. Because investors are not able to evaluate our future investments in advance of purchasing our securities, an investment in our securities may entail more risk than other types of offerings. This additional risk may hinder a shareholder's ability to achieve their own personal investment objective related to portfolio diversification, risk-adjusted investment returns and other objectives.

***Provisions in the BDC's credit facilities may limit the BDC's operations.*** We intend to use leverage for investment and operating purposes. We expect to acquire (via amendment or a refinancing, or otherwise) the current credit facility of Fund I as provided for in the Credit Agreement in the Formation Transaction, and we may enter into additional credit facilities in the future. To the extent we borrow money to make investments, the applicable credit facility may be backed by all or a portion of our loans and securities on which the lender will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with a lender. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lenders or their designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

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

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

***Remora and its investment professionals may not be able to achieve the same or similar returns as those achieved by the Funds or by such persons while they were employed at prior positions.*** The track record and achievements of Remora's management team and investment professionals are not necessarily indicative of future results that we may achieve. As a result, we may not be able to achieve the same or similar returns as those achieved by Remora's management team and investment professionals at their prior positions, including at the Funds.

***The compensation we will pay to Remora 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 will pay to Remora 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 Remora and its affiliates. Any such decision, however, could cause us to breach our fiduciary obligations to our shareholders.

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***The structure of the Incentive Fee may induce Remora 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 Remora under the Investment Management Agreement may create an incentive for Remora 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 Remora is calculated based on a percentage of our return on invested capital. The Incentive Fee arrangement may encourage Remora 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, Remora receives the Incentive Fee based, in part, upon net capital gains realized on our investments. As a result, in certain situations, Remora may tend 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.

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***Cybersecurity Risks***. We and our service providers are subject to risks associated with cybersecurity breaches. Cybersecurity is a generic term used to describe the technology, processes and practices designed to protect networks, systems, computers, programs and data from cyberattacks 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. Cyberattacks may cause losses to us and/or our shareholders by interfering with the processing of investor transactions or impeding or sabotaging our or Remora's 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 us and/or Remora 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.

**Risks Related to Remora**

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

 

***Conflicts of Interest Generally***. Remora will receive substantial fees from us in return for its 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 and the greater the risk assumed by us with respect to our investments, including using leverage, the greater the potential for growth in our assets and profits, and, correlatively, the fees payable by us to Remora. These compensation arrangements could affect Remora's judgment with respect to offerings of equity, incurrence of debt and investments made by us, which allow Remora to earn increased asset management fees.

***Fee Structure***. The Incentive Fee payable by us to Remora may create an incentive for Remora 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 Remora's or its affiliates' judgment with respect to investments made by us, which allow Remora to earn increased Management Fees and Incentive Fees. The way in which the Incentive Fee is determined may encourage Remora to use leverage to increase the leveraged return on our investment portfolio.

In addition, the fact that our Base Management Fee will be payable based upon the par value of our assets may encourage Remora to use leverage to make additional investments. Such a practice could make such investments riskier 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 Remora to accelerate or defer interest payable by portfolio companies from one calendar quarter to another, potentially resulting in fluctuations in timing and dividend amounts.

***Dedication of Remora Personnel's Time to Us***. Subject to the terms of the Investment Management Agreement, the investment professionals and other employees of Remora will be 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 our 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, Remora's personnel will work on matters related to other funds and accounts. Employees of affiliates of Remora 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 Remora or its affiliates.

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***Service Providers***. Conflicts of interest may exist with respect to Remora's selection of brokers, dealers, transaction agents, counterparties and financing sources for the execution of our transactions. When engaging these services, Remora may 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 Remora deems appropriate to consider under the circumstances. Service providers and financing sources may provide other services that are beneficial to Remora, 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 Remora's selection of service providers and financing sources.

In addition, Remora may exercise its discretion to recommend to a business in which we have made an investment, that it contract for services with (i) Remora or a related person of Remora (which may include a business in which we have made an investment); (ii) an entity with which Remora or its employees has a relationship or from which Remora otherwise derives financial or other benefits, including relationships with joint venturers or co-venturers; or (iii) certain investors (including shareholders) or its affiliates. Such relationships may influence decisions that Remora makes with respect to us. Remora has a potential incentive to make recommendations because of its 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.

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***Remora Relationships***. We expect that Remora will depend on its relationships with third parties, and we will 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 Remora 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 Remora have 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.

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***Allocation of Investments***. Remora will experience conflicts of interest in connection with the management of our business affairs relating to and arising from a number of matters, including: compensation to Remora; services that may be provided by Remora to issuers in which we may invest; the formation of additional investment funds managed by Remora and/or its affiliates; and restrictions on Remora's use of "inside information" with respect to potential investments by us.

***Limitations on Actions and Indemnification***. Remora has not assumed any responsibility to us other than to render the services described in the Investment Management Agreement and Administration 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, Remora and its directors, officers, shareholders, members, agents, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of, Remora 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 Remora and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, Remora with respect to all damages, liabilities, costs and expenses resulting from acts of Remora not arising out of willful misfeasance, bad faith or gross negligence in the performance of their duties. These protections may lead Remora to act in a riskier manner when acting on our behalf than it would when acting for its own accord.

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***Existing Relationships***. Remora 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. Remora and/or its 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 Remora undertakes a particular investment on our behalf and, if so, the form and level of such investment. Similarly, Remora 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 investments that Remora will not employ on our behalf in light of these relationships.

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***Access to Confidential Information***. We, directly or through Remora 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 Remora and its affiliates to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of Remora 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 Remora come into possession of material non-public information with respect to our investments, such personnel will be restricted by Remora'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 Remora 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 Remora in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with Remora will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of Remora.

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 ***Limitation on Transactions with Affiliates***. As a BDC, we are generally limited in our ability to invest in any portfolio company in which our affiliates, Remora or its affiliates currently has an investment, or to make co-investments with our affiliates, Remora or its affiliates (absent exemptive relief as discussed above). 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 Remora 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 Remora 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 Remora or its affiliates' other clients is not permitted under the 1940 Act and related rules, or existing or future staff guidance, Remora will need to decide which client or clients will proceed with the investment. Generally, we will 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 will 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.

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***Investments with Unaffiliated Co-Investors***. 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 entities that assist Remora in sourcing potential investment opportunities 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 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.

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***Failure of Remora to Comply with Pay-to-Play Laws, Regulations and Policies***. Several 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 Remora, or any of its partners or employees 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 Remora, and thus, us.

**Risks Related to the Economy**

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***Capital markets may experience periods of disruption and instability***. 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 and equity capital for the market as a whole and financial services firms in particular. 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 war in Ukraine and Russia, the current conflict in the Middle East, and health epidemics and pandemics, changes in 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 any 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).

Significant changes or volatility in the capital markets may also 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.

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***Political, Social and Economic Uncertainty***. 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.

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***Public Health Emergencies and Outbreak of Existing or New Epidemic Diseases***. The extent of the impact of any public health emergency on our and our portfolio companies' operational and financial performance will depend 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.

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.

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***Adverse global economic conditions could harm our business and financial condition.*** Adverse macroeconomic developments, including, without limitation, inflation, slowing growth, changing interest rates, the imposition of tariffs, or recessions could negatively affect our business and financial condition. These developments or other global events, including those related to the Russia-Ukraine war and the current conflict 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. 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.

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***Risks Related to Changes in Interest Rates***. Because we may borrow money to make investments, our net investment income will depend, 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. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. 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.

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

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***Downgrade of U.S. Credit Rating and Government Shutdown***. 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+ and explained that it expected fiscal deterioration over the next three years. In May 2025, Moody's Ratings downgraded the U.S. government's long-term issuer and senior unsecured ratings from Aaa to Aa1.

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.

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***Terrorist Attacks, Acts of War, Global Health Emergencies or Natural Disasters***. 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**

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***General Economic and Market Conditions***. 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, 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 our 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:

● 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;

● continued deterioration of the sovereign debt of certain countries, together with the risk of contagion to other, more stable, countries;

● rating agency downgrades (or otherwise negative changes in their ratings outlook) on the sovereign long-term debt ratings of certain countries;

● issues affecting the economies of the U.S. and/or non-U.S. economies; and

● the impact of military operations, pandemics and other public health emergencies, the possibility or actual occurrence of terrorist attacks domestically or abroad and/or 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.

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***Financial Institutions and 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 Investment Manager, 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 Remora to manage our investment portfolio, and on our ability or the ability of Remora and any of our portfolio companies 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 Remora 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 Remora can 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 Remora 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, including turmoil in the U.S. banking system in early 2022, 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.

***Financial Market Fluctuations***. 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.

***General Risks of Lending, Secured Lending and Loan Origination***. Remora'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 investment in a portfolio company 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.

***Unspecified Investments***. Except as otherwise disclosed, we have not identified the particular investments we will make. Accordingly, a shareholder must rely upon the ability of Remora 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.

***Competition for Available Investments***. Although Remora 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 will be competing 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 will 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.

***Potentially Limited Number of Investments***. Remora will endeavor 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.

***Investment Due Diligence and Investment Research****.* When conducting due diligence and investment research, Remora 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 Remora 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 Remora 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.

***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 Remora'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. Remora will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but Remora cannot guarantee such accuracy or completeness.

***Insolvency and Bankruptcy***. 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 portfolio 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 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 our 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 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 Remora. To the extent that Remora becomes involved in such proceedings, we could have a more active participation in the affairs of the issuer than that assumed generally by an investor. In addition, involvement by Remora in a company's reorganization proceedings could result in the imposition of restrictions limiting our ability to liquidate our 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.

***Call and Prepayment Risk***. The ability of issuers to prepay our investments will vary. We will experience a loss if our 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:

● changes in issuer performance and requirements for capital;

● interest rate movements;

● unavailability of credit or a decline in credit underwriting standards; and

● the overall economic environment.

Further, in the case of prepayment, we bear reinvestment risk, because the Company 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 our investment or refinance their balloon and bullet loans, resulting in payment defaults.

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***Contingent Liabilities and Indemnification***. We may acquire an investment that is subject to contingent liabilities. Such contingent liabilities could be unknown to us at the time of acquisition or, if they are known, we 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.

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***Smaller Issuers***. We will 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. 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.

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***Portfolio Company Management***. Each portfolio company's day-to-day operations will be the responsibility of such portfolio company's management team. Although Remora will be 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 accordance with Remora's expectations. The success of each portfolio company investment depends in substantial part upon the skill and expertise of each portfolio company's management team.

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***Investments in Highly Leveraged Portfolio Companies***. We may invest in companies with capital structures involving significant leverage. 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:

● 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;

● 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;

● 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;

● 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;

● 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

● 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.

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***Operating and Financial Risks of Portfolio Companies*** The portfolio companies in which we intend to 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 Remora 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 Remora 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.

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***Illiquid Investments and Long-Term Investments; Uncertain Exit Strategies***. We will 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 requirements is available, and Remora may not be able to arrange a private sale. To the extent that there is no trading market for a portfolio investment, Remora 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, Remora is unable to predict with confidence what the exit strategy will ultimately be for any given investment, or that one will be available. In certain instances, we may be forced to sell or exit an investment earlier than Remora would recommend due to liquidity issues or other possible factors.

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 ***Financing Arrangements; Availability of Credit***. There can be no assurance that we will be able to maintain and/or enter into new credit facility arrangements, and 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.

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***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 us (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.

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***Privately Placed Debt Investments of Private Companies***. We will 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 Remora 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.

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***Leveraged Loans and High-Yield Instruments***. 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 Remora 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.

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***Nature of Investment in Secured Loans***. 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.

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***Unitranche Debt Securities***. Unitranche 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 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. 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.

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***Syndicated Debt, Loan Participations and Secondary Market Investments***. We will acquire investments in primary transactions and 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 because 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.

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***Equity Items***. We may invest in Equity Co-Investments, equity kickers and other equity securities and interests in obligors, which we refer to as "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.

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***Lender Liability Risk*.** 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, Remora may hold equity or other interests in obligors of the portfolio company, we could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

 ***Investments in PIK and OID Securities.*** We may invest in securities with PIK interest and OID features, which are subject to unique and differentiated risks. The interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments. However, interest payments that are deferred on a PIK loan are subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan. Further, PIK instruments may have unreliable valuations, as the accrual of such interest requires judgments about the ultimate collectability of the deferred payments and value of associated collateral. Similarly, the market price of OID instruments tends to be more volatile, as they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash.

Investing in securities with PIK or OID features may provide certain benefits to the Investment Manager that are not present in securities without these features, as they may result in increased management fees and incentive compensation, including as a result of volatile or uncertain valuations as described above.

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

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***Changes in Law, Regulation or Policies*.** We and our portfolio companies will be 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 to avail ourselves of new or different opportunities. 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.

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***The impact of changes in U.S. federal income tax laws is 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. Matters pertaining to 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. The Trump Administration has proposed significant changes to the Code and existing U.S. federal income tax regulations, and there are a number of proposals in Congress that would similarly modify the Code. The likelihood of any such legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse consequences, including affecting our ability to qualify as a RIC or otherwise impacting the U.S. federal income tax consequences applicable to us and our investors. 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.

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***Withholding 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 our common stock.

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 ***Investment Company Regulation***. 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 Remora. 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.

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***Licensing Requirements***. Certain federal and local banking and regulatory bodies or agencies may require us, Remora and/or certain employees of Remora 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, Remora 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. Our inability or the inability of Remora 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 our investment program and achieve our intended results.

***Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.*** The United States has recently enacted and proposed to enact significant new tariffs. Additionally, the new U.S. Presidential administration has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade. Any of these factors could depress economic activity and have a material adverse effect on our portfolio companies' business, financial condition and results of operations, which in turn would negatively impact us. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

**Risks Related to BDCs**

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***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 intend to elect 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." 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 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. 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 will be 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.

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.

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***Limits on Capital Raising; Asset Coverage Ratio***. Our business will require 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 evidence 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 150%, subject to certain conditions, 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 150%, subject to certain conditions. 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, as expected upon completion of the Formation Transaction as part of the consideration therefore, 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.

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***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 150%, subject to certain conditions.

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, shareholders will experience increased risks of associated with investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our shares of common stock 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 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 will include in our taxable income certain amounts that we have not yet received in cash, such as OID, which may arise if we receive warrants in connection with the origination of a loan, or contractual 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 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.

***Qualifying Assets Requirement***. 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 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.

***BDC Status***. 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.

***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 qualify as a publicly offered RIC immediately after this offering; however, we may not 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.

***We are subject to significant costs as a result of being registered under the Exchange Act.*** We incur legal, accounting, and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act and other rules implemented by the SEC. These rules and regulations, and any future changes thereto, will increase our legal and financial compliance costs and will require significant time and attention from our management team.

**Risks Related to Our Common Stock**

 ***Limited Liquidity.*** We do not intend to apply to list our shares of common stock on a national securities exchange at this time. The shares of our common stock that we expect to issue will be 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 we expect to issue will not be registered under the Securities Act, or any state securities law, and will be restricted as to transfer by law. Shareholders generally may not sell, assign or transfer their shares, except in compliance with the applicable securities laws. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their shares. Shareholders must be prepared to bear the economic risk of an investment in us for an indefinite period of time.

***Shareholders May Experience Dilution.*** Shareholders will not have preemptive rights to subscribe to or purchase any shares issued in the future. To the extent we issue additional equity interests, including in any private offering or a public offering, a shareholder's percentage ownership interest in us will be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, a shareholder may also experience dilution in the NAV and fair value of our shares.

Common shareholders may also experience dilution over time if they do not elect to participate in the dividend reinvestment program. All distributions on our common stock declared in cash payable to shareholders that are participants in the dividend reinvestment program will be reinvested in shares of our common stock if the investor opts in to the dividend reinvestment program.

***Restrictions on Transfers***. The shares of our common stock that we will issue 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 shareholder who acquires our securities in connection the BDC Election and/or any future private offering may not sell, assign, transfer or otherwise dispose of any shares ("Transfer") unless the Transfer is made in accordance with applicable securities law. No Transfer will be effectuated except by registration of the Transfer on our books.

**Risks Related to Our Preferred Stock**

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***There will be no public market for the preferred stock as we do not intend to apply for listing on a national securities exchange.*** There is currently no public market for our preferred stock, and we do not intend to apply to list the preferred stock on a national securities exchange or to include the preferred stock for listing on any national securities market. Unless shares of the preferred stock are listed on a national securities exchange, holders of shares of preferred stock may be unable to sell them at all or, if they are able to, only at substantial discounts from the liquidation preference of such shares. Even if the preferred stock is listed on a national securities exchange, there is a risk that such shares may be thinly traded, and the market for such shares may be relatively illiquid compared to the market for other types of securities, with the spread between the bid and asking prices considerably greater than the spreads of other securities with comparable terms and features. Also, since the preferred stock does not have a stated maturity date, holders of shares of our preferred stock may be forced to hold their preferred stock with no assurance as to ever receiving the liquidation preference of such shares.

***Dividend payments on the Preferred Stock are not guaranteed.*** Although dividends on the preferred stock are cumulative, our Board must approve the actual payment of the dividends. Our Board can elect at any time or from time to time, and for an indefinite duration, not to pay any or all accrued dividends. Our Board could elect to suspend dividends for any reason, and may be prohibited from approving dividends in the following instances:

● poor historical or projected cash flows;

● the need to make payments on our indebtedness;

● upon concluding that payment of dividends on the preferred stock would cause us to breach the terms of any indebtedness or other instrument or agreement; or

● upon determining that the payment of dividends would violate applicable law regarding unlawful distributions to stockholders.

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***Our ability to pay dividends on shares of our Preferred Stock may be limited by Maryland law and the 1940 Act.*** Under Maryland law, a corporation may pay dividends on stock as long as, after giving effect to the dividend payment, the corporation is able to pay its debts as they become due in the usual course of business (the equity solvency test), or, except in limited circumstances, the corporation's total assets exceed the sum of its total liabilities plus, unless its charter permits otherwise, the amount that would be needed, if the corporation were to be dissolved at the time of the dividend payment, to satisfy the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are superior to those receiving the dividend (the balance sheet solvency test).

In addition, under the 1940 Act, we may not (1) declare any dividend with respect to any shares of preferred stock if, at the time of such declaration (and after giving effect thereto), our asset coverage with respect to any of our borrowings that are senior securities representing indebtedness (as defined in the 1940 Act) would be less than 150% (or such other percentage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities representing indebtedness of a BDC as a condition of declaring dividends on its preferred stock) or (2) declare any other distribution on the preferred stock if at the time of the declaration (and after giving effect thereto), our asset coverage with respect to such borrowings that are senior securities representing indebtedness would be less than 150% (or such other percentage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities representing indebtedness of a BDC as a condition of declaring distributions on its shares).

***The cash distributions you receive may be less frequent or lower in amount than you expect.*** Our Board intends to pay distributions on the preferred stock quarterly in arrears on or about the last day of the month following the end of each calendar quarter for dividends accrued the previous quarter (or such later date as our Board may designate) in an amount equal to (i) 7.5 bps (or 0.075%) per annum of the par value of our loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to any loan asset or similar portfolio investment by our Board of Directors or valuation designee) (the "Initial Dividend Rate") through the first anniversary of the BDC Election Date and (ii) thereafter, 10 bps (or 0.1%) per annum of the par value of our loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to any loan asset or similar portfolio investment by our Board of Directors or valuation designee) (the "Fixed Dividend Rate"). However, our Board has ultimate discretion to determine the amount and timing of these distributions. In making this determination, our Board will consider all relevant factors, including the amount of cash available for distribution, capital expenditure and reserve requirements, and general operational requirements. We cannot assure you that we will consistently be able to generate sufficient available cash flow to fund distributions on the preferred stock at the stated dividend rate, nor can we assure you that sufficient cash will be available to make distributions to you. We cannot predict the amount of distributions holders of our preferred stock may receive, and we may be unable to pay distributions over time. Our inability to acquire additional investments or operate profitably may have a negative effect on our ability to generate sufficient cash flow from operations to pay distributions on the preferred stock.

***Holders of the Preferred Stock will be subject to inflation risk.*** Inflation is the reduction in the purchasing power of money resulting from the increase in the price of goods and services. Inflation risk is the risk that the inflation-adjusted, or "real," value of an investment or the income from that investment will be worth less in the future. As inflation occurs, the real value of the preferred stock and dividends payable on shares of such preferred stock declines. Accordingly, in an inflationary economic environment, holders of our preferred stock will be subject to the risk of such a decline in value.

**Item 2. Financial Information.**

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

 

*The information in this section contains forward-looking statements that involve risks and uncertainties. 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 financial statements and related notes and other financial information appearing elsewhere in this Registration Statement.*

 

**Overview**

We are an externally managed, non-diversified closed-end management investment company established to seek attractive risk-adjusted returns from senior secured corporate loans primarily in the core middle market in our Target Market. We are a Maryland corporation that intends to elect to be regulated as a BDC under the 1940 Act and intends to elect and to qualify annually as a RIC for U.S. federal income tax purposes.

We will be externally managed by Remora, a Delaware limited liability company, pursuant to the Investment Management Agreement. Subject to the overall supervision of the Board, Remora will manage our day-to-day operations and will provide us with investment advisory services pursuant to the Investment Management Agreement. Remora will also serve as the Administrator pursuant to the Administration Agreement and will provide all administrative services necessary for us to operate under the Administration Agreement.

Our investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. We intend to build a diversified portfolio of high-quality, senior secured loans to middle-market companies in our Target Market. We primarily establish co-investment programs with loan originators or their affiliates to purchase loan assets on a secondary basis and make opportunistic secondary market purchases of loan assets. We purchase (directly or via co-investment) loan assets as a co-lender or as a "club" lender and participate in loan syndications, as discussed below. We may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by other loan originators.

We will principally target investments in first lien senior secured loans (which are in first position or have first claim to underlying collateral and the senior most securities in the capital structure) issued typically by non-bank loan Originators to tenured private equity Sponsors for leveraged buyout acquisitions and growth capital financings. Remora will target, on average, to have 50/50 LTV with Sponsors' equity capital invested junior to our investments, demonstrating significant collateral support for our investments. Remora believes this investment strategy will drive consistent current income for our investors at attractive yields while maintaining a core focus on capital preservation.

We anticipate conducting one or more private placements of our shares of common stock to investors in reliance on an exemption from the registration requirements of the Securities Act. We expect to enter into separate Subscription Agreements with a number of investors in each Private Offering. Subscriptions will be effective only upon our acceptance, and we reserve the right to reject any subscription in whole or in part. All purchases will be made at a purchase price equal to the then-current NAV per share of common stock, as determined by us.

**Investments**

Our level of investment activity can and is expected to vary substantially from period to period depending on many factors, including the amount of capital available to target portfolio companies, the general economic environment, and the competitive environment for the type of investments we make.

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**Revenues**

We intend to generate revenue in the form of interest income on debt investments and capital gains and distributions, if any, on investment securities that we may acquire. Payments of principal on our debt investments may be amortized over the stated term of the investment, or due entirely at maturity. In some cases, our debt investments may pay interest in-kind, or PIK interest, or involve original issue discount ("OID") features that are amortized over the life of the loan. Any outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the maturity date. The level of interest income we receive will be directly related to the balance of interest-bearing investments multiplied by the weighted average yield of our investments. We expect that the total dollar amount of interest and any dividend income that we earn will increase as the size of our investment portfolio increases.

In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. We will record prepayment premiums on loans and debt securities as interest income. We may generate income from dividends on or appreciation of direct equity investments or equity interests obtained in connection with originating loans. In addition, we may generate interest income from our cash investments.

**Expenses**

We do not currently have any employees and do not expect to have any employees. Our day-to-day investment operations will be managed by Remora, pursuant to the terms of the Investment Management Agreement, and services necessary for our business, including the origination and administration of our investment portfolio, will be provided by individuals who are employees of Remora pursuant to the terms of the Administration Agreement and outside service providers pursuant to loan sourcing and other service agreements. All investment professionals of Remora and its staff, when and to the extent engaged in providing investment advisory and management services under the Investment Management Agreement, and the compensation and routine compensation-related overhead expenses of such personnel allocable to such services, will be provided and paid for by Remora and not by us. We will bear all other costs and expenses of our operations and transactions, including those listed in the Investment Management Agreement. See "Item 1. Business – Management Agreements – *Investment Management Agreement.*"

We will reimburse the Administrator in an amount equal to our allocable portion of the Administrator overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and our allocable portion of the cost of our General Counsel, Chief Financial Officer and Chief Compliance Officer and their staff. The allocable portion of the salaries of the General Counsel, Chief Financial Officer, Chief Compliance Officer and other Remora staff attributable to their work on the Company is subject to a cap equal to 22.5 bps of our NAV as of the end of each fiscal year. In addition, if requested to provide significant managerial assistance to our portfolio companies, the Administrator will be paid an additional amount based on the services provided, which shall not exceed the amount that we receive from such portfolio companies for providing this assistance. See "Item 1. Business – Management Agreements – *Administration Agreement*."

*Third-Party Providers of Goods and Services*

From time to time, Remora or its affiliates may pay third-party providers of goods or services*.* We will reimburse Remora or such affiliates thereof for any such amounts paid on our behalf. All of the foregoing expenses will ultimately be borne by our shareholders.

In particular, we intend to engage third parties to perform loan sourcing and origination services to us pursuant to agreements with such parties.

We may also enter into one or more sub-advisory agreements pursuant to which third parties will source and manage investments for us.

*Organization and Offering Expenses*

Remora will pay all legal organizational costs for us. Remora will also pay for all organizational, offering and other expenses, including, but not limited to, audit fees, printer fees, fees associated with any service provider to the Company and financing fees, etc., incurred in connection with our organization and initial private offering, to the extent we do not make an election to be regulated as a BDC under the 1940 Act.

**Financial Condition, Liquidity and Capital Resources**

We intend to generate cash primarily from offerings of our securities and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. Our primary use of cash will be investments in portfolio companies, payments of our expenses, payment of cash distributions to our shareholders and repurchases of our shares of preferred stock and common stock under our Common Share Repurchase Program (as defined below) and Preferred Share Repurchase Program (as defined below), respectively.

*Formation Transaction*

 

Immediately prior to the BDC Election, we expect to acquire the Legacy Portfolio through the Formation Transaction pursuant to the Merger Agreements. As a result of the Formation Transaction, investors in the Funds will each receive shares of both preferred stock and common stock of the Company equal to the NAV of their account in the respective Fund in exchange for, and pro rata to, their limited partnership interests in the applicable Fund. In addition, we expect for our founders, directors and officers to receive pro rata shares of preferred stock in connection with the Formation Transaction from the conversion of existing partnership interests in the Funds.

*Distributions*

We generally intend to make quarterly distributions on our common stock and preferred stock and to distribute, out of assets legally available for distribution, substantially all of our available earnings, on an annual basis, as determined by the Board. However, our Board has ultimate discretion to determine the amount and timing of these distributions. In making this determination, our Board will consider all relevant factors, including the amount of cash available for distribution, capital expenditure and reserve requirements, and general operational requirements. We cannot assure you that we will consistently be able to generate sufficient available cash flow to fund distributions on the common stock or on preferred stock at the stated dividend rate described below, nor can we assure you that sufficient cash will be available to make distributions to you.

With respect to the common stock, distributions, when declared, will be paid in cash to shareholders of the common stock to the extent the shareholder has not opted into participating in our dividend reinvestment program. If our Board authorizes, and we declare, a cash dividend or distribution, our common shareholders who have opted in to our dividend reinvestment plan will have their cash dividends or distributions on our common stock automatically reinvested in additional shares of our common stock, rather than receiving cash. The number of shares of our common stock to be issued to a shareholder under the dividend reinvestment program 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 our calendar quarter immediately preceding the date such distribution was declared. We intend to use newly issued shares of common stock to implement the program. See "Item 1. Business - Distributions; Dividend Reinvestment Program" for more information regarding the dividend reinvestment program.

With respect to the preferred stock, our Board intends to pay distributions on the preferred stock quarterly in arrears on or about the last day of the month following the end of each calendar quarter for dividends accrued the previous quarter (or such later date as our Board may designate) in an amount equal to (i) the Initial Dividend Rate of 7.5 bps (or 0.075%) per annum through the first anniversary of the BDC Election Date and (ii) the Fixed Dividend Rate of 10 bps (or 0.1%) per annum after such first anniversary.

We cannot predict the amount of distributions holders of our common stock or preferred stock may receive, and we may be unable to pay distributions over time. Our inability to acquire additional investments or operate profitably may have a negative effect on our ability to generate sufficient cash flow from operations to pay distributions on the common stock and/or preferred stock.

*Borrowings*

We expect to expect to amend and acquire or refinance a credit facility governed by the Credit Agreement in the Formation Transaction, and may enter into future credit facilities on different terms than those contained in the Credit Agreement.

**Critical Accounting Policies**

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.

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*Investment Valuation*

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 held by us do not have readily available market quotations, the Board is required to determine the "fair value" of such securities, with input from Remora, third-party independent valuation providers or firms and the 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 are 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 our 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 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.

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:

● Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

● 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.

● Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

*Investment Valuation Process*

Our Board undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments:

● Our quarterly valuation process begins with each portfolio company or investment being initially valued by the principals of Remora.

● Separately, an independent valuation firm or other third-party service providers engaged by the Board, will provide third-party valuation consulting services with respect to our investments at least once annually for all investments held in the portfolio for at least six months, and at least quarterly for: (i) all loan investments considered on non-accrual, in default, or on the Company's "Watch List" for potential default, and (ii) for any loan investments for which the Company also received an Equity Co-Investment. In certain cases, Remora may determine it is not cost-effective and, as a result, is not in its shareholder's best interest, to consult with an 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 or a loan or other investment considered by the Board to be de minimis.

● The principals of Remora prepare a valuation report for the audit committee of the Board.

● The audit committee of the Board reviews the preliminary valuations, and Remora responds and supplements the preliminary valuations to reflect any comments provided by the audit committee.

● The audit committee of the Board makes recommendations to the Board regarding the fair value of each investment in our portfolio for which market quotations are not readily available; and

● The Board discusses valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of Remora, the independent valuation firms or service providers, if any, and the respective audit committee, and determines the fair values of such assets.

*Revenue Recognition*

We record interest income on an accrual basis to the extent such interest is deemed collectible. PIK interest, represents contractual interest accrued and added to the loan balance that generally becomes due at maturity. We will not accrue any form of interest on loans and debt securities if there is reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and we then accrete or amortize such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. We record prepayment premiums on loans and debt securities as other income. Dividend income, if any, will be recognized on the declaration date.

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*Contractual Obligations*

As of April 30, 2025, we had not commenced operations and did not have any significant contractual payment obligations.

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*Off-Balance Sheet Arrangements*

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities.

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*Quantitative and Qualitative Disclosures About Market Risk*

We are subject to financial market risks, including changes in interest rates. We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith by the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. See "Item 1. Business - Determination of Net Asset Value*.*"

**Item 3. Properties*.***

We do not own any real estate or other physical properties materially important to our operation or any of our subsidiaries. Our headquarters are currently located at Remora Capital Partners, 3200 West End Avenue, Suite #500, Nashville, Tennessee, 37203. We believe that our current office facilities are adequate to meet our needs.

**Item 4. *Security Ownership of Certain Beneficial Owners and Management.***

The following table sets forth, as of July 15, 2025, information with respect to the beneficial ownership of the shares of our common stock and preferred stock by:

● each person known to us to beneficially own more than 5.0% of the outstanding shares of our common stock and/or preferred stock;

● each of our directors and each of our executive officers; and

● all of our directors and executive officers as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. The percentage of beneficial ownership with respect to each class of our securities is based on the 1,000 shares of our common stock and 0 shares of our preferred stock outstanding as of July 15, 2025, respectively.

Unless otherwise indicated, to our knowledge, each shareholder listed below has sole voting and investment power with respect to the shares beneficially owned by the shareholder, except to the extent authority is shared by their spouses under applicable law. Unless otherwise indicated, the address of all executive officers and directors is c/o Remora Capital Corporation, 3200 West End Avenue, Suite #500, Nashville, Tennessee, 37203.

Our directors are divided into two groups - interested directors and Independent Directors. Interested directors are "interested persons" as defined in Section 2(a)(19) of the 1940 Act, and Independent Directors are all other directors.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Type of Ownership** | **Number of Shares of Common Stock Owned Beneficially<sup>(1)</sup>** | **Percentage<br> of Common Stock Outstanding** | **Number of Shares of Preferred Stock Owned Beneficially<sup>(1)</sup>** | **Percentage<br> of Preferred Stock Outstanding** |
|  ***Interested Director*** |  |  |  |  |  |
| Daniel Mafrice | Indirect | 1000<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |  |  |
|  ***Independent Directors*** |  |  |  |  |  |
| Scott Elsworth |  |  |  |  |  |
| Greg Sherman |  |  |  |  |  |
|  ***Other Executive Officers*** |  |  |  |  |  |
| Abbey Chapman |  |  |  |  |  |
| Joseph Altman |  |  |  |  |  |
| Frank Galea |  |  |  |  |  |
|  ***Executive officers and directors as a group (5 persons)*** |  |  |  |  |  |
|  ***5.0% Owners*** |  |  |  |  |  |
| Remora Capital Management, LLC<sup>(2)</sup>  | Direct | 1000 | 100% |  |  |

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(1) Beneficial ownership has been determined in accordance with
Rule 13d-3 under the Exchange Act.

(2) The address of Remora Capital Management, LLC is 3200 West
End Avenue, Suite #500, Nashville, Tennessee, 37203.

(3) In
 connection with our initial capitalization, the Investment Adviser purchased 1,000 shares
 of our common stock for an aggregate purchase price of $10,000. The shares were sold in reliance
 upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities
 Act. Mr. Mafrice is a control person of the Investment Adviser and, accordingly, controls
 the Investment Adviser's shares of our common stock.

Our founders, directors and officers will receive approximately $517,000 in common stock and preferred stock in connection with the Formation Transaction from the conversion of existing partnership interests in the Funds as of March 31, 2025.

**Item 5. Directors and Executive Officers.**

**Board of Directors and Executive Officers**

Our business and affairs are managed under the direction of the Board. The responsibilities of the Board include, among other things, the overseeing of our investment activities, determining our NAV on a quarterly basis and overseeing our financing arrangements and corporate governance activities. The Board consists of three members, two of whom are not "interested persons" of us or of Remora, as defined in Section 2(a)(19) of the 1940 Act, and are "independent," as determined by the Board. These individuals are referred to as Independent Directors. The Board will elect our executive officers, who will serve at the discretion of the Board.

**Directors** 

Under our Articles of Incorporation, the directors are divided into three classes. Directors of each class will hold office for terms ending at the third annual meeting of shareholders after their election and when their respective successors are elected and qualified. However, the initial members of the three classes of directors have initial terms ending at the first, second and third annual meeting of shareholders after the BDC Election, respectively. In addition, the holders of shares of preferred stock are entitled, as a class, to the exclusion of the holders of all other classes of stock of the Company, to elect two directors at all times (regardless of the total number of directors serving on the Board) and to elect a majority of the directors if distributions on the preferred stock are in arrears by two full years or more. Scott Elsworth and Greg Sherman have been designated as the proposed preferred directors.

Information regarding the Board is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Director<br> Since** | **Expiration of Term** |
| **Interested Director:** |  |  |  |  |
| Daniel Mafrice | 1979 | President and Chief Executive Officer | 2024 | 2026 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Director Since**  | **Expiration of Term** |
| **Independent Directors :** |  |  |  |  |
| Greg Sherman | 1979 | Director | 2025 | 2027 |
| Scott Elsworth | 1979 | Director | 2025 | 2028 |

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*Interested Director*

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***Daniel Mafrice.*** Mr. Mafrice has been the Chief Executive Officer and Chief Investment Officer and member of the Investment Committee of Remora since its founding in 2021. Mr. Mafrice has over 24 years of direct experience in leveraged finance, principal investing, portfolio management, due diligence and business operations executive management. He has significant experience shaping and implementing turnaround and growth strategies for small businesses and middle market growth companies as both a financier and Chief Executive Officer.

Mr. Mafrice began his career in the Leveraged Finance Group at Jefferies, the global investment bank. During his tenure, he specialized in leveraged finance, mergers and acquisitions, public and private equity offerings and out-of-court debt restructurings. At Jefferies, Mr. Mafrice raised over $7 billion for middle market growth companies through the structuring, marketing and placing of high yield securities, leveraged loans and mezzanine securities associated with financial sponsor leveraged buyouts ("LBOs"), refinancings, dividend recapitalizations and roll-up acquisitions. Mr. Mafrice has worked extensively with the executive management teams of middle market companies across several industries, including education technology, consumer, retail, manufacturing, government / defense, automotive, general industrial, oil & gas, media, technology, business services and lodging. Mr. Mafrice assisted corporate clients in deriving and executing important corporate strategy decisions, including capital structure planning, raising both debt and equity capital, regional and international expansions, acquisitions, spinoffs and corporate restructurings and reorganizations. Mr. Mafrice graduated from the University of Michigan Business School with a BBA, with distinction, in Finance and Accounting.

We believe Mr. Mafrice's extensive experience in investment management and expertise in financial business operations provide him with important and valuable skills relevant to the Company, which makes him well qualified to serve as a member of the Board.

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 *Independent Directors* 

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***Scott Elsworth.*** Mr. Elsworth is a partner in Chapman and Cutler's Asset Securitization Department, and Banking and Financial Services Department. Mr. Elsworth's practice is focused on representing commercial banks, financial institutions, borrowers, and issuers in a wide range of domestic and international financings. He has extensive experience representing lenders and purchasers in warehouse facilities, securitization transactions, and structured finance matters involving a wide variety of asset classes, including small business loans, commercial loans, consumer loans, student loans, and equipment leases. His experience also includes advising senior, mezzanine, and unsecured lenders in connection with the structuring and documentation of syndicated cash-ﬂow and asset-based credit facilities. He has broad experience with sponsor-backed acquisition ﬁnance facilities, working capital loans, unitranche facilities, and cross-border ﬁnancings. Mr. Elsworth has practiced for 15 years at AmLaw 200 firms. Mr. Elsworth holds a BBA from the University of Michigan Business School and a J.D., MBA from Washington University School of Law and Olin Business School.

The Company believes Mr. Elsworth's extensive experience in the financial sector across a wide variety of asset classes provides important and valuable skills relevant to the Company, which makes him well-qualified to serve as a member of the Board.

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***Greg Sherman.*** Mr. Sherman is a seasoned in-house attorney specializing in the commercialization of pharmaceutical products, with extensive experience navigating complex legal and business landscapes. Currently serving as Senior Associate General Counsel at Gilead, he leads a team of attorneys supporting global commercialization organizations across multiple therapeutic areas including Virology, Oncology, and Inflammation. His work involves collaborating with executive business leaders to manage risk associated with the promotion of Gilead's innovative treatments around the globe. Before his current role, Greg held multiple positions at Gilead, including leading the legal function that supports Gilead's $17 billion U.S. HIV Business Unit.

Greg's legal career began at prestigious law firms, including Sidley Austin and Hooper, Lundy & Bookman, where he provided legal advice to leading pharmaceutical manufacturers, medical device companies, laboratories, and large healthcare institutions. In addition to his regulatory counseling, he advised life science companies on significant transactions and represented clients in a variety of litigation matters. With a JD from the University of California College of Law, San Francisco (formerly UC Hastings), and a BA in Political Science from the University of Michigan, Greg has received numerous accolades for his academic achievements. He is also a published author, contributing to discussions on health law and compliance in trade publications. Greg is a member of the State Bar of California.

The Company believes Mr. Sherman's extensive experience at the intersection of business and law, including in highly regulated fields like those that comprise the Legacy Portfolio and the intended portfolio of the Company, provide him with important and valuable skills relevant to the Company, which makes him well-qualified to serve as a member of the Board.

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**Executive Officers Who Are Not Directors**

Information regarding our executive officers who are not directors is as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** |
| Joseph Altman | 1975 | Secretary |
| Abbey Chapman | 1996 | Chief Financial Officer |
| Frank Galea | 1968 | Chief Compliance Officer |

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***Joseph Altman.*** Mr. Altman has been a Principal and member of the Investment Committee of Remora since its founding in 2021, Chief Compliance Officer of Remora since March 2024, and our Secretary since May 2025. Mr. Altman has over 28 years of direct experience in principal investing, portfolio management, due diligence, and leveraged finance.

Mr. Altman began his career in corporate finance and worked at Jefferies, the global investment bank. During his tenure, he specialized in mergers and acquisitions, public and private equity offerings and leveraged finance. He was a generalist negotiating on behalf of a broad range of clients in varying industries and scenarios. In 2002, Mr. Altman joined a family office that completed the leveraged buyout of a publicly traded manufacturing and business services conglomerate. Mr. Altman led the team that sold both operating subsidiaries to strategic investors in 2006. In 2008, Mr. Altman formed COMPOUND Capital Management with Mr. Kyriopoulos. Since then, they have managed a value-oriented, tax-efficient, long-term investment partnership, primarily focused on concentrated publicly traded U.S. equities. In 2020, Mr. Altman and Mr. Kyriopoulos acquired privately held RUTLAND, a leading U.S. manufacturer of refractory products to major retailers nationwide. Mr. Altman graduated from the University of Virginia with a BA in English Literature & Language.

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***Abbey Chapman.*** Ms. Chapman has been the Chief Financial Officer of Remora since September 2024 and our Chief Financial Officer since May 2025.

Ms. Chapman began her career as an auditor with EY where she played an integral role in auditing the financial records of multiple publicly held companies, including those with specialized transaction advisory needs. In 2021, Ms. Chapman joined the accounting team at Main Street Capital Corporation, which operates a publicly traded business development company (NYSE:MAIN) based in Houston, Texas, where she reviewed, analyzed, and prepared accounting records for SEC filings. In this role, Ms. Chapman also led initial, ongoing, and exit valuation analyses of over fifty cumulative investments for SEC reporting and coordinated presentations for investor earnings calls. In May 2022, Ms. Chapman joined Conant Capital, d/b/a Aesthetic Partners, a leading search fund and private equity roll-up strategy in the medical aesthetics industry. During her tenure, Aesthetic Partners grew from nine locations to 23 locations, including expanding to new states. In this role, Ms. Chapman contributed to most aspects of Aesthetic Partners' business functionalities, including evaluating and negotiating potential acquisitions, performing due diligence, and financial reporting to investors. Ms. Chapman graduated cum laude from the University of California, Los Angeles with a degree in Business Economics.

 ***Frank Galea.*** Mr. Galea has been the Chief Compliance Officer of the Company and Remora since June 2025.

Mr. Galea began his career in asset management at Wells Fargo Funds Management Group as Technology Manager for business continuity, information security and Compliance initiatives. In 2006, he joined the Compliance team at Charles Schwab Investment Management and was responsible for portfolio guideline monitoring across the platform. In 2010, Mr. Galea joined TIAA to run the anti-corruption (FCPA) program and the real assets compliance program. He moved to TIAA's Nuveen division providing compliance support to private market affiliates, including Churchill Asset Management, which launched three BDCs during his tenure. While at Nuveen, Mr. Galea served as Chief Compliance Officer ("CCO") for the AGR Partners affiliate. In 2022, Mr. Galea joined ACA Group as a Director and outsourced CCO to multiple registered investment advisers and BDCs, including each of PennantPark Investment Corp. and PennantPark Floating Rate Capital Ltd. from May 2023 to April 2025, both of which are BDCs, 5C Lending Partners Corp., a BDC, as well as its registered investment adviser, 5C Investment Partners, from June 2024 to April 2025, and Rainier Capital Partners, a registered investment adviser, from May 2023 to April 2025. Mr. Galea joined Kroll's Financial Services Compliance and Regulation practice as a Director in April 2025 and has served as CCO to each of Muzinich BDC, Inc. and Muzinich Corporate Lending Income Fund, Inc. from May 2025 to the present. Mr. Galea graduated from San Francisco State University with a Bachelor's degree in Economics and is a CFA charterholder.

 **

**Investment Committee Members Who Are Not Directors or Executive Officers of the Company**

 

***Christopher Kyriopoulos.*** Mr. Kyriopoulos has been a Principal and member of the Investment Committee of Remora since its inception in 2021.

Mr. Kyriopoulos has over 29 years of direct experience in principal investing, portfolio management, due diligence, and leveraged finance. Mr. Kyriopoulos began his career in corporate finance and worked at J.C. Bradford & Company, a full-service investment bank that today is part of UBS, the global investment bank. While at J.C. Bradford, Mr. Kyriopoulos worked on mergers and acquisitions and private and public debt and equity financings for a variety of industries including consumer products, health care, privatized corrections, financial institutions, restaurants, technology and manufactured housing. Mr. Kyriopoulos joined Clayton Associates, a Nashville-based private equity firm where he actively participated in over 70 investments. In connection with those investments, he has served on the board of directors of seven companies. As a Partner, he conducted financial due diligence, negotiated term sheets, structured transactions, and assisted portfolio companies in prospective exit transactions and financing initiatives. He was a member of the five-person investment committee for final funding approval for new investments. Mr. Kyriopoulos has also served on the Advisory Board of Morgan Keegan's Nashville-based mezzanine fund and the Martha O'Bryan Center, a Nashville charitable organization. In 2008, Mr. Kyriopoulos formed COMPOUND Capital Management with Mr. Altman. Since then, they have managed a value-oriented, tax-efficient, long-term investment partnership, primarily focused on concentrated publicly traded U.S. equities. In 2020, Mr. Kyriopoulos and Mr. Altman acquired privately held RUTLAND, a leading U.S. manufacturer of refractory products to major retailers nationwide. Mr. Kyriopoulos graduated from the University of Virginia McIntire School of Commerce with a BS in Commerce, with a concentration in Finance and Management.

**Indemnification Agreements**

We have entered into indemnification agreements with the members of the Board. The indemnification agreements are intended to provide the members of the Board with the maximum indemnification permitted under Maryland law. Each indemnification agreement provides that we will indemnify the manager who is a party to the agreement including the advancement of legal expenses, if, by reason of his or her corporate status, such manager is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, other than a proceeding by or in the right of the Company.

**Board Leadership and Structure**

Overall responsibility for our oversight rests with the Board. We expect to enter into the Investment Management Agreement pursuant to which the Investment Manager will manage us on a day-to-day basis. The Board is responsible for overseeing Remora and our other service providers in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and our Articles of Incorporation. The Board is composed of three members, two of whom are directors who are not "interested persons" of us or Remora, as defined in the 1940 Act. In addition, the holders of shares of preferred stock must be entitled as a class voting separately to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two full years or more.

The Board intends to meet at regularly scheduled quarterly meetings each year. In addition, the Board may hold special meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, the Board has established a Nominating and Corporate Governance Committee and an Audit Committee and may establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities.

Daniel Mafrice serves in the role of chairman of the Board. The chairman's role is to preside at all meetings of the Board and to act as a liaison with Remora, counsel and other directors generally between meetings. The chairman serves as a key point person for dealings between management and the directors. The chairman also may perform such other functions as may be delegated by the Board from time to time.

The Board does not have a lead Independent Director. We are aware of the potential conflicts that may arise when a non-Independent Director is chairman of the Board but believe these potential conflicts are mitigated by our strong corporate governance practices. Our corporate governance practices include regular meetings of the Independent Directors in executive session without the presence of the interested director of the Company and management, the establishment of an Audit Committee, which is comprised solely of Independent Directors, and the appointment of a Chief Compliance Officer, with whom the Independent Directors meet without the presence of the interested director and other members of management, for administering our compliance policies and procedures. We recognize that different leadership structures are appropriate for companies in different situations. We intend to re-examine our corporate governance policies on an ongoing basis to ensure that they continue to meet our needs.

**Board's Role in Risk Oversight**

The Board will perform its risk oversight function primarily through (i) its standing committees, which will report to the entire Board and will be comprised solely of Independent Directors, and (ii) active monitoring of our Chief Compliance Officer and our compliance policies and procedures. Oversight of other risks will be delegated to the committees.

Oversight of our investment activities will extend to oversight of the risk management processes employed by Remora as part of its day-to-day management of our investment activities. The Board anticipates reviewing risk management processes at both regular and special board meetings throughout the year, consulting with appropriate representatives of Remora as necessary and periodically requesting the production of risk management reports or presentations.

**Committees of the Board of Directors** 

The Board has two standing committees: an audit committee (the "Audit Committee") and a nominating and corporate governance committee (the "Nominating and Corporate Governance Committee"). We will not have a compensation committee because our executive officers will not receive any direct compensation from us.

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*Audit Committee*

The Audit Committee operates pursuant to a charter approved by the Board. The charter sets forth the responsibilities of the Audit Committee. The primary function of the Audit Committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging our independent accountants, reviewing the plans, scope and results of the audit engagement with our independent accountants, approving professional services provided by our independent accountants (including compensation therefore), reviewing the independence of our independent accountants and reviewing the adequacy of our internal controls over financial reporting. The Audit Committee is composed of two people, Scott Elsworth and Greg Sherman, both of whom are considered independent for purposes of the 1940 Act. Mr. Elsworth serves as the chair of the Audit Committee and qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act. Each of the members of the Audit Committee meet the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of us or of Remora, as defined in Section 2(a)(19) of the 1940 Act.

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*Nominating and Corporate Governance Committee*

The Nominating and Corporate Governance Committee operates pursuant to a charter approved by the Board. The charter sets forth the responsibilities of the Nominating and Corporate Governance Committee, including making nominations for the appointment or election of Independent Directors and assessing the compensation paid to Independent Directors of the Board. The Nominating and Corporate Governance Committee consists of Scott Elsworth and Greg Sherman, both of whom are considered independent for purposes of the 1940 Act. Mr. Sherman serves as the chair of the Nominating and Corporate Governance Committee.

The Nominating and Corporate Governance Committee will consider nominees to the Board recommended by a shareholder, if such shareholder complies with the advance notice provisions of our bylaws ("Bylaws"). Our Bylaws provide that a shareholder who wishes to nominate a person for election as a director at a meeting of shareholders must deliver written notice to our Secretary. This notice must contain, as to each nominee, all of the information relating to such person as would be required to be disclosed in a proxy statement meeting the requirements of Regulation 14A under the Exchange Act, and certain other information set forth in our Bylaws. See "Description of Shares - Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals."

**Board Observers**

The Board may, from time to time, also invite certain individuals to observe board meetings. Remora expects to recommend that Nour Daoud, Director of Alternative Investments at Lido Advisors, LLC, be invited to observe meetings of the Board. Mr. Daoud has spent over twenty-five years in a variety of senior-level roles, primarily focused on alternative investment strategies for institutional and ultra-high-net-worth investors**.**

**Item 6. Executive Compensation.**

None of our officers receive direct compensation from us. We have agreed to reimburse Remora for its allocable portion of the compensation paid to or compensatory distributions received by our General Counsel, Chief Compliance Officer and Chief Financial Officer, and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, all of which compensatory expenses are subject to a cap equal to 22.5 bps of our NAV as of the end of each fiscal year. In addition, to the extent that Remora outsources any of its functions, we will pay the fees associated with such functions at cost. We will agree to reimburse Remora for its allocable portion of the compensation of any personnel that it provides for use by us.

**Compensation of Directors**

No compensation is expected to be paid to our directors who are "interested persons," as such term is defined in Section 2(a)(19) of the 1940 Act, of us or of Remora. We intend to pay each Independent Director the following amounts for serving as a director:

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| | | | |
|:---|:---|:---|:---|
| <br>**Assets Under Management** |<br>**Annual Cash Retainer** | **Fee Per**<br> **Quarterly Board Meeting** | **Annual Committee Chair Cash Retainer**<br>**Audit Committee Chair** |
| $0 < $400 Million | $25000 | $2500 | $5000 |
| ≥ $400 Million | $50000 | $2500 | $5000 |

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We also intend to pay the reasonable out-of-pocket expenses of each Independent Director incurred by such director in connection with the fulfillment of his or her duties as an Independent Director.

**Item 7. *Certain Relationships and Related Transactions, and Director Independence.***

**Advisory Agreement; Administration Agreement** 

We intend to enter into the Investment Management Agreement and the Administration Agreement with Remora. We may invest, to the extent permitted by law, on a concurrent basis with affiliates of Remora, subject to compliance with applicable regulations and our allocation procedures and exemptive relief, if any, that we obtain from the SEC. Fees and expenses generated in connection with potential portfolio investments that are not consummated will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by Remora and the Investment Management Agreement. See "Item 1A. Risk Factors – Risks Related to our Business and Structure – *Allocation of Investments.*"

In addition, we will pay the Administrator our allocable portion of overhead and other expenses incurred by it in performing its obligations under our Administration Agreement, including our allocable portion of the cost of our General Counsel, Chief Financial Officer and Chief Compliance Officer and their respective staffs, such compensation expense reimbursement being subject to a cap equal to 22.5 basis points of our NAV as of the end of each fiscal year.

**License Agreement**

We have entered into the License Agreement with Remora. Under the License Agreement, we have a non-exclusive, royalty-free license to use the names "Remora" and "Remora Capital Partners."

**Director Independence**

For information regarding the independence of our directors, see "Item 5. *Directors and Executive Officers*."

**Item 8. Legal Proceedings.**

Neither we nor Remora are currently subject to any material pending legal proceedings. We and Remora 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 9. Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters.**

**Market Information**

We do not currently intend to list our securities on a national securities exchange (except as described immediately below), 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 securities.

**Transfer and Resale Restrictions**

Our securities will not be registered under the Securities Act.

Because our securities will be acquired by investors in one or more transactions "not involving a public offering," they will be "restricted securities." Our securities may not be sold or transferred 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 securities until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of our securities 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 our securities and to execute such other instruments or certifications as are reasonably required by us.

**Holders**

Please see "Item 4. Security Ownership of Certain Beneficial Owners and Management" for disclosure regarding the holders of our shares of common stock.

**Dividends**

We have adopted a dividend reinvestment program that provides for reinvestment of our dividends and other distributions on behalf of our common shareholders who opt in to the dividend reinvestment program by giving written notice to us. As a result of adopting such a program, if the Board authorizes, and we declare, a cash dividend or distribution on our common stock, our common shareholders who have opted in to our dividend reinvestment program will have their cash dividends or distributions on the common stock automatically reinvested in additional shares of common stock, rather than receiving cash.

Under the dividend reinvestment program, no action will be required on the part of a registered shareholder to have his or her cash dividends and distributions on their common stock paid in cash. A registered shareholder could instead elect to have their cash dividends or distributions on their shares of common stock automatically reinvested in additional shares of common stock by notifying us in writing, so that such notice is received by the plan administrator no later than 10 days prior to the record date for distributions to the common shareholders. We expect to set up an account for shares of common stock acquired through the plan for each common stock shareholder who opts in to the dividend reinvestment plan and holds such shares in non-certificated form. Those shareholders whose shares are held by a broker or other financial intermediary could have their cash dividends or distributions automatically reinvested in additional shares 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 program.

Under the dividend reinvestment program, the number of shares to be issued to a shareholder under the dividend reinvestment program will be determined by dividing the total dollar amount of the distribution payable to such shareholder by the NAV per share of common stock 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 plan.

The dividend reinvestment program is 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.

**Preferred Stock**

Holders of shares of the preferred stock are entitled to receive, when, as and if authorized by the Board (or a duly authorized committee thereof) and declared by us, out of funds legally available for the payment of dividends, preferential cumulative cash dividends at the following rates: (i) the Initial Dividend Rate of 7.5 bps (or 0.075%) per annum through the first anniversary of the BDC Election Date and (ii) the Fixed Dividend Rate of 10 bps (or 0.1%) per annum after such first anniversary. Preferred stock dividends will be cumulative and paid with priority over common stock dividends.

Dividends on outstanding shares of the preferred stock will accrue and be cumulative from the end of the most recent dividend period for which dividends have been paid or, if no dividends have been paid and except as otherwise provided in the following sentence, from the date of issuance. We expect to pay dividends on our preferred stock on a quarterly basis; however, there can be no assurance that such dividends will be declared. If a share of preferred stock is issued after the record date for the dividend period in which such share is issued, dividends on such shares will accrue and be cumulative from the beginning of the first dividend period commencing after its issuance. Dividends will be payable quarterly in arrears, on or about the last day of the month following the end of each calendar quarter (or such other date as the Board may designate), to holders of record as they appear in our stock records at the close of business on the applicable record date. The record date for each dividend will be designated by the Board and will be a date that is prior to the dividend payment date.

The BDC will not authorize, and we will not declare, pay or set apart for payment any dividends on shares of preferred stock at any time that the terms and provisions of any of our agreements, including any agreement relating to our indebtedness, prohibits that action or provides that the authorization, declaration, payment or setting apart for payment of those dividends would constitute a breach of or a default under any such agreement, or if such action is restricted or prohibited by law. Notwithstanding the foregoing, dividends on the preferred stock will accumulate whether or not (1) restrictions exist in respect thereof, (2) there are funds legally available for the payment of such dividends, or (3) the Board authorizes, or we declare, such dividends. Accumulated but unpaid dividends on the preferred stock will not bear interest, and holders of the preferred stock will not be entitled to any distributions in excess of full cumulative dividends described above.

If we do not declare and either pay or set apart for payment the full cumulative dividends on the preferred stock, the amount which we have declared will be allocated ratably to the preferred stock so that the amount declared for each share of preferred stock is proportionate to the accrued and unpaid dividends on those shares.

Except as provided in the immediately preceding paragraph, unless full cumulative dividends on the preferred stock have been or contemporaneously are declared and paid (or declared and a sum sufficient for the payment is set apart for payment) for all past dividend periods, no dividends (other than in shares of common stock) will be declared and paid or declared and set apart for payment nor will any other distribution be declared and made upon our common stock, nor will we redeem, purchase, or otherwise acquire for any consideration (or pay or make any monies available for a sinking fund for the redemption of any such shares) any shares of our common stock.

**Discretionary Repurchase of Shares**

*Common Stock* 

 

Subject to the discretion of the Board, beginning with the first full calendar quarter following the 18-month anniversary of the BDC Election, we may conduct quarterly tender offers to repurchase up to 5% quarterly (up to 20% annually) of the value of our outstanding shares of common stock (such repurchases, the "Common Share Repurchase Program"), subject to certain restrictions and limitations, including the approval of the Board and compliance with applicable covenants and restrictions under our financing arrangements. 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 Common 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 expect to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act. All shares of common stock we purchase pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares. We will have no obligation to repurchase shares, including if the repurchase would violate the restrictions on distributions under federal law or applicable state law. The limitations and restrictions described above may prevent us from accommodating all repurchase requests made in any quarter. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the Common Share Repurchase Program, as applicable. The Common Share Repurchase Program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market.

Under the Common Share Repurchase Program, we will offer to repurchase shares of common stock on such terms as may be determined by the Board in its complete and absolute discretion unless, in the judgment of the Board, including the Independent Directors, such repurchases would not be in the best interests of our shareholders or would violate applicable law. There is no assurance that the Board will exercise its discretion to offer to repurchase shares or that there will be sufficient funds available to accommodate all of our shareholders' requests for repurchase. As a result, we may repurchase less than the full amount of shares that a shareholder requests to have repurchased. If we do not repurchase the full amount of a shareholder's shares that the shareholder has requested to be repurchased, or we determine not to make repurchases of our shares, such shareholder will likely not be able to dispose of its shares, even if we underperform. Any periodic repurchase offers will be subject in part to our available cash and compliance with the RIC qualification and diversification rules and the 1940 Act.

Under the Common Share Repurchase Program, we will repurchase shares of common stock from shareholders pursuant to written tenders on terms and conditions that the Board determines to be fair to the Company and to all shareholders. When the Board determines that the Company expects to repurchase shares, notice will be provided to shareholders describing the terms of the offer, containing information shareholders should consider in deciding whether to participate in the repurchase opportunity, and containing information on how to participate.

We expect to use available cash from operations to repurchase shares under the Common Share Repurchase Program; however, most of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for share repurchases, we expect to generally maintain under normal circumstances an allocation to syndicated loans and other liquid investments. We may fund repurchase requests from sources other than cash flow from operations, including, without limitation, from the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in our best interests as a whole, then we may choose to offer to repurchase fewer shares than described above, or none at all.

Payment for repurchased shares may require us to liquidate portfolio holdings earlier than Remora would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses because of higher portfolio turnover rates. Remora intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of shares.

Shareholders that tender their shares in the Common Share Repurchase Program may be subject to certain tax consequences as a result of such transaction. Shareholders are encouraged to consult with their tax advisors regarding these transactions and the specific consequences to them.

*Preferred Stock*

 

Subject to the discretion of the Board, beginning following the 18-month anniversary of the BDC Election, we intend to conduct annual tender offers to repurchase up to 20% annually of the value of our outstanding shares of preferred stock, subject to certain restrictions and limitations, including the approval of the Board (such repurchases, the "Preferred Share Repurchase Program"). 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 Preferred 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 year. We expect 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 of preferred stock we purchase pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

Under the Preferred Share Repurchase Program, to the extent we offer to repurchase shares in any particular year, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share of preferred stock as determined within 48 hours of the expiration of the repurchase offer. There will be no repurchase priority for a shareholder under the circumstances of death or disability of such shareholder. Participation by certain shareholders in such repurchase offers will be subject to any applicable lock-up periods pursuant to each such shareholder's Subscription Agreement.

Under the Preferred Share Repurchase Program, shareholders may seek to tender all of the shares of the Company's preferred stock that they own. In the event the amount of shares of preferred stock tendered exceeds the repurchase offer amount, we may, in our sole discretion, either accept the additional duly tendered shares permitted to be accepted pursuant to Rule 13e-4 under the Exchange Act, or repurchase shares on a pro rata basis in accordance with the number of shares tendered by each shareholder. We will have no obligation to repurchase shares, including if the repurchase would violate the restrictions on distributions under federal law or applicable state law. The limitations and restrictions described above may prevent us from accommodating all repurchase requests made in any quarter. All unsatisfied repurchase requests must be resubmitted in the next annual tender offer, or upon the recommencement of the Preferred Share Repurchase Program, as applicable. The Preferred Share Repurchase Program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market.

Under the Preferred Share Repurchase Program, we will offer to repurchase shares of preferred stock on such terms as may be determined by the Board in its complete and absolute discretion unless, in the judgment of the Board, including the Independent Directors, such repurchases would not be in the best interests of our shareholders or would violate applicable law. There is no assurance that the Board will exercise its discretion to offer to repurchase shares or that there will be sufficient funds available to accommodate all of our shareholders' requests for repurchase. As a result, we may repurchase less than the full amount of shares that a shareholder requests to have repurchased. If we do not repurchase the full amount of a shareholder's shares that the shareholder has requested to be repurchased, or we determine not to make repurchases of our shares, such shareholder will likely not be able to dispose of its shares, even if we underperform. Any periodic repurchase offers will be subject in part to our available cash and compliance with the RIC qualification and diversification rules and the 1940 Act.

Under the Preferred Share Repurchase Program, we will repurchase shares of preferred stock from shareholders pursuant to written tenders on terms and conditions that the Board determines to be fair to the Company and to all shareholders. When the Board determines that the Company expects to repurchase shares, notice will be provided to shareholders describing the terms of the offer, containing information shareholders should consider in deciding whether to participate in the repurchase opportunity, and containing information on how to participate. Shareholders deciding whether to tender their respective shares during the period that a repurchase offer is open may obtain the Company's most recent NAV per share by viewing the documents we file with the SEC through its EDGAR page at *http://www.sec.gov*. However, the per share purchase price used in our repurchase offers will generally reflect our NAV per share as determined within 48 hours of the expiration of the repurchase offer, so shareholders will not know the exact price of shares in the tender offer when they make their decision whether to tender their respective shares.

Under the Preferred Share Repurchase Program, repurchases of shares from shareholders by the Company will be paid in cash promptly after the determination of the relevant NAV per share is finalized. Repurchases will be effective after receipt and acceptance by us of eligible written tenders of shares from shareholders by the applicable repurchase offer deadline. We do not impose any charges in connection with repurchases of shares of preferred stock.

Most of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for share repurchases, we may maintain under normal circumstances an allocation to syndicated loans and other liquid investments, or we may utilize available borrowing capacity under our credit facility. We may fund repurchase requests from sources other than cash flow from operations, including, without limitation, from the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in our best interests as a whole, then we may choose to offer to repurchase fewer shares than described above, or none at all.

Payment for repurchased shares may require us to liquidate portfolio holdings earlier than Remora would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses because of higher portfolio turnover rates. Remora intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of shares.

**Item 10. Recent Sales of Unregistered Securities.**

On April 29, 2025, we issued and sold 1,000 shares of common stock to Remora for an aggregate purchase price of $10,000. These shares were issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

**Item 11. Description of Registrant's Securities to be Registered.**

The following description is based on relevant portions of the Maryland General Corporation Law (the "MGCL") and on our Articles of Amendment and Restatement (the "Charter") and our Bylaws. This summary possesses the provisions deemed to be material but is not necessarily complete.

**General**

Under the terms of the Charter, our authorized stock consists solely of 150,000,000 shares of common stock, par value $0.001 per share, and 50,000,000 shares of preferred stock, par value $0.001 per share. As permitted by the MGCL, the Charter provides that a majority of the entire Board, without any action by shareholders, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. The Charter also provides that the Board may classify or reclassify any unissued shares of common stock into one or more classes or series of common stock or preferred stock by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. Under Maryland law, shareholders generally are not personally liable for our debts, except as they may be liable by reason of their own conduct or acts. Unless the Board determines otherwise, we expect to issue all shares of capital stock in uncertificated form.

None of our shares of common stock will be subject to further calls or to assessments, sinking fund provisions, obligations to us or potential liabilities associated with ownership of the security (not including investment risks).

Subject to the approval of the Board, we may, in the future, seek to list our securities on a national securities exchange and complete an initial public offering in connection with that Exchange Listing.

The following are our outstanding classes of securities as of April 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(1)<br> Title of Class** | **(2)<br> Amount Authorized** | **(3)<br> Amount Held by Us or for Our Account** | **(3)<br> Amount Held by Us or for Our Account** | **(4)<br> Amount Outstanding<br> Exclusive of Amounts<br> Shown Under (3)** |
| Common Stock | 150000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | 1000 |
| Preferred Stock | 50000000 |  |  |  |

---

**Common Stock** 

Under the terms of the Charter, all shares of our common stock have equal rights as to dividends, distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Dividends and distributions may be paid to shareholders if, as and when authorized by the Board and declared by us out of funds legally available therefor. Shares will have no preemptive, exchange, conversion or redemption rights and shareholders generally have no appraisal rights. Shares will be freely transferable, except where their transfer is restricted by federal and state securities laws or by contract and except that, in order to avoid the possibility that our assets could be treated as "plan assets," we may require any person proposing to acquire shares to furnish such information as may be necessary to determine whether such person is a Benefit Plan Investor or a controlling person, restrict or prohibit transfers of shares of such stock or redeem any outstanding shares of stock for such price and on such other terms and conditions as may be determined by or at the direction of the Board.

In the event of our liquidation, dissolution or winding up, each share would be entitled to share ratably in all of our assets that are legally available for distribution after we pay or otherwise provide for all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Subject to the rights of holders of any other class or series of stock, each share is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors, and the shareholders will possess exclusive voting power. There will be no cumulative voting in the election of directors. Cumulative voting entitles a shareholder to as many votes as equals the number of votes which such holder would be entitled to cast for the election of directors multiplied by the number of directors to be elected and allows a shareholder to cast a portion or all of the shareholder's votes for one or more candidates for seats on the Board. Without cumulative voting, a minority shareholder may not be able to elect as many directors as the shareholder would be able to elect if cumulative voting were permitted. Subject to the special rights of the holders of any class or series of preferred stock to elect directors, each director will be elected by a majority of the votes cast with respect to such director's election, except in the case of a "contested election" (as defined in the Bylaws), in which directors will be elected by a plurality of the votes cast in the contested election of directors.

**Preferred Stock**

Under the terms of the Charter, the Board may authorize us to issue shares of preferred stock in one or more classes or series, without the approval of shareholders, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred stock. In the event we issue preferred stock beyond the preferred stock that will be issued in connection with the Formation Transaction, we will make any required disclosure to investors.

Preferred stock could be issued with terms that would adversely affect shareholders. Preferred stock could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. Every issuance of preferred stock will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that: (1) immediately after issuance and before any dividend or other distribution is made with respect to common stock and before any purchase of common stock is made, such preferred stock, together with all other senior securities, must not exceed an amount currently equal to 50% of our total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class voting separately to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred stock (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred stock would be required to approve a proposal involving a plan of reorganization adversely affecting such securities.

While we intend to effectuate repurchases of our preferred stock on an annual basis pursuant to the terms of the Preferred Share Repurchase Program, we will not be required to make tender offers for our preferred stock.

**Limitation on Liability of Directors; Indemnification and Advance of Expenses** 

Maryland law permits a Maryland corporation to include in its charter a provision eliminating the liability of its directors and officers to the corporation and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action. The Charter contains a provision that eliminates directors' and officers' liability, subject to the limitations of Maryland law and the requirements of the 1940 Act.

Maryland law requires a corporation (unless its charter provides otherwise, which the Charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity against reasonable expenses actually incurred in the proceeding in which the director or officer was successful. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that (1) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty; (2) the director or officer actually received an improper personal benefit in money, property or services; or (3) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. Under Maryland law, a Maryland corporation also may not indemnify for an adverse judgment in a suit by or on behalf of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received, unless in either case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

The Charter obligates us, subject to the limitations of Maryland law and the requirements of the 1940 Act, to indemnify (1) any present or former director or officer; or (2) any individual who, while a director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, member, manager or trustee, from and against any claim or liability to which the person or entity may become subject or may incur by reason of such person's service in that capacity, and to pay or reimburse such person's reasonable expenses as incurred in advance of final disposition of a proceeding. In accordance with the 1940 Act, we will not indemnify any person for any liability to the extent that such person would be subject by reason of such person's willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his, her or its office.

**Maryland Law and Certain Charter and Bylaw Provisions; Anti-Takeover Measures** 

Maryland law contains, and the Charter and our Bylaws also contain, provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the Board. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of shareholders. Our Board has considered the implications of these provisions, including the implications of us not opting out of the provisions of Maryland law discussed below, and believes that these provisions are in our best interests and that of our shareholders because such provisions help to ensure the continuity and stability of our management and policies, and the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the Board's ability to negotiate such proposals may improve their terms.

Under the MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge, consolidate, convert into another form of business entity, sell all or substantially all of its assets or engage in a statutory share exchange unless declared advisable by the corporation's board of directors and approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. A Maryland corporation may provide in its charter for approval of these matters by a lesser or greater percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Subject to certain exceptions discussed below, the Charter provides for approval of these actions by the affirmative vote of shareholders entitled to cast a majority of the votes entitled to be cast on the matter.

Subject to certain exceptions provided in the Charter, the affirmative vote of at least 75% of the votes entitled to be cast thereon, with the holders of each class or series of our stock voting as a separate class will be necessary to effect any of the following actions:

● any amendment to the Charter to make the common stock a "redeemable security" or to convert the Company from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act);

● the liquidation or dissolution of the Company and any amendment to the Charter to effect and such liquidation or dissolution;

● any merger, consolidation, conversion, share exchange or sale or exchange of all or substantially all of our assets that the MGCL requires be approved by shareholders; or

● any transaction between the Company, on the one hand, and any person or group of persons acting together that is entitled to exercise or direct the exercise, or acquire the right to exercise or direct the exercise, directly or indirectly (other than solely by virtue of a revocable proxy), of one-tenth or more of the voting power in the election of our directors generally, or any person controlling, controlled by or under common control with, employed by or acting as an agent of, any such person or member of such group.

However, if the proposal, transaction or business combination is approved by at least a majority of our continuing directors, the proposal, transaction or business combination may be approved only by the Board and, if necessary, the shareholders as otherwise would be required by applicable law, the Charter and our Bylaws, without regard to the supermajority approval requirements discussed above. A "continuing director" is defined in the Charter as (1) our current directors, (2) those directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3) any successor directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office.

Maryland law and the Charter and our Bylaws also provide that:

● any action required or permitted to be taken by the shareholders at an annual meeting or special meeting of shareholders may only be taken if it is properly brought before such meeting or by unanimous consent in lieu of a meeting;

● special meetings of the shareholders may only be called by the Board, the chairman of the Board or the chief executive officer, and must be called by the secretary upon the written request of shareholders who are entitled to cast at least a majority of all the votes entitled to be cast on such matter at such meeting; and

● from and after the BDC Election Date, any shareholder nomination or business proposal to be properly brought before a meeting of shareholders must have been made in compliance with certain advance notice and informational requirements.

These provisions could delay or hinder shareholder actions which are favored by the holders of a majority of our outstanding voting securities. These provisions may also discourage another person or entity from making a tender offer for the common stock, because such person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action as a shareholder (such as electing new directors or approving a merger) only at a duly called shareholders meeting, and not by written consent. The provisions of the Charter requiring that the directors may be removed only for cause and only by the affirmative vote of at least three-quarters of the votes entitled to be cast generally in the election of directors will also prevent shareholders from removing incumbent directors except for cause and upon a substantial affirmative vote. In addition, although the advance notice and information requirements in our Bylaws do not give the Board any power to disapprove shareholder nominations for the election of directors or business proposals that are made in compliance with applicable advance notice procedures, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and the shareholders.

Under the MGCL, a Maryland corporation generally cannot amend its charter unless the amendment is declared advisable by the corporation's board of directors and approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. A Maryland corporation may provide in its charter for approval of these matters by a lesser or greater percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Subject to certain exceptions discussed below, the Charter provides for approval of charter amendments by the affirmative vote of shareholders entitled to cast a majority of the votes entitled to be cast on the matter. The Board, by vote of a majority of the members of the Board, has the exclusive power to adopt, alter, amend or repeal our Bylaws. The Charter provides that any amendment to the following provisions of the Charter, among others, will require, in addition to any other vote required by applicable law or the Charter, the affirmative vote of shareholders entitled to cast at least 75% of the votes entitled to be cast generally in the election of directors, with the holders of each class or series of our stock voting as a separate class, unless a majority of the continuing directors approve the amendment, in which case such amendment must be approved as would otherwise be required by applicable law, the Charter and/or our Bylaws:

● the provisions regarding the classification of the Board;

● the provisions governing the removal of directors;

● the provisions limiting shareholder action by written consent;

● the provisions regarding the number of directors on the Board; and

● the provisions specifying the vote required to approve extraordinary actions and amend the Charter and the Board's exclusive power to amend our Bylaws.

**Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals** 

Our Bylaws provide that, with respect to an annual meeting of shareholders, nominations of individuals for election as directors and the proposal of business to be considered by shareholders may be made only (a) pursuant to our notice of the meeting, (b) by or at the direction of the Board or (c) by a shareholder who is a shareholder of record both at the time of giving the advance notice required by our Bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with the advance notice procedures of our Bylaws. With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election as directors at a special meeting at which directors are to be elected may be made only (a) by or at the direction of the Board or (b) provided that the special meeting has been called in accordance with our Bylaws for the purpose of electing directors, by a shareholder who is a shareholder of record both at the time of giving the advance notice required by our Bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice provisions of our Bylaws.

The purpose of requiring shareholders to give us advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although our Bylaws do not give the Board any power to disapprove shareholder nominations for the election of directors or proposals recommending certain action, the advance notice and information requirements may have the effect of precluding election contests or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.

**No Appraisal Rights** 

For certain extraordinary transactions and charter amendments, the MGCL provides the right to dissenting shareholders to demand and receive the fair value of their shares, subject to certain procedures and requirements set forth in the statute. Those rights are commonly referred to as appraisal rights. As permitted by the MGCL, the Charter provides that shareholders will not be entitled to exercise appraisal rights unless the Board determines that appraisal rights apply, with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which shareholders would otherwise be entitled to exercise appraisal rights.

**Control Share Acquisitions** 

Certain provisions of the MGCL provide that a holder of control shares of a Maryland corporation acquired in a control share acquisition has no voting rights with respect to the control shares except to the extent approved by the affirmative vote of two-thirds of the votes entitled to be cast on the matter, which is referred to as the Control Share Acquisition Act (the "Control Share Acquisition Act"). Shares owned by the acquiror, officers of the Company or by employees who are directors of the Company are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power, would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:

● one-tenth or more but less than one-third;

● one-third or more but less than a majority; or

● a majority or more of all voting power.

Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained shareholder approval. A control share acquisition occurs when, subject to some exceptions, a person directly or indirectly acquires ownership or the power to direct the exercise of voting power (except solely by virtue of a revocable proxy) of issued and outstanding control shares

A person who has made or proposes to make a control share acquisition, upon satisfaction of some specific conditions, including an undertaking to pay expenses, may compel the Board to call a special meeting of shareholders to be held within 50 days of a request to consider the voting rights of the control shares. If no request for a meeting is made, we may present the question at any shareholders' meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement on or before the 10th day after the control share acquisition as required by the statute, we may acquire any or all of the control shares (except those for which voting rights have been previously approved) for fair value determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of shareholders at which the voting rights of such shares are considered and not approved. If voting rights for control shares are approved at a shareholders' meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.

The Control Share Acquisition Act does not apply to shares acquired in a merger, consolidation, or share exchange if we are a party to the transaction or to acquisitions approved or exempted by the Charter or Bylaws.

As permitted by the MGCL, the Bylaws contain a provision exempting from the Control Share Acquisition Act any and all acquisitions of our stock by any person. Our Board considered this provision and determined to include it on the basis that its inclusion was in the best interest of our shareholders, as control share acquisition transactions may be undertaken by activist investors seeking short-term profits to the detriment of the Company, or to effectuate a hostile takeover of the Company for the benefit of an interested adviser. As a result, investors may be precluded from undertaking a control share acquisition of the Company, and accordingly may face increased difficulty in seeking to effectuate a change in control.

The SEC staff previously took the position that, if a BDC failed to opt-out of the Control Share Acquisition Act, its actions would be inconsistent with Section 18(i) of the 1940 Act. However, the SEC recently withdrew its previous position, and stated that it would not recommend enforcement action against a closed-end fund, including a BDC, that opts in to being subject to the Control Share Acquisition Act if the closed-end fund acts with reasonable care on a basis consistent with other applicable duties and laws and the duty to the company and its shareholders generally. As such, we may amend our Bylaws to be subject to the Control Share Acquisition Act, but will do so only if the Board determines that it would be in our best interest and if such amendment can be accomplished in compliance with applicable laws, regulations and SEC guidance.

**Business Combinations** 

Under Maryland law, "business combinations" between a Maryland corporation and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. These business combinations include a merger, consolidation, statutory share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested shareholder is defined as:

● any person who beneficially owns 10% or more of the voting power of the corporation's stock; or

● an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.

A person is not an interested shareholder under this statute if the corporation's board of directors approves in advance the transaction by which he or she otherwise would have become an interested shareholder. However, in approving a transaction, the board may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any such business combination generally must be recommended by the corporation's board of directors and approved by the affirmative vote of at least:

● 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

● two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder.

These super-majority vote requirements do not apply if holders of the corporation's common stock receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its shares. The statute provides various exemptions from its provisions, including for business combinations that are exempted by the corporation's board of directors before the time that the interested shareholder becomes an interested shareholder. The Board intends to adopt a resolution exempting from the requirements of the statute any business combination between us and any other person, provided that such business combination is first approved by the Board (including a majority of the directors who are not "interested persons" within the meaning of the 1940 Act). This resolution, however, may be altered or repealed in whole or in part at any time. If this resolution is repealed, or the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

**Conflict with the 1940 Act**

Our Bylaws provide that, if and to the extent that any provision of the MGCL, including the Control Share Acquisition Act (if we amend our Bylaws to be subject to such Act) and the Business Combination Act or any provision of the Charter or our Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

**Exclusive Forum**

Our Bylaws require that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of our director, officer or other agent to ours or the shareholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or our Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in our Bylaws does not apply to claims arising under the federal securities laws, including the Securities Act and the Exchange Act.

There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for shareholders in bringing a claim against us or our directors, officers or other agents. Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision.

The exclusive forum selection provision in our Bylaws may limit shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable.

**Item 12. Indemnification of Directors and Officers.**

See "Item 11. Description of Registrant's Securities to be Registered - *Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses*."

We have also obtained directors' and officers' errors and omissions liability insurance for our directors and officers.

**Item 13. Financial Statements and Supplementary Data.**

Set forth below is an index to our audited financial statements attached to this Registration Statement.

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| | |
|:---|:---|
| **Remora Capital Corporation** | **Page** |
| **Financial Statement as of June 30, 2025 (Unaudited)** |  |
| [Statement of Assets and Liabilities as of June 30, 2025](#seed_001) | F-2 |
| [Notes to Financial Statement](#seed_002) | F-3 |
| **Financial Statement as of April 30, 2025 (Audited)** |  |
| [Report of Independent Registered Public Accounting Firm](#a_020) | F-10 |
| [Statement of Assets and Liabilities as of April 30, 2025](#a_021) | F-11 |
| [Notes to Financial Statement](#a_022) | F-12 |

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| | |
|:---|:---|
| **Remora Capital Partners I, LP** | **Page** |
| **Financial Statements as of March 31, 2025 (Unaudited)** |  |
| [Statement of Assets, Liabilities and Partners' Capital](#f1_002) | F-19 |
| [Schedule of Investments](#b_001) | F-20 |
| [Statement of Operations](#f1_003) | F-26 |
| [Statement of Changes in Partners' Capital](#f1_004) | F-27 |
| [Statement of Cash Flows](#f1_005) | F-28 |
| [Notes to the Financial Statements](#f1_009) | F-29 |
| **Financial Statements as of December 31, 2024 (Audited)** |  |
| [Independent Auditors' Report](#f2_002) | F-39 |
| [Statement of Assets, Liabilities and Partners' Capital](#f2_003) | F-41 |
| [Schedule of Investments](#b_002) | F-42 |
| [Statement of Operations](#f2_004) | F-48 |
| [Statement of Changes in Partners' Capital](#f2_005) | F-49 |
| [Statement of Cash Flows](#f2_006) | F-50 |
| [Notes to the Financial Statements](#f2_008) | F-51 |

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| | |
|:---|:---|
| **Remora Capital Partners I QP LP** | **Page** |
| **Financial Statements as of March 31, 2025 (Unaudited)** |  |
| [Statement of Assets, Liabilities and Partners' Capital](#b_003) | F-61 |
| [Schedule of Investments](#b_004) | F-62 |
| [Statement of Operations](#f3_002) | F-68 |
| [Statement of Changes in Partners' Capital](#f3_003) | F-69 |
| [Statement of Cash Flows](#f3_004) | F-70 |
| [Notes to the Financial Statements](#f3_006) | F-71 |
| **Financial Statements as of December 31, 2024 (Audited)** |  |
| [Independent Auditors' Report](#f4_001) | F-81 |
| [Statement of Assets, Liabilities and Partners' Capital](#f4_002) | F-83 |
| [Schedule of Investments](#b_005) | F-84 |
| [Statement of Operations](#f4_003) | F-91 |
| [Statement of Changes in Partners' Capital](#f4_004) | F-92 |
| [Statement of Cash Flows](#f4_005) | F-93 |
| [Notes to the Financial Statements](#f4_007) | F-94 |

---

---

| | |
|:---|:---|
| **Remora Capital Partners II, LP** | **Page** |
| **Financial Statements as of March 31, 2025 (Unaudited)** |  |
| [Statement of Assets, Liabilities and Partners' Capital](#f5_001) | F-104 |
| [Schedule of Investments](#b_006) | F-105 |
| [Statement of Operations](#f5_002) | F-109 |
| [Statement of Changes in Partners' Capital](#f5_003) | F-110 |
| [Statement of Cash Flows](#f5_004) | F-111 |
| [Notes to the Financial Statements](#f5_006) | F-112 |
| **Financial Statements as of December 31, 2024 (Audited)** |  |
| [Independent Auditors' Report](#f6_001) | F-120 |
| [Statement of Assets, Liabilities and Partners' Capital](#f6_002) | F-122 |
| [Schedule of Investments](#b_007) | F-123 |
| [Statement of Operations](#f6_003) | F-127 |
| [Statement of Changes in Partners' Capital](#f6_004) | F-128 |
| [Statement of Cash Flows](#f6_005) | F-129 |
| [Notes to the Financial Statements](#f6_007) | F-130 |

---

---

| | |
|:---|:---|
| **Remora Capital Partners II QP, LP** | **Page** |
| **Financial Statements as of March 31, 2025 (Unaudited)** |  |
| [Statement of Assets, Liabilities and Partners' Capital](#f7_001) | F-138 |
| [Schedule of Investments](#b_008) | F-139 |
| [Statement of Operations](#f7_002) | F-145 |
| [Statement of Changes in Partners' Capital](#f7_003) | F-146 |
| [Statement of Cash Flows](#f7_004) | F-147 |
| [Notes to the Financial Statements](#f7_006) | F-148 |
| **Financial Statements as of December 31, 2024 (Audited)** |  |
| [Independent Auditors' Report](#f8_001) | F-156 |
| [Statement of Assets, Liabilities and Partners' Capital](#f8_002) | F-158 |
| [Schedule of Investments](#seed_006) | F-159 |
| [Statement of Operations](#f8_003) | F-163 |
| [Statement of Changes in Partners' Capital](#f8_004) | F-164 |
| [Statement of Cash Flows](#f8_005) | F-165 |
| [Notes to the Financial Statements](#f8_007) | F-166 |

---

**Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

None.

**Item 15. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) List separately all financial statements filed</u> 

The financial statements included in this Registration Statement are listed "Item 13. Financial Statements and Supplementary Data."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Exhibits</u>

---

| | |
|:---|:---|
| **Number** | **Exhibit** |
| 3.1\* | [Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex3-1_remora.htm) |
| 3.2\*\* | [Form of Articles of Amendment and Restatement](ea024914601ex3-2_remora.htm) |
| 3.3\* | [Bylaws](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex3-3_remora.htm) |
| 4.1\*\* | [Form of Subscription Agreement](ea024914601ex4-1_remora.htm) |
| 4.2\*\* | [Form of Articles Supplementary](ea024914601ex4-2_remora.htm) |
| 10.1\* | [Form of Investment Management Agreement between the Company and Remora](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex10-1_remora.htm) |
| 10.2\* | [Form of Administration Agreement between the Company and Remora](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex10-2_remora.htm) |
| 10.3\* | [Form of License Agreement between the Company and Remora](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex10-3_remora.htm) |
| 10.4\* | [Form of Dividend Reinvestment Program](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex10-4_remora.htm) |
| 10.5\*\* | [Form of Indemnification Agreement for Directors and Officers](ea024914601ex10-5_remora.htm) |
| 10.6\*\* | [Custody Agreement, dated as of July 25, 2025, by and between the Company and U.S. Bank Trust Company, National Association, as Custodian](ea024914601ex10-6_remora.htm) |
| 10.7\*\* | [Form of Fund Servicing Agreement by and between the Company and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services)](ea024914601ex10-7_remora.htm) |
| 10.8\* | [Stock Purchase Agreement, dated as of April 29, 2025, by and between the Company and Remora](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex10-11_remora.htm) |
| 10.9\* | [Transaction Fee Letter](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex10-13_remora.htm) |
| 23.1\* | [Consent of Proposed Director](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex23-1_remora.htm) |
| 23.2\* | [Consent of Proposed Director](https://www.sec.gov/Archives/edgar/data/2045370/000121390025048152/ea024343801ex23-2_remora.htm) |
| 99.1\*\* | [Code of Ethics](ea024914601ex99-1_remora.htm) |

---

\* Filed previously

\*\* Filed herewith

 **Remora Capital Corporation**

 **INDEX TO FINANCIAL STATEMENT**

---

| | |
|:---|:---|
|  | **Page** |
| **Financial Statement as of June 30, 2025 (Unaudited)** |  |
| [Statement of Assets and Liabilities as of June 30, 2025](#seed_001) | F-2 |
| [Notes to Financial Statement](#seed_002) | F-3 |

---

 **Remora Capital Corporation**

 **STATEMENT OF ASSETS & LIABILITIES**

 **(UNAUDITED)**

 **June 30, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp; Cash | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 10000 |
| **Commitments and Contingencies (Note 4)** |  |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value, 150,000,000 shares authorized; 1,000 shares issued and outstanding | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid in capital | 9999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $10000 |
| Net asset value per share | $10.00 |

---

 *See accompanying Notes to Financial Statement*

 **Remora Capital Corporation**

 **Notes to Financial Statement**

 **(UNAUDITED)**

 **As of June 30, 2025** 

 **1. Organization**

Remora Capital Corporation (the "Company") is a newly formed, externally managed, non-diversified, closed-end management investment company that will elect to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") and intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company was formed as a Maryland corporation on October 1, 2024.

The Company will be managed by Remora Capital Management, LLC (the "Adviser" or "Remora"), a Delaware limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser oversees the management of the Company's activities and is responsible for making investment decisions with respect to the Company's portfolio.

The Company's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Company has built a diversified portfolio of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Company primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets on a secondary basis and makes opportunistic secondary market purchases of loan assets. The Company (directly or via co-investment) may purchase loan assets as a co-lender or as a "club" lender and may participate in loan syndications. The Company may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by other loan originators.

On April 30, 2025, the Adviser, purchased 1,000 shares of common stock, par value $0.001 per share, of the Company (the "Common Stock"), which represented all of the issued and outstanding shares of Common Stock, for an aggregate purchase price of $10,000. The shares of Common Stock were sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act").

 **2. Summary of Significant Accounting Policies**

 *Basis of Presentation*

The following significant accounting policies are in conformity with United States generally accepted accounting principles ("U.S. GAAP"). Such policies are consistently followed by the Company in preparation of its financial statements. Management has determined that the Company is an investment company in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services – Investment Companies," for the purpose of financial reporting. The Company's financial statements are stated in U.S. dollars. The Adviser will pay without reimbursement from the Company all legal costs related to (i) the organizational and merger expenses of the Funds that will merge into the Company as the surviving entity (collectively, such actions, the "Merger") and (ii) the formation and organization of the Company. Additionally, the Adviser will pay for all organizational, offering and other expenses, including, but not limited to, audit fees, printer fees, fees associated with any service provider to the Company and financing fees, etc., incurred in connection with the Company's organization and initial private offering (other than the legal fees as described above) to the extent the Company does not make an election to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "BDC Election"). For the avoidance of doubt, any such expenses (other than the legal fees as described above) shall only be reimbursable by the Company upon the election by the Company to be regulated as a business development company under the 1940 Act.

 *Use of Estimates*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates.

 *Cash* 

Cash includes cash held in banks and short-term, liquid investments in a money market deposit account. Cash is carried at cost which approximates fair value.

 *Income Taxes*

The Company intends to elect to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes in respect of each taxable year if it distributes dividends for federal income tax purposes to stockholders of an amount generally equal to at least 90% of "investment company taxable income," as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Company did not record any tax provision from its formation in October 2024 through June 30, 2025. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities on-going analysis of and changes to tax laws, regulations and interpretations thereof. The current and prior year remain open to review.

 *Indemnifications*

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote.

 **3. Related Party Transactions** 

 *Administration Agreement*

The Company expects that the Adviser will serve as its administrator ("Administrator") pursuant to an administration agreement (the "Administration Agreement"). The Administrator will provide all administrative services necessary for the Company to operate. Under the Administration Agreement, the Administrator will perform, or oversee the performance of, administrative services, which include, but are not limited to, providing office space, technology, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the Securities and Exchange Commission ("SEC"), managing the payment of expenses and the performance of administrative and professional services rendered by others and the allocable portion of the cost of its General Counsel, Chief Compliance Officer and Chief Financial Officer and their staff; provided, however, that allocable portion of the annual salaries of the General Counsel, Chief Financial Officer and the Chief Compliance Officer and their staff attributable to their work on the Company is subject to a cap equal to 22.5 bps of the Company's net asset value ("NAV") as of the end of the applicable fiscal year. Under the expected terms of the Administration Agreement, the Company expects to reimburse the Administrator for services performed pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party, and the Company expects to reimburse the Administrator for any services performed for the Company by such affiliate or third party. To the extent that the Administrator outsources any of its functions, the Company expects to pay the fees associated with such functions on a direct basis, without profit to the Administrator.

 *Investment Management Agreement*

The Company intends to enter into an investment management agreement (the "Investment Management Agreement") with the Adviser. Subject to the overall supervision of the Board of Directors of the Company (the "Board"), the Adviser will manage the Company's day-to-day operations and will provide investment advisory services to the Company.

Under the terms of the Investment Management Agreement, the Company will pay Remora an investment management fee for its services consisting of two components: a management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). Each of the Management Fee and the Incentive Fee will become payable on the terms described below immediately after the BDC Election.

 *Management Fee*

Under the terms of the Investment Management Agreement, the Management Fee will be payable quarterly in advance as of the first day of each calendar quarter and will be payable at an annual rate of 1.00% of the par value of the Company's loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Board or a valuation designee). The Management Fee for any partial quarter will be prorated during the relevant calendar quarter.

 *Incentive Fee*

The Company will pay the Adviser an Incentive Fee as set forth below. The Incentive Fee will consist 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, the Company will pay the Adviser each quarter 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 with Remora 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 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 at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.5% per quarter (6.00% annualized). Under the terms of the Investment Management Agreement, the Company will pay Remora an investment-income incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows: (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 1.5%; (2) 50% 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 1.765% in any calendar quarter (7.06% annualized) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.765% is referred to as the "catch-up"; the "catch-up" is meant to provide Remora with 15.0% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.765% in any calendar quarter); and (3) 15.0% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.765% in any calendar quarter (7.06% annualized) payable to Remora (once the hurdle is reached and the catch-up is achieved, 15.0% of all pre-incentive fee net investment income thereafter is allocated to Remora).

 *Capital Gains Incentive Fee*

Under the terms of the Investment Management Agreement, the other portion of the Incentive Fee will be based on a capital gains component. Under the capital gains component of the Incentive Fee, the Company expects to pay Remora at the end of each calendar year 15.0% 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.

For the foregoing purpose, "aggregate cumulative realized capital gains" will not include any unrealized appreciation. The capital gains component of the Incentive Fee will not be subject to any minimum return to shareholders.

U.S. GAAP requires that the capital gains incentive fee accrual considers the aggregate cumulative realized gains and losses and unrealized capital appreciation or depreciation of investments and other financial instruments in the calculation, as an incentive fee would be payable if such realized gains and losses and unrealized capital appreciation or depreciation were realized, even though such unrealized capital appreciation or depreciation is not permitted to be considered in calculating the capital gains incentive fee actually payable under the Investment Management Agreement. There can be no assurance that unrealized appreciation or depreciation will be realized.

 *Fee Waivers*

For the twelve months following the BDC Election Date, Remora has agreed to waive 25% of its Management Fees under the Investment Management Agreement. Any such waiver of Management Fees will not be revocable during the proposed term and the amounts waived will not be subject to any right of future recoupment in favor of Remora.

There were no management fees or incentive fees incurred as of June 30, 2025.

 *License Agreement*

The Company expects to enter into a license agreement (the "License Agreement") with Remora. Under the License Agreement, the Company will have a non-exclusive, royalty-free license to use the names "Remora" and "Remora Capital Partners."

 **4. Commitments and Contingencies**

In the normal course of business, the Company enters 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.

The Company will be obligated to reimburse the Adviser for advanced expenses as part of the Investment Management Agreement discussed in Note 3. As of June 30, 2025, the Company had $148,434 in expenses that were advanced and reimbursable to the Adviser pursuant to the Investment Management Agreement in the event that the BDC Election is made by the Company.

In addition, as part of the Investment Management Agreement, the Company will be obligated to reimburse the Adviser for advanced expenses relating to the arrangement of a credit facility for the Company. As of June 30, 2025, the Company had $28,678 in expenses that were advanced and reimbursable to the Adviser pursuant to the Investment Management Agreement in the event that the BDC Election is made by the Company. These financing costs, if incurred, will be capitalized and amortized over the five-year term of the credit facility.

No other expenses have been incurred through June 30, 2025 that will be directly owed to the Adviser or any other third-party by the Company upon the BDC Election.

 **5. Subsequent Events**

In preparing the financial statement, the Company's management has evaluated events and transactions for potential recognition or disclosure through the date the financial statement was issued. Subsequent to June 30, 2025, there have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statement.

**Remora Capital Corporation**

**INDEX TO FINANCIAL STATEMENT**

---

| | |
|:---|:---|
|  | **Page** |
| **Financial Statement as of April 30, 2025 (Audited)**  |  |
| [Report of Independent Registered Public Accounting Firm](#a_020) | F-10 |
| [Statement of Assets and Liabilities as of April 30, 2025](#a_021) | F-11 |
| [Notes to Financial Statement](#a_022) | F-12 |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Remora Capital Corporation

**Opinion on the Financial Statement**

We have audited the accompanying statement of assets and liabilities of Remora Capital Corporation (the Company) as of April 30, 2025, and the related notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the 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 financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the Company's auditor since 2025.

Chicago, Illinois

May 27, 2025

**Remora Capital Corporation**

**STATEMENT OF ASSETS & LIABILITIES**

**April 30, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Cash | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 10000 |
| **Commitments and Contingencies (Note 4)** |  |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 150,000,000 shares authorized; 1,000 shares issued and outstanding | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 9999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $10000 |
| Net asset value per share | $10.00 |

---

*See accompanying Notes to Financial Statement*

**Remora Capital Corporation**

**Notes to Financial Statement**

**As of April 30, 2025** 

**1. Organization**

Remora Capital Corporation (the "Company") is an externally managed, non-diversified, closed-end management investment company established to seek attractive risk-adjusted returns from senior secured corporate loans primarily in the core middle market in the United States and Canada. We are a Maryland corporation that intends to elect to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") and intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company will be externally managed by Remora Capital Management, LLC (the "Adviser" or "Remora"), a Delaware limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Subject to the overall supervision of the board of directors of the Company, the Adviser will manage our day-to-day operations and will provide us with investment advisory services pursuant to the Investment Management Agreement. Remora will also serve as the Administrator pursuant to the Administration Agreement and will provide all administrative services necessary for us to operate under the Administration Agreement.

The Company's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Company intends to build a diversified portfolio of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Company primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets on a secondary basis and makes opportunistic secondary market purchases of loan assets. The Company (directly or via co-investment) may purchase loan assets as a co-lender or as a "club" lender and may participate in loan syndications. The Company may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by other loan originators.

On April 30, 2025, the Adviser purchased 1,000 shares of common stock, par value $0.001 per share, of the Company (the "Common Stock"), which represented all of the issued and outstanding shares of Common Stock, for an aggregate purchase price of $10,000. The shares of Common Stock were sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act").

**2. Summary of Significant Accounting Policies**

*Basis of Presentation*

The following significant accounting policies are in conformity with United States generally accepted accounting principles ("U.S. GAAP"). Such policies are consistently followed by the Company in preparation of its financial statements. Management has determined that the Company is an investment company in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services – Investment Companies," for the purpose of financial reporting. The Company's financial statements are stated in U.S. dollars. The Adviser will pay without reimbursement from the Company all legal costs related to (i) the organizational and merger expenses of the Funds that will merge into the Company as the surviving entity (collectively, such actions, the "Merger") and (ii) the formation and organization of the Company. Additionally, the Adviser will pay for all organizational, offering and other expenses, including, but not limited to, audit fees, printer fees, fees associated with any service provider to the Company and financing fees, etc., incurred in connection with the Company's organization and initial private offering (other than the legal fees as described above) to the extent the Company does not make an election to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "BDC Election"). For the avoidance of doubt, any such expenses (other than the legal fees as described above) shall only be reimbursable by the Company upon the election by the Company to be regulated as a business development company under the 1940 Act.

*Use of Estimates*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates.

*Cash* 

Cash includes cash held in banks and short-term, liquid investments in a money market deposit account. Cash is carried at cost which approximates fair value.

*Income Taxes*

The Company intends to elect to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes in respect of each taxable year if it distributes dividends for federal income tax purposes to stockholders of an amount generally equal to at least 90% of "investment company taxable income," as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Company did not record any tax provision from its formation in October 2024 through April 30, 2025. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities on-going analysis of and changes to tax laws, regulations and interpretations thereof. The current and prior year remain open to review.

 

*Indemnifications*

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote.

 

**3. Related Party Transactions** 

*Administration Agreement*

The Company expects that the Adviser will serve as its administrator ("Administrator") pursuant to an administration agreement (the "Administration Agreement"). The Administrator will provide all administrative services necessary for the Company to operate. Under the Administration Agreement, the Administrator will perform, or oversee the performance of, administrative services, which include, but are not limited to, providing office space, technology, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the Securities and Exchange Commission ("SEC"), managing the payment of expenses and the performance of administrative and professional services rendered by others and the allocable portion of the cost of its General Counsel, Chief Compliance Officer and Chief Financial Officer and their staff; provided, however, that allocable portion of the annual salaries of the General Counsel, Chief Financial Officer and the Chief Compliance Officer and their staff attributable to their work on the Company is subject to a cap equal to 22.5 bps of the Company's net asset value ("NAV") as of the end of the applicable fiscal year. Under the expected terms of the Administration Agreement, the Company expects to reimburse the Administrator for services performed pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party, and the Company expects to reimburse the Administrator for any services performed for the Company by such affiliate or third party. To the extent that the Administrator outsources any of its functions, the Company expects to pay the fees associated with such functions on a direct basis, without profit to the Administrator.

*Investment Management Agreement*

The Company intends to enter into an investment management agreement (the "Investment Management Agreement") with the Adviser. Subject to the overall supervision of the Board of Directors of the Company (the "Board"), the Adviser will manage the Company's day-to-day operations and will provide investment advisory services to the Company.

Under the terms of the Investment Management Agreement, the Company will pay Remora an investment management fee for its services consisting of two components: a management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). Each of the Management Fee and the Incentive Fee will become payable on the terms described below immediately after the BDC Election.

*Management Fee*

Under the terms of the Investment Management Agreement, the Management Fee will be payable quarterly in advance as of the first day of each calendar quarter and will be payable at an annual rate of 1.00% of the par value of the Company's loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Board or a valuation designee). The Management Fee for any partial quarter will be prorated during the relevant calendar quarter.

*Incentive Fee*

The Company will pay the Adviser an Incentive Fee as set forth below. The Incentive Fee will consist 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, the Company will pay the Adviser each quarter 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 with Remora 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 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 at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.5% per quarter (6.00% annualized). Under the terms of the Investment Management Agreement, the Company will pay Remora an investment-income incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows: (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 1.5%; (2) 50% 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 1.765% in any calendar quarter (7.06% annualized) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.765% is referred to as the "catch-up"; the "catch-up" is meant to provide Remora with 15.0% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.765% in any calendar quarter); and (3) 15.0% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.765% in any calendar quarter (7.06% annualized) payable to Remora (once the hurdle is reached and the catch-up is achieved, 15.0% of all pre-incentive fee net investment income thereafter is allocated to Remora).

*Capital Gains Incentive Fee*

Under the terms of the Investment Management Agreement, the other portion of the Incentive Fee will be based on a capital gains component. Under the capital gains component of the Incentive Fee, the Company expects to pay Remora at the end of each calendar year 15.0% 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.

For the foregoing purpose, "aggregate cumulative realized capital gains" will not include any unrealized appreciation. The capital gains component of the Incentive Fee will not be subject to any minimum return to shareholders.

*Fee Waivers*

For the twelve months following the BDC Election Date, Remora has agreed to waive 25% of its Management Fees under the Investment Management Agreement. Any such waiver of Management Fees will not be revocable during the proposed term and the amounts waived will not be subject to any right of future recoupment in favor of Remora.

There were no management fees or incentive fees incurred as of April 30, 2025.

*License Agreement*

The Company expects to enter into a license agreement (the "License Agreement") with Remora. Under the License Agreement, the Company will have a non-exclusive, royalty-free license to use the names "Remora" and "Remora Capital Partners."

**4. Commitments and Contingencies**

In the normal course of business, the Company enters 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.

The Company will be obligated to reimburse the Adviser for advanced expenses as part of the Investment Management Agreement discussed in Note 3. As of April 30, 2025, the Company had $309 in expenses that were advanced and reimbursable to the Adviser pursuant to the Investment Management Agreement in the event that the BDC Election is made by the Company. No other expenses have been incurred through April 30, 2025 that will be directly owed to the Adviser or any other third-party by the Company upon the BDC Election.

**5. Subsequent Events**

In preparing the financial statement, the Company's management has evaluated events and transactions for potential recognition or disclosure through the date the financial statement was issued. Subsequent to April 30, 2025, there have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statement.

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED

MARCH 31, 2025

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF FINANCIAL CONDITION** 

**March 31, 2025**

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $26,090,521) | $26157608 |
| Cash and cash equivalents | 1007997 |
| Financing costs (net of accumulated amortization of $92,780) | 76361 |
| Interest receivable | 94551 |
| Other assets | 42011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $27378529 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Senior secured credit facility | $12800000 |
| Due to related party | 57377 |
| Capital distributions payable | 323378 |
| Reserve for bad debts | 48401 |
| Interest payable | 74384 |
| Accrued expenses | 90141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 13393682 |
| Partners' capital | 13984847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners' capital | $27378529 |

---

*See accompanying notes to financial statements.*

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Aerospace & Defense** |  |  | | |  | | | | |
| Aero 3, Inc. | First lien senior secured loan | S+ | 5.00% |  | 12/23/2026 | 407378 | 406200 | 407378 |  |
| Aero 3, Inc. | First lien senior secured loan | S+ | 5.00% |  | 12/23/2026 | 279690 | 278157 | 279690 |  |
| PAG Holding Corp. | First lien senior secured loan | S+ | 4.75% |  | 12/22/2029 | 484545 | 477934 | 484545 |  |
| PAG Holding Corp. | First lien senior secured revolving loan | S+ | 4.75% |  | 12/22/2029 | 1672 | 1540 | 1672 |  |
| PAG Holding Corp. | First lien senior secured delayed draw term loan | S+ | 4.75% |  | 12/22/2029 | 30852 | 30563 | 30852 |  |
| RTC Aerospace Opcos, LLC | First lien senior secured loan | S+ | 5.75% |  | 3/7/2027 | 270310 | 269549 | 270310 |  |
|  |  |  |  |  |  |  | 1463942 | 1474446 | 10.5% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S+ | 6.50% |  | 5/25/2026 | 192805 | 190980 | 192805 |  |
|  |  |  |  |  |  |  | 190980 | 192805 | 1.4% |
| **Auto Components** |  |  |  |  |  |  |  |  |  |
| MOP-Cloyes, Inc. | First lien senior secured loan | S+ | 5.75% |  | 2/17/2028 | 453784 | 447748 | 453784 |  |
|  |  |  |  |  |  |  | 447748 | 453784 | 3.2% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured revolving loan | S+ | 5.25% |  | 6/28/2030 | 10868 | 10511 | 10868 |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S+ | 5.00% |  | 6/10/2029 | 582275 | 576243 | 582275 |  |
| CentralBDC Enterprises, LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 6/10/2029 | 17026 | 16614 | 17026 |  |
|  |  |  |  |  |  |  | 603369 | 610170 | 4.4% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S+ | 6.50% |  | 12/20/2025 | 418589 | 414996 | 431319 |  |
|  |  |  |  |  |  |  | 414996 | 431319 | 3.1% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Case Snow Management, LLC | First lien senior secured loan | S+ | 5.50% |  | 12/15/2026 | 318558 | 316672 | 318558 |  |
| Cultural Experiences Abroad, LLC | First lien senior secured revolving loan (5) | S+ | 6.00% |  | 8/17/2028 |  | (302) |  |  |
| Prisma Graphic, LLC | First lien senior secured loan | S+ | 6.50% |  | 7/29/2027 | 530550 | 526193 | 530550 |  |
| Safety Management Group, LLC | First lien senior secured loan | S+ | 5.25% |  | 2/25/2027 | 202736 | 202267 | 202736 |  |
|  |  |  |  |  |  |  | 1044830 | 1051843 | 7.5% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured loan | S+ | 5.00% |  | 11/12/2031 | 476714 | 471175 | 471175 |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 11/12/2031 |  | (306) |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured delayed draw term loan | S+ | 5.00% |  | 11/12/2031 | 18120 | 17868 | 18120 |  |
| Rose Paving, LLC | First lien senior secured loan | S+ | 5.00% |  | 11/27/2029 | 617088 | 609964 | 617088 |  |
| Rose Paving, LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 11/27/2029 | 14508 | 13836 | 14508 |  |
| Rose Paving, LLC | First lien senior secured delayed draw term loan | S+ | 5.00% |  | 11/27/2029 | 17338 | 17008 | 17338 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/30/2027 | 373760 | 370525 | 373760 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2027 | 88750 | 87583 | 88750 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2027 | 29090 | 28772 | 29090 |  |
|  |  |  |  |  |  |  | 1616426 | 1629829 | 11.7% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| JA Moody LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 11/29/2029 |  | (273) |  |  |
| JA Moody LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.00% |  | 11/29/2029 |  | (404) | - |  |
|  |  |  |  |  |  |  | (677) | - | 0.0% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S+ | 6.25% |  | 12/18/2029 | 592403 | 582016 | 592403 |  |
| Talent Worldwide Inc. | First lien senior secured revolving loan | S+ | 6.25% |  | 12/18/2029 | 7245 | 6889 | 7245 |  |
|  |  |  |  |  |  |  | 588906 | 599649 | 4.3% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S+ | 5.50% | 1.0% | 6/9/2027 | 253262 | 252704 | 253262 |  |
| EdgeCo Buyer, Inc. | First lien senior secured loan | S+ | 4.50% |  | 6/1/2026 | 202140 | 201784 | 202140 |  |
| Engage FI, LLC | First lien senior secured loan | S+ | 4.50% |  | 12/10/2026 | 130043 | 129969 | 130043 |  |
|  |  |  |  |  |  |  | 584456 | 585444 | 4.2% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2025 | 331858 | 329270 | 331858 |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2028 | 345892 | 343797 | 345892 |  |
| Douglas Electrical Components, Inc. | First lien senior secured revolving loan | S+ | 5.00% |  | 8/31/2025 |  | (131) | - |  |
|  |  |  |  |  |  |  | 672935 | 677750 | 4.8% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S+ | 5.75% |  | 12/28/2029 | 492861 | 486113 | 492861 |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured revolving loan | S+ | 5.75% |  | 12/28/2029 |  | (237) |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.75% |  | 12/28/2029 |  | (198) | - |  |
|  |  |  |  |  |  |  | 485678 | 492861 | 3.5% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured revolving loan | S+ | 5.25% |  | 12/19/2030 | 1672 | 1193 | 1672 |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.25% |  | 12/19/2030 |  | (364) |  |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.25% |  | 12/19/2030 |  | (364) | - |  |
|  |  |  |  |  |  |  | 464 | 1672 | 0.0% |
| **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| One Stop Mailing LLC | First lien senior secured loan | S+ | 6.25% |  | 5/7/2027 | 368331 | 365943 | 368346 |  |
|  |  |  |  |  |  |  | 365943 | 368346 | 2.6% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S+ | 5.75% |  | 7/2/2030 | 487462 | 484302 | 487462 |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured revolving loan | S+ | 5.75% |  | 7/2/2030 |  | (526) |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.75% |  | 7/2/2030 |  | (394) |  |  |
| Modular Devices Acquisition, LLC | First lien senior secured loan | S+ | 5.75% |  | 12/28/2026 | 473416 | 470763 | 473416 |  |
| Modular Devices Acquisition, LLC | First lien senior secured revolving loan | S+ | 5.75% |  | 12/28/2026 | 2961 | 2790 | 2961 |  |
| Modular Devices Acquisition, LLC | First lien senior secured delayed draw term loan | S+ | 5.75% |  | 12/28/2026 | 6916 | 6815 | 6916 |  |
| Modular Devices Acquisition, LLC | First lien senior secured capital equipment loan | S+ | 5.75% |  | 12/28/2026 | 5129 | 5028 | 5129 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured revolving loan | S+ | 4.75% |  | 8/12/2029 | 11147 | 10736 | 11147 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured delayed draw term loan | S+ | 4.75% |  | 8/12/2029 | 11591 | 10790 | 11591 |  |
|  |  |  |  |  |  |  | 990304 | 998621 | 7.1% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Caravel Autism Health, LLC | First lien senior secured loan | S+ | 4.75% |  | 6/11/2030 | 132515 | 130807 | 132515 |  |
| Houseworks Holdings, LLC | First lien senior secured loan | S+ | 5.25% |  | 12/16/2028 | 283477 | 281124 | 283477 |  |
| Houseworks Holdings, LLC | First lien senior secured loan | S+ | 5.25% |  | 12/16/2028 | 408965 | 403185 | 408965 |  |
| MAS Medical Staffing LLC | First lien senior secured loan | S+ | 6.00% | 1.0% | 5/27/2026 | 371950 | 371299 | 371950 |  |
| Science Care Parent Inc. | First lien senior secured loan | S+ | 5.25% |  | 7/22/2026 | 381330 | 378737 | 381330 |  |
| Science Care Parent Inc. | First lien senior secured loan | S+ | 5.25% |  | 7/23/2027 | 346989 | 344814 | 346989 |  |
| Science Care Parent Inc. | First lien senior secured revolving loan (5) | S+ | 5.25% |  | 7/22/2026 |  | (87) |  |  |
| Science Care Parent Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.25% |  | 7/22/2026 |  | (64) | - |  |
|  |  |  |  |  |  |  | 1909817 | 1925225 | 13.8% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Advent Home Medical LLC | First lien senior secured loan | S+ | 5.75% |  | 3/4/2026 | 338854 | 338340 | 338854 |  |
| Sentrics, Inc. | First lien senior secured loan | S+ | 7.50% |  | 12/13/2026 | 276574 | 275865 | 276574 |  |
| Unlock Health, Inc. | First lien senior secured loan | S+ | 6.50% |  | 2/3/2028 | 449399 | 447185 | 449399 |  |
|  |  |  |  |  |  |  | 1061390 | 1064827 | 7.6% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S+ | 6.75% |  | 6/18/2026 | 572392 | 568629 | 572392 |  |
| NTM Acquisition Corp. | First lien senior secured revolving loan | S+ | 6.75% |  | 6/18/2026 |  | (119) | - |  |
|  |  |  |  |  |  |  | 568511 | 572392 | 4.1% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S+ | 5.75% |  | 11/22/2025 | 674521 | 669928 | 674521 |  |
|  |  |  |  |  |  |  | 669928 | 674521 | 4.8% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| VALE Insurance Partners | First lien senior secured loan | S+ | 5.25% |  | 12/1/2027 | 269608 | 268688 | 269608 |  |
|  |  |  |  |  |  |  | 268688 | 269608 | 1.9% |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S+ | 5.50% |  | 3/11/2029 | 259890 | 256365 | 259890 |  |
| Exec Connect Intermediate LLC | First lien senior secured revolving loan | S+ | 5.50% |  | 3/11/2029 |  | (158) |  |  |
| Exec Connect Intermediate LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.50% |  | 3/11/2029 |  | (237) |  |  |
| MMGY Corporation | First lien senior secured loan | S+ | 5.00% |  | 4/26/2029 | 178721 | 176138 | 178721 |  |
|  |  |  |  |  |  |  | 432108 | 438611 | 3.1% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Coastal Cloud LLC | First lien senior secured loan | S+ | 4.50% |  | 5/30/2025 | 329125 | 329125 | 329125 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S+ | 5.00% |  | 5/17/2029 | 288239 | 284267 | 288239 |  |
| Crosslake Intermediate, LLC | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 5/17/2029 |  | (150) |  |  |
| CyberRisk Alliance, LLC | First lien senior secured loan | S+ | 6.50% |  | 10/24/2027 | 202792 | 201512 | 202792 |  |
| CyberRisk Alliance, LLC | First lien senior secured loan | Fixed Rate | 18.00% |  | 6/28/2025 | 11316 | 11316 | 11316 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S+ | 5.75% | 0.50% | 7/15/2028 | 273603 | 272642 | 273603 |  |
| iVision Scale, LLC | First lien senior secured loan | S+ | 7.00% |  | 8/17/2025 | 431317 | 429453 | 431317 |  |
| The Channel Company, Inc. | First lien senior secured loan | S+ | 2.25% | 4.25% | 11/1/2027 | 215191 | 213858 | 153345 |  |
|  |  |  |  |  |  |  | 1742024 | 1689736 | 12.1% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Life Sciences Tools and Services** |  |  |  |  |  |  |  |  |  |
| Astrix Technology, LLC | First lien senior secured loan | S+ | 5.00% |  | 12/20/2026 | 407520 | 405890 | 407520 |  |
|  |  |  |  |  |  |  | 405890 | 407520 | 2.9% |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S+ | 6.00% | 0.50% | 9/1/2026 | 140211 | 140131 | 140211 |  |
| Boostability Parent, Inc. | First lien senior secured revolving loan (5) | S+ | 5.25% |  | 7/12/2029 |  | (358) |  |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S+ | 5.25% |  | 6/5/2029 | 292770 | 290970 | 292770 |  |
| EDGE Intermediate, LLC | First lien senior secured revolving loan | S+ | 5.25% |  | 6/5/2029 | 1579 | 1183 | 1579 |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S+ | 5.50% |  | 1/8/2029 | 575786 | 572003 | 575786 |  |
| VP Heron Parent, Inc. | First lien senior secured revolving loan (5) | S+ | 5.50% |  | 1/8/2029 |  | (331) | - |  |
|  |  |  |  |  |  |  | 1003597 | 1010346 | 7.2% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S+ | 5.50% |  | 2/21/2029 | 288045 | 284151 | 288045 |  |
| ALM Global, LLC | First lien senior secured revolving loan | S+ | 5.50% |  | 2/21/2029 | 743 | 656 | 743 |  |
| Berlin Rosen Acquisition, LLC | First lien senior secured loan | S+ | 5.50% |  | 1/14/2027 | 541551 | 536718 | 541551 |  |
| CF512, Inc. | First lien senior secured loan | S+ | 6.00% |  | 9/1/2026 | 359032 | 357855 | 359120 |  |
| Equine Network, LLC | First lien senior secured loan | S+ | 6.50% |  | 5/22/2028 | 548395 | 540505 | 548395 |  |
| H Code Media, Inc. | First lien senior secured loan | S+ | 6.50% |  | 8/27/2026 | 327461 | 323801 | 327461 |  |
| MarketCast Holdings, LLC | First lien senior secured loan | S+ | 6.00% |  | 11/15/2025 | 440409 | 439810 | 427679 |  |
| MeritDirect LLC | First lien senior secured loan | S+ | 5.75% |  | 5/22/2024 | 357155 | 355683 | 357155 |  |
|  |  |  |  |  |  |  | 2839179 | 2850149 | 20.4% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| DeWinter LLC | First lien senior secured loan | S+ | 6.75% |  | 2/28/2025 | 403644 | 402025 | 403644 |  |
| Escalon Services, LLC | First lien senior secured loan | S+ | 1.00% | 6.0% | 10/13/2028 | 428277 | 426490 | 350630 |  |
| FMS Financial Management Services LLC | First lien senior secured loan | S+ | 4.75% |  | 2/1/2027 | 134036 | 133730 | 134036 |  |
| MOXFIVE LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 8/16/2029 |  | (525) |  |  |
| Pacific Purchaser, LLC | First lien senior secured loan | S+ | 6.25% |  | 10/2/2028 | 233216 | 231185 | 233216 |  |
| Penta Group, LLC | First lien senior secured loan | S+ | 5.00% |  | 6/21/2026 | 346420 | 345545 | 346420 |  |
| Providus MPS Buyer LLC | First lien senior secured loan | S+ | 5.00% |  | 8/16/2029 | 237621 | 236091 | 237621 |  |
| Providus MPS Buyer LLC | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 8/16/2029 |  | (598) | - |  |
|  |  |  |  |  |  |  | 1773942 | 1705568 | 12.2% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
| Continuum Companies, Inc. | First lien senior secured loan | S+ | 5.75% |  | 9/12/2027 | 287511 | 286055 | 287511 |  |
|  |  |  |  |  |  |  | 286055 | 287511 | 2.1% |
| **Road & Rail** |  |  |  |  |  |  |  |  |  |
| OTR Buyer, LLC | First lien senior secured loan | S+ | 5.50% |  | 8/31/2027 | 163019 | 162244 | 163019 |  |
|  |  |  |  |  |  |  | 162244 | 163019 | 1.2% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Software** |  |  |  |  |  |  |  |  |  |
| 402 Ventures, LLC | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 9/26/2029 |  | (160) |  |  |
| Concord III, L.L.C. | First lien senior secured loan | S+ | 6.00% |  | 12/20/2028 | 653009 | 643395 | 653009 |  |
| Concord III, L.L.C. | First lien senior secured revolving loan | S+ | 6.00% |  | 12/20/2028 | 5747 | 5619 | 5747 |  |
| Exigo, LLC | First lien senior secured loan | S+ | 6.00% |  | 3/15/2027 | 372717 | 370767 | 372717 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S+ | 5.00% |  | 11/16/2027 | 351974 | 351215 | 351974 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured revolving loan | S+ | 5.00% |  | 11/16/2027 | 1821 | 1821 | 1821 |  |
| MotionPoint Corporation | First lien senior secured loan | S+ | 6.00% |  | 3/31/2026 | 333774 | 333360 | 333774 |  |
| QM Buyer, Inc. | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 12/6/2030 |  | (436) |  |  |
| QM Buyer, Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.00% |  | 12/6/2030 |  | (441) |  |  |
| TriMech Acquisition Corp. | First lien senior secured loan | S+ | 4.75% |  | 3/10/2028 | 116307 | 115605 | 116307 |  |
|  |  |  |  |  |  |  | 1820747 | 1835351 | 13.1% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| Hub Pen Company, LLC | First lien senior secured loan | S+ | 5.25% |  | 12/31/2027 | 306421 | 301987 | 306421 |  |
|  |  |  |  |  |  |  | 301987 | 306421 | 2.2% |
| **Transportation and Logistics** |  |  |  |  |  |  |  |  |  |
| A. Stucki Company | First lien senior secured delayed draw term loan (5) | S+ | 4.75% |  | 3/27/2030 |  | (347) | - |  |
|  |  |  |  |  |  |  | (347) | - | 0.0% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S+ | 5.00% |  | 3/1/2028 | 692897 | 684432 | 692897 |  |
|  |  |  |  |  |  |  | 684432 | 692897 | 5.0% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S+ | 6.25% |  | 7/19/2029 | 681393 | 677081 | 681393 |  |
| Greenrise Technologies, LLC | First lien senior secured revolving loan | S+ | 6.25% |  | 7/19/2029 | 13975 | 13567 | 13975 |  |
| Greenrise Technologies, LLC | First lien senior secured delayed draw term loan (5) | S+ | 6.25% |  | 7/19/2029 |  | (623) | - |  |
|  |  |  |  |  |  |  | 690025 | 695368 | 5.0% |
| **Total Investments** |  |  |  |  |  |  | 26090521 | 26157608 | 187.0% |

---

(1) All portfolio company
 headquarters are based in the United States.

(2) There are no
 non-accrual nor non-income producing debt investments. Represents floating rate instruments that accrue interest at a predetermined
 spread relative to an index, typically the applicable Secured Overnight Financing Rate, or "S+", or Prime rate, or
 "P". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments
 disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or
 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower's option. All securities are subject to a SOFR or Prime
 rate floor where a spread is provided, unless noted.

(3) Principal is net of
 repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being
 greater than the principal amount outstanding on the loan.

(4) Valued based on our
 accounting policy. The value of all securities was determined using significant unobservable inputs.

(5) The position is unfunded
 and no interest income is being earned as of March 31, 2025. The position may earn a nominal unused facility fee on committed amounts.
 The Partnership had unfunded loan commitments of $1,045,480 as of March 31, 2025.

 *See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $687032 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 688336 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 216569 |
| &nbsp;&nbsp;&nbsp;Management fees | 64140 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 50191 |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 10450 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 3483 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 20128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 364961 |
| **Net investment income** | 323375 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | (24511) |
| **Net gain on loans funded** | (24511) |
| **Net income** | $298864 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

**Three Months Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **Partners' capital, beginning of year** | $123730 | $13871262 | $13994992 |
| **Capital withdrawals** |  | (323378) | (323378) |
| **Allocation of net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 23 | 313210 | 313233 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | 21447 | (21447) | - |
|  | 21469 | 291763 | 313233 |
| **Partners' capital, end of period** | $145199 | $13839647 | $13984847 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $298864 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (1088263) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | 24511 |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 10450 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 412534 |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (41838) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing cost | 9256 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred organizational cost | 3200 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | (3163) |
| &nbsp;&nbsp;&nbsp;Other assets | (10097) |
| &nbsp;&nbsp;&nbsp;Due to related party | 17770 |
| &nbsp;&nbsp;&nbsp;Interest payable | 3137 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (3860) |
| Net cash used in operating activities | (367497) |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Senior secured credit facility | 1200000 |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of capital distributions payable | (359269) |
| Net cash provided by financing activities | 840731 |
| Net change in cash | 473233 |
| Cash, beginning of year | 534764 |
| Cash, end of year | $1007997 |
| Supplemental disclosure of noncash operating activities |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest during the year | 216569 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**1.** **Nature of the Entity and Its Operations** 

Remora Capital Partners I, LP and its subsidiaries (the "Partnership") is a Delaware limited partnership which was organized in March 2021 and commenced operations November 16, 2021.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership has built a diversified portfolio of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) on a secondary basis, and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners I GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940). The Partnership stopped accepting new investors on November 16, 2023.

**2.** **Basis of Presentation** 

Management has prepared these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These consolidated financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**3.** **Principles of Consolidation** 

The accompanying consolidated financial statements include the accounts of Remora Capital Partners I, LP and its wholly owned subsidiaries, RCP I Finance, LLC and RCP I SPV, LLC (collectively, the Partnership). All significant intercompany balances and transactions have been eliminated in consolidation.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**4.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |

---

---

| | |
|:---|:---|
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |

---

Level 3 Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability.

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At March 31, 2025, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**5.** **Summary of Significant Accounting Policies** *(concluded)* 

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2025. The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by two financial institutions. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of consolidated financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

<u>Deferred Financing Costs</u>

Deferred financing costs consist of fees and expenses paid in connection with the closing of the credit facility. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the credit facility. Capitalized deferred financing costs related to the credit facility are presented on the Consolidated Statement of Financial Condition.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**6.** **Fair Value Measurements** 

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Loans funded at fair value** | | | |
| &nbsp;&nbsp;&nbsp;Loans funded at fair value | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 26157608 |
| **Partners' capital,** end of year** | $- | $- | $26157608 |

---

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the three months ended March 31, 2025, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

Purchases of Level 3 assets for the three month period ended March 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Description** | **Purchases<sup>(1)</sup>** |
| Loans Funded | $1088263 |

---

<sup>(1)</sup> Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $26,157,608 were valued based on observable and unobservable but non-quantitative inputs as of March 31, 2025. As of March 31, 2025, the fair value is based on the cost basis plus amortized original issue discount and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**7.** **Truist Credit Facility** 

On August 3, 2022, Remora Capital Partners I, LP and Remora Capital Partners I QP LP each formed a wholly owned special purpose entity (collectively the "SPEs"), called RCP I Finance, LLC ("RCP I SPE") and RCP I QP Finance, LLC ("RCP I QP SPE"), respectively. Substantially all of the loan assets of the partnerships, that were originated by and sourced via a sub-manager agreement with Maranon Capital, L.P. ("Maranon"), were contributed to the SPEs in order for the SPEs to jointly act as co-borrowers of a revolving credit facility for up to $60.0 million (the "Truist Credit Facility") with Truist Bank (formerly SunTrust Bank), acting as administrative agent, Maranon, acting as collateral manager, and Deutsche Bank Trust Company acting as both collateral agent and collateral administrator. Subsequently, on March 15, 2023, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $10 million to a total of $70 million, subject to leverage and borrowing base restrictions. Subsequently, on February 22, 2024, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $33 million to a total of $103 million, subject to leverage and borrowing base restrictions.

As of March 31, 2025, RCP I QP SPE and RCP I SPE had jointly borrowed $78.8 million and $12.8 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had an interest rate of 6.6%, exclusive of the fee on undrawn commitment and ticking fees for subsequent borrowings, as of March 31, 2025. The Truist Credit Facility is a revolving facility with a stated maturity date of August 3, 2027 and pricing set at 220 basis points over one-month SOFR (or an alternative risk-free floating interest rate index) plus a 10 basis point credit spread adjustment. As of March 31, 2025, the SPEs had $11.4 million of unused borrowing capacity under the Truist Credit Facility, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by all of the assets of the SPEs, which represents substantially all of the assets underwritten and secured via a sub-manager agreement with Maranon. Assets secured as a co-lender or via other co-investment programs are not collateral for the Truist Credit Facility. As of March 31, 2025, the Partnership was in compliance with the terms of the Truist Credit Facility.

**8.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**8.** **Investment Risk** *(concluded)* 

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Consolidated Statement of Financial Condition. Further, the Partnership may face other restrictions on its ability to liquidate an investment in a portfolio company to the extent that it, or an affiliated manager, has material non-public information regarding such portfolio company. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio developments or trends in any particular industry and the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. The Partnership also funds a portion of the Partnership's investments with borrowings and the Partnership's net investment income will be affected by the difference between the rate at which the Partnership invests and the rate at which the Partnership borrows. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Partnership's net investment income. As of March 31, 2025, 100% of the investments at fair value in the Partnership's portfolio were at variable rates, subject to interest rate floors. The Truist Credit Facility also bears interest at variable rates. Additionally, changes in market rates may result in declining yields upon reinvestment of excess cash balances.

**9.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the Manager for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The Manager, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $64,140 for the three months ended March 31, 2025.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**9.** **Related Party Transactions** *(concluded)* 

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners I QP LP, a Delaware limited partnership ("RCP I QP'). The Partnership and RCP I QP operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP I QP have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. The Partnership and its parallel fund both stopped raising new investor capital as of November 16, 2023, and the final rebalancing of the portfolio was completed in December 2023. Therefore, for the three months ended March 31, 2025, the Partnership did not transfer any loans to RCP I QP per the terms of the rebalancing agreement.

On December 15, 2023, the Partnership and RCP I QP entered into a revolving promissory note with Remora Capital Partners II, LP ("RCP II LP") and Remora Capital Partners II QP, LP ("RCP II QP LP") whereby either the Partnership and/or RCP I QP may make short-term advances ("Advances"), for a maximum of 60 days for each Advance, and up to a total principal amount of five million dollars. The borrowers may use to the funds to pay the purchase price of certain investments. The Advances bear interest daily non-compounded at an annual rate of 25 basis points plus the interest rate currently being earned on cash deposits of the Partnership's interest-bearing checking account with Bank of America (resulting in an applicable rate of 4.15% as of March 31, 2025). As of March 31, 2025, there was no outstanding balance related to this note.

**10.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**10.** **Partners' Capital** *(concluded)* 

<u>Capital Contributions and Withdrawals</u>

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

For the three months ended March 31, 2025, carried interest allocated to the General Partner was $21,447.

**11.** **Fund Administrator** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**12.** **Financial Highlights** 

Financial highlights for the three months ended March 31, 2025, annualized, are as follows:

---

| | |
|:---|:---|
| Total return | 2.30% |
| Carried interest | -0.20% |
| Total return after carried interest | 2.10% |
| Expense ratio | 2.00% |
| Carried interest ratio | 0.20% |
| Expense plus carried interest ratio | 2.20% |
| Net investment income ratio | 1.70% |

---

Financial highlights are calculated for the limited partner class taken as a whole. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect the effects of change in unearned carried interest to the General Partner.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**13.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the consolidated financial statements were available to be issued. There were no material subsequent events that required disclosure in these consolidated financial statements.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

CONSOLIDATED FINANCIAL STATEMENTS

AND

INDEPENDENT AUDITOR'S REPORT

DECEMBER 31, 2024

---

| | |
|:---|:---|
| ![](fin_001.jpg) | 1230 Rosecrans Avenue, Suite 510 <br> Manhattan Beach, California 90266 <br> 310-382-5380  |

---

 **Independent Auditor's Report** 

To the Partners of

Remora Capital Partners I, LP and Subsidiaries

 **Opinion** 

We have audited the consolidated financial statements of Remora Capital Partners I, LP and Subsidiaries ("the Partnership"), which comprise the consolidated statement of financial condition, including the consolidated schedule of investments, as of December 31, 2024, and the related consolidated statements of operations, changes in partners' capital, and cash flows for the year then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, and the results of its operations, changes in its partners' capital, and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

 **Basis for Opinion** 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Partnership and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 **Responsibilities of Management for the Consolidated Financial Statements** 

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for one year after the date that the consolidated financial statements are issued (or when applicable, one year after the date the consolidated financial statements are available to be issued).

 **Auditor's Responsibilities for the Audit of the Consolidated Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

Weaver and Tidwell, L.L.P.

 **CPAs AND ADVISORS \| WEAVER.COM**

The Partners of

Remora Capital Partners I, LP and Subsidiaries

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

/s/ WEAVER AND TIDWELL, L.L.P.

WEAVER AND TIDWELL, L.L.P.

Manhattan Beach, California

April 30, 2025, except as to the consolidated schedule of investments, which is as of July 25, 2025

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF FINANCIAL CONDITION**

**December 31, 2024**

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $25,596,074) | $25499228 |
| Cash and cash equivalents | 534764 |
| Financing costs (net of accumulated amortization of $83,524) | 85617 |
| Interest receivable | 91388 |
| Other assets | 38182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $26249179 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Senior secured credit facility | $11600000 |
| Due to related party | 39607 |
| Capital distributions payable | 359269 |
| Reserve for bad debts | 69665 |
| Interest payable | 71247 |
| Accrued expenses | 114399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12254187 |
| Partners' capital | 13994992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners' capital | $26249179 |

---

*See accompanying notes to financial statements.*

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024** 

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** | **First Lien Secured Debt** | **First Lien Secured Debt** | | |  | | | | |
| **Aerospace & Defense** |  |  | | |  | | | | |
| Aero 3, Inc. | First lien senior secured loan | S+ | 5.00% |  | 12/23/2026 | 408436 | 408436 | 408436 |  |
| Aero 3, Inc. | First lien senior secured loan | S+ | 5.00% |  | 12/23/2026 | 280400 | 280400 | 280400 |  |
| PAG Holding Corp. | First lien senior secured loan | S+ | 4.75% |  | 12/22/2029 | 485772 | 485772 | 485772 |  |
| PAG Holding Corp. | First lien senior secured revolving loan | S+ | 4.75% |  | 12/22/2029 | 1672 | 1672 | 1672 |  |
| PAG Holding Corp. | First lien senior secured delayed draw term loan | S+ | 4.75% |  | 12/22/2029 | 30930 | 30930 | 30930 |  |
| RTC Aerospace Opcos, LLC | First lien senior secured loan | S+ | 5.75% |  | 3/7/2027 | 271006 | 271006 | 271006 |  |
|  |  |  |  |  |  |  | 1478216 | 1478216 | 10.6% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S+ | 6.50% |  | 5/25/2026 | 195808 | 195808 | 195808 |  |
|  |  |  |  |  |  |  | 195808 | 195808 | 1.4% |
| **Auto Components** |  |  |  |  |  |  |  |  |  |
| MOP-Cloyes, Inc. | First lien senior secured loan | S+ | 5.75% |  | 2/17/2028 | 454933 | 454933 | 454933 |  |
|  |  |  |  |  |  |  | 454933 | 454933 | 3.3% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S+ | 5.00% |  | 6/10/2029 | 583742 | 583742 | 583742 |  |
| CentralBDC Enterprises, LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 6/10/2029 | 17026 | 17026 | 17026 |  |
|  |  |  |  |  |  |  | 600769 | 600769 | 4.3% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S+ | 6.50% |  | 12/20/2025 | 420713 | 420713 | 420713 |  |
|  |  |  |  |  |  |  | 420713 | 420713 | 3.0% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Case Snow Management, LLC | First lien senior secured loan | S+ | 5.50% |  | 12/15/2026 | 318558 | 318558 | 318558 |  |
| Cultural Experiences Abroad, LLC | First lien senior secured revolving loan (5) | S+ | 6.00% |  | 8/17/2028 |  |  |  |  |
| Prisma Graphic, LLC | First lien senior secured loan | S+ | 6.50% |  | 7/29/2027 | 531900 | 531900 | 531900 |  |
| Safety Management Group, LLC | First lien senior secured loan | S+ | 5.25% |  | 2/25/2027 | 203255 | 203255 | 203255 |  |
|  |  |  |  |  |  |  | 1053713 | 1053713 | 7.5% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024** 

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** | **First Lien Secured Debt** | **First Lien Secured Debt** | | |  | | | | |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 11/12/2031 |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured delayed draw term loan | S+ | 5.00% |  | 11/12/2031 |  |  |  |  |
| Rose Paving, LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 11/27/2029 | 18878 | 18878 | 18878 |  |
| Rose Paving, LLC | First lien senior secured delayed draw term loan | S+ | 5.00% |  | 11/27/2029 | 7910 | 7910 | 7910 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/30/2027 | 370833 | 370833 | 371708 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2027 | 88987 | 88987 | 89201 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2027 | 18146 | 18146 | 18203 |  |
|  |  |  |  |  |  |  | 504755 | 505900 | 3.6% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
|  JA Moody LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 11/29/2029 | 8694 | 8694 | 8694 |  |
|  JA Moody LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.00% |  | 11/29/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 8694 | 8694 | 0.1% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S+ | 6.25% |  | 12/18/2029 | 593903 | 593903 | 593903 |  |
| Talent Worldwide Inc. | First lien senior secured revolving loan | S+ | 6.25% |  | 12/18/2029 | 7245 | 7245 | 7245 |  |
|  |  |  |  |  |  |  | 601148 | 601148 | 4.3% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S+ | 5.50% | 1.0% | 6/9/2027 | 253313 | 253313 | 253313 |  |
| EdgeCo Buyer, Inc. | First lien senior secured loan | S+ | 4.50% |  | 6/1/2026 | 202667 | 202667 | 202667 |  |
| Engage FI, LLC | First lien senior secured loan | S+ | 4.50% |  | 12/10/2026 | 142428 | 142428 | 142428 |  |
|  |  |  |  |  |  |  | 598408 | 598408 | 4.3% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2025 | 336357 | 336357 | 336357 |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S+ | 5.00% |  | 8/31/2028 | 345892 | 345892 | 345892 |  |
| Douglas Electrical Components, Inc. | First lien senior secured revolving loan | S+ | 5.00% |  | 8/31/2025 |  | - | - |  |
|  |  |  |  |  |  |  | 682249 | 682249 | 4.9% |
| **Electrical Machinery, & Auto** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured revolving loan | S+ | 5.25% |  | 06/28/2030 | 26788 | 26788 | 26788 |  |
|  |  |  |  |  |  |  | 23788 | 26788 | 0.2% |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured revolving loan | S+ | 5.25% |  | 12/19/2030 | 1672 | 1672 | 1672 |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.25% |  | 12/19/2030 |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.25% |  | 12/19/2030 |  | - | - |  |
|  |  |  |  |  |  |  | 1672 | 1672 | 0.0% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S+ | 5.75% |  | 12/28/2029 | 494109 | 494109 | 494109 |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured revolving loan | S+ | 5.75% |  | 12/28/2029 |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.75% |  | 12/28/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 494109 | 494109 | 3.5% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024** 

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br>**Company(1)** | <br>**Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br>**Maturity Date** |<br>**Principal<br> Amount (3)** |<br>**Cost** |<br>**Fair<br> Value(4)** | <br>**% of Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | |  |
| **First Lien Secured Debt** | **First Lien Secured Debt** | **First Lien Secured Debt** | | |  | | | |  |
|  **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
|  One Stop Mailing LLC | First lien senior secured loan | S+ | 6.25% |  | 5/7/2027 | 366420 | 366420 | 366420 |  |
|  |  |  |  |  |  |  | 366420 | 366420 | 2.6% |
|  **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
|  GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S+ | 5.75% |  | 7/2/2030 | 488690 | 485372 | 485372 |  |
|  GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured revolving loan | S+ | 5.75% |  | 7/2/2030 |  |  |  |  |
|  GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.75% |  | 7/2/2030 |  |  |  |  |
|  Modular Devices Acquisition, LLC | First lien senior secured loan | S+ | 5.75% |  | 12/28/2026 | 474634 | 467161 | 463844 |  |
|  Modular Devices Acquisition, LLC | First lien senior secured revolving loan | S+ | 5.75% |  | 12/28/2026 |  |  |  |  |
|  Modular Devices Acquisition, LLC | First lien senior secured delayed draw term loan | S+ | 5.75% |  | 12/28/2026 | 6916 | 6916 | 6916 |  |
|  Modular Devices Acquisition, LLC | First lien senior secured capital equipment loan | S+ | 5.75% |  | 12/28/2026 | 4799 | 4799 | 4799 |  |
|  PRIME ABA HOLDINGS, INC. | First lien senior secured revolving loan | S+ | 4.75% |  | 8/12/2029 | 4180 | 4180 | 4180 |  |
|  PRIME ABA HOLDINGS, INC. | First lien senior secured delayed draw term loan | S+ | 4.75% |  | 8/12/2029 | 11591 | 11591 | 11591 |  |
|  |  |  |  |  |  |  | 980019 | 976702 | 7.0% |
|  **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
|  Caravel Autism Health, LLC | First lien senior secured loan | S+ | 4.75% |  | 6/11/2030 | 132848 | 132848 | 132848 |  |
|  Houseworks Holdings, LLC | First lien senior secured loan | S+ | 5.25% |  | 12/16/2028 | 283477 | 283477 | 283477 |  |
|  Houseworks Holdings, LLC | First lien senior secured loan | S+ | 5.25% |  | 12/16/2028 | 408965 | 408965 | 408965 |  |
|  MAS Medical Staffing LLC | First lien senior secured loan | S+ | 6.00% | 1.0% | 5/27/2026 | 372076 | 372076 | 372076 |  |
|  Science Care Parent Inc. | First lien senior secured loan | S+ | 5.25% |  | 7/22/2026 | 381330 | 381330 | 381330 |  |
|  Science Care Parent Inc. | First lien senior secured loan | S+ | 5.25% |  | 7/23/2027 | 346989 | 346989 | 346989 |  |
|  Science Care Parent Inc. | First lien senior secured revolving loan (5) | S+ | 5.25% |  | 7/22/2026 |  |  |  |  |
|  Science Care Parent Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.25% |  | 7/22/2026 |  | - | - |  |
|  |  |  |  |  |  |  | 1925684 | 1925684 | 13.8% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024** 

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** | **First Lien Secured Debt** | **First Lien Secured Debt** | | |  | | | | |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Advent Home Medical LLC | First lien senior secured loan | S+ | 5.75% |  | 3/4/2026 | 339730 | 339730 | 339730 |  |
| Sentrics, Inc. | First lien senior secured loan | S+ | 7.50% |  | 12/13/2026 | 276574 | 276574 | 276574 |  |
| Unlock Health, Inc. | First lien senior secured loan | S+ | 6.50% |  | 2/3/2028 | 449399 | 449399 | 449399 |  |
|  |  |  |  |  |  |  | 1065704 | 1065704 | 7.6% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S+ | 6.75% |  | 6/18/2026 | 620725 | 620725 | 620725 |  |
| NTM Acquisition Corp. | First lien senior secured revolving loan | S+ | 6.75% |  | 6/18/2026 | 6270 | 6270 | 6270 |  |
|  |  |  |  |  |  |  | 626995 | 626995 | 4.5% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S+ | 5.75% |  | 11/22/2025 | 676224 | 676224 | 676224 |  |
|  |  |  |  |  |  |  | 676224 | 676224 | 4.8% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| VALE Insurance Partners | First lien senior secured loan | S+ | 5.25% |  | 12/1/2027 | 270304 | 270304 | 270304 |  |
|  |  |  |  |  |  |  | 270304 | 270304 | 1.9% |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| CyberRisk Alliance, LLC | First lien senior secured loan  | S+ | 6.50% |  | 10/24/2027  | 203111  | 203111  | 203111  |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S+ | 5.50% |  | 3/11/2029 | 269774 | 269774  | 269774 |  |
| Exec Connect Intermediate LLC | First lien senior secured revolving loan | S+ | 5.50% |  | 3/11/2029 |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured delayed draw term loan (5) | S+ | 5.50% |  | 3/11/2029 |  |  |  |  |
| MMGY Corporation | First lien senior secured loan | S+ | 5.00% |  | 4/26/2029 | 178721 | 178721  | 178721 |  |
|  |  |  |  |  |  |  | 651806  | 651806  | 4.7% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Coastal Cloud LLC | First lien senior secured loan | S+ | 4.50% |  | 5/30/2025 | 337696 | 337696  | 337696 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S+ | 5.00% |  | 5/17/2029 | 305938 | 305938  | 305938 |  |
| Crosslake Intermediate, LLC | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 5/17/2029 |  |  |  |  |
| CyberRisk Alliance, LLC | First lien senior secured loan | Fixed Rate | 18.00% |  | 6/28/2025 | 10648 | 10648 | 10648 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S+ | 5.75% | 0.50% | 7/15/2028 | 273955 | 273955  | 273955 |  |
| iVision Scale, LLC | First lien senior secured loan | S+ | 7.00% |  | 8/17/2025 | 432436 | 432436  | 432436 |  |
| The Channel Company, Inc. | First lien senior secured loan | S+ | 2.25% | 4.25% | 11/1/2027 | 213449 | 213449  | 173009 |  |
|  |  |  |  |  |  |  | 1574123  | 1533683  | 11.0% |
| **Life Sciences Tools and Services** |  |  |  |  |  |  |  |  |  |
| Astrix Technology, LLC | First lien senior secured loan | S+ | 5.00% |  | 12/20/2026 | 408568 | 408568  | 408568 |  |
|  |  |  |  |  |  |  | 408568  | 408568 | 2.9% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024** 

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** | **First Lien Secured Debt** | **First Lien Secured Debt** | | |  | | | | |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S+ | 6.00% | 0.50% | 9/1/2026 | 143380 | 143380  | 143380 |  |
| Boostability Parent, Inc. | First lien senior secured revolving loan (5) | S+ | 5.25% |  | 7/12/2029 |  |  |  |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S+ | 5.25% |  | 6/5/2029 | 293507 | 293507  | 293507 |  |
| EDGE Intermediate, LLC | First lien senior secured revolving loan | S+ | 5.25% |  | 6/5/2029 |  |  |  |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S+ | 5.50% |  | 1/8/2029 | 577244 | 577244  | 577244 |  |
| VP Heron Parent, Inc. | First lien senior secured revolving loan (5) | S+ | 5.50% |  | 1/8/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 1014131  | 1014131 | 7.2% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S+ | 5.50% |  | 2/21/2029 | 288774 | 288774  | 288774 |  |
| ALM Global, LLC | First lien senior secured revolving loan | S+ | 5.50% |  | 2/21/2029 | 1858 | 1858  | 1858 |  |
| Berlin Rosen Acquisition, LLC | First lien senior secured loan | S+ | 5.50% |  | 1/14/2027 | 542912 | 542912  | 542912 |  |
| CF512, Inc. | First lien senior secured loan | S+ | 6.00% |  | 9/1/2026 | 356188 | 356188  | 356188 |  |
| Equine Network, LLC | First lien senior secured loan | S+ | 6.50% |  | 5/22/2028 | 549787 | 549787  | 549787 |  |
| H Code Media, Inc. | First lien senior secured loan | S+ | 6.50% |  | 8/27/2026 | 327461 | 327461  | 327461 |  |
| MarketCast Holdings, LLC | First lien senior secured loan | S+ | 6.00% |  | 11/15/2025 | 441459 | 441459  | 441459 |  |
| MeritDirect LLC | First lien senior secured loan | S+ | 5.75% |  | 5/22/2024 | 362686 | 362686  | 364531 |  |
|  |  |  |  |  |  |  | 2871125  | 2872967  | 20.5% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| DeWinter LLC | First lien senior secured loan | S+ | 6.75% |  | 2/28/2025 | 404679 | 404679  | 404679 |  |
| Escalon Services, LLC | First lien senior secured loan | S+ | 1.00% | 6.0% | 10/13/2028 | 421948 | 421948  | 372064 |  |
| FMS Financial Management Services LLC | First lien senior secured loan | S+ | 4.75% |  | 2/1/2027 | 134386 | 134386  | 134386 |  |
| MOXFIVE LLC | First lien senior secured revolving loan | S+ | 5.00% |  | 8/16/2029 |  |  |  |  |
| Pacific Purchaser, LLC | First lien senior secured loan | S+ | 6.25% |  | 10/2/2028 | 233806 | 233806  | 233806 |  |
| Penta Group, LLC | First lien senior secured loan | S+ | 5.00% |  | 6/21/2026 | 346597 | 346597  | 346597 |  |
| Providus MPS Buyer LLC | First lien senior secured loan | S+ | 5.00% |  | 8/16/2029 | 238218 | 238218  | 236597 |  |
| Providus MPS Buyer LLC | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 8/16/2029 | 5120 | 5120  | 5120 |  |
|  |  |  |  |  |  |  | 1784754  | 1733249 | 12.4% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
| Continuum Companies, Inc. | First lien senior secured loan | S+ | 5.75% |  | 9/12/2027 | 288245 | 288245  | 288245 |  |
|  |  |  |  |  |  |  | 288245  | 288245 | 2.1% |
| **Road & Rail** |  |  |  |  |  |  |  |  |  |
| OTR Buyer, LLC | First lien senior secured loan | S+ | 5.50% |  | 8/31/2027 | 163437 | 163437  | 163437 |  |
|  |  |  |  |  |  |  | 163437  | 163437 | 1.2% |

---

 **REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024** 

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** | **First Lien Secured Debt** | **First Lien Secured Debt** | | |  | | | | |
| **Software** |  |  |  |  |  |  |  |  |  |
| 402 Ventures, LLC | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 9/26/2029 |  |  |  |  |
| Concord III, L.L.C. | First lien senior secured loan | S+ | 6.00% |  | 12/20/2028 | 654657 | 654657 | 654657 |  |
| Concord III, L.L.C. | First lien senior secured revolving loan | S+ | 6.00% |  | 12/20/2028 | 3832 | 3832 | 3832 |  |
| Exigo, LLC | First lien senior secured loan | S+ | 6.00% |  | 3/15/2027 | 369793 | 369793 | 369793 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S+ | 5.00% |  | 11/16/2027 | 352884 | 352884 | 352884 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured revolving loan | S+ | 5.00% |  | 11/16/2027 | 5203 | 5203 | 5203 |  |
| MotionPoint Corporation | First lien senior secured loan | S+ | 6.00% |  | 3/31/2026 | 333774 | 333774 | 333774 |  |
| QM Buyer, Inc. | First lien senior secured revolving loan (5) | S+ | 5.00% |  | 12/6/2030 |  |  |  |  |
| QM Buyer, Inc. | First lien senior secured delayed draw term loan (5) | S+ | 5.00% |  | 12/6/2030 |  |  |  |  |
| Tailwind AST Corporation | First lien senior secured loan | S+ | 5.00% |  | 1/20/2028 | 271001 | 271001 | 271001 |  |
| TriMech Acquisition Corp. | First lien senior secured loan | S+ | 4.75% |  | 3/10/2028 | 116307 | 116307 | 116307 |  |
|  |  |  |  |  |  |  | 2107451 | 2107451 | 15.1% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| Hub Pen Company, LLC | First lien senior secured loan | S+ | 5.25% |  | 12/31/2027 | 307191 | 307191 | 307191 |  |
|  |  |  |  |  |  |  | 307191 | 307191 | 2.2% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S+ | 5.00% |  | 3/1/2028 | 694839 | 694839 | 694839 |  |
|  |  |  |  |  |  |  | 694839 | 694839 | 5.0% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S+ | 6.25% |  | 7/19/2029 | 683105 | 683105 | 678533 |  |
| Greenrise Technologies, LLC | First lien senior secured revolving loan | S+ | 6.25% |  | 7/19/2029 | 13975 | 13975 | 13975 |  |
| Greenrise Technologies, LLC | First lien senior secured delayed draw term loan (5) | S+ | 6.25% |  | 7/19/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 697080 | 692508 | 4.9% |
| **Total Investments** |  |  |  |  |  |  | 25596074 | 25499228 | 182.2% |

---

(1) All portfolio company
 headquarters are based in the United States.

(2) There are no
 non-accrual nor non-income producing debt investments. Represents floating rate instruments that accrue interest at a predetermined
 spread relative to an index, typically the applicable Secured Overnight Financing Rate, or "S+", or Prime rate, or
 "P". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the
 actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR
 rates (1M S, 3M S, or 6M S, respectively) at the borrower's option. All securities are subject to a SOFR or Prime rate floor
 where a spread is provided, unless noted.

(3) Principal is net of
 repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being
 greater than the principal amount outstanding on the loan.

(4) Valued based on our
 accounting policy described in Note 1. The value of all securities was determined using significant unobservable
 inputs.

(5) The position is unfunded
 and no interest income is being earned as of December 31, 2024. The position may earn a nominal unused facility fee on committed
 amounts. The Partnership had unfunded loan commitments of $970,981 as of December 31, 2024.

 *See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**Year Ended December 31, 2024**

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $2711251 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 14133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2725384 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 750255 |
| &nbsp;&nbsp;&nbsp;Management fees | 227280 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 181690 |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 69665 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 13934 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 69571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1312395 |
| **Net investment income** | 1412989 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | 15935 |
| **Net gain on loans funded** | 15935 |
| **Net income** | $1428924 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

**Year Ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **Partners' capital, beginning of year** | $123730 | $13906938 | $14030668 |
| **Capital withdrawals** | (3005) | (1461595) | (1464600) |
| **Allocation of net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 158 | 1428766 | 1428924 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | 112220 | (112220) | - |
|  | 112378 | 1316546 | 1428924 |
| **Partners' capital, end of year** | $233103 | $13761889 | $13994992 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**Year Ended December 31, 2024**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $1428924 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (12485327) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | (15935) |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 69665 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 4659449 |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (58402) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing cost | 36115 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | (15881) |
| &nbsp;&nbsp;&nbsp;Other assets | 10340 |
| &nbsp;&nbsp;&nbsp;Due to related party | (102561) |
| &nbsp;&nbsp;&nbsp;Due from related party | 410000 |
| &nbsp;&nbsp;&nbsp;Interest payable | 35126 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 40963 |
| Net cash used in operating activities | (5987524) |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Financing costs | (36165) |
| &nbsp;&nbsp;&nbsp;Senior secured credit facility | 6300000 |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of capital distributions payable | (1448908) |
| Net cash provided by financing activities | 4814927 |
| Net change in cash | (1172597) |
| Cash, beginning of year | 1707361 |
| Cash, end of year | $534764 |
| Supplemental disclosure of noncash operating activities |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest during the year | 750255 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

1. Nature of the Entity and Its Operations

Remora Capital Partners I, LP and its subsidiaries (the "Partnership") is a Delaware limited partnership which was organized in March 2021 and commenced operations November 16, 2021.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership has built a diversified portfolio of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) on a secondary basis, and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners I GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940). The Partnership stopped accepting new investors on November 16, 2023.

**2.** **Basis of Presentation** 

Management has prepared these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These consolidated financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**3.** **Principles of Consolidation** 

The accompanying consolidated financial statements include the accounts of Remora Capital Partners I, LP and its wholly owned subsidiaries, RCP I Finance, LLC and RCP I SPV, LLC (collectively, the Partnership). All significant intercompany balances and transactions have been eliminated in consolidation.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**4.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |

---

---

| | |
|:---|:---|
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |

---

Level 3 Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability.

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At December 31, 2024, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**5. Summary of Significant Accounting Policies** *(concluded)*

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2024. The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by two financial institutions. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of consolidated financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

<u>Deferred Financing Costs</u>

Deferred financing costs consist of fees and expenses paid in connection with the closing of the credit facility. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the credit facility. Capitalized deferred financing costs related to the credit facility are presented on the Consolidated Statement of Financial Condition.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**6. Fair Value Measurements**

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Loans funded at fair value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans funded | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $25499228 | $25499228 |
| **Total loans funded** | - | - | 25499228 | 25499228 |

---

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the year ended December 31, 2024, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

Purchases of Level 3 assets for the period ended December 31, 2024 are as follows:

---

| | |
|:---|:---|
| **Description** | **Purchases<sup>(1)</sup>** |
| Loans Funded | $12485327 |

---

(1) Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $25,499,228 were valued based on observable and unobservable but non-quantitative inputs as of December 31, 2024. As of December 31, 2024, the fair value is based on the cost basis plus amortized original issue discount and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**7.** **Truist Credit Facility** 

On August 3, 2022, Remora Capital Partners I, LP and Remora Capital Partners I QP LP each formed a wholly owned special purpose entity (collectively the "SPEs"), called RCP I Finance, LLC ("RCP I SPE") and RCP I QP Finance, LLC ("RCP I QP SPE"), respectively. Substantially all of the loan assets of the partnerships, that were originated by and sourced via a sub-manager agreement with Maranon Capital, L.P. ("Maranon"), were contributed to the SPEs in order for the SPEs to jointly act as co-borrowers of a revolving credit facility for up to $60.0 million (the "Truist Credit Facility") with Truist Bank (formerly SunTrust Bank), acting as administrative agent, Maranon, acting as collateral manager, and Deutsche Bank Trust Company acting as both collateral agent and collateral administrator. Subsequently, on March 15, 2023, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $10 million to a total of $70 million, subject to leverage and borrowing base restrictions. Subsequently, on February 22, 2024, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $33 million to a total of $103 million, subject to leverage and borrowing base restrictions.

As of December 31, 2024, RCP I QP SPE and RCP I SPE had jointly borrowed $71.6 million and $11.6 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had an interest rate of 6.9%, exclusive of the fee on undrawn commitment and ticking fees for subsequent borrowings, as of December 31, 2024. The Truist Credit Facility is a revolving facility with a stated maturity date of August 3, 2027 and pricing set at 220 basis points over one-month SOFR (or an alternative risk-free floating interest rate index) plus a 10 basis point credit spread adjustment. As of December 31, 2024, the SPEs had $19.8 million of unused borrowing capacity under the Truist Credit Facility, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by all of the assets of the SPEs, which represents substantially all of the assets underwritten and secured via a sub-manager agreement with Maranon. Assets secured as a co-lender or via other co-investment programs are not collateral for the Truist Credit Facility. As of December 31, 2024, the Partnership was in compliance with the terms of the Truist Credit Facility.

**8.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**8.** **Investment Risk** *(concluded)* 

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Consolidated Statement of Financial Condition. Further, the Partnership may face other restrictions on its ability to liquidate an investment in a portfolio company to the extent that it, or an affiliated manager, has material non-public information regarding such portfolio company. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio developments or trends in any particular industry and the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. The Partnership also funds a portion of the Partnership's investments with borrowings and the Partnership's net investment income will be affected by the difference between the rate at which the Partnership invests and the rate at which the Partnership borrows. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Partnership's net investment income. As of December 31, 2024, 100% of the investments at fair value in the Partnership's portfolio were at variable rates, subject to interest rate floors. The Truist Credit Facility also bears interest at variable rates. Additionally, changes in market rates may result in declining yields upon reinvestment of excess cash balances.

**9.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the Manager for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The Manager, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $227,280 for the year ended December 31, 2024.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**9.** **Related Party Transactions** *(concluded)* 

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners I QP LP, a Delaware limited partnership ("RCP I QP'). The Partnership and RCP I QP operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP I QP have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. The Partnership and its parallel fund both stopped raising new investor capital as of November 16, 2023, and the final rebalancing of the portfolio was completed in December 2023. Therefore, for the year ended December 31, 2024, the Partnership did not transfer any loans to RCP I QP per the terms of the rebalancing agreement.

On December 15, 2023, the Partnership and RCP I QP entered into a revolving promissory note with Remora Capital Partners II, LP ("RCP II LP") and Remora Capital Partners II QP, LP ("RCP II QP LP") whereby either the Partnership and/or RCP I QP may make short-term advances ("Advances"), for a maximum of 60 days for each Advance, and up to a total principal amount of five million dollars. The borrowers may use to the funds to pay the purchase price of certain investments. The Advances bear interest daily non-compounded at an annual rate of 25 basis points plus the interest rate currently being earned on cash deposits of the Partnership's interest-bearing checking account with Bank of America (resulting in an applicable rate of 4.25% as of December 31, 2024). As of December 31, 2024, there was no outstanding balance related to this note.

**10.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**10.** **Partners' Capital** *(concluded)* 

<u>Capital Contributions and Withdrawals</u>

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

For the year ending December 31, 2024, carried interest allocated to the General Partner was $112,220.

**11.** **Fund Administrator** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**12.** **Financial Highlights** 

Financial highlights for the year ended December 31, 2024 are as follows:

---

| | |
|:---|:---|
| Total return | 10.6% |
| Carried interest | (0.8)% |
| Total return after carried interest | 9.8% |
| Expense ratio | 9.3% |
| Carried interest | 0.8% |
| Expense plus carried interest ratio | 10.1% |
| Net investment income ratio | 10.0% |

---

Financial highlights are calculated for the limited partner class taken as a whole. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect the effects of change in unearned carried interest to the General Partner.

**REMORA CAPITAL PARTNERS I, LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**13.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the consolidated financial statements were available to be issued. There were no material subsequent events that required disclosure in these consolidated financial statements.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED

MARCH 31, 2025

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF FINANCIAL CONDITION**

**March 31, 2025**

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $160,082,719) | $160500168 |
| Cash and cash equivalents | 6611081 |
| Financing costs (net of accumulated amortization of $491,325) | 555379 |
| Interest receivable | 605070 |
| Other assets | 194525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $168466223 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Senior secured credit facility | $78800000 |
| Due to related party | 60007 |
| Capital distributions payable | 2038830 |
| Reserve for bad debts | 298275 |
| Interest payable | 456864 |
| Accrued expenses | 385733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 82039708 |
| Partners' capital | 86426515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners' capital | $168466223 |

---

*See accompanying notes to financial statements.*

 **REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Aerospace & Defense** |  |  | | |  | | | | |
| Aero 3, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/23/2026 | 2516412 | 2509135 | 2516412 |  |
| Aero 3, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/23/2026 | 1727670 | 1718207 | 1727670 |  |
| PAG Holding Corp. | First lien senior secured loan | S + | 4.75% |  | 12/22/2029 | 2993082 | 2952245 | 2993082 |  |
| PAG Holding Corp. | First lien senior secured revolving loan | S + | 4.75% |  | 12/22/2029 | 10328 | 9514 | 10328 |  |
| PAG Holding Corp. | First lien senior secured delayed draw term loan | S + | 4.75% |  | 12/22/2029 | 190573 | 188788 | 190573 |  |
| RTC Aerospace Opcos, LLC | First lien senior secured loan | S + | 5.75% |  | 3/7/2027 | 1669730 | 1665029 | 1669730 |  |
|  |  |  |  |  |  |  | 9042919 | 9107795 | 10.5% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S + | 6.50% |  | 5/25/2026 | 1190976 | 1179704 | 1190976 |  |
|  |  |  |  |  |  |  | 1179704 | 1190976 | 1.4% |
| **Auto Components** |  |  |  |  |  |  |  |  |  |
| MOP-Cloyes, Inc. | First lien senior secured loan | S + | 5.75% |  | 2/17/2028 | 2803065 | 2765784 | 2803065 |  |
|  |  |  |  |  |  |  | 2765784 | 2803065 | 3.2% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% |  | 6/28/2030 | 67132 | 64927 | 67132 |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S + | 5.00% |  | 6/10/2029 | 3596771 | 3559511 | 3596771 |  |
| CentralBDC Enterprises, LLC | First lien senior secured revolving loan | S + | 5.00% |  | 6/10/2029 | 105174 | 102628 | 105174 |  |
|  |  |  |  |  |  |  | 3727066 | 3769077 | 4.4% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S + | 6.50% |  | 12/20/2025 | 2585661 | 2563472 | 2585661 |  |
|  |  |  |  |  |  |  | 2563472 | 2585661 | 3.0% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Case Snow Management, LLC | First lien senior secured loan | S + | 5.50% |  | 12/15/2026 | 1967950 | 1955288 | 1967950 |  |
| Cultural Experiences Abroad, LLC | First lien senior secured revolving loan (5) | S + | 6.00% |  | 8/17/2028 |  | (1867) |  |  |
| Prisma Graphic, LLC | First lien senior secured loan | S + | 6.50% |  | 7/29/2027 | 3277257 | 3250347 | 3277257 |  |
| Safety Management Group, LLC | First lien senior secured loan | S + | 5.25% |  | 2/25/2027 | 1252319 | 1249422 | 1252319 |  |
|  |  |  |  |  |  |  | 6453189 | 6497526 | 7.5% |

---

 **REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/12/2031 | 2944711 | 2910490 | 2910490 |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured revolving loan (5) | S + | 5.00% |  | 11/12/2031 |  | (1892) |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured delayed draw term loan | S + | 5.00% |  | 11/12/2031 | 111930 | 110373 | 111930 |  |
| Rose Paving, LLC | First lien senior secured loan | S + | 5.00% |  | 11/27/2029 | 3811812 | 3767808 | 3811812 |  |
| Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.00% |  | 11/27/2029 | 89619 | 85467 | 89619 |  |
| Rose Paving, LLC | First lien senior secured delayed draw term loan | S + | 5.00% |  | 11/27/2029 | 107097 | 105060 | 107097 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/30/2027 | 2049511 | 2029936 | 2049511 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 548220 | 541011 | 548220 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 179689 | 177730 | 179689 |  |
|  |  |  |  |  |  |  | 9725983 | 9808368 | 11.3% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| JA Moody LLC | First lien senior secured revolving loan | S + | 5.00% |  | 11/29/2029 |  | (1687) |  |  |
| JA Moody LLC | First lien senior secured delayed draw term loan (5) | S + | 5.00% |  | 11/29/2029 |  | (2495) | - |  |
|  |  |  |  |  |  |  | (4181) | - | 0.0% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 3659333 | 3595170 | 3659333 |  |
| Talent Worldwide Inc. | First lien senior secured revolving loan | S + | 6.25% |  | 12/18/2029 | 44755 | 42556 | 44755 |  |
|  |  |  |  |  |  |  | 3637726 | 3704087 | 4.3% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S + | 5.50% | 1.0% | 6/9/2027 | 1564421 | 1560974 | 1564421 |  |
| EdgeCo Buyer, Inc. | First lien senior secured loan | S + | 4.50% |  | 6/1/2026 | 1248635 | 1246437 | 1248635 |  |
| Engage FI, LLC | First lien senior secured loan | S + | 4.50% |  | 12/10/2026 | 803290 | 802830 | 803290 |  |
|  |  |  |  |  |  |  | 3610241 | 3616346 | 4.2% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2025 | 2049919 | 2033931 | 2049919 |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2028 | 2136607 | 2123664 | 2136607 |  |
| Douglas Electrical Components, Inc. | First lien senior secured revolving loan | S + | 5.00% |  | 8/31/2025 |  | (809) | - |  |
|  |  |  |  |  |  |  | 4156786 | 4186526 | 4.8% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2029 | 3044452 | 3002768 | 3044452 |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured revolving loan | S + | 5.75% |  | 12/28/2029 |  | (1423) |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured delayed draw term loan (5) | S + | 5.75% |  | 12/28/2029 |  | (1225) | - |  |
|  |  |  |  |  |  |  | 3000119 | 3044452 | 3.5% |

---

 **REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured revolving loan | S + | 5.25% |  | 12/19/2030 | 10328 | 7368 | 10328 |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.25% |  | 12/19/2030 |  | (2251) |  |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.25% |  | 12/19/2030 |  | (2251) | - |  |
|  |  |  |  |  |  |  | 2867 | 10328 | 0.0% |
| **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| One Stop Mailing LLC | First lien senior secured loan | S + | 6.25% |  | 5/7/2027 | 2016202 | 2001449 | 2016187 |  |
|  |  |  |  |  |  |  | 2001449 | 2016187 | 2.3% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S + | 5.75% |  | 7/2/2030 | 3011100 | 2991581 | 3011100 |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured revolving loan | S + | 5.75% |  | 7/2/2030 |  | (3241) |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured delayed draw term loan (5) | S + | 5.75% |  | 7/2/2030 |  | (2496) |  |  |
| Modular Devices Acquisition, LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2026 | 2924338 | 2907948 | 2924338 |  |
| Modular Devices Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% |  | 12/28/2026 | 18289 | 17232 | 18289 |  |
| Modular Devices Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% |  | 12/28/2026 | 42718 | 42096 | 42718 |  |
| Modular Devices Acquisition, LLC | First lien senior secured capital equipment loan | S + | 5.75% |  | 12/28/2026 | 31680 | 31059 | 31680 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured revolving loan | S + | 4.75% |  | 8/12/2029 | 68853 | 66316 | 68853 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured delayed draw term loan | S + | 4.75% |  | 8/12/2029 | 71601 | 66651 | 71601 |  |
|  |  |  |  |  |  |  | 6117146 | 6168580 | 7.1% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Caravel Autism Health, LLC | First lien senior secured loan | S + | 4.75% |  | 6/11/2030 | 818555 | 808010 | 818555 |  |
| Houseworks Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 12/16/2028 | 1751065 | 1736531 | 1751065 |  |
| Houseworks Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 12/16/2028 | 2526213 | 2490513 | 2526213 |  |
| MAS Medical Staffing LLC | First lien senior secured loan | S + | 6.00% | 1.0% | 5/27/2026 | 2297568 | 2293552 | 2297568 |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/22/2026 | 2355512 | 2339497 | 2355512 |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/23/2027 | 2143385 | 2129950 | 2143385 |  |
| Science Care Parent Inc. | First lien senior secured revolving loan (5) | S + | 5.25% |  | 7/22/2026 |  | (537) |  |  |
| Science Care Parent Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.25% |  | 7/22/2026 |  | (394) | - |  |
|  |  |  |  |  |  |  | 11797123 | 11892298 | 13.8% |

---

 **REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 2093132 | 2089961 | 2093132 |  |
| Sentrics, Inc. | First lien senior secured loan | S + | 7.50% |  | 12/13/2026 | 1708426 | 1704044 | 1708426 |  |
| Unlock Health, Inc. | First lien senior secured loan | S + | 6.50% |  | 2/3/2028 | 2775979 | 2762302 | 2775979 |  |
|  |  |  |  |  |  |  | 6556307 | 6577537 | 7.6% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S + | 6.75% |  | 6/18/2026 | 3535719 | 3512478 | 3535719 |  |
| NTM Acquisition Corp. | First lien senior secured revolving loan | S + | 6.75% |  | 6/18/2026 |  | (733) | - |  |
|  |  |  |  |  |  |  | 3511745 | 3535719 | 4.1% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S + | 5.75% |  | 11/22/2025 | 4166579 | 4138211 | 4166579 |  |
|  |  |  |  |  |  |  | 4138211 | 4166579 | 4.8% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| VALE Insurance Partners | First lien senior secured loan | S + | 5.25% |  | 12/1/2027 | 1665392 | 1659714 | 1665392 |  |
|  |  |  |  |  |  |  | 1659714 | 1665392 | 1.9% |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S + | 5.50% |  | 3/11/2029 | 1605366 | 1583590 | 1605366 |  |
| Exec Connect Intermediate LLC | First lien senior secured revolving loan | S + | 5.50% |  | 3/11/2029 |  | (789) |  |  |
| Exec Connect Intermediate LLC | First lien senior secured delayed draw term loan (5) | S + | 5.50% |  | 3/11/2029 |  | (1342) |  |  |
| MMGY Corporation | First lien senior secured loan | S + | 5.00% |  | 4/26/2029 | 1103975 | 1088019 | 1103975 |  |
|  |  |  |  |  |  |  | 2669478 | 2709341 | 3.1% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Coastal Cloud LLC | First lien senior secured loan | S + | 4.50% |  | 5/30/2025 | 2033036 | 2033036 | 2033036 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S + | 5.00% |  | 5/17/2029 | 1780483 | 1755947 | 1780483 |  |
| Crosslake Intermediate, LLC | First lien senior secured revolving loan (5) | S + | 5.00% |  | 5/17/2029 |  | (924) |  |  |
| CyberRisk Alliance, LLC | First lien senior secured loan | S + | 6.50% |  | 10/24/2027 | 1252663 | 1244760 | 1252663 |  |
| CyberRisk Alliance, LLC | First lien senior secured loan | Fixed Rate | 18.00% |  | 6/28/2025 | 69900 | 69900 | 69900 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S + | 5.75% | 0.50% | 7/15/2028 | 1690070 | 1684138 | 1690070 |  |
| iVision Scale, LLC | First lien senior secured loan | S + | 7.00% |  | 8/17/2025 | 2664284 | 2652772 | 2664284 |  |
| The Channel Company, Inc. | First lien senior secured loan | S + | 2.25% | 4.25% | 11/1/2027 | 1318029 | 1309794 | 939227 |  |
|  |  |  |  |  |  |  | 10749422 | 10429663 | 12.1% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |
| Astrix Technology, LLC | First lien senior secured loan | S + | 5.00% |  | 12/20/2026 | 2517292 | 2507224 | 2517293 |  |
|  |  |  |  |  |  |  | 2507224 | 2517293 | 2.9% |

---

 **REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES** 

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount (3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S + | 6.00% | 0.50% | 9/1/2026 | 866097 | 865603 | 866097 |  |
| Boostability Parent, Inc. | First lien senior secured revolving loan (5) | S + | 5.25% |  | 7/12/2029 |  | (2212) |  |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S + | 5.25% |  | 6/5/2029 | 1808465 | 1797348 | 1808465 |  |
| EDGE Intermediate, LLC | First lien senior secured revolving loan | S + | 5.25% |  | 6/5/2029 | 9754 | 7307 | 9754 |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S + | 5.50% |  | 1/8/2029 | 3556687 | 3533314 | 3556687 |  |
| VP Heron Parent, Inc. | First lien senior secured revolving loan (5) | S + | 5.50% |  | 1/8/2029 |  | (2046) | - |  |
|  |  |  |  |  |  |  | 6199314 | 6241003 | 7.2% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S + | 5.50% |  | 2/21/2029 | 1779281 | 1755227 | 1779281 |  |
| ALM Global, LLC | First lien senior secured revolving loan | S + | 5.50% |  | 2/21/2029 | 4590 | 4054 | 4590 |  |
| Berlin Rosen Acquisition, LLC | First lien senior secured loan | S + | 5.50% |  | 1/14/2027 | 3345213 | 3315355 | 3345213 |  |
| CF512, Inc. | First lien senior secured loan | S + | 6.00% |  | 9/1/2026 | 1966864 | 1959593 | 1966776 |  |
| Equine Network, LLC | First lien senior secured loan | S + | 6.50% |  | 5/22/2028 | 3387488 | 3338775 | 3387488 |  |
| H Code Media, Inc. | First lien senior secured loan | S + | 6.50% |  | 8/27/2026 | 2022757 | 2000151 | 2022757 |  |
| MarketCast Holdings, LLC | First lien senior secured loan | S + | 6.00% |  | 11/15/2025 | 2679527 | 2675827 | 2679527 |  |
| MeritDirect LLC | First lien senior secured loan | S + | 5.75% |  | 5/22/2024 | 2206182 | 2197089 | 2206182 |  |
|  |  |  |  |  |  |  | 17246071 | 17391813 | 20.1% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| DeWinter LLC | First lien senior secured loan | S + | 6.75% |  | 2/28/2025 | 2493350 | 2483346 | 2493350 |  |
| Escalon Services, LLC | First lien senior secured loan | S + | 1.00% | 6.0% | 10/13/2028 | 2645507 | 2634468 | 2165876 |  |
| FMS Financial Management Services LLC | First lien senior secured loan | S + | 4.75% |  | 2/1/2027 | 827955 | 826064 | 827955 |  |
| MOXFIVE LLC | First lien senior secured revolving loan | S + | 5.00% |  | 8/16/2029 |  | (3503) |  |  |
| Pacific Purchaser, LLC | First lien senior secured loan | S + | 6.25% |  | 10/2/2028 | 1440597 | 1428050 | 1440597 |  |
| Penta Group, LLC | First lien senior secured loan | S + | 5.00% |  | 6/21/2026 | 2139869 | 2134467 | 2139869 |  |
| Providus MPS Buyer LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 1467809 | 1458354 | 1467809 |  |
| Providus MPS Buyer LLC | First lien senior secured revolving loan (5) | S + | 5.00% |  | 8/16/2029 |  | (3693) | - |  |
|  |  |  |  |  |  |  | 10957554 | 10535456 | 12.2% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
| Continuum Companies, Inc. | First lien senior secured loan | S + | 5.75% |  | 9/12/2027 | 1775981 | 1766988 | 1775981 |  |
|  |  |  |  |  |  |  | 1766988 | 1775981 | 2.1% |
| **Road & Rail** |  |  |  |  |  |  |  |  |  |
| OTR Buyer, LLC | First lien senior secured loan | S + | 5.50% |  | 8/31/2027 | 1006981 | 1002199 | 1006981 |  |
|  |  |  |  |  |  |  | 1002199 | 1006981 | 1.2% |

---

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

**In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount (3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of <br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Software** |  |  |  |  |  |  |  |  |  |
| 402 Ventures, LLC | First lien senior secured revolving loan (5) | S + | 5.00% |  | 9/26/2029 |  | (986) |  |  |
| Concord III, L.L.C. | First lien senior secured loan | S + | 6.00% |  | 12/20/2028 | 4033698 | 3974310 | 4033698 |  |
| Concord III, L.L.C. | First lien senior secured revolving loan | S + | 6.00% |  | 12/20/2028 | 35503 | 34710 | 35503 |  |
| Exigo, LLC | First lien senior secured loan | S + | 6.00% |  | 3/15/2027 | 2043069 | 2031021 | 2043069 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/16/2027 | 2174178 | 2169491 | 2174178 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured revolving loan | S + | 5.00% |  | 11/16/2027 | 11248 | 11248 | 11248 |  |
| MotionPoint Corporation | First lien senior secured loan | S + | 6.00% |  | 3/31/2026 | 2061755 | 2059197 | 2061755 |  |
| QM Buyer, Inc. | First lien senior secured revolving loan (5) | S + | 5.00% |  | 12/6/2030 |  | (2691) |  |  |
| QM Buyer, Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.00% |  | 12/6/2030 |  | (2722) |  |  |
| TriMech Acquisition Corp. | First lien senior secured loan | S + | 4.75% |  | 3/10/2028 | 718442 | 714103 | 718442 |  |
|  |  |  |  |  |  |  | 10987682 | 11077893 | 12.8% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| Hub Pen Company, LLC | First lien senior secured loan | S + | 5.25% |  | 12/31/2027 | 1892793 | 1865402 | 1892793 |  |
|  |  |  |  |  |  |  | 1865402 | 1892793 | 2.2% |
| **Transportation & Logistics** |  |  |  |  |  |  |  |  |  |
| A. Stucki Company | First lien senior secured delayed draw term loan (5) | S + | 4.75% |  | 3/27/2030 |  | (2142) | - |  |
|  |  |  |  |  |  |  | (2142) | - | 0.0% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S + | 5.00% |  | 3/1/2028 | 4280092 | 4227804 | 4280092 |  |
|  |  |  |  |  |  |  | 4227804 | 4280092 | 5.0% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S + | 6.25% |  | 7/19/2029 | 4209032 | 4182395 | 4209032 |  |
| Greenrise Technologies, LLC | First lien senior secured revolving loan | S + | 6.25% |  | 7/19/2029 | 86325 | 83807 | 86325 |  |
| Greenrise Technologies, LLC | First lien senior secured delayed draw term loan (5) | S + | 6.25% |  | 7/19/2029 |  | (3850) | - |  |
|  |  |  |  |  |  |  | 4262352 | 4295357 | 5.0% |
| **Total Investments** |  |  |  |  |  |  | 160082719 | 160500168 | 185.7% |

---

(1) All
 portfolio company headquarters are based in the United States.

(2) There
 are no non-accrual nor non-income producing debt investments. Represents floating rate instruments
 that accrue interest at a predetermined spread relative to an index, typically the applicable
 Secured Overnight Financing Rate, or "S+", or Prime rate, or "P".
 The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments
 disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically
 indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at
 the borrower's option. All securities are subject to a SOFR or Prime rate floor where
 a spread is provided, unless noted.

(3) Principal
 is net of repayments. Cost is net of repayments and accumulated unearned income. Negative
 cost is the result of the capitalized discount being greater than the principal amount outstanding
 on the loan.

(4) Valued
 based on our accounting policy. The value of all securities was determined using significant
 unobservable inputs.

(5) The
 position is unfunded and no interest income is being earned as of March 31, 2025. The position
 may earn a nominal unused facility fee on committed amounts. The Partnership had unfunded
 loan commitments of $6,457,923 as of March 31, 2025.

 *See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $4223394 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 8058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4231452 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 1336800 |
| &nbsp;&nbsp;&nbsp;Management fees | 401447 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 294353 |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 64550 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 21519 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 73972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2192641 |
| **Net investment income** | 2038811 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | (150373) |
| **Net gain on loans funded** | (150373) |
| **Net income** | $1888438 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

**Three Months Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **Partners' capital, beginning of year** | $1662904 | $84825282 | $86488186 |
| **Capital contributions** |  | 120002 | 120002 |
| **Capital withdrawals** |  | (2158832) | (2158832) |
| **Allocation of net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 23 | 1977136 | 1977159 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | 148383 | (148383) | - |
|  | 148406 | 1828752 | 1977159 |
| **Partners' capital, end of period** | $1811310 | $84615205 | $86426515 |

---

*See accompanying notes to financial statements.*

 

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $1888438 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (6722302) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | 150373 |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 64550 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 2767631 |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (322571) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing cost | 57172 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred organizational cost | 17130 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | (47840) |
| &nbsp;&nbsp;&nbsp;Other assets | (54648) |
| &nbsp;&nbsp;&nbsp;Due from related party | 34859 |
| &nbsp;&nbsp;&nbsp;Interest payable | 20132 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (52206) |
| Net cash used in operating activities | (2199283) |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Senior secured credit facility | 7200000 |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of capital distributions payable | (2256128) |
| Net cash provided by financing activities | 4943872 |
| Net change in cash | 2744589 |
| Cash, beginning of year | 3866493 |
| Cash, end of year | $6611081 |
| Supplemental disclosure of noncash operating activities |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest during the year | 1336800 |

---

*See accompanying notes to financial statements.*

 

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1.** **Nature of the Entity and Its Operations** 

Remora Capital Partners I QP LP and its subsidiaries (the "Partnership") is a Delaware limited partnership which was organized in May 2021 and commenced operations November 16, 2021.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership has built a diversified portfolio of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) on a secondary basis, and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners I GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940). The Partnership stopped accepting new investors on November 16, 2023.

**2.** **Basis of Presentation** 

Management has prepared these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These consolidated financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**3.** **Principles of Consolidation** 

The accompanying consolidated financial statements include the accounts of Remora Capital Partners I QP LP and its wholly owned subsidiaries, RCP I QP Finance, LLC and RCP I QP SPV, LLC (collectively, the Partnership). All significant intercompany balances and transactions have been eliminated in consolidation.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**4.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |

---

---

| | |
|:---|:---|
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |

---

Level 3 Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability.

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At March 31, 2025, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**5. Summary of Significant Accounting Policies** *(concluded)*

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2025. The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by two financial institutions. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of consolidated financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

<u>Deferred Financing Costs</u>

Deferred financing costs consist of fees and expenses paid in connection with the closing of the credit facility. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the credit facility. Capitalized deferred financing costs related to the credit facility are presented on the Consolidated Statement of Financial Condition.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**6. Fair Value Measurements**

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of March 31, 2025:

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the three months ended March 31, 2025, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Loans funded at fair value** | | | |
| &nbsp;&nbsp;&nbsp;Loans funded at fair value | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 160500168 |
| **Partners' capital, end of year** | $- | $- | $160500168 |

---

Purchases of Level 3 assets for the three month period ended March 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Description** | **Purchases<sup>(1)</sup>** |
| Loans Funded | $6722302 |

---

<sup>(1)</sup> Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $160,500,168 were valued based on observable and unobservable but non-quantitative inputs as of March 31, 2025. As of March 31, 2025, the fair value is based on the cost basis plus amortized original issue discount, and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**7.** **Truist Credit Facility** 

On August 3, 2022, Remora Capital Partners I, LP and Remora Capital Partners I QP LP each formed a wholly owned special purpose entity (collectively the "SPEs"), called RCP I Finance, LLC ("RCP I SPE") and RCP I QP Finance, LLC ("RCP I QP SPE"), respectively. Substantially all of the loan assets of the partnerships, that were originated by and sourced via a sub-manager agreement with Maranon Capital, L.P. ("Maranon"), were contributed to the SPEs in order for the SPEs to jointly act as co-borrowers of a revolving credit facility for up to $60.0 million (the "Truist Credit Facility") with Truist Bank (formerly SunTrust Bank), acting as administrative agent, Maranon, acting as collateral manager, and Deutsche Bank Trust Company acting as both collateral agent and collateral administrator. Subsequently, on March 15, 2023, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $10 million to a total of $70 million, subject to leverage and borrowing base restrictions. Subsequently, on February 22, 2024, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $33 million to a total of $103 million, subject to leverage and borrowing base restrictions.

As of March 31, 2025, RCP I QP SPE and RCP I SPE had jointly borrowed $78.8 million and $12.8 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had an interest rate of 6.6%, exclusive of the fee on undrawn commitment and ticking fees for subsequent borrowings, as of March 31, 2025. The Truist Credit Facility is a revolving facility with a stated maturity date of August 3, 2027 and pricing set at 220 basis points over one-month SOFR (or an alternative risk-free floating interest rate index) plus a 10 basis point credit spread adjustment. As of March 31, 2025, the SPEs had $11.4 million of unused borrowing capacity under the Truist Credit Facility, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by all of the assets of the SPEs, which represents substantially all of the assets underwritten and secured via a sub-manager agreement with Maranon. Assets secured as a co-lender or via other co-investment programs are not collateral for the Truist Credit Facility. As of March 31, 2025, the Partnership was in compliance with the terms of the Truist Credit Facility.

**8.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**8.** **Investment Risk** *(concluded)* 

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Consolidated Statement of Financial Condition. Further, the Partnership may face other restrictions on its ability to liquidate an investment in a portfolio company to the extent that it, or an affiliated manager, has material non-public information regarding such portfolio company. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio, developments or trends in any particular industry, the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. The Partnership also funds a portion of the Partnership's investments with borrowings and the Partnership's net investment income will be affected by the difference between the rate at which the Partnership invests and the rate at which the Partnership borrows. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Partnership's net investment income. As of March 31, 2025, 100% of the investments at fair value in the portfolio were at variable rates, subject to interest rate floors. The Truist Credit Facility also bears interest at variable rates. Additionally, changes in market rates may result in declining yields upon reinvestment of excess cash balances.

**9.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the Manager for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The Manager, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $401,447 for the three months ended March 31, 2025.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**9.** **Related Party Transactions** *(concluded)* 

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners I, LP, a Delaware limited partnership ("RCP I"). The Partnership and RCP I operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP I have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. The Partnership and its parallel fund both stopped raising new investor capital as of November 16, 2023, and the final rebalancing of the portfolio was completed in December 2023. Therefore, for the three months ended March 31, 2025, the Partnership did not transfer any loans to RCP I per the terms of the rebalancing agreement.

On December 15, 2023, the Partnership and RCP I entered into a revolving promissory note with Remora Capital Partners II, LP ("RCP II LP") and Remora Capital Partners II QP, LP ("RCP II QP LP") whereby either the Partnership and/or RCP I QP may make short-term advances ("Advances"), for a maximum of 60 days for each Advance, and up to a total principal amount of five million dollars. The borrowers may use the funds to pay the purchase price of certain investments. The Advances bear interest daily non-compounded at an annual rate of 25 basis points plus the interest rate currently being earned on cash deposits of the Partnership's interest-bearing checking account with Bank of America (resulting in an applicable rate of 4.15% as of March 31, 2025). As of March 31, 2025, there was no outstanding balance related to this note.

**10.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**10.** **Partners' Capital** *(concluded)* 

<u>Capital Contributions and Withdrawals</u>

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

For the three months ended March 31, 2025, carried interest allocated to the General Partner was $148,383 .

**11.** **Fund Administrator** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**12.** **Financial Highlights** 

Financial highlights for the three months ended March 31, 2025 are as follows:

---

| | |
|:---|:---|
| Total return | 2.20% |
| Carried interest | -0.20% |
| Total return after carried interest | 2.00% |
| Expense ratio | 1.90% |
| Carried interest ratio | 0.20% |
| Expense plus carried interest ratio | 2.10% |
| Net investment income ratio | 1.70% |

---

Financial highlights are calculated for the limited partner class taken as a whole. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect the effects of change in unearned carried interest to the General Partner.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**13.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the consolidated financial statements were available to be issued. There were no material subsequent events that required disclosure in these consolidated financial statements.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

CONSOLIDATED FINANCIAL STATEMENTS

AND

INDEPENDENT AUDITOR'S REPORT

DECEMBER 31, 2024

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| | |
|:---|:---|
| ![](fin_001.jpg) | 1230 Rosecrans Avenue, Suite 510 <br> Manhattan Beach, California 90266 <br> 310-382-5380  |

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 **Independent Auditor's Report** 

To the Partners of

Remora Capital Partners I QP LP and Subsidiaries

 **Opinion** 

We have audited the consolidated financial statements of Remora Capital Partners I QP LP and Subsidiaries ("the Partnership"), which comprise the consolidated statement of financial condition, including the consolidated schedule of investments, as of December 31, 2024, and the related consolidated statements of operations, changes in partners' capital, and cash flows for the year then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, and the results of its operations, changes in its partners' capital, and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

 **Basis for Opinion** 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Partnership and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 **Responsibilities of Management for the Consolidated Financial Statements** 

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for one year after the date that the consolidated financial statements are issued (or when applicable, one year after the date the consolidated financial statements are available to be issued).

 **Auditor's Responsibilities for the Audit of the Consolidated Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

Weaver and Tidwell, L.L.P.

 **CPAs AND ADVISORS \| WEAVER.COM**

The Partners of

Remora Capital Partners I QP LP and Subsidiaries

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

---

| |
|:---|
| /s/ WEAVER AND TIDWELL, L.L.P. |
| WEAVER AND TIDWELL, L.L.P. |

---

Manhattan Beach, California

April 30, 2025, except as to the consolidated schedule of investments, which is as of July 25, 2025

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF FINANCIAL CONDITION**

**December 31, 2024**

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $157,136,631) | $156540078 |
| Cash and cash equivalents | 3866493 |
| Financing costs (net of accumulated amortization of $54,681) | 612552 |
| Interest receivable | 557229 |
| Other assets | 190774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $161767126 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Senior secured credit facility | $71600000 |
| Due to related party | 25147 |
| Capital distributions payable | 2242771 |
| Reserve for bad debts | 430334 |
| Interest payable | 436732 |
| Accrued expenses | 543956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 75278940 |
| Partners' capital | 86488186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners' capital | $161767126 |

---

*See accompanying notes to financial statements.*

 **REMORA CAPITAL PARTNERS I QP, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br> **Maturity<br> Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Aerospace & Defense** |  |  | | |  | | | | |
| Aero 3, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/23/2026 | 2522947 | 2522947 | 2522947 |  |
| Aero 3, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/23/2026 | 1732055 | 1732055 | 1732055 |  |
| PAG Holding Corp. | First lien senior secured loan | S + | 4.75% |  | 12/22/2029 | 3000659 | 3000659 | 3000659 |  |
| PAG Holding Corp. | First lien senior secured revolving loan | S + | 4.75% |  | 12/22/2029 | 10328 | 10328 | 10328 |  |
| PAG Holding Corp. | First lien senior secured delayed draw term loan | S + | 4.75% |  | 12/22/2029 | 191057 | 191057 | 191057 |  |
| RTC Aerospace Opcos, LLC | First lien senior secured loan | S + | 5.75% |  | 3/7/2027 | 1674033 | 1674033 | 1674033 |  |
|  |  |  |  |  |  |  | 9131079 | 9131079 | 10.6% |
| **Air Freight & Logistics** | **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S + | 6.50% |  | 5/25/2026 | 1209528 | 1209528 | 1209528 |  |
|  |  |  |  |  |  |  | 1209528 | 1209528 | 1.4% |
| **Auto Components** |  |  |  |  |  |  |  |  |  |
| MOP-Cloyes, Inc. | First lien senior secured loan | S + | 5.75% |  | 2/17/2028 | 2810162 | 2810162 | 2810162 |  |
|  |  |  |  |  |  |  | 2810162 | 2810162 | 3.2% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S + | 5.00% |  | 6/10/2029 | 3605831 | 3605831 | 3605831 |  |
| CentralBDC Enterprises, LLC | First lien senior secured revolving loan | S + | 5.00% |  | 6/10/2029 | 105174 | 105174 | 105174 |  |
|  |  |  |  |  |  |  | 3711005 | 3711005 | 4.3% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S + | 6.50% |  | 12/20/2025 | 2598787 | 2598787 | 2598787 |  |
|  |  |  |  |  |  |  | 2598787 | 2598787 | 3.0% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Case Snow Management, LLC | First lien senior secured loan | S + | 5.50% |  | 12/15/2026 | 1967950 | 1967950 | 1967950 |  |
| Cultural Experiences Abroad, LLC | First lien senior secured revolving loan (5) | S + | 6.00% |  | 8/17/2028 |  |  |  |  |
| Prisma Graphic, LLC | First lien senior secured loan | S + | 6.50% |  | 7/29/2027 | 3285599 | 3285599 | 3285599 |  |
| Safety Management Group, LLC | First lien senior secured loan | S + | 5.25% |  | 2/25/2027 | 1255523 | 1255523 | 1255523 |  |
|  |  |  |  |  |  |  | 6509072 | 6509072 | 7.5% |

---

 **REMORA CAPITAL PARTNERS I QP, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br> **Maturity<br> Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Construction & Engineering** |  |  | | |  | | | | |
| Catalyst Acoustics Group, Inc. | First lien senior secured revolving loan (5) | S + | 5.00% |  | 11/12/2031 |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured delayed draw term loan | S + | 5.00% |  | 11/12/2031 |  |  |  |  |
| Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.00% |  | 11/27/2029 | 116613 | 116613 | 116613 |  |
| Rose Paving, LLC | First lien senior secured delayed draw term loan | S + | 5.00% |  | 11/27/2029 | 48859 | 48859 | 48859 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/30/2027 | 1990664 | 1990664 | 1995630 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 549683 | 549683 | 551004 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 180143 | 180143 | 180491 |  |
|  |  |  |  |  |  |  | 2885962 | 2892597 | 3.3% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| JA Moody LLC | First lien senior secured revolving loan | S + | 5.00% |  | 11/29/2029 | 53706 | 53706 | 53706 |  |
| JA Moody LLC | First lien senior secured delayed draw term loan (5) | S + | 5.00% |  | 11/29/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 53706 | 53706 | 0.1% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 3668597 | 3668597 | 3668597 |  |
| Talent Worldwide Inc. | First lien senior secured revolving loan | S + | 6.25% |  | 12/18/2029 | 44755 | 44755 | 44755 |  |
|  |  |  |  |  |  |  | 3713352 | 3713352 | 4.3% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S + | 5.50% | 1.0% | 6/9/2027 | 1564738 | 1564738 | 1564738 |  |
| EdgeCo Buyer, Inc. | First lien senior secured loan | S + | 4.50% |  | 6/1/2026 | 1251894 | 1251894 | 1251894 |  |
| Engage FI, LLC | First lien senior secured loan | S + | 4.50% |  | 12/10/2026 | 879794 | 879794 | 879794 |  |
|  |  |  |  |  |  |  | 3696426 | 3696426 | 4.3% |

---

 **REMORA CAPITAL PARTNERS I QP, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br> **Maturity<br> Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2025 | 2077707 | 2077707 | 2077707 |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2028 | 2136607 | 2136607 | 2136607 |  |
| Douglas Electrical Components, Inc. | First lien senior secured revolving loan | S + | 5.00% |  | 8/31/2025 |  | - | - |  |
|  |  |  |  |  |  |  | 4214314 | 4214314 | 4.9% |
| **Electrical, Machinery, & Auto** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% |  | 6/28/2030 | 165472 | 165472 | 165472 |  |
|  |  |  |  |  |  |  | 165472 | 165472 | 0.2% |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured revolving loan | S + | 5.25% |  | 12/19/2030 | 10328 | 10328 | 10328 |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.25% |  | 12/19/2030 |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.25% |  | 12/19/2030 |  | - | - |  |
|  |  |  |  |  |  |  | 10328 | 10328 | 0.0% |
| **Food & Staples Retailing** | **Food & Staples Retailing** |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2029 | 3052159 | 3052159 | 3052159 |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured revolving loan | S + | 5.75% |  | 12/28/2029 |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured delayed draw term loan (5) | S + | 5.75% |  | 12/28/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 3052159 | 3052159 | 3.5% |
| **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| One Stop Mailing LLC | First lien senior secured loan | S + | 6.25% |  | 5/7/2027 | 2030916 | 2030916 | 2030916 |  |
|  |  |  |  |  |  |  | 2030916 | 2030916 | 2.3% |

---

 **REMORA CAPITAL PARTNERS I QP, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br> **Maturity<br> Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S + | 5.75% |  | 7/2/2030 | 3018685 | 3018685 | 2998191 |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured revolving loan | S + | 5.75% |  | 7/2/2030 |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured delayed draw term loan (5) | S + | 5.75% |  | 7/2/2030 |  |  |  |  |
| Modular Devices Acquisition, LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2026 | 2865204 | 2865204 | 2865204 |  |
| Modular Devices Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% |  | 12/28/2026 |  |  |  |  |
| Modular Devices Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% |  | 12/28/2026 | 42718 | 42718 | 42718 |  |
| Modular Devices Acquisition, LLC | First lien senior secured capital equipment loan | S + | 5.75% |  | 12/28/2026 | 29643 | 29643 | 29643 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured revolving loan | S + | 4.75% |  | 8/12/2029 | 25820 | 25820 | 25820 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured delayed draw term loan | S + | 4.75% |  | 8/12/2029 | 71601 | 71601 | 71601 |  |
|  |  |  |  |  |  |  | 6053671 | 6033177 | 7.0% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Caravel Autism Health, LLC | First lien senior secured loan | S + | 4.75% |  | 6/11/2030 | 820612 | 820612 | 820612 |  |
| Houseworks Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 12/16/2028 | 1751065 | 1751065 | 1751065 |  |
| Houseworks Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 12/16/2028 | 2526213 | 2526213 | 2526213 |  |
| MAS Medical Staffing LLC | First lien senior secured loan | S + | 6.00% | 1.0% | 5/27/2026 | 2298346 | 2298346 | 2298346 |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/22/2026 | 2355512 | 2355512 | 2355512 |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/23/2027 | 2143385 | 2143385 | 2143385 |  |
| Science Care Parent Inc. | First lien senior secured revolving loan (5) | S + | 5.25% |  | 7/22/2026 |  |  |  |  |
| Science Care Parent Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.25% |  | 7/22/2026 |  | - | - |  |
|  |  |  |  |  |  |  | 11895133 | 11895133 | 13.8% |

---

 **REMORA CAPITAL PARTNERS I QP, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br> **Maturity<br> Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Health Care Technology** | **Health Care Technology** |  | | |  | | | | |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 2098547 | 2098547 | 2098548 |  |
| Sentrics, Inc. | First lien senior secured loan | S + | 7.50% |  | 12/13/2026 | 1708426 | 1708426 | 1708426 |  |
| Unlock Health, Inc. | First lien senior secured loan | S + | 6.50% |  | 2/3/2028 | 2775979 | 2775979 | 2775979 |  |
|  |  |  |  |  |  |  | 6582952 | 6582953 | 7.6% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S + | 6.75% |  | 6/18/2026 | 3834275 | 3834275 | 3834275 |  |
| NTM Acquisition Corp. | First lien senior secured revolving loan | S + | 6.75% |  | 6/18/2026 | 38730 | 38730 | 38730 |  |
|  |  |  |  |  |  |  | 3873005 | 3873005 | 4.5% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S + | 5.75% |  | 11/22/2025 | 4177101 | 4177101 | 4177101 |  |
|  |  |  |  |  |  |  | 4177101 | 4177101 | 4.8% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| VALE Insurance Partners | First lien senior secured loan | S + | 5.25% |  | 12/1/2027 | 1669696 | 1669696 | 1669696 |  |
|  |  |  |  |  |  |  | 1669696 | 1669696 | 1.9% |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| CyberRisk Alliance, LLC | First lien senior secured loan | S + | 6.50% |  | 10/24/2027 | 1255871 | 1255871 | 1255871 |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S + | 5.50% |  | 3/11/2029 | 1666421 | 1666421 | 1666421 |  |
| Exec Connect Intermediate LLC | First lien senior secured revolving loan | S + | 5.50% |  | 3/11/2029 |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured delayed draw term loan (5) | S + | 5.50% |  | 3/11/2029 |  |  |  |  |
| MMGY Corporation | First lien senior secured loan | S + | 5.00% |  | 4/26/2029 | 1103975 | 1103975 | 1103975 |  |
|  |  |  |  |  |  |  | 4026267 | 4026267 | 4.7% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Coastal Cloud LLC | First lien senior secured loan | S + | 4.50% |  | 5/30/2025 | 2085980 | 2085980 | 2085980 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S + | 5.00% |  | 5/17/2029 | 1889811 | 1889811 | 1889811 |  |
| Crosslake Intermediate, LLC | First lien senior secured revolving loan (5) | S + | 5.00% |  | 5/17/2029 |  |  |  |  |
| Remove this line |  |  |  |  |  |  |  |  |  |
| CyberRisk Alliance, LLC | First lien senior secured loan | Fixed Rate | 18.00% |  | 6/28/2025 | 65775 | 65775 | 65775 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S + | 5.75% | 0.50% | 7/15/2028 | 1692249 | 1692249 | 1692249 |  |
| iVision Scale, LLC | First lien senior secured loan | S + | 7.00% |  | 8/17/2025 | 2671196 | 2671196 | 2671196 |  |
| The Channel Company, Inc. | First lien senior secured loan | S + | 2.25% | 4.25% | 11/1/2027 | 1307362 | 1307362 | 1059671 |  |
|  |  |  |  |  |  |  | 9712373 | 9464682 | 10.9% |

---

 **REMORA CAPITAL PARTNERS I QP, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br> **Maturity<br> Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  | | |  | | | | |
| Astrix Technology, LLC | First lien senior secured loan | S + | 5.00% |  | 12/20/2026 | 2523763 | 2523763 | 2523763 |  |
|  |  |  |  |  |  |  | 2523763 | 2523763 | 2.9% |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S + | 6.00% | 0.50% | 9/1/2026 | 885672 | 885672 | 885672 |  |
| Boostability Parent, Inc. | First lien senior secured revolving loan (5) | S + | 5.25% |  | 7/12/2029 |  |  |  |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S + | 5.25% |  | 6/5/2029 | 1813021 | 1813021 | 1813021 |  |
| EDGE Intermediate, LLC | First lien senior secured revolving loan | S + | 5.25% |  | 6/5/2029 |  |  |  |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S + | 5.50% |  | 1/8/2029 | 3565691 | 3565691 | 3565691 |  |
| VP Heron Parent, Inc. | First lien senior secured revolving loan (5) | S + | 5.50% |  | 1/8/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 6264384 | 6264384 | 7.2% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S + | 5.50% |  | 2/21/2029 | 1783785 | 1783785 | 1783785 |  |
| ALM Global, LLC | First lien senior secured revolving loan | S + | 5.50% |  | 2/21/2029 | 11476 | 11476 | 11476 |  |
| Berlin Rosen Acquisition, LLC | First lien senior secured loan | S + | 5.50% |  | 1/14/2027 | 3353618 | 3353618 | 3353618 |  |
| CF512, Inc. | First lien senior secured loan | S + | 6.00% |  | 9/1/2026 | 1975733 | 1975733 | 1975733 |  |
| Equine Network, LLC | First lien senior secured loan | S + | 6.50% |  | 5/22/2028 | 3396087 | 3396087 | 3396087 |  |
| H Code Media, Inc. | First lien senior secured loan | S + | 6.50% |  | 8/27/2026 | 2022757 | 2022757 | 2022757 |  |
| MarketCast Holdings, LLC | First lien senior secured loan | S + | 6.00% |  | 11/15/2025 | 2686014 | 2686014 | 2686014 |  |
| MeritDirect LLC | First lien senior secured loan | S + | 5.75% |  | 5/22/2024 | 2240347 | 2240347 | 2251741 |  |
|  |  |  |  |  |  |  | 17469815 | 17481211 | 20.2% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| DeWinter LLC | First lien senior secured loan | S + | 6.75% |  | 2/28/2025 | 2499743 | 2499743 | 2499743 |  |
| Escalon Services, LLC | First lien senior secured loan | S + | 1.00% | 6.0% | 10/13/2028 | 2606410 | 2606410 | 2298273 |  |
| FMS Financial Management Services LLC | First lien senior secured loan | S + | 4.75% |  | 2/1/2027 | 830112 | 830112 | 830112 |  |
| MOXFIVE LLC | First lien senior secured revolving loan | S + | 5.00% |  | 8/16/2029 |  |  |  |  |
| Pacific Purchaser, LLC | First lien senior secured loan | S + | 6.25% |  | 10/2/2028 | 1444244 | 1444244 | 1444244 |  |
| Penta Group, LLC | First lien senior secured loan | S + | 5.00% |  | 6/21/2026 | 2140962 | 2140962 | 2140962 |  |
| Providus MPS Buyer LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 1471497 | 1471497 | 1461481 |  |
| Providus MPS Buyer LLC | First lien senior secured revolving loan (5) | S + | 5.00% |  | 8/16/2029 | 31630 | 31630 | 31630 |  |
|  |  |  |  |  |  |  | 11024598 | 10706445 | 12.4% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
| Continuum Companies, Inc. | First lien senior secured loan | S + | 5.75% |  | 9/12/2027 | 1780514 | 1780514 | 1780514 |  |
|  |  |  |  |  |  |  | 1780514 | 1780514 | 2.1% |
| **Road & Rail** |  |  |  |  |  |  |  |  |  |
| OTR Buyer, LLC | First lien senior secured loan | S + | 5.50% |  | 8/31/2027 | 1009563 | 1009563 | 1009563 |  |
|  |  |  |  |  |  |  | 1009563 | 1009563 | 1.2% |

---

 **REMORA CAPITAL PARTNERS I QP, LP AND SUBSIDIARIES**

 **CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash<br> Rate** | **PIK** | <br> **Maturity<br> Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Software** |  |  | | |  | | | | |
| 402 Ventures, LLC | First lien senior secured revolving loan (5) | S + | 5.00% |  | 9/26/2029 |  |  |  |  |
| Concord III, L.L.C. | First lien senior secured loan | S + | 6.00% |  | 12/20/2028 | 4043880 | 4043880 | 4043880 |  |
| Concord III, L.L.C. | First lien senior secured revolving loan | S + | 6.00% |  | 12/20/2028 | 23668 | 23668 | 23668 |  |
| Exigo, LLC | First lien senior secured loan | S + | 6.00% |  | 3/15/2027 | 2052283 | 2052283 | 2052283 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/16/2027 | 2179796 | 2179796 | 2179796 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured revolving loan | S + | 5.00% |  | 11/16/2027 | 32138 | 32138 | 32138 |  |
| MotionPoint Corporation | First lien senior secured loan | S + | 6.00% |  | 3/31/2026 | 2061755 | 2061755 | 2061755 |  |
| QM Buyer, Inc. | First lien senior secured revolving loan (5) | S + | 5.00% |  | 12/6/2030 |  |  |  |  |
| QM Buyer, Inc. | First lien senior secured delayed draw term loan (5) | S + | 5.00% |  | 12/6/2030 |  |  |  |  |
| Tailwind AST Corporation | First lien senior secured loan | S+ | 5.00% |  | 1/20/2028 | 1673999 | 1673999 | 1673999 |  |
| TriMech Acquisition Corp. | First lien senior secured loan | S + | 4.75% |  | 3/10/2028 | 718442 | 718442 | 718442 |  |
|  |  |  |  |  |  |  | 12785961 | 12785961 | 14.8% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| Hub Pen Company, LLC | First lien senior secured loan | S + | 5.25% |  | 12/31/2027 | 1897549 | 1897549 | 1897549 |  |
|  |  |  |  |  |  |  | 1897549 | 1897549 | 2.2% |
| **Transportation & Logistics** |  |  |  |  |  |  |  |  |  |
| A. Stucki Company | First lien senior secured delayed draw term loan (5) | S + | 4.75% |  | 3/27/2030 |  | - | - |  |
|  |  |  |  |  |  |  | - | - | 0.0% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S + | 5.00% |  | 3/1/2028 | 4292084 | 4292084 | 4292084 |  |
|  |  |  |  |  |  |  | 4292084 | 4292084 | 5.0% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S + | 6.25% |  | 7/19/2029 | 4219607 | 4219607 | 4191362 |  |
| Greenrise Technologies, LLC | First lien senior secured revolving loan | S + | 6.25% |  | 7/19/2029 | 86325 | 86325 | 86325 |  |
| Greenrise Technologies, LLC | First lien senior secured delayed draw term loan (5) | S + | 6.25% |  | 7/19/2029 |  | - | - |  |
|  |  |  |  |  |  |  | 4305932 | 4277687 | 4.9% |
| **Total Investments** |  |  |  |  |  |  | 157136631 | 156540078 | 174.2% |

---

(1) All portfolio company
 headquarters are based in the United States.

(2) There are no non-accrual
 nor non-income producing debt investments. Represents floating rate instruments that accrue
 interest at a predetermined spread relative to an index, typically the applicable Secured
 Overnight Financing Rate, or "S+", or Prime rate, or "P". The spread
 may change based on the type of rate used. The terms in the Consolidated Schedule of Investments
 disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically
 indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at
 the borrower's option. All securities are subject to a SOFR or Prime rate floor where
 a spread is provided, unless noted.

(3) Principal is net of
 repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the
 result of the capitalized discount being greater than the principal amount outstanding on
 the loan.

(4) Valued based on our
 accounting policy described in Note 1. The value of all securities was determined using significant
 unobservable inputs.

(5) The position is unfunded
 and no interest income is being earned as of December 31, 2024. The position may earn a nominal
 unused facility fee on committed amounts. The Partnership had unfunded loan commitments of
 $5,977,739 as of December 31, 2024.

See accompanying notes to financial statements.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**Year Ended December 31, 2024**

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $16694544 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 85766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 16780310 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 430334 |
| &nbsp;&nbsp;&nbsp;Management fees | 1427435 |
| &nbsp;&nbsp;&nbsp;Interest expense | 4629451 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 1118897 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 86075 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 231561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 7923753 |
| **Net investment income** | 8856557 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | 99018 |
| **Net gain on loans funded** | 99018 |
| **Net income** | $8955575 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

**Year Ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **Partners' capital, beginning of year** | $903412 | $85786990 | $86690402 |
| **Capital distributions** | (107) | (9157684) | (9157791) |
| **Allocation of net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 105 | 8955470 | 8955575 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | 759494 | (759494) | - |
|  | 759599 | 8195976 | 8955575 |
| **Partners' capital, end of year** | $1662904 | $84825282 | $86488186 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**Year Ended December 31, 2024**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $8955575 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (76511067) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | (99018) |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 430334 |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount | (360376) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 29104804 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing cost | 223089 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | (85730) |
| &nbsp;&nbsp;&nbsp;Due from related party | 142336 |
| &nbsp;&nbsp;&nbsp;Due from related party | 2525000 |
| &nbsp;&nbsp;&nbsp;Other assets | 52323 |
| &nbsp;&nbsp;&nbsp;Interest payable | 227861 |
| &nbsp;&nbsp;&nbsp;Due to related party | 25147 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 206809 |
| Net cash used in operating activities | (35162913) |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Financing costs | (223397) |
| &nbsp;&nbsp;&nbsp;Senior secured credit facility | 39100000 |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of capital distributions payable | (9032651) |
| Net cash provided by financing activities | 29843952 |
| Net change in cash | (5318961) |
| Cash, beginning of year | 9185454 |
| Cash, end of year | $3866493 |
| Supplemental disclosure of noncash operating activities |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest during the year | 4629451 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

1. Nature of the Entity and Its Operations

Remora Capital Partners I QP LP and its subsidiaries (the "Partnership") is a Delaware limited partnership which was organized in May 2021 and commenced operations November 16, 2021.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership has built a diversified portfolio of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) on a secondary basis, and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners I GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940). The Partnership stopped accepting new investors on November 16, 2023.

**2.** **Basis of Presentation** 

Management has prepared these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These consolidated financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**3.** **Principles of Consolidation** 

The accompanying consolidated financial statements include the accounts of Remora Capital Partners I QP LP and its wholly owned subsidiaries, RCP I QP Finance, LLC and RCP I QP SPV, LLC (collectively, the Partnership). All significant intercompany balances and transactions have been eliminated in consolidation.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**4.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |

---

---

| | |
|:---|:---|
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |

---

Level 3 Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability.

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At December 31, 2024, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**5. Summary of Significant Accounting Policies** *(concluded)*

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2024. The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by two financial institutions. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of consolidated financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

<u>Deferred Financing Costs</u>

Deferred financing costs consist of fees and expenses paid in connection with the closing of the credit facility. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the credit facility. Capitalized deferred financing costs related to the credit facility are presented on the Consolidated Statement of Financial Condition.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**6. Fair Value Measurements**

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Loans funded at fair value** | | | | |
| &nbsp;&nbsp;&nbsp;Loans funded | $- | $- | $156540078 | $156540078 |
| **Total loans funded** | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 156540078 | 156540078 |

---

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the year ended December 31, 2024, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

Purchases of Level 3 assets for the period ended December 31, 2024 are as follows:

---

| | |
|:---|:---|
| **Description** | **Purchases<sup>(1)</sup>** |
| Loans Funded | $76511067 |

---

<sup>(1)</sup> Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $156,540,078 were valued based on observable and unobservable but non-quantitative inputs as of December 31, 2024. As of December 31, 2024, the fair value is based on the cost basis plus amortized original issue discount, and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**7.** **Truist Credit Facility** 

On August 3, 2022, Remora Capital Partners I, LP and Remora Capital Partners I QP LP each formed a wholly owned special purpose entity (collectively the "SPEs"), called RCP I Finance, LLC ("RCP I SPE") and RCP I QP Finance, LLC ("RCP I QP SPE"), respectively. Substantially all of the loan assets of the partnerships, that were originated by and sourced via a sub-manager agreement with Maranon Capital, L.P. ("Maranon"), were contributed to the SPEs in order for the SPEs to jointly act as co-borrowers of a revolving credit facility for up to $60.0 million (the "Truist Credit Facility") with Truist Bank (formerly SunTrust Bank), acting as administrative agent, Maranon, acting as collateral manager, and Deutsche Bank Trust Company acting as both collateral agent and collateral administrator. Subsequently, on March 15, 2023, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $10 million to a total of $70 million, subject to leverage and borrowing base restrictions. Subsequently, on February 22, 2024, lenders under the Truist Credit Facility increased their commitments and the Partnership's borrowing capacity by $33 million to a total of $103 million, subject to leverage and borrowing base restrictions.

As of December 31, 2024, RCP I QP SPE and RCP I SPE had jointly borrowed $71.6 million and $11.6 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had an interest rate of 6.9%, exclusive of the fee on undrawn commitment and ticking fees for subsequent borrowings, as of December 31, 2024. The Truist Credit Facility is a revolving facility with a stated maturity date of August 3, 2027 and pricing set at 220 basis points over one-month SOFR (or an alternative risk-free floating interest rate index) plus a 10 basis point credit spread adjustment. As of December 31, 2024, the SPEs had $19.8 million of unused borrowing capacity under the Truist Credit Facility, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by all of the assets of the SPEs, which represents substantially all of the assets underwritten and secured via a sub-manager agreement with Maranon. Assets secured as a co-lender or via other co-investment programs are not collateral for the Truist Credit Facility. As of December 31, 2024, the Partnership was in compliance with the terms of the Truist Credit Facility.

**8.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**8.** **Investment Risk** *(concluded)* 

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Consolidated Statement of Financial Condition. Further, the Partnership may face other restrictions on its ability to liquidate an investment in a portfolio company to the extent that it, or an affiliated manager, has material non-public information regarding such portfolio company. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio, developments or trends in any particular industry, the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. The Partnership also funds a portion of the Partnership's investments with borrowings and the Partnership's net investment income will be affected by the difference between the rate at which the Partnership invests and the rate at which the Partnership borrows. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Partnership's net investment income. As of December 31, 2024, 100% of the investments at fair value in the portfolio were at variable rates, subject to interest rate floors. The Truist Credit Facility also bears interest at variable rates. Additionally, changes in market rates may result in declining yields upon reinvestment of excess cash balances.

**9.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the Manager for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The Manager, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $1,427,435 for the year ended December 31, 2024.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**9.** **Related Party Transactions** *(concluded)* 

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners I, LP, a Delaware limited partnership ("RCP I"). The Partnership and RCP I operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP I have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. The Partnership and its parallel fund both stopped raising new investor capital as of November 16, 2023, and the final rebalancing of the portfolio was completed in December 2023. Therefore, for the year ended December 31, 2024, the Partnership did not transfer any loans to RCP I per the terms of the rebalancing agreement.

On December 15, 2023, the Partnership and RCP I entered into a revolving promissory note with Remora Capital Partners II, LP ("RCP II LP") and Remora Capital Partners II QP, LP ("RCP II QP LP") whereby either the Partnership and/or RCP I QP may make short-term advances ("Advances"), for a maximum of 60 days for each Advance, and up to a total principal amount of five million dollars. The borrowers may use the funds to pay the purchase price of certain investments. The Advances bear interest daily non-compounded at an annual rate of 25 basis points plus the interest rate currently being earned on cash deposits of the Partnership's interest-bearing checking account with Bank of America (resulting in an applicable rate of 4.25% as of December 31, 2024). As of December 31, 2024, there was no outstanding balance related to this note.

**10.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**10.** **Partners' Capital** *(concluded)* 

<u>Capital Contributions and Withdrawals</u>

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

For the year ending December 31, 2024, carried interest allocated to the General Partner was $759,494.

**11.** **Fund Administrator** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**12.** **Financial Highlights** 

Financial highlights for the year ended December 31, 2024 are as follows:

---

| | |
|:---|:---|
| Total return | 10.8% |
| Carried interest | (0.9)% |
| Total return after carried interest | 9.9% |
| Expense ratio | 9.1% |
| Carried interest | 0.9% |
| Expense plus carried interest ratio | 10.0% |
| Net investment income ratio | 10.1% |

---

Financial highlights are calculated for the limited partner class taken as a whole. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect the effects of change in unearned carried interest to the General Partner.

**REMORA CAPITAL PARTNERS I QP LP AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**13.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the consolidated financial statements were available to be issued. There were no material subsequent events that required disclosure in these consolidated financial statements.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**REMORA CAPITAL PARTNERS II, LP**

CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED

MARCH 31, 2025

**REMORA CAPITAL PARTNERS II, LP**

 **STATEMENT OF FINANCIAL CONDITION**

 **March 31, 2025**

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $9,729,142) | $9811876 |
| Due from related party | 972406 |
| Cash and cash equivalents | 988194 |
| Interest receivable | 30945 |
| Other assets | 23646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $11827067 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Capital distributions payable | $209514 |
| Reserve for bad debts | 31217 |
| Administrative fees payable | 1432 |
| Accrued expenses | 35117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 277279 |
| Partners' capital | 11549788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners' capital | $11827067 |

---

*See accompanying notes to financial statements.*

 **REMORA CAPITAL PARTNERS II, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount (3)** |<br> **Cost** |<br> **Fair<br> Value (4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Aerospace & Defense** |  |  | | |  | | | | |
| PAG Holding Corp. | First lien senior secured loan | S + | 4.75% |  | 12/22/2029 | 125393 | 123417 | 125393 |  |
|  |  |  |  |  |  |  | 123417 | 125393 | 1.1% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S + | 6.50% |  | 5/25/2026 | 85505 | 84655 | 85505 |  |
|  |  |  |  |  |  |  | 84655 | 85505 | 0.7% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 6/28/2030 | 240097 | 236942 | 240097 |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S + | 5.00% |  | 6/10/2029 | 232737 | 229810 | 232737 |  |
|  |  |  |  |  |  |  | 466752 | 472834 | 4.1% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S + | 6.50% |  | 12/20/2025 | 138770 | 137573 | 138770 |  |
|  |  |  |  |  |  |  | 137573 | 138770 | 1.2% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Cultural Experiences Abroad, LLC | First lien senior secured loan | S + | 6.00% |  | 8/17/2028 | 299724 | 294522 | 299724 |  |
| Cultural Experiences Abroad, LLC | First lien senior secured loan | S + | 6.00% |  | 8/17/2028 | 70268 | 68927 | 70268 |  |
| Scribe Manufacturing, Inc. | First lien senior secured loan | S + | 9.00% |  | 12/31/2025 | 193889 | 193889 | 193889 |  |
|  |  |  |  |  |  |  | 557339 | 563881 | 4.9% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/12/2031 | 164569 | 162235 | 162235 |  |
| Rose Paving, LLC | First lien senior secured loan | S + | 5.00% |  | 11/27/2029 | 268118 | 264369 | 268118 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 91501 | 91501 | 91501 |  |
|  |  |  |  |  |  |  | 518105 | 521853 | 4.5% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| JA Moody LLC | First lien senior secured loan | S + | 5.00% |  | 11/29/2029 | 170116 | 167338 | 167338 |  |
|  |  |  |  |  |  |  | 167338 | 167338 | 1.4% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 146444 | 143567 | 146444 |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 31074 | 30358 | 31074 |  |
|  |  |  |  |  |  |  | 173925 | 177518 | 1.5% |

---

 **REMORA CAPITAL PARTNERS II, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount (3)** |<br> **Cost** |<br> **Fair Value (4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S + | 5.50% | 1.0% | 6/9/2027 | 92509 | 92509 | 92509 |  |
|  |  |  |  |  |  |  | 92509 | 92509 | 0.8% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2025 | 59616 | 58683 | 59616 |  |
|  |  |  |  |  |  |  | 58683 | 59616 | 0.5% |
| **Electrical, Machinery, & Auto** |  |  |  |  |  |  |  |  |  |
| Dusk Acquisition II Corporation | First lien senior secured loan | S + | 6.00% |  | 7/12/2029 | 369818 | 362957 | 362957 |  |
|  |  |  |  |  |  |  | 362957 | 362957 | 3.1% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2029 | 130884 | 128815 | 130884 |  |
|  |  |  |  |  |  |  | 128815 | 130884 | 1.1% |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured loan | S + | 5.25% |  | 12/19/2030 | 257948 | 254252 | 254252 |  |
|  |  |  |  |  |  |  | 254252 | 254252 | 2.2% |
| **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| One Stop Mailing LLC | First lien senior secured loan | S + | 6.25% |  | 5/7/2027 | 91458 | 91458 | 91458 |  |
|  |  |  |  |  |  |  | 91458 | 91458 | 0.8% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S + | 5.75% |  | 7/2/2030 | 180302 | 177144 | 180302 |  |
| Modular Devices Acquisition, LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2026 | 94273 | 92911 | 94273 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured loan | S + | 4.75% |  | 8/12/2029 | 205249 | 201215 | 205249 |  |
|  |  |  |  |  |  |  | 471271 | 479824 | 4.2% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/22/2026 | 251064 | 248978 | 251064 |  |
|  |  |  |  |  |  |  | 248978 | 251064 | 2.2% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 60619 | 60619 | 60619 |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 30650 | 30650 | 30650 |  |
|  |  |  |  |  |  |  | 91269 | 91269 | 0.8% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S + | 6.75% |  | 6/18/2026 | 152306 | 151016 | 152306 |  |
|  |  |  |  |  |  |  | 151016 | 152306 | 1.3% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S + | 5.75% |  | 11/22/2025 | 144980 | 143974 | 144980 |  |
|  |  |  |  |  |  |  | 143974 | 144980 | 1.3% |
| **Information Technology** |  |  |  |  |  |  |  |  |  |
| Global Holdings Interco LLC | First lien senior secured loan | S + | 5.50% |  | 3/16/2026 | 266239 | 264132 | 265329 |  |
|  |  |  |  |  |  |  | 264132 | 265329 | 2.3% |

---

 **REMORA CAPITAL PARTNERS II, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount (3)** |<br> **Cost** |<br> **Fair Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S + | 5.50% |  | 3/11/2029 | 116093 | 114262 | 116093 |  |
|  |  |  |  |  |  |  | 114262 | 116093 | 1.0% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| AIDC IntermediateCo. 2, LLC | First lien senior secured loan | S + | 5.50% |  | 7/22/2027 | 275243 | 275243 | 275243 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S + | 5.00% |  | 5/17/2029 | 130882 | 128730 | 130882 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S + | 5.75% | 0.50% | 7/15/2028 | 91909 | 91909 | 91909 |  |
|  |  |  |  |  |  |  | 495881 | 498034 | 4.3% |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S + | 6.00% | 0.50% | 9/1/2026 | 89486 | 89486 | 89486 |  |
| Boostability Parent, Inc. | First lien senior secured loan | S + | 5.25% |  | 7/12/2029 | 248376 | 244121 | 248376 |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S + | 5.25% |  | 6/5/2029 | 129707 | 127538 | 129707 |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S + | 5.50% |  | 1/8/2029 | 131800 | 129562 | 131800 |  |
|  |  |  |  |  |  |  | 590707 | 599369 | 5.2% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S + | 5.50% |  | 2/21/2029 | 95189 | 93706 | 95189 |  |
| CF512, Inc. | First lien senior secured loan | S + | 6.00% |  | 9/1/2026 | 88784 | 88784 | 88784 |  |
| HH Global Finance Limited(5) | First lien senior secured loan | S + | 6.18% |  | 2/25/2027 | 278058 | 278058 | 278058 |  |
|  |  |  |  |  |  |  | 460549 | 462031 | 4.0% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| MOXFIVE LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 225023 | 221083 | 225023 |  |
| MOXFIVE LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 175534 | 172522 | 175534 |  |
| Penta Group, LLC | First lien senior secured loan | S + | 5.00% |  | 6/21/2026 | 92403 | 92403 | 92403 |  |
| Providus MPS Buyer LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 272057 | 267293 | 272057 |  |
|  |  |  |  |  |  |  | 753300 | 765017 | 6.6% |
| **Software** |  |  |  |  |  |  |  |  |  |
| 402 Ventures, LLC | First lien senior secured loan | S + | 5.00% |  | 9/26/2029 | 290033 | 286132 | 290033 |  |
| Concord III, L.L.C. | First lien senior secured loan | S + | 6.00% |  | 12/20/2028 | 186556 | 183397 | 186556 |  |
| Exigo, LLC | First lien senior secured loan | S + | 6.00% |  | 3/15/2027 | 91502 | 91502 | 91502 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/16/2027 | 368838 | 368043 | 368838 |  |
| MotionPoint Corporation | First lien senior secured loan | S + | 6.00% |  | 3/31/2026 | 92686 | 92686 | 92686 |  |
| QM Buyer, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/6/2030 | 246853 | 243345 | 243345 |  |
|  |  |  |  |  |  |  | 1265105 | 1272961 | 11.0% |
| **Transportation and Logistics** |  |  |  |  |  |  |  |  |  |
| A. Stucki Company | First lien senior secured loan | S + | 4.75% |  | 3/27/2030 | 347360 | 344760 | 344760 |  |
|  |  |  |  |  |  |  | 344760 | 344760 | 3.0% |

---

 **REMORA CAPITAL PARTNERS II, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount (3)** |<br> **Cost** |<br> **Fair Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Envirotech Services, LLC | First lien senior secured loan | S + | 5.75% |  | 1/17/2029 | 369818 | 362923 | 362923 |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S + | 5.00% |  | 3/1/2028 | 368670 | 364151 | 368670 |  |
|  |  |  |  |  |  |  | 727074 | 731594 | 6.3% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S + | 6.25% |  | 7/19/2029 | 197357 | 193961 | 197357 |  |
| Puris LLC | First lien senior secured loan | S + | 5.75% |  | 6/28/2031 | 196087 | 195123 | 195123 |  |
|  |  |  |  |  |  |  | 389084 | 392480 | 3.4% |
| **Total Investments** |  |  |  |  |  |  | 9729142 | 9811876 | 85.0% |

---

(1) All
 portfolio company headquarters are based in the United States unless otherwise noted.

(2) There
 are no non-accrual nor non-income producing debt investments. Represents floating rate instruments that accrue interest at a predetermined
 spread relative to an index, typically the applicable Secured Overnight Financing Rate, or "S+", or Prime rate, or "P".
 The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate
 in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or
 6M S, respectively) at the borrower's option. All securities are subject to a SOFR or Prime rate floor where a spread is provided,
 unless noted.

(3) Principal
 is net of repayments. Cost is net of repayments and accumulated unearned income.

(4) Valued
 based on our accounting policy. The value of all securities was determined using significant unobservable inputs.

(5) Portfolio
 company headquarters are located outside of the United States.

 *See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II, LP** 

 **STATEMENT OF OPERATIONS**

 **Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $270460 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 271905 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 9269 |
| &nbsp;&nbsp;&nbsp;Management fees | 24381 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 17036 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 2872 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 8833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 62390 |
| **Net investment income** | 209515 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | 11649 |
| **Net gain on loans funded** | 11649 |
| **Net income** | $221164 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II, LP**

 **STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

 **Three Months Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **Partners' capital, beginning of year** | $2010 | $11536129 | $11538138 |
| **Capital withdrawals** | (36) | (209478) | (209514) |
| **Allocation of net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 38 | 221125 | 221164 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | 4396 | (4396) | - |
|  | 4434 | 221125 | 221164 |
| **Partners' capital, end of year** | $6408 | $11543380 | $11549788 |

---

 

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II, LP** 

 **STATEMENT OF CASH FLOWS**

 **Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $221164 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (785684) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | (11649) |
| &nbsp;&nbsp;&nbsp;Reserve for bad debts | 9269 |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount | (15915) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 1206561 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable and other accounts receivable | 765 |
| &nbsp;&nbsp;&nbsp;Other assets | (1359) |
| &nbsp;&nbsp;&nbsp;Due from related party | 302011 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1339 |
| Net cash used in operating activities | 926501 |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of distributions payable | (226586) |
| Net cash provided by financing activities | (226586) |
| Net change in cash | 699915 |
| Cash, beginning of period | 288279 |
| Cash, end of period | $988194 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II, LP**

 **NOTES TO THE FINANCIAL STATEMENTS**

**1.** **Nature of the Entity and Its Operations** 

Remora Capital Partners II, LP (the "Partnership") is a Delaware limited partnership which was organized in May 2023 and commenced operations December 4, 2023.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership intends to build a diversified portfolio consisting primarily of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) from originators or their affiliates on a secondary basis and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners II GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940).

**2.** **Basis of Presentation** 

Management has prepared these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |
| Level 3 | Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability. |

---

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At March 31, 2025, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** *(concluded)* 

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2025. The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of consolidated financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**4.** **Fair Value Measurements** 

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Loans funded at fair value** | | | |
| &nbsp;&nbsp;&nbsp;Loans funded at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 9811876 |
| **Partner's capital, end of year** | $- | $- | $9811876 |

---

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**4.** **Fair Value Measurements** *(concluded)* 

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the three month period ended March 31, 2025, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

Purchases of Level 3 assets for the three month period ended March 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Description** | **Purchases<sup>(1)</sup>** |
| Loans Funded | $785684 |

---

<sup>(1)</sup> Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $9,811,876 were valued based on observable and unobservable but non-quantitative inputs as of March 31, 2025. As of March 31, 2025, the fair value is based on the cost basis plus amortized original issue discount, and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**5.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**5.** **Investment Risk** *(concluded)* 

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Statement of Financial Condition. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio developments or trends in any particular industry, the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. As of March 31, 2025, 100% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors.

**6.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the General Partner for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The General Partner, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $24,381 for the three months ended March 31, 2025.

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners II QP, LP, a Delaware limited partnership ("RCP II QP"). The Partnership and RCP II QP operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP II QP have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. For the three months ended March 31, 2025, the Partnership transferred $1,154,847 principal amount of loans (net of sales) to RCP II QP per the terms of the rebalancing agreement.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**7.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

 

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

For the three months ended March 31, 2025, carried interest allocated to the General Partner was $4,396.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**9.** **Fund Administrator Fees** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**10.** **Financial Highlights** 

Financial highlights for the three month period ended March 31, 2025, are as follows:

---

| | |
|:---|:---|
| Total return | 1.90% |
| Carried interest | 0.00% |
| Total return after carried interest | 1.90% |
| Expense ratio | 0.50% |
| Carried interest | 0.00% |
| Expense plus carried interest ratio | 0.50% |
| Net investment income ratio | 1.90% |

---

Financial highlights are calculated for the limited partner class taken as a whole. The ratios' inputs, excluding non-recurring income and expenses, have been annualized. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect carried interest to the General Partner.

**11.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the financial statements were available to be issued.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**REMORA CAPITAL PARTNERS II, LP**

FINANCIAL STATEMENTS

AND

INDEPENDENT AUDITOR'S REPORT

FOR THE PERIOD DECEMBER 4, 2023 (COMMENCEMENT OF OPERATIONS)

THROUGH DECEMBER 31, 2024

---

| | |
|:---|:---|
| ![](fin_001.jpg) | 1230 Rosecrans Avenue, Suite 510 <br> Manhattan Beach, California 90266 <br> 310-382-5380  |

---

 **Independent Auditor's Report** 

To the Partners of

Remora Capital Partners II, LP

 **Opinion** 

We have audited the financial statements of Remora Capital Partners II, LP, which comprise the statement of financial condition, including the schedule of investments, as of December 31, 2024, and the related statements of operations, changes in partners' capital, and cash flows for the period from December 4, 2023 (Commencement of Operations) through December 31, 2024, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Remora Capital Partners II, LP as of December 31, 2024, and the results of its operations, changes in its partners' capital, and its cash flows for the period from December 4, 2023 (Commencement of Operations) through December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.

 **Basis for Opinion** 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Remora Capital Partners II, LP and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 **Responsibilities of Management for the Financial Statements** 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Remora Capital Partners II, LP 's ability to continue as a going concern for one year after the date that the financial statements are issued (or when applicable, one year after the date the financial statements are available to be issued).

 **Auditor's Responsibilities for the Audit of the Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

Weaver and Tidwell, L.L.P.

 **CPAs AND ADVISORS \| WEAVER.COM**

To the Partners of

Remora Capital Partners II, LP

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Remora Capital Partners II, LP's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Remora Capital Partners II, LP's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

/s/ WEAVER AND TIDWELL, L.L.P.

WEAVER AND TIDWELL, L.L.P.

Manhattan Beach, California

April 30, 2025, except as to the schedule of investments, which is as of July 25, 2025

**REMORA CAPITAL PARTNERS II, LP**

**STATEMENT OF FINANCIAL CONDITION**

**December 31, 2024**

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $10,134,123) | $10183262 |
| Due from related party | 1259412 |
| Cash and cash equivalents | 288279 |
| Interest receivable | 32940 |
| Other assets | 40055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $11803948 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Capital distributions payable | $226586 |
| Accrued expenses | 39224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 265810 |
| Partners' capital | 11538138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and partners' capital | $11803948 |

---

*See accompanying notes to financial statements.*

 **Remora Capital Partners Ii, Lp**

 **Schedule of Investments As Of December 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair Value(4)** |<br> **% of <br> Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Aerospace & Defense** |  |  | | |  | | | | |
| PAG Holding Corp. | First lien senior secured loan | S + | 4.75% |  | 12/22/2029 | 138333 | 138333 | 140664 |  |
|  |  |  |  |  |  |  | 138333 | 140664 | 1.2% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S + | 6.50% |  | 5/25/2026 | 95977 | 95977 | 97167 |  |
|  |  |  |  |  |  |  | 95977 | 97167 | 0.8% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 6/28/2030 | 265631 | 265631 | 265639 |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S + | 5.00% |  | 6/10/2029 | 257495 | 257495 | 261079 |  |
|  |  |  |  |  |  |  | 523126 | 526718 | 4.6% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S + | 6.50% |  | 12/20/2025 | 154001 | 154001 | 156066 |  |
|  |  |  |  |  |  |  | 154001 | 156066 | 1.4% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Cultural Experiences Abroad, LLC | First lien senior secured loan | S + | 6.00% |  | 8/17/2028 | 398988 | 398988 | 398988 |  |
|  |  |  |  |  |  |  | 398988 | 398988 | 3.5% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/12/2031 | 181898 | 181898 | 181893 |  |
|  |  |  |  |  |  |  | 181898 | 181893 | 1.6% |
| **Construction Materials** |  |  |  |  |  |  |  |  |  |
| Rose Paving, LLC | First lien senior secured loan | S + | 5.00% |  | 11/27/2029 | 227293 | 227293 | 227306 |  |
| Scribe Manufacturing, Inc. | First lien senior secured loan | S + | 9.00% |  | 12/31/2025 | 220468 | 220468 | 220468 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 102651 | 102651 | 102651 |  |
|  |  |  |  |  |  |  | 550412 | 550425 | 4.8% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| JA Moody LLC | First lien senior secured loan | S + | 5.00% |  | 11/29/2029 | 187549 | 187549 | 187549 |  |
|  |  |  |  |  |  |  | 187549 | 187549 | 1.6% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 160883 | 160883 | 164280 |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 34009 | 34009 | 34856 |  |
|  |  |  |  |  |  |  | 194892 | 199136 | 1.7% |

---

 **Remora Capital Partners Ii, Lp**

 **Schedule of Investments As Of December 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair Value(4)** |<br> **% of <br> Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S + | 5.50% | 1.0% | 6/9/2027 | 103535 | 103535 | 103535 |  |
|  |  |  |  |  |  |  | 103535 | 103535 | 0.9% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2025 | 65591 | 65591 | 66708 |  |
|  |  |  |  |  |  |  | 65591 | 66708 | 0.6% |
| **Electrical, Machinery, & Auto** |  |  |  |  |  |  |  |  |  |
| Dusk Acquisition II Corporation | First lien senior secured loan | S + | 6.00% |  | 7/12/2029 | 406729 | 406729 | 406713 |  |
|  |  |  |  |  |  |  | 406729 | 406713 | 3.5% |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured loan | S + | 5.25% |  | 12/19/2030 | 285032 | 285032 | 285032 |  |
|  |  |  |  |  |  |  | 285032 | 285032 | 2.5% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2029 | 144383 | 144383 | 146825 |  |
|  |  |  |  |  |  |  | 144383 | 146825 | 1.3% |
| **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| One Stop Mailing LLC | First lien senior secured loan | S + | 6.25% |  | 5/7/2027 | 102888 | 102888 | 102888 |  |
|  |  |  |  |  |  |  | 102888 | 102888 | 0.9% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S + | 5.75% |  | 7/2/2030 | 198550 | 198550 | 198550 |  |
| Modular Devices Acquisition, LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2026 | 104011 | 104011 | 105755 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured loan | S + | 4.75% |  | 8/12/2029 | 225472 | 225472 | 225463 |  |
|  |  |  |  |  |  |  | 528033 | 529768 | 4.6% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/22/2026 | 278345 | 278345 | 280930 |  |
|  |  |  |  |  |  |  | 278345 | 280930 | 2.4% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 68006 | 68006 | 68006 |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 34385 | 34385 | 34385 |  |
|  |  |  |  |  |  |  | 102391 | 102391 | 0.9% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S + | 6.75% |  | 6/18/2026 | 182923 | 182923 | 184815 |  |
|  |  |  |  |  |  |  | 182923 | 184815 | 1.6% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S + | 5.75% |  | 11/22/2025 | 161077 | 161077 | 162636 |  |
|  |  |  |  |  |  |  | 161077 | 162636 | 1.4% |

---

 **REMORA CAPITAL PARTNERS II, LP**

 **SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair Value(4)** |<br> **% of <br> Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Information Technology** |  |  |  |  |  |  |  |  |  |
| Global Holdings Interco LLC | First lien senior secured loan | S + | 5.50% |  | 3/16/2026 | 300009 | 300009 | 302010 |  |
|  |  |  |  |  |  |  | 300009 | 302010 | 2.6% |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S + | 5.50% |  | 3/11/2029 | 132577 | 132577 | 134844 |  |
|  |  |  |  |  |  |  | 132577 | 134844 | 1.2% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| AIDC IntermediateCo. 2, LLC | First lien senior secured loan | S + | 5.50% |  | 7/22/2027 | 308773 | 308773 | 308773 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S + | 5.00% |  | 5/17/2029 | 149700 | 149700 | 152472 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S + | 5.75% | 0.50% | 7/15/2028 | 102975 | 102975 | 102975 |  |
|  |  |  |  |  |  |  | 561448 | 564220 | 4.9% |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S + | 6.00% | 0.50% | 9/1/2026 | 102394 | 102394 | 102394 |  |
| Boostability Parent, Inc. | First lien senior secured loan | S + | 5.25% |  | 7/12/2029 | 273575 | 273575 | 273575 |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S + | 5.25% |  | 6/5/2029 | 142932 | 142932 | 145503 |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S + | 5.50% |  | 1/8/2029 | 145179 | 145179 | 147848 |  |
|  |  |  |  |  |  |  | 664080 | 669320 | 5.8% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S + | 5.50% |  | 2/21/2029 | 105009 | 105009 | 106782 |  |
| CF512, Inc. | First lien senior secured loan | S + | 6.00% |  | 9/1/2026 | 99603 | 99603 | 99603 |  |
| HH Global Finance Limited(5) | First lien senior secured loan | S + | 6.18% |  | 2/25/2027 | 311136 | 311136 | 311136 |  |
|  |  |  |  |  |  |  | 515748 | 517521 | 4.5% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| MOXFIVE LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 247755 | 247755 | 247755 |  |
| Penta Group, LLC | First lien senior secured loan | S + | 5.00% |  | 6/21/2026 | 103448 | 103448 | 103448 |  |
| Providus MPS Buyer LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 299554 | 299554 | 299543 |  |
|  |  |  |  |  |  |  | 650757 | 650746 | 5.6% |

---

 **REMORA CAPITAL PARTNERS II, LP**

 **SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair Value(4)** |<br> **% of <br> Partners' Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Software** |  |  |  |  |  |  |  |  |  |
| 402 Ventures, LLC | First lien senior secured loan | S + | 5.00% |  | 9/26/2029 | 330001 | 330001 | 330111 |  |
| Concord III, L.L.C. | First lien senior secured loan | S + | 6.00% |  | 12/20/2028 | 205507 | 205507 | 209275 |  |
| Exigo, LLC | First lien senior secured loan | S + | 6.00% |  | 3/15/2027 | 102654 | 102654 | 102654 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/16/2027 | 412806 | 412806 | 413781 |  |
| MotionPoint Corporation | First lien senior secured loan | S + | 6.00% |  | 3/31/2026 | 103712 | 103712 | 103712 |  |
| QM Buyer, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/6/2030 | 298406 | 298406 | 298406 |  |
|  |  |  |  |  |  |  | 1453086 | 1457939 | 12.6% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Envirotech Services, LLC | First lien senior secured loan | S + | 5.75% |  | 1/17/2029 | 444771 | 444771 | 444771 |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S + | 5.00% |  | 3/1/2028 | 408183 | 408183 | 413683 |  |
|  |  |  |  |  |  |  | 852954 | 858454 | 7.4% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S + | 6.25% |  | 7/19/2029 | 217361 | 217361 | 217361 |  |
|  |  |  |  |  |  |  | 217361 | 217361 | 1.9% |
| **Total Investments** |  |  |  |  |  |  | 10134123 | 10183262 | 88.3% |

---

(1) All portfolio company
 headquarters are based in the United States unless otherwise noted.

(2) There are no non-accrual
 nor non-income producing debt investments. Represents floating rate instruments that accrue
 interest at a predetermined spread relative to an index, typically the applicable Secured
 Overnight Financing Rate, or "S+", or Prime rate, or "P". The spread
 may change based on the type of rate used. The terms in the Schedule of Investments disclose
 the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed
 to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower's
 option. All securities are subject to a SOFR or Prime rate floor where a spread is provided,
 unless noted.

(3) Principal is net of
 repayments. Cost is net of repayments and accumulated unearned income.

(4) Valued based on our
 accounting policy described in Note 1. The value of all securities was determined using significant
 unobservable inputs.

(5) Portfolio company
 headquarters are located outside of the United States.

See accompanying notes to financial statements.

**REMORA CAPITAL PARTNERS II, LP**

**STATEMENT OF OPERATIONS**

**For the period December 4, 2023 (commencement of operations) through December 31, 2024**

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $984935 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 8708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 993643 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 79211 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 55584 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 10085 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 35059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 179939 |
| **Net investment income** | 813704 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | 49139 |
| **Net gain on loans funded** | 49139 |
| **Net income** | $862843 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II, LP**

**STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

**For the period December 4, 2023 (commencement of operations) through December 31, 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **Capital contributions** | $2000 | $11487000 | $11489000 |
| **Capital distributions** | (180) | (813525) | (813705) |
| **Allocation of net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 189 | 862654 | 862843 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | 28847 | (28847) | - |
|  | 29036 | 862654 | 862843 |
| **Partners' capital, end of year** | $30856 | $11507282 | $11538138 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II, LP**

**STATEMENT OF CASH FLOWS**

**For the period December 4, 2023 (commencement of operations) through December 31, 2024**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $862843 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (11312654) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | (49139) |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount | 129176 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 1049355 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | (32940) |
| &nbsp;&nbsp;&nbsp;Other assets | (40055) |
| &nbsp;&nbsp;&nbsp;Due from related party | (1259412) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 39224 |
| Net cash used in operating activities | (10613602) |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Capital contributions, net of advance contributions | 11489000 |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of distributions payable | (587119) |
| Net cash provided by financing activities | 10901881 |
| Net change in cash | 288279 |
| Cash, beginning of period | - |
| Cash, end of period | $288279 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**1.** **Nature of the Entity and Its Operations** 

Remora Capital Partners II, LP (the "Partnership") is a Delaware limited partnership which was organized in May 2023 and commenced operations December 4, 2023.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership intends to build a diversified portfolio consisting primarily of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) from originators or their affiliates on a secondary basis and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners II GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940).

**2.** **Basis of Presentation** 

Management has prepared these financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |
| Level 3 | Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability. |

---

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At December 31, 2024, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** *(concluded)* 

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2024. The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**4.** **Fair Value Measurements** 

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Loans funded at fair value** | | | | |
| &nbsp;&nbsp;&nbsp;Loans funded | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10183262 | $10183262 |
| **Total loans funded** | - | - | 10183262 | 10183262 |

---

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**4.** **Fair Value Measurements** *(concluded)* 

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the period December 4, 2023 (commencement of operations) through December 31, 2024, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

Purchases of Level 3 assets for the period ended December 4, 2023 (commencement of operations) through December 31, 2024 are as follows:

---

| | |
|:---|:---|
| **Description** | **Purchases<sup>(1)</sup>** |
| Loans Funded | $11312654 |

---

<sup>(1)</sup> Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $10,183,262 were valued based on observable and unobservable but non-quantitative inputs as of December 31, 2024. As of December 31, 2024, the fair value is based on the cost basis plus amortized original issue discount, and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**5.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**5.** **Investment Risk** *(concluded)* 

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Statement of Financial Condition. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio developments or trends in any particular industry, the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. As of December 31, 2024, 100% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors.

**6.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the General Partner for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The General Partner, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $79,211 for the period December 4, 2023 (commencement of operations) through December 31, 2024.

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners II QP, LP, a Delaware limited partnership ("RCP II QP"). The Partnership and RCP II QP operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP II QP have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. For the period December 4, 2023 (commencement of operations) through December 31, 2024, the Partnership transferred $6,263,311 principal amount of loans (net of sales) to RCP II QP per the terms of the rebalancing agreement.

As of December 31, 2024, $1,274,417 of rebalancing transactions remain outstanding and are recorded as due from related party on the Statement of Financial Condition.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**7.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

Upon the winding up and dissolution of the Partnership, the General Partner will be required to restore funds to the Partnership to the extent it has received cumulative distributions in excess of amounts otherwise distributable or anticipated to be distributable to the General Partner pursuant to the Partnership's Offering Memorandum. In no event will the General Partner be required to restore more than the cumulative distributions received by the General Partner.

As of December 31, 2024, carried interest allocated to the General Partner was $28,847.

**REMORA CAPITAL PARTNERS II, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**9.** **Fund Administrator** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**10.** **Financial Highlights** 

Financial highlights for the period December 4, 2023 (commencement of operations) through December 31, 2024, are as follows:

---

| | |
|:---|:---|
| Total return | 9.8% |
| Carried interest | (0.3)% |
| Total return after carried interest | 9.5% |
| Expense ratio | 1.9% |
| Carried interest | 0.3% |
| Expense plus carried interest ratio | 2.2% |
| Net investment income ratio | 8.7% |

---

Financial highlights are calculated for the limited partner class taken as a whole. The ratios' inputs, excluding non-recurring income and expenses, have been annualized. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect carried interest to the General Partner.

**11.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the financial statements were available to be issued.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**REMORA CAPITAL PARTNERS II QP, LP**

CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED

March 31, 2025

**REMORA CAPITAL PARTNERS II QP, LP**

 **STATEMENT OF FINANCIAL CONDITION**

 **March 31, 2025**

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $42,716,652) | $43080234 |
| Cash and cash equivalents | 12897252 |
| Interest receivable | 135487 |
| Other assets | 97392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $56210365 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Advance capital contributions | $3455000 |
| Due to related party | 855022 |
| Capital distributions payable | 903001 |
| Reserve for bad debts | 144273 |
| Accrued expenses | 103535 |
| &nbsp;&nbsp;&nbsp; Interest payable | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5460830 |
| Partners' capital | 50749535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners' capital | $56210365 |

---

*See accompanying notes to financial statements.*

 **REMORA CAPITAL PARTNERS II QP, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Aerospace & Defense** |  |  | | |  | | | | |
| PAG Holding Corp. | First lien senior secured loan | S + | 4.75% |  | 12/22/2029 | 551045 | 542363 | 551045 |  |
|  |  |  |  |  |  |  | 542363 | 551045 | 1.1% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S + | 6.50% |  | 5/25/2026 | 375756 | 372019 | 375756 |  |
|  |  |  |  |  |  |  | 372019 | 375756 | 0.7% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 6/28/2030 | 1055119 | 1041254 | 1055119 |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S + | 5.00% |  | 6/10/2029 | 1022775 | 1009912 | 1022775 |  |
|  |  |  |  |  |  |  | 2051166 | 2077894 | 4.1% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S + | 6.50% |  | 12/20/2025 | 609830 | 604573 | 609830 |  |
|  |  |  |  |  |  |  | 604573 | 609830 | 1.2% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Cultural Experiences Abroad, LLC | First lien senior secured loan | S + | 6.00% |  | 8/17/2028 | 1317151 | 1294292 | 1317151 |  |
| Cultural Experiences Abroad, LLC | First lien senior secured loan | S + | 6.00% |  | 8/17/2028 | 308795 | 302905 | 308795 |  |
| Scribe Manufacturing, Inc. | First lien senior secured loan | S + | 9.00% |  | 12/31/2025 | 852057 | 852057 | 852057 |  |
|  |  |  |  |  |  |  | 2449254 | 2478003 | 4.9% |

---

 **REMORA CAPITAL PARTNERS II QP, LP** 

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025** 

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/12/2031 | 723206 | 712948 | 712948 |  |
| Rose Paving, LLC | First lien senior secured loan | S + | 5.00% |  | 11/27/2029 | 1178257 | 1161784 | 1178257 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 402105 | 402105 | 402105 |  |
|  |  |  |  |  |  |  | 2276838 | 2293311 | 4.5% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| JA Moody LLC | First lien senior secured loan | S + | 5.00% |  | 11/29/2029 | 747584 | 735376 | 735376 |  |
|  |  |  |  |  |  |  | 735376 | 735376 | 1.4% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 643556 | 630912 | 643556 |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 136555 | 133409 | 136555 |  |
|  |  |  |  |  |  |  | 764321 | 780111 | 1.5% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S + | 5.50% | 1.0% | 6/9/2027 | 406536 | 406536 | 406536 |  |
|  |  |  |  |  |  |  | 406536 | 406536 | 0.8% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2025 | 261984 | 257885 | 261984 |  |
|  |  |  |  |  |  |  | 257885 | 261984 | 0.5% |
| **Electrical, Machinery, & Auto** |  |  |  |  |  |  |  |  |  |
| Dusk Acquisition II Corporation | First lien senior secured loan | S + | 6.00% |  | 7/12/2029 | 1625182 | 1595032 | 1595032 |  |
|  |  |  |  |  |  |  | 1595032 | 1595032 | 3.1% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2029 | 575178 | 566085 | 575178 |  |
|  |  |  |  |  |  |  | 566085 | 575178 | 1.1% |

---

 **REMORA CAPITAL PARTNERS II QP, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured loan | S + | 5.25% |  | 12/19/2030 | 1133565 | 1117324 | 1117324 |  |
|  |  |  |  |  |  |  | 1117324 | 1117324 | 2.2% |
| **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| One Stop Mailing LLC | First lien senior secured loan | S + | 6.25% |  | 5/7/2027 | 401919 | 401919 | 401919 |  |
|  |  |  |  |  |  |  | 401919 | 401919 | 0.8% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S + | 5.75% |  | 7/2/2030 | 792348 | 778470 | 792348 |  |
| Modular Devices Acquisition, LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2026 | 414288 | 408304 | 414288 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured loan | S + | 4.75% |  | 8/12/2029 | 901976 | 884250 | 901976 |  |
|  |  |  |  |  |  |  | 2071023 | 2108612 | 4.2% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/22/2026 | 1103311 | 1094145 | 1103311 |  |
|  |  |  |  |  |  |  | 1094145 | 1103311 | 2.2% |

---

 **REMORA CAPITAL PARTNERS II QP, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 266395 | 266395 | 266395 |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 134693 | 134693 | 134693 |  |
|  |  |  |  |  |  |  | 401088 | 401088 | 0.8% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S + | 6.75% |  | 6/18/2026 | 669316 | 663648 | 669316 |  |
|  |  |  |  |  |  |  | 663648 | 669316 | 1.3% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S + | 5.75% |  | 11/22/2025 | 637120 | 632701 | 637120 |  |
|  |  |  |  |  |  |  | 632701 | 637120 | 1.3% |
| **Information Technology** |  |  |  |  |  |  |  |  |  |
| Global Holdings Interco LLC | First lien senior secured loan | S + | 5.50% |  | 3/16/2026 | 1170000 | 1160743 | 1166000 |  |
|  |  |  |  |  |  |  | 1160743 | 1166000 | 2.3% |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S + | 5.50% |  | 3/11/2029 | 510176 | 502131 | 510176 |  |
|  |  |  |  |  |  |  | 502131 | 510176 | 1.0% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| AIDC IntermediateCo. 2, LLC | First lien senior secured loan | S + | 5.50% |  | 7/22/2027 | 1209568 | 1209568 | 1209568 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S + | 5.00% |  | 5/17/2029 | 575168 | 565711 | 575168 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S + | 5.75% | 0.50% | 7/15/2028 | 403900 | 403900 | 403900 |  |
|  |  |  |  |  |  |  | 2179178 | 2188635 | 4.3% |

---

 **REMORA CAPITAL PARTNERS II QP, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S + | 6.00% | 0.50% | 9/1/2026 | 393251 | 393251 | 393251 |  |
| Boostability Parent, Inc. | First lien senior secured loan | S + | 5.25% |  | 7/12/2029 | 1091499 | 1072804 | 1091499 |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S + | 5.25% |  | 6/5/2029 | 570005 | 560471 | 570005 |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S + | 5.50% |  | 1/8/2029 | 579200 | 569366 | 579200 |  |
|  |  |  |  |  |  |  | 2595893 | 2633956 | 5.2% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S + | 5.50% |  | 2/21/2029 | 418311 | 411797 | 418311 |  |
| CF512, Inc. | First lien senior secured loan | S + | 6.00% |  | 9/1/2026 | 390166 | 390166 | 390166 |  |
| HH Global Finance Limited(5) | First lien senior secured loan | S + | 6.18% |  | 2/25/2027 | 1221942 | 1221942 | 1221942 |  |
|  |  |  |  |  |  |  | 2023905 | 2030419 | 4.0% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| MOXFIVE LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 988877 | 971559 | 988877 |  |
| MOXFIVE LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 771392 | 758157 | 771392 |  |
| Penta Group, LLC | First lien senior secured loan | S + | 5.00% |  | 6/21/2026 | 406070 | 406070 | 406070 |  |
| Providus MPS Buyer LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 1195568 | 1174631 | 1195568 |  |
|  |  |  |  |  |  |  | 3310418 | 3361907 | 6.6% |

---

 **REMORA CAPITAL PARTNERS II QP, LP**

 **SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2025**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  | | | | |
| **First Lien Secured Debt** |  |  | | |  | | | | |
| **Software** |  |  |  |  |  |  |  |  |  |
| 402 Ventures, LLC | First lien senior secured loan | S + | 5.00% |  | 9/26/2029 | 1274567 | 1257421 | 1274567 |  |
| Concord III, L.L.C. | First lien senior secured loan | S + | 6.00% |  | 12/20/2028 | 819829 | 805943 | 819829 |  |
| Exigo, LLC | First lien senior secured loan | S + | 6.00% |  | 3/15/2027 | 402110 | 402110 | 402110 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/16/2027 | 1620879 | 1617386 | 1620879 |  |
| MotionPoint Corporation | First lien senior secured loan | S + | 6.00% |  | 3/31/2026 | 407314 | 407314 | 407314 |  |
| QM Buyer, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/6/2030 | 1084809 | 1069392 | 1069392 |  |
|  |  |  |  |  |  |  | 5559566 | 5594091 | 11.0% |
| **Transportation and Logistics** |  |  |  |  |  |  |  |  |  |
| A. Stucki Company | First lien senior secured loan | S + | 4.75% |  | 3/27/2030 | 1487640 | 1476507 | 1476507 |  |
|  |  |  |  |  |  |  | 1476507 | 1476507 | 2.9% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Envirotech Services, LLC | First lien senior secured loan | S + | 5.75% |  | 1/17/2029 | 1625182 | 1594885 | 1594885 |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S + | 5.00% |  | 3/1/2028 | 1620141 | 1600280 | 1620141 |  |
|  |  |  |  |  |  |  | 3195166 | 3215026 | 6.3% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S + | 6.25% |  | 7/19/2029 | 867293 | 852371 | 867293 |  |
| Puris LLC | First lien senior secured loan | S + | 5.75% |  | 6/28/2031 | 861713 | 857479 | 857479 |  |
|  |  |  |  |  |  |  | 1709851 | 1724773 | 3.4% |
| **Total Investments** |  |  |  |  |  |  | 42716652 | 43080239 | 84.9% |

---

(1) All
 portfolio company headquarters are based in the United States unless otherwise noted.

(2) There
 are no non-accrual nor non-income producing debt investments. Represents floating rate instruments
 that accrue interest at a predetermined spread relative to an index, typically the applicable
 Secured Overnight Financing Rate, or "S+", or Prime rate, or "P".
 The spread may change based on the type of rate used. The terms in the Schedule of Investments
 disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically
 indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at
 the borrower's option. All securities are subject to a SOFR or Prime rate floor where
 a spread is provided, unless noted.

(3) Principal
 is net of repayments. Cost is net of repayments and accumulated unearned income.

(4) Valued
 based on our accounting policy. The value of all securities was determined using significant
 unobservable inputs.

(5) Portfolio
 company headquarters are located outside of the United States.

 *See accompanying notes to financial statements.* 

**REMORA CAPITAL PARTNERS II QP, LP**

 **CONSOLIDATED STATEMENT OF OPERATIONS**

 **Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $1097692 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 5876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1103568 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Managemet fees | 99005 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 69063 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 12149 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 20350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 200567 |
| **Net investment income** | 903001 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | 74447 |
| **Net gain on loans funded** | 74447 |
| **Net income** | $977448 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II QP, LP**

 **CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

 **Three Months Ended March 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Limited**<br>**Partners** |<br>**Total** |
| **Partners' capital, beginning of year** | $44001835 | $44086088 |
| **Capital contributions** | 6589000 | $6589000 |
| **Capital withdrawals** | (902963) | (903001) |
| **Allocation of net income** |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 977407 | 977448 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | (23765) | - |
|  | 977407 | 977448 |
| **Partners' capital, end of year** | $50641514 | $50749535 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II QP, LP**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**Three Months Ended March 31, 2025**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $977448 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (3414168) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | (74447) |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount | 11138 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 2599776 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest and other accounts receivable | (13512) |
| &nbsp;&nbsp;&nbsp;Other assets | (6499) |
| &nbsp;&nbsp;&nbsp;Due to related party | (354641) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 14574 |
| Net cash used in operating activities | (260332) |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Capital contributions, net of advance contributions | 4546000 |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of distributions payable | (809288) |
| Net cash provided by financing activities | 3736712 |
| Net change in cash | 3476379 |
| Cash, beginning of period | 9420873 |
| Cash, end of period | $12897252 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**1.** **Nature of the Entity and Its Operations** 

Remora Capital Partners II QP, LP (the "Partnership") is a Delaware limited partnership which was organized in May 2023 and commenced operations December 4, 2023.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership intends to build a diversified portfolio consisting primarily of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) from originators or their affiliates on a secondary basis and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners II GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940).

**2.** **Basis of Presentation** 

Management has prepared these financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |
| Level 3 | Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability. |

---

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At March 31, 2025, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

**REMORA CAPITAL PARTNERS II QP, LP**

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** *(concluded)* 

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2025, The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**4.** **Fair Value Measurements** 

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Loans funded at fair value** | | | |
| &nbsp;&nbsp;&nbsp;Loans funded at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 43080234 |
| **Partners' capital, end of year** | $- | $- | $43080234 |

---

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**4.** **Fair Value Measurements** *(concluded)* 

 

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the three months ended March 31, 2025, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

Purchases of Level 3 assets for the three month period ended March 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Description** | **Purchases<sup>(1)</sup>** |
| Loans Funded | $3414168 |

---

<sup>(1)</sup> Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $43,080,234 were valued based on observable and unobservable but non-quantitative inputs as of March 31, 2025. As of March 31, 2025, the fair value is based on the cost basis plus amortized original issue discount, and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**5.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**5.** **Investment Risk** *(concluded)* 

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Statement of Financial Condition. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio developments or trends in any particular industry and the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. As of March 31, 2025, 100% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors.

**6.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the General Partner for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The General Partner, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $99,005 for the three months ended March 31, 2025.

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners II, LP, a Delaware limited partnership ("RCP II LP"). The Partnership and RCP II LP operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP II LP have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. For the three months ended March 31, 2025, the Partnership transferred $1,154,847 principal amount of loans (net of sales) from RCP II LP per the terms of the rebalancing agreement.

**REMORA CAPITAL PARTNERS II QP, LP**

**NOTES TO THE FINANCIAL STATEMENTS**

**7.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

For the three months ended March 31, 2025, carried interest allocated to the General Partner was $23,765.

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**9.** **Fund Administrator Fees** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**10.** **Financial Highlights** 

Financial highlights for the three months ended March 31, 2025, are as follows:

---

| | |
|:---|:---|
| Total return | 2.10% |
| Carried interest | -0.10% |
| Total return after carried interest | 2.00% |
| Expense ratio | 0.30% |
| Carried interest | 0.10% |
| Expense plus carried interest ratio | 0.40% |
| Net investment income ratio | 1.40% |

---

Financial highlights are calculated for the limited partner class taken as a whole. The ratios' inputs, excluding non-recurring income and expenses, have been annualized. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect the effects of change in unearned carried interest to the General Partner.

**11.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the financial statements were available to be issued.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**REMORA CAPITAL PARTNERS II QP, LP**

FINANCIAL STATEMENTS

AND

INDEPENDENT AUDITOR'S REPORT

FOR THE PERIOD DECEMBER 4, 2023 (COMMENCEMENT OF OPERATIONS)

THROUGH DECEMBER 31, 2024

---

| | |
|:---|:---|
| ![](fin_001.jpg) | 1230 Rosecrans Avenue, Suite 510<br> Manhattan Beach, California 90266<br> 310-382-5380 |

---

 **Independent Auditor's Report** 

To the Partners of

Remora Capital Partners II QP, LP

 **Opinion** 

We have audited the financial statements of Remora Capital Partners II QP, LP, which comprise the statement of financial condition, including the schedule of investments, as of December 31, 2024, and the related statements of operations, changes in partners' capital, and cash flows for the period from December 4, 2023 (Commencement of Operations) through December 31, 2024, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Remora Capital Partners II QP, LP as of December 31, 2024, and the results of its operations, changes in its partners' capital, and its cash flows for the period from December 4, 2023 (Commencement of Operations) through December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.

 **Basis for Opinion** 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Remora Capital Partners II QP, LP and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 **Responsibilities of Management for the Financial Statements** 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Remora Capital Partners II QP, LP 's ability to continue as a going concern for one year after the date that the financial statements are issued (or when applicable, one year after the date the financial statements are available to be issued).

 **Auditor's Responsibilities for the Audit of the Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

Weaver and Tidwell, L.L.P.

 **CPAs AND ADVISORS \| WEAVER.COM**

The Partners of

Remora Capital Partners II QP, LP

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Remora Capital Partners II QP, LP's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Remora Capital Partners II QP, LP's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

/s/ WEAVER AND TIDWELL, L.L.P.

WEAVER AND TIDWELL, L.L.P.

Manhattan Beach, California

April 30, 2025, except as to the schedule of investments, which is as of July 25, 2025

**REMORA CAPITAL PARTNERS II QP, LP**

**STATEMENT OF FINANCIAL CONDITION**

**December 31, 2024** 

---

| | |
|:---|:---|
| **Assets** | |
| Loans funded, at fair value (cost $38,417,232) | $38603320 |
| Cash and cash equivalents | 9420873 |
| Interest receivable | 125886 |
| Other assets | 139463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $48289542 |
| **Liabilities and partners' capital** |  |
| Liabilities |  |
| Advance capital contributions | $2043000 |
| Due to related party | 1259412 |
| Capital distributions payable | 809288 |
| Accrued expenses | 91754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4203454 |
| Partners' capital | 44086088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and partners' capital | $48289542 |

---

*See accompanying notes to financial statements.*

 **Remora Capital Partners II QP, LP**

 **Schedule of Investments as of December 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  |  |  |  |  |
| **First Lien Secured Debt** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| PAG Holding Corp. | First lien senior secured loan | S + | 4.75% |  | 12/22/2029 | 528576 | 528576 | 537486 |  |
|  |  |  |  |  |  |  | 528576 | 537486 | 1.2% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| US Pack Logistics LLC | First lien senior secured loan | S + | 6.50% |  | 5/25/2026 | 572254 | 572254 | 576739 |  |
|  |  |  |  |  |  |  | 572254 | 576739 | 1.3% |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| CAP-KSI Holdings, LLC | First lien senior secured loan | S + | 5.25% |  | 6/28/2030 | 1015026 | 1015026 | 1015018 |  |
| CentralBDC Enterprises, LLC | First lien senior secured loan | S + | 5.00% |  | 6/10/2029 | 984191 | 984191 | 997596 |  |
|  |  |  |  |  |  |  | 1999217 | 2012614 | 4.6% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| LGC US Finco, LLC | First lien senior secured loan | S + | 6.50% |  | 12/20/2025 | 589120 | 589120 | 596334 |  |
|  |  |  |  |  |  |  | 589120 | 596334 | 1.4% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Cultural Experiences Abroad, LLC | First lien senior secured loan | S + | 6.00% |  | 8/17/2028 | 1260793 | 1260793 | 1260780 |  |
| Scribe Manufacturing, Inc. | First lien senior secured loan | S + | 9.00% |  | 12/31/2025 | 366794 | 366794 | 366794 |  |
|  |  |  |  |  |  |  | 1627587 | 1627574 | 3.7% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Rose Paving, LLC | First lien senior secured loan | S + | 5.00% |  | 11/27/2029 | 1132318 | 1132318 | 1132318 |  |
| Vertex Companies, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2027 | 793496 | 793496 | 793496 |  |
|  |  |  |  |  |  |  | 1925814 | 1925814 | 4.4% |
| **Construction Materials** |  |  |  |  |  |  |  |  |  |
| Catalyst Acoustics Group, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/12/2031 | 695015 | 695015 | 695020 |  |
|  |  |  |  |  |  |  | 695015 | 695020 | 1.6% |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| JA Moody LLC | First lien senior secured loan | S + | 5.00% |  | 11/29/2029 | 716633 | 716633 | 716633 |  |
|  |  |  |  |  |  |  | 716633 | 716633 | 1.6% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 614743 | 614743 | 627720 |  |
| Talent Worldwide Inc. | First lien senior secured loan | S + | 6.25% |  | 12/18/2029 | 129957 | 129957 | 133187 |  |
|  |  |  |  |  |  |  | 744700 | 760907 | 1.7% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Aite Group, LLC | First lien senior secured loan | S + | 5.50% | 1.0% | 6/9/2027 | 395611 | 395611 | 395611 |  |
|  |  |  |  |  |  |  | 395611 | 395611 | 0.9% |

---

 **Remora capital partners ii qp, lp**

 **Schedule of Investments As Of December 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  |  |  |  |  |
| **First Lien Secured Debt** |  |  |  |  |  |  |  |  |  |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Douglas Electrical Components, Inc. | First lien senior secured loan | S + | 5.00% |  | 8/31/2025 | 842417 | 842417 | 846694 |  |
|  |  |  |  |  |  |  | 842417 | 846694 | 1.9% |
| **Electrical, Machinery, & Auto** |  |  |  |  |  |  |  |  |  |
| Dusk Acquisition II Corporation | First lien senior secured loan | S + | 6.00% |  | 7/12/2029 | 1554051 | 1554051 | 1554067 |  |
|  |  |  |  |  |  |  | 1554051 | 1554067 | 3.5% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| PAK Quality Foods Acquisition LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2029 | 551695 | 551695 | 561025 |  |
|  |  |  |  |  |  |  | 551695 | 561025 | 1.3% |
| **Food Distributions** |  |  |  |  |  |  |  |  |  |
| QVF Acquisition, Inc. | First lien senior secured loan | S + | 5.25% |  | 12/19/2030 | 1089120 | 1089120 | 1089120 |  |
|  |  |  |  |  |  |  | 1089120 | 1089120 | 2.5% |
| **Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| One Stop Mailing LLC | First lien senior secured loan | S + | 6.25% |  | 5/7/2027 | 393139 | 393139 | 393139 |  |
|  |  |  |  |  |  |  | 393139 | 393139 | 0.9% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| GAINLINE TUBING INTERMEDIATE, LLC | First lien senior secured loan | S + | 5.75% |  | 7/2/2030 | 758669 | 758669 | 758669 |  |
| Modular Devices Acquisition, LLC | First lien senior secured loan | S + | 5.75% |  | 12/28/2026 | 397433 | 397433 | 404095 |  |
| PRIME ABA HOLDINGS, INC. | First lien senior secured loan | S + | 4.75% |  | 8/12/2029 | 861493 | 861493 | 861503 |  |
|  |  |  |  |  |  |  | 2017595 | 2024267 | 4.6% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Science Care Parent Inc. | First lien senior secured loan | S + | 5.25% |  | 7/22/2026 | 1063542 | 1063542 | 1073445 |  |
|  |  |  |  |  |  |  | 1063542 | 1073445 | 2.4% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 259854 | 259854 | 259854 |  |
| Advent Home Medical LLC | First lien senior secured loan | S + | 5.75% |  | 3/4/2026 | 131386 | 131386 | 131386 |  |
|  |  |  |  |  |  |  | 391240 | 391240 | 0.9% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| NTM Acquisition Corp. | First lien senior secured loan | S + | 6.75% |  | 6/18/2026 | 698958 | 698958 | 706185 |  |
|  |  |  |  |  |  |  | 698958 | 706185 | 1.6% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| TPC US Parent, LLC | First lien senior secured loan | S + | 5.75% |  | 11/22/2025 | 615484 | 615484 | 621439 |  |
|  |  |  |  |  |  |  | 615484 | 621439 | 1.4% |

---

 **Remora Capital Partners Ii Qp, Lp**

 **Schedule of Investments As Of December 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  |  |  |  |  |
| **First Lien Secured Debt** |  |  |  |  |  |  |  |  |  |
| **Information Technology** |  |  |  |  |  |  |  |  |  |
| Global Holdings Interco LLC | First lien senior secured loan | S + | 5.50% |  | 3/16/2026 | 1179835 | 1179835 | 1187483 |  |
|  |  |  |  |  |  |  | 1179835 | 1187483 | 2.7% |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| Exec Connect Intermediate LLC | First lien senior secured loan | S + | 5.50% |  | 3/11/2029 | 250616 | 250616 | 259256 |  |
|  |  |  |  |  |  |  | 250616 | 259256 | 0.6% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| AIDC IntermediateCo. 2, LLC | First lien senior secured loan | S + | 5.50% |  | 7/22/2027 | 1188864 | 1188864 | 1188864 |  |
| Crosslake Intermediate, LLC | First lien senior secured loan | S + | 5.00% |  | 5/17/2029 | 1146348 | 1146348 | 1156697 |  |
| Focal Point Solutions Group, LLC | First lien senior secured loan | S + | 5.75% | 0.50% | 7/15/2028 | 393473 | 393473 | 393473 |  |
|  |  |  |  |  |  |  | 2728685 | 2739034 | 6.2% |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| All States Ag Parts, LLC | First lien senior secured loan | S + | 6.00% | 0.50% | 9/1/2026 | 391254 | 391254 | 391254 |  |
| Boostability Parent, Inc. | First lien senior secured loan | S + | 5.25% |  | 7/12/2029 | 1045343 | 1045343 | 1045343 |  |
| EDGE Intermediate, LLC | First lien senior secured loan | S + | 5.25% |  | 6/5/2029 | 546176 | 546176 | 555972 |  |
| VP Heron Parent, Inc. | First lien senior secured loan | S + | 5.50% |  | 1/8/2029 | 554730 | 554730 | 564948 |  |
|  |  |  |  |  |  |  | 2537503 | 2557517 | 5.8% |
| **Media** |  |  |  |  |  |  |  |  |  |
| ALM Global, LLC | First lien senior secured loan | S + | 5.50% |  | 2/21/2029 | 506605 | 506605 | 513361 |  |
| CF512, Inc. | First lien senior secured loan | S + | 6.00% |  | 9/1/2026 | 380588 | 380588 | 380588 |  |
|  |  |  |  |  |  |  | 887193 | 893949 | 2.0% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| MOXFIVE LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 946683 | 946683 | 946683 |  |
| MOXFIVE LLC | First lien senior secured loan | S + | 5.00% |  | 8/16/2029 | 395280 | 395280 | 395280 |  |
| Penta Group, LLC | First lien senior secured loan | S + | 5.00% |  | 6/21/2026 | 1144555 | 1144555 | 1144567 |  |
|  |  |  |  |  |  |  | 2486518 | 2486530 | 5.6% |
| **Software** |  |  |  |  |  |  |  |  |  |
| 402 Ventures, LLC | First lien senior secured loan | S + | 5.00% |  | 9/26/2029 | 1261479 | 1261479 | 1261369 |  |
| Concord III, L.L.C. | First lien senior secured loan | S + | 6.00% |  | 12/20/2028 | 785199 | 785199 | 799650 |  |
| Exigo, LLC | First lien senior secured loan | S + | 6.00% |  | 3/15/2027 | 392244 | 392244 | 392244 |  |
| Imagine Acquisitionco, Inc. | First lien senior secured loan | S + | 5.00% |  | 11/16/2027 | 1577347 | 1577347 | 1581077 |  |
| MotionPoint Corporation | First lien senior secured loan | S + | 6.00% |  | 3/31/2026 | 396288 | 396288 | 396288 |  |
| QM Buyer, Inc. | First lien senior secured loan | S + | 5.00% |  | 12/6/2030 | 1016798 | 1016798 | 1016798 |  |
|  |  |  |  |  |  |  | 5429358 | 5447426 | 12.4% |

---

 **Remora capital partners ii qp, lp**

 **Schedule of Investments As Of December 31, 2024**

 **In U.S. Dollars**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest(2)** | **Interest(2)** | **Interest(2)** | | | | | |
| <br> **Company(1)** | <br> **Type of Investment** | **Ref. Rate** | **Cash Rate** | **PIK** | <br> **Maturity Date** |<br> **Principal<br> Amount(3)** |<br> **Cost** |<br> **Fair<br> Value(4)** |<br> **% of<br> Partners'<br> Capital** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** |  |  |  |  |  |
| **First Lien Secured Debt** |  |  |  |  |  |  |  |  |  |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| Envirotech Services, LLC | First lien senior secured loan | S + | 5.75% |  | 1/17/2029 | 1515524 | 1515524 | 1515524 |  |
| Site Services Acquisition, LLC | First lien senior secured loan | S + | 5.00% |  | 3/1/2028 | 1559688 | 1559688 | 1580701 |  |
|  |  |  |  |  |  |  | 3075212 | 3096225 | 7.0% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Greenrise Technologies, LLC | First lien senior secured loan | S + | 6.25% |  | 7/19/2029 | 830547 | 830547 | 830547 |  |
|  |  |  |  |  |  |  | 830547 | 830547 | 1.9% |
| **Total Investments** |  |  |  |  |  |  | 38417232 | 38603320 | 84.3% |

---

(1) All portfolio company headquarters are based in
 the United States unless otherwise noted.

(2) There are no non-accrual nor non-income producing
 debt investments. Represents floating rate instruments that accrue interest at a predetermined
 spread relative to an index, typically the applicable Secured Overnight Financing Rate, or
 "S+", or Prime rate, or "P". The spread may change based on the type
 of rate used. The terms in the Schedule of Investments disclose the actual interest rate
 in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day
 or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower's option.
 All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless
 noted.

(3) Principal is net of repayments. Cost is net of
 repayments and accumulated unearned income.

(4) Valued based on our accounting policy described
 in Note 1. The value of all securities was determined using significant unobservable inputs.

(5) Portfolio company headquarters are located outside
 of the United States.

See accompanying notes to financial statements.

**REMORA CAPITAL PARTNERS II QP, LP**

**STATEMENT OF OPERATIONS**

**For the period December 4, 2023 (commencement of operations) through December 31, 2024** 

---

| | |
|:---|:---|
| **Investment income** | |
| &nbsp;&nbsp;&nbsp;Interest | $2452662 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 16857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2469519 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Managemet fees | 182765 |
| &nbsp;&nbsp;&nbsp;Interest paid to sub-manager | 125051 |
| &nbsp;&nbsp;&nbsp;Fund administrator fees | 24796 |
| &nbsp;&nbsp;&nbsp;Professional fees and other | 55572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 388184 |
| **Net investment income** | 2081335 |
| **Realized and unrealized appreciation on loans funded** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on loans funded | 186088 |
| **Net gain on loans funded** | 186088 |
| **Net income** | $2267423 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II QP, LP**

**STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

**For the period December 4, 2023 (commencement of operations) through December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **Capital contributions** | $2000 | $43898000 | $43900000 |
| **Capital distributions** | (186) | (2081149) | (2081335) |
| **Allocation of net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro rata allocation | 202 | 2267221 | 2267423 |
| &nbsp;&nbsp;&nbsp;Carry amount allocation | 82237 | (82237) | - |
|  | 82439 | 2267221 | 2267423 |
| **Partners' capital, end of year** | $84253 | $44001835 | $44086088 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II QP, LP**

**STATEMENT OF CASH FLOWS**

**For the period December 4, 2023 (commencement of operations) through December 31, 2024**

---

| | |
|:---|:---|
| **Cash flow from operating activities** | |
| Net income | $2267423 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Loans funded | (41226607) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain on investments | (186088) |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount | 486332 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 2323043 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | (125886) |
| &nbsp;&nbsp;&nbsp;Other assets | (139463) |
| &nbsp;&nbsp;&nbsp;Due to related party | 1259412 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 91754 |
| Net cash used in operating activities | (35250080) |
| **Cash flow from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Capital contributions, net of advance contributions | 45943000 |
| &nbsp;&nbsp;&nbsp;Capital distributions, net of distributions payable | (1272047) |
| Net cash provided by financing activities | 44670953 |
| Net change in cash | 9420873 |
| Cash, beginning of period | - |
| Cash, end of period | $9420873 |

---

*See accompanying notes to financial statements.*

**REMORA CAPITAL PARTNERS II QP, LP**

**NOTES TO THE FINANCIAL STATEMENTS**

**1.** **Nature of the Entity and Its Operations** 

Remora Capital Partners II QP, LP (the "Partnership") is a Delaware limited partnership which was organized in May 2023 and commenced operations December 4, 2023.

The Partnership's investment objective is to generate a stable fixed interest income stream and preserve capital through superior loan selection and risk mitigation. The Partnership intends to build a diversified portfolio consisting primarily of high-quality, senior secured loans to middle—market companies with headquarters or principal operations in the United States and Canada. The Partnership primarily establishes co-investment programs with loan originators or their affiliates to purchase loan assets (or participations in loan assets) from originators or their affiliates on a secondary basis and makes opportunistic secondary market purchases of loan assets. The Partnership (directly or via sub-manager agreements) may purchase loan assets as a co-lender or as a "club" lender, and may participate in loan syndications. The Partnership may also invest in other types of loans and debt securities, collateralized loan obligations, collateralized debt obligations and other securities, and invest in funds and other pooled investment vehicles managed by sub-managers.

The Partnership's activities are managed by Remora Capital Partners II GP, LLC (the "General Partner"). The General Partner has engaged Remora Capital Management, LLC (the "Manager") to serve as an investment advisor and manager for the Partnership, including with respect to the establishment of co-Investment programs and the selection, evaluation, retention and termination of co-investment partners and loan investments.

The General Partner is responsible for all management decisions on behalf of the Partnership and has discretionary authority over the Partnership's assets. Refer to the Partnership's Offering Memorandum for more information.

The Partnership conducts a continuing private offering of its Interests, which are sold to qualified investors. Investors must be "accredited investors" (as defined in Regulation D under the Securities Act) who are "qualified purchasers" (as defined in the Investment Company Act of 1940).

**2.** **Basis of Presentation** 

Management has prepared these financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") on behalf of the Partnership. Since the Partnership is considered to be an investment company it follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

These financial statements were approved by management and available for issuance on April 30, 2025. Subsequent events have been evaluated through this date.

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** 

The Partnership carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the security (i.e. the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

---

| | |
|:---|:---|
| Level 1 | Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Management may determine that a market is active even if the size of the position held is significant relative to trading volume. Accordingly, a large position in a single security traded in an active market is measured at the quoted market price not adjusted because of the size of the position relative to trading volume (blockage factor) even if the market's normal trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. |
| Level 2 | Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Partnership. |
| Level 3 | Significant unobservable inputs used when there is little or no market activity. Unobservable inputs reflect the assumptions that the General Partner develops based on available information about what inputs market participants would use in valuing the asset or liability. |

---

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The General Partner uses judgment in determining the fair value of assets and liabilities. Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities. The level of input used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Partnership's major categories of securities measured at fair value on a recurring basis are as follows:

<u>Loans Funded</u>

The Partnership presents its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurements. ASC 820 outlines three acceptable valuation techniques: the market approach, cost approach, and income approach.

The Partnership calculates the fair value of its financial instruments and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At December 31, 2024, the fair values of the Partnership's financial instruments reasonably approximate the carrying values and no additional disclosure is necessary.

<u>Investment Income and Loan Fees</u>

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security. The amortized cost of the investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. If a loan is in default, interest is no longer accrued and any payments received are applied against the cost of the loan unless the loan agreement is amended. Per the terms of the loan agreements, the Partnership may receive loan fees with respect to each loan funded. The loan fees are non-refundable and are recognized as income when received.

**REMORA CAPITAL PARTNERS II QP, LP**

**NOTES TO THE FINANCIAL STATEMENTS**

**3.** **Summary of Significant Accounting Policies** *(concluded)* 

<u>Income Taxes</u>

The Partnership does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Partnership's income or loss on their income tax returns. However, certain non-United States dividend income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction. The Partnership files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2024. The Partnership does not expect that its assessment regarding unrecognized tax benefits will materially change over the next twelve months. However, the Partnership's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities.

<u>Cash</u>

Substantially all the Partnership's cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits.

<u>Use of Estimates</u>

The preparation of financial statements in conformity with GAAP requires the Partnership's management to make estimates and assumptions in determining the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**4.** **Fair Value Measurements** 

The Partnership's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Partnership's significant accounting policies in Note 3. The following table presents information about the Partnership's assets measured at fair value as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Loans funded at fair value** | | | | |
| &nbsp;&nbsp;&nbsp;Loans funded | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $38603320 | $38603320 |
| **Total loans funded** | - | - | 38603320 | 38603320 |

---

**REMORA CAPITAL PARTNERS II QP, LP**

**NOTES TO THE FINANCIAL STATEMENTS**

**4.** **Fair Value Measurements** *(concluded)* 

The Partnership's policy is to recognize transfers in and out of each level of the fair value hierarchy as of the beginning of the period. For the period December 4, 2023 (commencement of operations) through December 31, 2024, there were no transfers in or transfers out of Level 1, 2 or 3. Refer to the schedule of investments for investments listed by country and industry.

Purchases of Level 3 assets for the period ended December 4, 2023 (commencement of operations) through December 31, 2024 are as follows:

---

| | |
|:---|:---|
| Description | Purchases <sup>(1)</sup> |
| Loans Funded | $41226607 |

---

<sup>(1)</sup> Purchases are net of transfers from related party

Investments within the Level 3 hierarchy totaling $38,603,320 were valued based on observable and unobservable but non-quantitative inputs as of December 31, 2024. As of December 31, 2024, the fair value is based on the cost basis plus amortized original issue discount, and is adjusted for broker quotes, which represents the General Partner's estimate of net realizable value.

**5.** **Investment Risk** 

The Partnership's investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which the Partnership is exposed include, but are not limited to, market risk, credit risk, liquidity risk and interest rate risk.

<u>Market Risk</u>

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. The Partnership's investments are long-term and illiquid and there is no assurance that the Partnership will achieve investment objectives including targeted returns.

<u>Credit Risk</u>

The value of the Partnership's investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**5.** **Investment Risk** *(concluded)* 

<u>Liquidity Risk</u>

The Partnership generally invests in loans and debt securities of private companies. Substantially all of these securities are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for the Partnership to sell such investments if the need arises. In addition, if the Partnership is required to liquidate all or a portion of its portfolio quickly, the Partnership may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Statement of Financial Condition. Among other things liquidity could be impaired by an inability to access secured and/or unsecured sources of financing.

<u>Interest Rate Risk</u>

The performance of the Partnership's investment income will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, changes in the credit market, credit quality, the size and composition of the assets in our portfolio developments or trends in any particular industry and the financial condition of the issuer and other business developments.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. As of December 31, 2024, 100% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors.

**6.** **Related Party Transactions** 

The Partnership pays a quarterly management fee to the General Partner for providing investment management services to the Partnership as of the first business day of each quarter in advance equal to 0.25%-0.375% (1%-1.5% per annum) of the total principal amount of the partnership's portfolio investments (including borrowings used to acquire portfolio investments) as of the first business day of each quarter. The General Partner, in its sole discretion, may agree to waive or reduce the management fee rate for certain limited partners. The Partnership incurred management fees of $182,765 for the period December 4, 2023 (commencement of operations) through December 31, 2024.

In addition to managing the Partnership, the General Partner also manages Remora Capital Partners II, LP, a Delaware limited partnership ("RCP II LP"). The Partnership and RCP II LP operate as parallel fund investment vehicles that invest side-by-side pro-rata, based on available capital, in the same portfolio. The Partnership and RCP II LP have entered into a rebalancing agreement whereby, during the investment period, the investments are rebalanced based upon the beginning capital in each entity on a monthly basis to enable pro-rata investment in the same portfolio. For the period December 4, 2023 (commencement of operations) through December 31, 2024, the Partnership transferred $6,263,311 principal amount of loans (net of sales) from RCP II LP per the terms of the rebalancing agreement.

As of December 31, 2024, $1,259,412 of rebalancing transactions remain outstanding and are recorded as due to related party on the Statement of Financial Condition.

**REMORA CAPITAL PARTNERS II QP, LP**

**NOTES TO THE FINANCIAL STATEMENTS**

**7.** **Partners' Capital** 

<u>Allocations of Profits and Losses</u>

Profits and losses are generally allocated among the partners in accordance with their respective ownership interests at the time such amounts are recognized for financial reporting purposes under U.S. GAAP. Such amounts may differ significantly from amounts reported for income tax purposes.

<u>Capital Contributions and Withdrawals</u>

To the extent the General Partner determines, in its sole discretion, that the Partnership has available liquidity, with at least forty-five (45) days' prior written notice, a limited partner may withdraw all of their capital account as of the last day of any quarter. Upon such withdrawal, a limited partner would receive 85% of their capital account value (90% of which is paid at withdrawal and the remaining 10% is paid after the completion of the next annual audit) and the Partnership would retain the additional 15% early withdrawal penalty. The General Partner may waive these withdrawal restrictions for any limited partner.

All net distributable proceeds shall be paid or distributed, as defined in the Limited Partnership Agreement in the following order of priority:

*first*, one hundred percent (100%) to such limited partner until such limited partner has received cumulative distributions of investment proceeds equal to its aggregate capital contributions;

*second*, one hundred percent (100%) to such limited partner until cumulative distributions of investment proceeds to such limited partner are sufficient to provide such limited partner with an internal rate of return of six percent (6%) per annum, compounded annually, with respect to such limited partner's aggregate capital contributions, calculated from the date each such capital contribution was funded until the date of distribution thereof;

*third*, one hundred percent (100%) to the General Partner until such time as the General Partner has received distributions in respect of such limited partner equal to twenty percent (20%) of the sum of all distributions made to such limited partner in excess in excess of the limited partners aggregate capital contributions and all distributions to the General Partner with respect to amounts apportioned to such limited partner and,

*fourth*, eighty percent (80%) to such limited partner and twenty percent (20%) to the General Partner.

Upon the winding up and dissolution of the Partnership, the General Partner will be required to restore funds to the Partnership to the extent it has received cumulative distributions in excess of amounts otherwise distributable or anticipated to be distributable to the General Partner pursuant to the Partnership's Offering Memorandum. In no event will the General Partner be required to restore more than the cumulative distributions received by the General Partner.

As of December 31, 2024, carried interest allocated to the General Partner was $82,237.

**REMORA CAPITAL PARTNERS II QP, LP** 

**NOTES TO THE FINANCIAL STATEMENTS**

**9.** **Fund Administrator** 

Panoptic Fund Administration, Inc. serves as the Partnership's administrator and performs certain administrative and clerical services on behalf of the Partnership.

**10.** **Financial Highlights** 

Financial highlights for the period December 4, 2023 (commencement of operations) through December 31, 2024, are as follows:

---

| | |
|:---|:---|
| Total return | 10.4% |
| Carried interest | (0.4)% |
| Total return after carried interest | 10.0% |
| Expense ratio | 1.6% |
| Carried interest | 0.4% |
| Expense plus carried interest ratio | 2.0% |
| Net investment income ratio | 8.6% |

---

Financial highlights are calculated for the limited partner class taken as a whole. The ratios' inputs, excluding non-recurring income and expenses, have been annualized. An individual limited partner's return and ratios may vary based on different management fee arrangements and the timing of capital transactions. The net investment income ratio does not reflect the effects of change in unearned carried interest to the General Partner.

**11.** **Subsequent Events** 

The Partnership has performed an evaluation of subsequent events through April 30, 2025, which is the date the financial statements were available to be issued.

On April 3, 2025, the General Partner and the Manager, began a consent solicitation to amend the limited partnership agreements of the Fund. As of April 30, 2025, a majority of the limited partners voted to approve the First Amendment to the Fund's Amended and Restated Limited Partnership Agreement. The First Amendment authorizes the Partnership, in the sole discretion of the General Partner, to convert to corporate form or otherwise restructure or reorganize for the purpose of electing (or for the purchaser of the assets of the Partnership or the surviving successor entity in the merger, restructuring or reorganization, as applicable) to elect to be regulated as a business development company (a "BDC") under the Investment Company Act (as defined in Section 2(c)) (the "BDC Election").

**SIGNATURES**

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Remora Capital Corporation** | **Remora Capital Corporation** |
| Date: July 28, 2025  | By: | /s/ Daniel Mafrice |
|  | Name: | Daniel Mafrice |
|  | Title: | Chief Executive Officer and President |

---

## Exhibit 3.2

**Exhibit 3.2**

**<u>REMORA CAPITAL CORPORATION</u>**

**FORM OF ARTICLES OF AMENDMENT AND RESTATEMENT** 

<u>FIRST</u>: Remora Capital Corporation, a Maryland corporation, desires to amend and restate its charter as currently in effect and as hereinafter amended.

<u>SECOND</u>: The following provisions are all the provisions of the charter currently in effect and as hereinafter amended:

**Article I. NAME**

The name of the corporation (the "<u>Corporation</u>") is: Remora Capital Corporation.

**Article II. PURPOSES AND POWERS**

The purposes for which the Corporation is formed are to engage in any lawful act or activity for which corporations may be organized under the general laws of the State of Maryland as now or hereafter in force, including, without limitation or obligation, engaging in business as a business development company under the Investment Company Act of 1940, as amended (together with any rules and regulations and any applicable guidance and/or interpretations of the Securities and Exchange Commission (the "<u>SEC</u>") or its staff promulgated thereunder, the "<u>1940 Act</u>").

**Article III. PRINCIPAL OFFICE IN STATE AND RESIDENT AGENT**

The name of the resident agent of the Corporation in the State of Maryland is c/o CT Corporation, whose address is 2405 York Rd., Suite 201, Lutherville Timonium, Maryland 21093 The street address of the principal office of the Corporation in the State of Maryland is c/o CT Corporation, 2405 York Rd., Suite 201, Lutherville Timonium, Maryland 21093.

**Article IV. PROVISIONS FOR DEFINING, LIMITING AND REGULATING CERTAIN POWERS OF THE CORPORATION AND OF THE SHAREHOLDERS AND DIRECTORS**

<u>Section 4.01 Number, Vacancies, Classification and Election of Directors</u>. The business and affairs of the Corporation shall be managed under the direction of the board of directors of the Corporation (the "<u>Board of Directors</u>"). The number of directors of the Corporation (the "<u>Directors</u>") is three, which number may be increased or decreased only by the Board of Directors pursuant to the Corporation's bylaws (as amended from time to time, the "<u>Bylaws</u>"), or the Corporation's charter (as amended from time to time, the "<u>Charter</u>"), but shall never be less than the minimum number required by the Maryland General Corporation Law (the "<u>MGCL</u>"). A director shall have the qualifications, if any, specified in the Bylaws. The names of the directors who shall serve until their successors are duly elected and qualify are:

Daniel Mafrice – Class 1 Director (as defined below)

Greg Sherman – Class 2 Director (as defined below)

Scott Elsworth – Class 3 Director (as defined below)

The Board of Directors may fill any vacancy, whether resulting from an increase in the number of directors or otherwise, on the Board of Directors in the manner provided in the Bylaws.

The Corporation elects at such time as it becomes eligible pursuant to Section 3-802 of the MGCL to make the election as provided for under Section 3-804(c) of the MGCL that, except as may be provided by the Board of Directors in setting the terms of any class or series of shares of preferred stock or as may be required by the 1940 Act, any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining Directors in office, even if the remaining Directors do not constitute a quorum, and any Director elected to fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred.

On the first date on which the Corporation shall have more than one Shareholder, the Directors (other than any Director elected solely by holders of one or more classes or series of Preferred Shares in connection with dividend arrearages) shall be classified, with respect to the terms for which they severally hold office, into three classes, as determined by the Board of Directors, as nearly equal in size as is practicable. The term of office of one class of Directors (the "<u>Class 1 Directors</u>") shall expire at the first annual meeting of shareholders, the term of office of another class of Directors (the "<u>Class 2 Directors</u>") shall expire at the second annual meeting of shareholders and the term of office of the remaining class of Directors (the "<u>Class 3 Directors</u>") shall expire at the third annual meeting of the shareholders, and, in each case, when their respective successors are duly elected and qualify. At each annual meeting of shareholders, the successors to the class of Directors whose term expires at such meeting shall be elected to hold office for a term expiring at the third succeeding annual meeting of shareholders following the meeting at which they were elected and until their respective successors are duly elected and qualify. The Directors will hold office until the next annual meeting of shareholders or until such director's death, resignation or removal.

<u>Section 4.02 Extraordinary Actions</u>. Except as specifically provided in Section 4.08 (relating to removal of Directors) and in Section 7.02 (relating to extraordinary actions and certain amendments to the Charter), notwithstanding any provision of law permitting or requiring any action to be taken or approved by the affirmative vote of shareholders entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable by the Board of Directors and taken or approved by the affirmative vote of shareholders entitled to cast a majority of all the votes entitled to be cast on the matter.

<u>Section 4.03 Election of Directors</u>. Except as otherwise provided in the Bylaws, each director shall be elected by a majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present.

<u>Section 4.04 Quorum</u>. The presence in person or by proxy of holders of shares of stock of the Corporation ("<u>Shares</u>") entitled to cast a majority of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of shareholders, except with respect to any such matter that, under applicable statutes or regulatory requirements or the Charter, requires approval by a separate vote of one or more classes or series of Shares, in which case the presence in person or by proxy of shareholders entitled to cast a majority of the votes entitled to be cast by such classes or series of Shares on such matter shall constitute a quorum. To the extent permitted by Maryland law as in effect from time to time, the foregoing quorum provision may be changed by the Bylaws.

<u>Section 4.05 Authorization by Board of Directors of Stock Issuance</u>. The Board of Directors may authorize the issuance from time to time of Shares of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration, if any, as the Board of Directors may deem advisable (including compensation for the Directors or without consideration in the case of a stock split or stock dividend), subject to such restrictions or limitations, if any, as may be set forth in the Charter or the Bylaws.

<u>Section 4.06 Preemptive Rights and Appraisal Rights</u>. Except as may be provided by the Board of Directors in setting the terms of classified or reclassified Shares pursuant to Section 5.04 or as may otherwise be provided by a contract approved by the Board of Directors, no holder of Shares shall, as such holder, have any preemptive right to purchase or subscribe for any additional Shares or any other security of the Corporation which the Corporation may issue or sell. Holders of Shares shall not be entitled to exercise any rights of an objecting Shareholder provided for under Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board of Directors, upon such terms and conditions specified by the Board of Directors, shall determine that such rights apply, with respect to all or any classes or series of Shares, or any proportion of the Shares thereof, to a particular transaction or all transactions occurring after the date of such determination in connection with which holders of such Shares would otherwise be entitled to exercise such rights.

<u>Section 4.07 Determinations by Board of Directors</u>. The determination as to any of the following matters, made by or pursuant to the direction of the Board of Directors not inconsistent with the Charter, shall be final and conclusive and shall be binding upon the Corporation and every holder of Shares: the amount of the net income of the Corporation for any period and the amount of assets at any time legally available for the payment of dividends, purchase of Shares or the payment of other distributions on Shares; the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, funds from operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been set aside, paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of the Charter (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption of any class or series of Shares) or the Bylaws; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Corporation or of any Shares; the number of Shares of any class or series of the Corporation; any matter relating to the acquisition, holding and disposition of any assets by the Corporation; any interpretation of the terms and conditions of one or more agreements with any person, corporation, association, company, trust, partnership (limited or general) or other entity; the compensation of directors, officers, employees or agents of the Corporation; or any other matter relating to the business and affairs of the Corporation or required or permitted by applicable law, the Charter or Bylaws or otherwise to be determined by the Board of Directors.

<u>Section 4.08 Removal of Directors</u>. Subject to the rights of holders of one or more classes or series of Preferred Shares to elect or remove one or more Directors, any Director, or the entire Board of Directors, may be removed from office at any time only for cause and only by the affirmative vote of at least 75% of the votes entitled to be cast generally in the election of Directors, voting together as a single class. For the purpose of this paragraph, "cause" shall mean, with respect to any particular Director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such Director caused demonstrable, material harm to the Corporation through bad faith or active and deliberate dishonesty.

<u>Section 4.09 Shareholder Action by Unanimous Written Consent.</u> Any action required or permitted to be taken by the shareholders, unless such action is taken at a duly called annual or special meeting of shareholders, may only be taken by the unanimous written consent of all shareholders entitled to vote thereon.

<u>Section 4.10 Exclusive Forum</u>. All shareholders shall be subject to the forum selection provisions for any direct or derivative action or proceeding as may be set forth in the Bylaws.

**Article V. STOCK**

<u>Section 5.01 Authorized Shares</u>. The Corporation has authority to issue 200,000,000 Shares, initially consisting of 150,000,000 shares of common stock, $0.001 par value per share ("<u>Common Shares</u>"), and 50,000,000 shares of preferred stock, $0.001 par value per share ("<u>Preferred Shares</u>"). The aggregate par value of all authorized Shares having par value is $200,000.00. If Shares of one class or series are classified or reclassified into Shares of another class or series pursuant to this Article V, the number of authorized Shares of the former class or series shall be automatically decreased and the number of Shares of the latter class or series shall be automatically increased, in each case by the number of Shares so classified or reclassified, so that the aggregate number of Shares of all classes and series that the Corporation has authority to issue shall not be more than the total number of Shares set forth in the first sentence of this paragraph. The Board of Directors, with the approval of a majority of the entire Board of Directors and without any action by the shareholders, may amend the Charter from time to time to increase or decrease the aggregate number of Shares or the number of Shares of any class or series that the Corporation has authority to issue.

<u>Section 5.02 Common Shares</u>. Each Common Share shall entitle the holder thereof to one vote. The Board of Directors may reclassify any unissued shares of Common Stock from time to time into one or more classes or series of stock. All Common Shares have equal rights as to dividends, distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable.

<u>Section 5.03 Preferred Shares</u>. The Board of Directors may classify any unissued Preferred Shares and reclassify any previously classified but unissued Preferred Shares of any series from time to time, into one or more classes or series of Shares.

<u>Section 5.04 Classified or Reclassified Shares</u>. Prior to issuance of classified or reclassified Shares of any class or series, the Board of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of Shares; (b) specify the number of Shares to be included in the class or series; (c) set or change, subject to the express terms of any class or series of Shares outstanding at the time, the preferences, conversion or other rights, voting powers (including exclusive voting rights, if any), restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series; and (d) cause the Corporation to file articles supplementary with the State Department of Assessments and Taxation of Maryland. Any of the terms of any class or series of Shares set or changed pursuant to clause (c) of this Section 5.04 may be made dependent upon facts or events ascertainable outside the Charter (including determinations by the Board of Directors or other facts or events within the control of the Corporation) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series of Shares is clearly and expressly set forth in the articles supplementary or other charter document filed with the State Department of Assessments and Taxation of Maryland.

<u>Section 5.05 Charter and Bylaws</u>. All persons who acquire Shares of the Corporation acquire the same, and the rights of all shareholders and the terms of all Shares are, subject to the provisions of the Charter and the Bylaws. The Board of Directors shall have the exclusive power, at any time, to make, alter, amend or repeal the Bylaws.

<u>Section 5.06 No Issuance of Share Certificates</u>. Unless otherwise provided by the Board of Directors, the Corporation shall not issue stock certificates. A Shareholder's investment shall be recorded on the books of the Corporation. To transfer his or her Shares, a Shareholder shall submit an executed form to the Corporation, which form shall be provided by the Corporation upon request. Such transfer also will be recorded on the books of the Corporation. Upon issuance or transfer of Shares, the Corporation will provide the Shareholder with information concerning his or her rights with regard to such Shares, as required by the Bylaws and the MGCL or other applicable law.

<u>Section 5.07 Right of Inspection</u>. A Shareholder that is otherwise eligible under applicable law to inspect the Corporation's books of account, stock ledger, or other specified documents of the Corporation shall have no right to make such inspection if the Board of Directors determines that such Shareholder has an improper purpose for requesting such inspection.

**Article VI. LIABILITY LIMITATION AND INDEMNIFICATION**

<u>Section 6.01 Limitation of Director and Officer Liability</u>. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no present or former director or officer of the Corporation shall be liable to the Corporation or its shareholders for money damages.

<u>Section 6.02 Indemnification</u>. Subject to any limitations set forth under Maryland law or the 1940 Act, the Corporation shall indemnify and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former Director or officer of the Corporation and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity, or (ii) any individual who, while a Director or officer of the Corporation and at the request of the Corporation, serves or has served as a director, officer, partner, member, manager or trustee of another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity. The Corporation may, with the approval of the Board of Directors or any duly authorized committee thereof, provide such indemnification and advance for expenses to a person who served a predecessor of the Corporation in any of the capacities described in (i) or (ii) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The Board of Directors may take such action as is necessary to carry out this Section 6.02.

<u>Section 6.03 1940 Act Limitation on Indemnification</u>. The provisions of this Article VI shall be subject to the requirements and limitations of the 1940 Act.

<u>Section 6.04 Amendment or Repeal</u>. Neither the amendment nor repeal of this Article VI, nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Article VI, shall apply to or affect in any respect the applicability of the preceding sections of this Article VI with respect to any act or failure to act which occurred prior to such amendment, repeal, or adoption.

**Article VII. AMENDMENTS**

<u>Section 7.01 Amendments Generally</u>. The Corporation reserves the right from time to time, upon the requisite approval by the Board of Directors and/or the shareholders, to make any amendment to the Charter, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any Shares. All rights and powers conferred by the Charter on shareholders, Directors and officers are granted subject to this reservation.

<u>Section 7.02 Approval of Certain Extraordinary Actions and Charter Amendments</u>.

(a) Required Votes. The affirmative vote of the shareholders entitled to cast at least 75% of the votes entitled to be cast generally in the election of Directors, with holders of each class or series of Shares voting as a separate class:

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| | |
|:---|:---|
| (i) | Any amendment to the Charter to make the Common Shares a "redeemable security" or any other proposal to convert the Corporation from a "closed-end company" to an "open-end company" (as defined in the 1940 Act); |
| (ii) | The liquidation or dissolution of the Corporation and any amendment to the Charter to effect any such liquidation or dissolution; |
| (iii) | Any amendment to, or any amendment inconsistent with, the provisions of, Section 4.01, Section 4.02, Section 4.08, Section 4.09, Section 5.05, or this Section 7.02 of this Charter; |
| (iv) | Any merger, consolidation, conversion, share exchange or sale or exchange of all or substantially all of the assets of the Corporation that the MGCL requires be approved by the shareholders; and |
| (v) | Any transaction between (A) the Corporation and (B) a person, or group of persons acting together (including, without limitation, a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or any successor provision), that is entitled to exercise or direct the exercise, or acquire the right to exercise or direct the exercise, directly or indirectly, other than solely by virtue of a revocable proxy, of one-tenth or more of the voting power in the election of directors generally, or any person controlling, controlled by or under common control with, or employed by or acting as an agent of, any such person or member of such group; |
|  | provided, however, that, if the Continuing Directors (as defined herein), by a vote of at least majority of such Continuing Directors, in addition to approval by the Board of Directors, approve such proposal, transaction or amendment referred to in (i)-(v) above, the affirmative vote of the holders of a majority of the votes entitled to be cast on the matter shall be sufficient to approve such proposal, transaction or amendment; and provided further, that, with respect to any transaction referred to in (a)(v) above, if such transaction is approved by the Continuing Directors, by a vote of at least majority of such Continuing Directors, no Shareholder approval of such transaction shall be required unless the MGCL or another provision of the charter or Bylaws otherwise requires such approval. |

---

For the purposes of this Article VII:

"<u>Continuing Director</u>" means (i) the directors identified in Section 4.01, (ii) the directors whose nomination for election by the shareholders or whose election by the Board of Directors to fill vacancies on the Board of Directors is approved by a majority of the directors identified in Section 4.01 who are on the Board of Directors at the time of the nomination or election, as applicable, or (iii) any successor directors whose nomination for election by the shareholders or whose election by the Board of Directors to fill vacancies is approved by a majority of the Continuing Directors or successor Continuing Directors who are on the Board of Directors at the time of the nomination or election, as applicable.

**Article VIII. TRANSFER RESTRICTIONS**

During the Restricted Period, a Shareholder shall not transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber (collectively, "<u>Transfer</u>") any shares of Common Stock acquired prior to the listing of the Common Shares on a national securities exchange (the "<u>Listing</u>") to any person or entity unless (i) the Board of Directors provides prior written consent and (ii) the Transfer is made in accordance with applicable securities and other laws. The "Restricted Period" is 180 days after the date of the Listing for all of the shares of Common Stock held by a Shareholder prior to the date of the Listing. The Board of Directors may impose certain conditions in connection with granting its consent to a Transfer. Any purported Transfer of any shares of Common Stock effected in violation of this Article VIII shall be void *ab initio* and shall have no force or effect, and the Corporation shall not register or permit registration of (and shall direct its transfer agent, if any, not to register or permit registration of) any such purported Transfer on its books and records.

<u>THIRD</u>: The amendment to and restatement of the charter as hereinabove set forth have been duly advised by the Board of Directors and approved by the shareholders of the Corporation as required by law.

<u>FOURTH</u>: The current address of the principal office of the Corporation is as set forth in Article III of the foregoing amendment and restatement of the charter.

<u>FIFTH</u>: The name and address of the Corporation's current resident agent are as set forth in Article III of the foregoing amendment and restatement of the charter.

<u>SIXTH</u>: The number of directors of the Corporation and the names of those currently in office are as set forth in Article IV of the foregoing amendment and restatement of the charter.

<u>SEVENTH</u>: The total number of shares of stock which the Corporation had authority to issue immediately before the amendment and restatement of the charter as set forth above was 200,000,000 shares of stock, with a par value of $0.001 per share, amounting in aggregate to $200,000.00.

<u>EIGHTH</u>: The total number of shares of stock which the Corporation had authority to issue immediately after the amendment and restatement of the charter as set forth above is 200,000,000 shares of stock, including 150,000,000 shares of common stock with a par value of $0.001 per share and 50,000,000 shares of preferred stock with a par value of $0.001 per share, amounting in aggregate to $200,000.00.

<u>NINTH</u>: The undersigned acknowledges these Articles of Amendment and Restatement to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of the undersigned's knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

 

*-Signature page follows-* 

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment and Restatement to be signed in its name and on its behalf by its Chief Executive Officer and President and attested to by its Secretary on the 24th day of July, 2025.

---

| | |
|:---|:---|
| **ATTEST:** | **REMORA CAPITAL CORPORATION** |
| /s/ Joseph Altman | /s/ Daniel Mafrice |
| Joseph Altman<br> Secretary | Daniel Mafrice<br> Chief Executive Officer and President |

---

## Exhibit 4.1

**Exhibit 4.1**

**REMORA CAPITAL CORPORATION**

**Subscription Package**

---

| |
|:---|
| **SELECT <u>ONE</u> OF THE FOLLOWING OPTIONS TO RETURN YOUR COMPLETED<br> SUBSCRIPTION PACKAGE AS SOON AS POSSIBLE:** |
| ***Please note: This Subscription Package contains fillable PDF forms that can be completed entirely electronically (options (1), (2) or (3)). Alternatively, you may, but are <u>not</u> required to, print out and complete a physical hard copy (option (4)).*** |
| (1) E-mail one copy of this completed and executed Subscription Package to: Tara Rogan (tararogan@eversheds-sutherland.com)<br> <u>and</u><br> (alternativefundsupport@usbank.com)<br> with carbon copy to: Anthony Dalba (anthony.dalba@usbank.com) |
| (2) Upload one copy of this completed and executed Subscription Package to ShareFile™. To choose this method, you should:<br> - complete and execute the Subscription Package<br> - check this box ☐ confirming that that you will be executing via ShareFile™.<br> - e-mail Investor Relations (partners@remoracap.com)<br> The Company will send you a secure e-mail with a link to ShareFile™. |
| (3) Execute this Subscription Package through DocuSign®. To choose this method, you should:<br> - complete the Subscription Package<br> - check this box ☐ confirming that that you will be executing via DocuSign®<br> - e-mail the completed Subscription Package to Investor Relations (partners@remoracap.com)<br> The Company will review the Subscription Package and send you an e-mail with a link to DocuSign®. |
| (4) Send one copy of this completed and executed Subscription Package via courier to:<br> Eversheds Sutherland (US) LLP<br> 700 Sixth Street NW<br> Washington, DC 20001<br> Attention: Tara Rogan |
| If you have any questions regarding completion of the Subscription Package, please contact <br> Tara Rogan at (202) 383-0113 or tararogan@eversheds-sutherland.com or Investor Relations at <br> (615) 380-1095 ext. 0 or partners@remoracap.com. |

---

If the prospective investor does not wish to subscribe for shares of common stock, par value $0.001 per share, of Remora Capital Corporation (the "<u>Company</u>"), or if the prospective investor's subscription is rejected, please return the Confidential Private Placement Memorandum, together with any supplements thereto, the Articles of Amendment and Restatement and Bylaws of the Company and this Subscription Package (each as may be amended from time to time, collectively, the "<u>Company Documents</u>") to Remora Capital Management, LLC (the "<u>Adviser</u>"). The Company Documents may not be reproduced, duplicated or delivered, in whole or in part, to any other person without the prior written consent of the Adviser.

**REMORA CAPITAL CORPORATION**

**INSTRUCTIONS**

This Subscription Package relates to the offering of shares of common stock, par value $0.001 per share (the "<u>Shares</u>"), of Remora Capital Corporation, a Maryland corporation. Each prospective investor should read the Confidential Private Placement Memorandum of the Company, the Articles of Amendment and Restatement of the Company, the Bylaws of the Company, the Investment Management Agreement between the Company and Adviser, the Administration Agreement between the Company and Adviser and the attached Subscription Agreement.

Each prospective investor intending to subscribe for a commitment to the Company must complete all of the applicable subscription documents included in this Subscription Package in the manner described below and execute the Investor Signature Page to the Subscription Agreement.

For purposes hereof, the "<u>Investor</u>" is the person or entity for whose account the shares of Common Stock in the Company are being purchased.

 

*If the Investor is an entity, all questions should be answered with regard to that entity and not with regard to the individual completing the Subscription Package on behalf of the entity. If the Investor is a natural person, all questions should be answered with regard to that person.*

1. Each Investor must complete and execute the counterpart Investor Signature Page to the Subscription Agreement
(page 28 of the pdf).

2. Each Investor must complete <u>one</u> (1) copy of the Investor Questionnaire consisting of <u>Exhibit 1A</u>, <u>Exhibit 1B</u>, <u>Exhibit 2</u>, <u>Exhibit 3</u>, <u>Exhibit 4</u>, <u>Exhibit 5</u>, and <u>Exhibit 6</u>.

3. Each Investor who is a resident of or domiciled in Canada must also complete <u>one</u> (1) copy of the
Supplement to the Subscription Agreement for Canadian Investors (available upon request).

4. Investors desiring to opt in to the Company's Distribution Reinvestment Program (as defined in Section
4 of the Subscription Agreement) must complete one (1) copy of the Election Notice contained in <u>Exhibit 6</u> or provide notice to
the administrator of the Distribution Reinvestment Program in accordance with the terms provided in Section 4 of the Subscription Agreement.

5. Each Investor must complete and execute <u>one</u> (1) copy of the applicable U.S. Internal Revenue Service
tax Form W-9, Form W-8BEN, Form W-8BEN-E, Form W-8EXP, Form W-8IMY or Form W-8ECI (collectively, the " <u>Tax Forms</u> "),
as applicable, in accordance with the instructions to such form. Tax Forms are available from http://www.irs.gov/ and may also be obtained
upon request from the Company.

6. As soon as possible, each Investor must return a completed and executed Subscription Agreement (including
executed counterpart signature pages and <u>Exhibits 1</u> through <u>6</u>) as well as the applicable Tax Form.

7. After receipt and review of a completed Subscription Agreement, Investor Questionnaire and related documents,
the Company, or Eversheds Sutherland (US) LLP on its behalf, will contact the Investor if such documents are incomplete or if the Investor
is not eligible to subscribe for Shares of the Company.

Inquiries regarding the completion of this Subscription Package should be directed to Tara Rogan at (202) 383-0113 or tararogan@eversheds-sutherland.com or Investor Relations at (615) 380 1095 ext. 0 or partners@remoracap.com.

**FAILURE TO COMPLY WITH THE INSTRUCTIONS CONTAINED HEREIN WILL CONSTITUTE AN INVALID SUBSCRIPTION THAT MAY RESULT IN THE REJECTION OF YOUR SUBSCRIPTION REQUEST.**

**REMORA CAPITAL CORPORATION**

**<u>SUBSCRIPTION AGREEMENT</u>**

Remora Capital Corporation

c/o Remora Capital Management, LLC

3200 West End Avenue, Suite 500

Nashville, TN 37203

Dear Sir or Madam:

Reference is made to the Confidential Private Placement Memorandum with respect to the offering of shares of common stock, par value $0.001 per share (the "<u>Common Stock</u>"), of Remora Capital Corporation (the "<u>Company</u>" and such Confidential Private Placement Memorandum, together with any further supplements and written updates thereto, the "<u>Offering Memorandum</u>"), a Maryland corporation that intends to elect to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). Reference is also made to the Articles of Amendment and Restatement and Bylaws of the Company (each as amended from time to time, the "<u>Formation Documents</u>") heretofore furnished to the undersigned (the Offering Memorandum, the Formation Documents and this Subscription Agreement being herein called collectively, the "<u>Offering Materials</u>"). Capitalized terms used, but not defined, herein shall have the respective meanings given them in the Offering Memorandum.

The undersigned subscribing investor (the "<u>Investor</u>") hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Subscription for Shares of Common Stock</u>**. Subject to the terms and conditions set forth in this Subscription Agreement (collectively with the subscription agreements, including the exhibits thereto, executed by the other investors in the Company, the "<u>Subscription Agreements</u>"), the Investor agrees (a) to purchase from the Company shares of Common Stock of the Company (the "<u>Shares</u>") in the amount set forth on the Investor Signature Page of this Subscription Agreement (except to the extent that Shares in a lesser amount has been accepted by the Company pursuant to the provisions hereof) at a purchase price (such dollar amount, the "<u>Capital Commitment</u>") equal to 100% of such Shares at their Per Share NAV (as defined below), payable in the manner and at the times provided herein and (b) to become an investor in the Company (together with all other investors in the Company, the "<u>Shareholders</u>"). For purposes of this Subscription Agreement, "<u>Per Share NAV</u>" shall mean, for any date, the net asset value per Share determined in accordance with the procedures set forth in the Offering Materials (as those procedures may be changed from time to time in a manner consistent with the limitations of the 1940 Act) as of the last day of the Company's fiscal quarter immediately preceding such date, subject to any adjustments (as determined by the Company or the Adviser) to the per share price. Any such adjustments shall be at least equal to the NAV per Share in accordance with the limitations under Section 23 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations of the Investor</u>**. The Investor hereby represents and warrants, and agrees with, the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Suitability</u>. THE INVESTOR HAS READ CAREFULLY AND UNDERSTANDS THE OFFERING MATERIALS AND HAS CONSULTED ITS OWN ATTORNEY, ACCOUNTANTS, TAX ADVISORS AND/OR INVESTMENT ADVISER WITH RESPECT TO THE INVESTMENT CONTEMPLATED HEREBY AND ITS SUITABILITY FOR THE INVESTOR. ANY SPECIFIC ACKNOWLEDGMENT SET FORTH BELOW WITH RESPECT TO ANY STATEMENT CONTAINED IN THE OFFERING MATERIALS SHALL NOT BE DEEMED TO LIMIT THE GENERALITY OF THIS REPRESENTATION AND WARRANTY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Opportunity to Verify Information</u>. The Investor has been furnished with, and has carefully read, the Offering Materials, and acknowledges and agrees that the Offering Materials supersede any other materials previously made available to prospective investors, whether in writing or otherwise. The Investor acknowledges that representatives of the Company have made available to the Investor, during the course of this transaction and prior to the purchase of the Shares, the opportunity to ask questions of and receive answers from them concerning the terms and conditions of the offering described in the Offering Materials, and to obtain any additional information necessary to verify the information contained in the Offering Materials or otherwise relative to the proposed activities of the Company or to otherwise evaluate the merits and risks of an investment in the Shares. In considering his, her or its subscription, the Investor has not relied upon any representations made by, or other information (whether oral or written) furnished by or on behalf of, the Company, the Adviser, any placement agent (if applicable), or any director, officer, member, manager, employee or agent of any of the foregoing or any affiliate of such persons, other than as set forth in the Offering Materials. The Investor recognizes that an investment in the Company involves certain risks, and the Investor understands and accepts such risks. The Investor has carefully considered and has, to the extent he, she or it believes such discussion necessary, discussed with legal, tax, accounting, regulatory and financial advisors the suitability and potential risks of the subscription in light of his, her or its particular legal, regulatory, tax and financial situation, and has determined that the Shares are a suitable investment for him, her or it. The Investor understands and acknowledges that its investment in the Company shall be subject to the terms and conditions of this Subscription Agreement in such final form as shall be executed by the parties hereto, and the same may be amended from time to time in accordance with its terms. The Investor further understands and acknowledges that certain of the terms and conditions of the Company originally set forth in the Offering Memorandum may have been modified and, as modified, will be reflected in the final form of the Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Purchase for Investment</u>. The Investor understands and agrees that: (i) the Investor must bear the economic risk of its investment until the termination and final dissolution of the Company; (ii) the Shares have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and therefore cannot be resold or otherwise disposed of unless they are subsequently registered under the Securities Act or unless an exemption from such registration is available; (iii) the Company intends to elect to be regulated as a BDC under the 1940 Act; (iv) the Investor is purchasing the Shares for its own account and without a view toward distribution thereof; (v) the Investor shall not resell or otherwise dispose of all or any part of the Shares purchased by the Investor, except as permitted by law, including without limitation, the Securities Act, any regulations promulgated under the Securities Act and the applicable securities acts or similar statutes of the jurisdiction in which the Investor resides, including all regulations and rules of such laws, together with applicable published policy statements, instruments, notices and blanket orders or rulings of general application (collectively, "<u>Applicable Securities Laws</u>"), and any and all applicable provisions of the Offering Materials; (vi) the transfer of the Shares and the substitution of another investor for the Investor are restricted by and subject to the terms of the Offering Materials; (vii) the Company does not have any intention of registering the Shares under the Securities Act or of supplying the information that may be necessary to enable the Investor to sell or otherwise dispose of the Shares; and (viii) Rule 144 under the Securities Act may not be available as a basis for exemption from registration of the Shares. The Investor understands that there is no public or other market for the Shares, and it is not anticipated that such a market will ever develop. The Investor further understands that for the foregoing reasons, the Investor will be required to retain ownership of the Shares and bear the economic risk of this investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Accredited Investor and Plan Investor Status</u>. One or more of the statements set forth in <u>Exhibit 1A</u> hereto correctly and in all respects describes the Investor, and the Investor has so indicated by checking the appropriate boxes next to each statement on such exhibit that so describes it. The Investor has truthfully and accurately completed <u>Exhibit 1B</u> hereof and duly executed such Exhibit where indicated. The Investor has correctly completed <u>Exhibit 2</u> hereto indicating whether or not it is or is acting on behalf of a "plan investor" as such term is used in <u>Exhibit 2</u> and, if so, made certain other representations and warranties in such <u>Exhibit 2</u>. The Investor will promptly notify the Company if any of the statements or representations in the Exhibits hereto becomes incorrect or if there is any change in the information provided in such Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Need for Liquidity</u>. The Investor has no need for liquidity in connection with its purchase of the Shares and is able to bear the risk of loss of its entire investment in the Shares. The Investor's Capital Commitment to the Company, together with the Investor's other investments that are not readily marketable, is not disproportionate to the Investor's net worth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Investment Objectives and Advice</u>. The purchase of the Shares by the Investor is consistent with the general investment objectives of the Investor. The Investor hereby acknowledges that it has not relied on the Company or its affiliates for investment advice with respect to an investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Securities Laws</u>. The Investor received the Offering Materials and first learned of the Company in the jurisdiction listed as the address of the Investor set forth on the Investor Signature Page to the Subscription Agreement, and intends that the Applicable Securities Laws of that jurisdiction alone shall govern this transaction. If the Investor is not a resident of the United States, the Investor understands that it is the responsibility of the Investor to satisfy himself, herself or itself as to full observance of the laws of any relevant territory outside of the United States in connection with the offer and sale of the Shares, including obtaining any required governmental or other consent, approvals or authorizations, and observing any other applicable formalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Independent Decision; Power and Authority; No Conflicts</u>. If the Investor is a corporation, trust, partnership, limited liability company or other organization: (i) it has the requisite power and authority to execute and deliver this Subscription Agreement; (ii) the person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute this Subscription Agreement; and (iii) such execution and delivery do not violate, or conflict with, the terms of any agreement or instrument to which the Investor is a party or by which it is bound. This Subscription Agreement has been duly executed by the Investor and constitutes a valid and legally binding agreement of and enforceable against the Investor. The Investor has obtained all necessary consents, approvals and authorizations of governmental authorities and other persons required to be obtained in connection with its execution and delivery of this Subscription Agreement and the performance of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Plan Investors</u>. Unless the Investor has indicated that it is an ERISA Partner (as defined below) on the Investor Signature Page to this Subscription Agreement, the Investor is not, and will not hereafter permit itself to become, an employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), subject to Part 4 of Subtitle B of Title I of ERISA, a pension or profit sharing plan sponsored by the federal government, or any state or municipality of the United States or any other political subdivision of the foregoing, any plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") or an entity whose underlying assets include "plan assets" within the meaning of the regulation of the U.S. Department of Labor relating to the definition of plan assets, 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA (an "<u>ERISA Partner</u>"). The Investor will promptly notify the Company if at any time the Investor becomes an ERISA Partner. If the Investor is an "employee benefit plan" within the meaning of Section 3(3) of ERISA (regardless of whether it is subject to Part 4 of Subtitle B of Title I of ERISA), including an ERISA Partner, then the Investor's participants are not permitted to self-direct investments, unless the Investor (i) is investing for the account of an individual participant or owner of a self-directed "individual retirement account" within the meaning of Section 408(a) of the Code (an "<u>IRA Investor</u>") and (ii) the Investor has indicated that it is an IRA Investor on the Investor Signature Page to this Subscription Agreement. If the Investor is an IRA Investor, the Shares shall, at all times after the purchase thereof by the Investor and prior to any transfer of such Shares pursuant to the terms of the Offering Materials, be beneficially owned solely by one individual (i.e., the participant or owner who directed the investment in the Shares). If the Investor is a "charitable remainder trust" within the meaning of Section 664 of the Code, the Investor has advised the Company in writing of such fact and the Investor acknowledges that it understands the risks, including specifically the tax risks, if any, associated with its investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Non-U.S. Investor</u>. If the Investor is a Non-U.S. Investor, as defined below, the Investor has so indicated by checking the appropriate box on the Investor Signature Page to this Subscription Agreement. For purposes hereof, a "<u>Non-U.S. Investor</u>" is an investor that is not a United States person within the meaning of Section 7701(a)(30) of the Code. The Non-U.S. Investor represents and warrants that it is in compliance with sanctions administered and enforced by the Non-U.S. Investor's home jurisdiction, is not named on a sanctions list maintained by such jurisdictions, and is not operationally based or domiciled in a country or territory in relation to which current sanctions have been issued by the Non-U.S. Investor's home jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Canadian Investors</u>*.* If the Investor is a resident of or domiciled in Canada (any such Investor, a "<u>Canadian Investor</u>"), then the Canadian Investor hereby represents, warrants, covenants and agrees that it has duly reviewed and truthfully and accurately completed a Supplement to the Subscription Agreement for Canadian Investors, to be provided separately by the Investor (a "<u>Canadian Investor Supplement</u>").<sup>1</sup> If the Investor has not completed a Canadian Investor Supplement, the Investor represents, warrants, covenants and agrees that it is not and is not acting on behalf of a Canadian Investor. The Canadian Investor represents and warrants that it is in compliance with sanctions administered and enforced by Canada, is not named on a sanctions list maintained by such jurisdictions, and is not operationally based or domiciled in a country or territory in relation to which current sanctions have been issued by Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>EEA/Swiss Investors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Investor is domiciled in, or has a registered office in, any of Austria, Belgium, Bulgaria, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom (each, an "<u>EEA Jurisdiction</u>"), or if the Investor's decision to invest in the Company was made for or on behalf of the Investor by a Person that is domiciled in, or has its registered office in, an EEA Jurisdiction (each, an "<u>EEA Investor</u>"), (A) the Investor understands and acknowledges that the Shares have not been marketed pursuant to the European Union Alternative Investment Fund Managers Directive and that consequently the Investor will not have any protections or rights under that Directive; (B) unless the Company expressly acknowledges otherwise, the Investor represents, warrants and acknowledges that the Investor was not solicited by any Person in relation to the Investor's investment in the Company and the purchase of the Shares, and the Investor (or the Investor's agent) requested the Offering Materials, the power of attorney and any other offering materials on the Investor's (or the Investor's agent's) own initiative and unsolicited by or on behalf of the Company or any affiliate thereof; and (C) the Investor may be required to complete additional forms (*e.g.*, a Supplement to the Subscription Agreement for EEA Investors, to be separately provided upon request by the Company) or provide additional information as requested by the Company. Please contact the Company for additional information.

<sup>1</sup> Canadian Investors are required to complete a Supplement to the Subscription Agreement for Canadian Investors, in addition to this Subscription Agreement and the Exhibits and documents annexed hereto. Please contact the Adviser through its outside counsel for additional information, as noted in the cover page to this Subscription Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Investor is domiciled in, or has a registered office in, Switzerland, or the decision to invest in the Company has been made for or on behalf of the Investor by a person who is domiciled in, or has its registered office in, Switzerland (a "<u>Swiss Investor</u>"), the Investor represents and warrants to the Company that the Investor was not solicited by any person in relation to the Investor's investment in the Company, and that the Investor, on its own initiative and unsolicited by or on behalf of the Company or any affiliate thereof, requested to receive the Offering Materials, the Investor Qualification Statement, the power of attorney and any other offering materials or information in relation to the Company. The Investor understands and acknowledges that Shares of the Company have not been, nor will be, "distributed" in or from Switzerland as defined by the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("<u>CISA</u>"), and that consequently the Investor will not benefit from any protection or rights under the CISA or supervision by the Swiss Financial Market Supervisory Authority. Swiss Investors may be required to complete additional forms (in addition to, and separate from, this Subscription Agreement and the Exhibits hereto). Please contact the Company for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Investor represents and warrants that it is in compliance with sanctions administered and enforced by the European Union or regulations of the United Kingdom (as extended to the Cayman Islands by statutory instrument), is not named on a sanctions list maintained by such jurisdictions, and is not operationally based or domiciled in a country or territory in relation to which current sanctions have been issued by the United Nations, the European Union or the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>FOIA Investor</u>. If the Investor is a FOIA Investor, the Investor has so indicated by checking the appropriate box on the Investor Signature Page to this Subscription Agreement. The Investor agrees that it shall promptly notify the Company if it becomes a FOIA Investor at any time after the date hereof. For purposes hereof, "<u>FOIA Investor</u>" shall mean any Investor that is (i) a Person that is directly or indirectly subject to either Section 552(a) of Title 5, United States Code (commonly known as the "<u>Freedom of Information Act</u>") or any similar federal, state, county or municipal public disclosure law, whether foreign or domestic; (ii) a Person that is subject, by regulation, contract or otherwise, to disclose certain privileged information about the Company ("<u>Company Information</u>") to a trading exchange or other market where interests in such Person are sold or traded, whether foreign or domestic; (iii) a pension fund or retirement system for a government entity, whether foreign or domestic; (iv) a Person who, by virtue of such Person's (or any of its affiliates') current or proposed involvement in government office, is required to or will likely be required to disclose Company Information to a governmental body, agency or committee (including, without limitation, any disclosures required in accordance with the Ethics in Government Act of 1978, as amended, and any rules and regulations of any executive, legislative or judiciary organization), whether foreign or domestic; (v) an agent, nominee, fiduciary, custodian or trustee for any Person described in <u>clauses (i)</u> through <u>(iv)</u> above or <u>(vi)</u> below where Company Information provided to or disclosed to such Investor could at any time become available to such Person described in <u>clauses (i)</u> through <u>(iv)</u> above or <u>(vi)</u> below; or (vi) an Investor that is itself an entity that has any Person described in <u>clauses (i)</u> through <u>(iv)</u> above as a partner, member or other beneficial owner where Company Information provided to or disclosed to such Investor could at any time become available to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Knowledge and Experience</u>. The Investor and its purchaser representative (if any) currently have, and (unless the Investor has a purchaser representative) the Investor had immediately prior to receipt of any offer regarding the Company, such knowledge and experience in financial and business matters as to be able to evaluate the merits and risks of an investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Purchaser Representative</u>. If the Investor has utilized a purchaser representative, the Investor has previously given the Company notice in writing of such fact, specifying that such representative would be acting as the Investor's "purchaser representative" as defined in Rule 501(i) of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>No View to Tax Benefits</u>. The Investor is not acquiring the Shares with a view to realizing any benefits under United States federal income tax laws, and Investor acknowledges and agrees that no representations have been made to the Investor that any such benefits will be available as a result of the Investor's acquisition, ownership or disposition of the Shares. The Investor has consulted with, and has relied solely upon, its own accountants and/or tax advisors in connection with its decision to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Borrowings</u>. The Investor has not borrowed and will not borrow any portion of its contribution to the Company, either directly or indirectly, from the Company or any Affiliate of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Company Counsel Does Not Represent the Investors</u>. The Investor understands and acknowledges that unless the Investor has otherwise notified the Company in writing to the contrary, Eversheds Sutherland (US) LLP represents only the Company, and not the Investor, in connection with the formation of the Company and the sale of the Shares. The Investor understands and agrees that the Investor should consult its own legal and tax advisors in connection with the purchase of the Shares. The Investor agrees that in the event of a dispute between one or more investors, and the Company, Eversheds Sutherland (US) LLP may represent the Company or one or more equity holders or affiliates thereof. The Investor represents that it has the level of knowledge and sophistication necessary to provide its informed consent to the provisions of this <u>Section 2(t)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Privacy Notice</u>. If the Investor is a natural person (including a natural person investing through an individual retirement account, or "<u>IRA</u>"), such person acknowledges the receipt of the notice attached hereto as <u>Exhibit 5</u> regarding privacy of financial information under the U.S. Federal Trade Commission privacy rule, 16 C.F.R. pt. 313 (the "<u>Privacy Rule</u>"), and agrees that the Shares are a financial product that the Investor has requested and authorized. In accordance with Section 14 of the Privacy Rule, the Investor acknowledges and agrees that the Company may disclose nonpublic personal information of the Investor to the other investors, as well as to the Company's accountants, attorneys and other service providers as necessary to effect, administer and enforce the Company's and the other investors' rights and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Anti-Money Laundering, Sanctions and Anti-Boycott Representations</u>. The Investor hereby acknowledges that the Company seeks to comply with all applicable laws concerning money laundering, boycotting, and related activities. In furtherance of those efforts, the Investor represents and warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has conducted thorough due diligence, including to the extent required by applicable laws and regulations, with respect to all of its beneficial owners and has (A) identified all of its beneficial owners and (B) verified the identity of all of its beneficial owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has conducted enhanced due diligence for any beneficial owner residing in, or organized or chartered under the laws of a jurisdiction identified (A) by the Financial Action Task Force for Money Laundering as being a non-cooperative country or territory to the extent such designation would prohibit a direct or indirect investment in our through the Company or (B) by the U.S. Secretary of the Treasury as warranting special measures because of money laundering concerns under Section 311 or 312 of the USA PATRIOT Act of 2001, to the extent such designation would prohibit a direct or indirect investment in or through the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it (A) has established the source of each of the beneficial owner's funds and (B) does not know or have any reason to suspect that (x) the monies used to fund the Investor's investment in the Shares are derived from, or related to, any activity that is deemed criminal under applicable law or (y) any contribution or payment by the Investor to the Company to the extent that they are within the Investor's control, shall cause the Company or the Adviser to be in violation of any law or regulation applicable to the Company or the Adviser, including the U.S. Bank Secrecy Act, the U.S. Money Laundering Control Act of 1986, the USA PATRIOT Act or the U.S. International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, in each case, such statute as amended to date and any successor statute thereto and including all regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it will retain evidence of any such due diligence, beneficial owner identities and source of fund for a period of at least 10 years following the date of a written termination of the client relationship with such beneficial owner. The Company may, in its sole discretion, decide to collect documentation verifying the beneficial owner's identity and the source of funds used to acquire Shares before, and from time to time after, acceptance by the Shareholders of this Subscription Agreement. The Investor agrees to cooperate with such efforts and to comply with the Company's reasonable requests for such documentation, to the extent permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that all Capital Contributions (as defined below) or payments to the Company by the Investor will be made through an account located in a jurisdiction that does not appear on the list of boycotting countries published by the U.S. Department of Treasury pursuant to Section 999(a)(3) of the Code as in effect at the time of such contribution or payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) neither it, nor any of its subsidiaries or affiliates nor any of its beneficial owners nor, to the best of its knowledge, any director, officer, agent, employee or representative thereof, is an individual or entity that is (A) the subject or target of sanctions administered by the United States Government (collectively, "<u>Sanctions</u>"), including but not limited to the U.S. Department of State and the U.S. Department of Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"), (B) identified on OFAC's Specially Designated Nationals and Blocked Persons List or any other similar Sanctions list maintained by OFAC, (C) located, organized or resident in a country or territory that is the subject of comprehensive Sanctions, which at the time of this Subscription Agreement includes Cuba, Iran, North Korea, the Crimea region of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic (each, a "<u>Sanctioned Jurisdiction</u>" and collectively, "<u>Sanctioned Jurisdictions</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it does not know, based upon appropriate diligence and investigation, including to the extent required by applicable laws and regulations, or have any reason to suspect that the monies used to fund its purchase of the Shares are derived from, invested for the benefit of or related in any way to any Person that is the subject or target of Sanctions, located or associated with any Sanctioned Jurisdiction or with the governments of, or persons within, any country under a U.S. embargo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) neither the Investor nor any beneficial owner of the Investor is (A) a Senior Foreign Political Figure ("<u>SFPF</u>"), (B) an immediate family member of an SFPF, (C) a person who is widely known (or is actually known by the Investor) to maintain a close personal relationship with any such individual or (D) a corporation, business or other entity that has been formed by or for the benefit of such individual; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent a beneficial owner is a bank, including a branch, agency or office of a bank, that is not physically located in the United States, the Investor has established that such bank has a physical presence or is an affiliate of a regulated entity.

The Investor acknowledges and agrees that, notwithstanding anything to the contrary contained in the Offering Materials, any side letter or any other agreement, to the extent required by any anti-money laundering law or by Sanctions, the Company may prohibit additional Capital Contributions, restrict distributions or take any other reasonably necessary or advisable action with respect to the Shares, and the Investor shall have no claim, and shall not pursue any claim, against the Company or any other Person in connection therewith. The representations and warranties set forth in this Section 2(u) shall be deemed repeated and reaffirmed by the Investor to the Company as of each date that the Investor is required to make a Capital Contribution to, or receives a distribution from, any entity. The Investor shall promptly notify the Company if any of these representations set forth in this Section 2(u) cease to be true and accurate regarding the Investor in any respect. The Investor agrees to promptly provide to the Company any additional information regarding the Investor or its beneficial owners that the Company deems necessary or advisable to determine or ensure compliance with all applicable laws, regulations or administrative pronouncements concerning, Sanctions, money laundering or other criminal activities. The Investor understands and agrees that if at any time it is discovered that any of the foregoing representations are incorrect, or if otherwise required by applicable law, regulation or administrative pronouncement related to Sanctions, money laundering or other criminal activities, the Company may undertake appropriate actions to ensure compliance with the applicable law, regulations and administrative pronouncements, including, but not limited to segregation and/or redemption of the Investor's investment in the Company and/or those actions described in the Offering Materials. The Investor further understands that the Company may release confidential information about the Investor and, if applicable, any underlying beneficial owners, to proper authorities if the Company, in its sole discretion, determines that it is in the best interests of the Company in light of relevant rules, regulations and administrative pronouncements under the laws set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Volcker Rule; Bank Holding Company Act</u>. The Investor represents and warrants to the Company that neither the Investor nor any Affiliate of the Investor is (i) a "banking entity" as such term is defined under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or 12 U.S.C. § 1851 (the "<u>Volcker Rule</u>") or qualifies for an exclusion, an exemption and or other relief under the Volcker Rule with respect to the ownership of Shares in the Company, based on the currently available published regulatory guidance, including the joint notice of final rulemaking issued on December 10, 2013 with respect to the Volcker Rule; or (ii) a "bank holding company" as that term is defined in Section 2(a) of the U.S. Bank Holding Company Act of 1956, as amended from time to time or any successor statute thereto (the "<u>BHCA</u>"), or otherwise subject to the regulation and supervision pursuant to the BHCA or the rules, regulations and interpretations issued by the U.S. Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Nominees and Custodians</u>. If the undersigned is acting as nominee or custodian for another person, entity or organization in connection with the Shares, the undersigned has so indicated on its Investor Signature Page to this Subscription Agreement. The representations and warranties contained in this Section 2 regarding the "Investor" are true and accurate with regard to the person, entity or other organization for which the undersigned is acting as nominee or custodian. Without limiting the generality of the foregoing, the representations and warranties regarding the status of the Investor in <u>Exhibits 1–2</u> hereto are true with respect to, and accurately describe the person, entity or organization for which the undersigned is acting as nominee or custodian. The person, entity or organization for which the undersigned is acting as nominee or custodian will not transfer or otherwise dispose of or distribute any part of its economic or beneficial interest in (or any other rights with respect to) the Shares without complying with all Applicable Securities Laws and the applicable provisions of the Offering Materials as if such person, entity or organization were a direct Investor in the Company and were transferring Shares of the Company. If the undersigned is acting as nominee or custodian for another person, entity or organization, the undersigned agrees to provide such other information as the Company may reasonably request regarding the undersigned and the person, entity or organization for which the undersigned is acting as nominee or custodian in order to determine the eligibility of the Investor to purchase the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Final Form</u>. The Investor understands and acknowledges that its investment in the Company shall be subject to the terms and conditions of this Subscription Agreement and Offering Materials in such final forms as shall be executed by the parties hereto, and the same may be amended from time to time in accordance with their respective terms. The Investor further understands and acknowledges that certain of the terms and conditions of the Company originally set forth in the Offering Memorandum may have been modified and, as modified, will be reflected in the final form of the Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>No General Solicitation or General Advertisement</u>. The Investor acknowledges that it is not purchasing Shares as a result of or subsequent to (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media (including any internet site that is not password protected) or broadcast over the internet, television or radio, (ii) any seminar or meeting whose attendees, including the Investor, had been invited as a result of, subsequent to or pursuant to the foregoing or (iii) any other form of general advertising or general solicitation within the meaning of Rule 502 of Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Prospectus/Rights of Action/Reliance on Information</u>. The Company is relying on (and the offering is conditional upon) an exemption from the requirement to provide the Investor with a prospectus under the Applicable Securities Laws and as a consequence of acquiring the Shares pursuant to such exemption, certain protections, rights and remedies provided by the Applicable Securities Laws, including statutory rights of rescission or damages, may not be or may only be partially available to the Investor, or others for whom it is contracting hereunder, and such persons may not receive information that would otherwise be required to be provided under the Applicable Securities Laws and the Partnership is relieved from certain obligations that would otherwise apply under the Applicable Securities Laws. The Investor did not rely on any information whatsoever, except for the Offering Materials, to make such decision and such materials were not accompanied by any advertisement, including, without limitation, in printed public media, radio, television or telecommunications, including electronic display and the internet, or part of a general solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>BDC Election</u>. The Investor understands that the Company (i) intends to file an election to be regulated as a BDC under the 1940 Act and (ii) intends to file an election to be treated as a regulated investment company within the meaning of subchapter M of the Code for U.S. federal income tax purposes; pursuant to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company, the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation § 1.852-7. The Company has filed a registration statement on Form 10 (the "<u>Form 10</u>") for the Shares with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). The Form 10 is not the offering document pursuant to which the Company is conducting this offering and may not include all information regarding the Company contained in the Offering Materials; accordingly, prospective investors in the Company should rely exclusively on information contained in the Offering Materials in making their investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Permissible Leverage</u>. The Investor (i) acknowledges that legislation has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met; (ii) acknowledges that the Adviser, as the Company's sole initial Shareholder, has approved a proposal that allows the Company to reduce its asset coverage to 150%; and (iii) agrees that the Company's asset coverage ratio is 150% as permitted by such legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Closing and Capital Contributions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The closing (the "<u>Closing</u>") of the sale and purchase of the Shares shall take place on such date and time and at such place as shall be selected by the Company (such date being the "<u>Closing Date</u>," and the date upon which the first closing of any Subscription Agreement occurs being referred to herein as the "<u>Initial Closing Date</u>" and the date of the last Closing prior to the date on which the Company determines, in its sole discretion, to stop accepting Capital Commitments from investors, the "<u>Final Closing Date</u>"). At the Closing, the Company shall list the Investor as a Shareholder of the Company by registering the Investor details in the register of the Company maintained by or at the direction of the Company, and shall deliver to the Investor the Subscription Agreement executed by the Company and any other instruments necessary to reflect the Investor's admission as a Shareholder with a Capital Commitment as set forth on the signature page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may enter into other Subscription Agreements with other investors ("<u>Other Investors</u>") after the Closing Date, with any closing thereunder referred to as a "<u>Subsequent Closing</u>" and any Other Investor whose subscription has been accepted at such Subsequent Closing referred to as a "<u>Subsequent Shareholder</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Shareholder is permitted by the Company to make an additional capital commitment to purchase Shares on a date after its initial subscription has been accepted, such Shareholder will be required to enter into a separate Subscription Agreement with the Company and such other documents as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Dividends; Dividend Reinvestment Program</u>**. As described more fully in the Offering Materials, the Company generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, as determined by the Board in its discretion. If the Board of Directors of the Company authorizes, and the Company declares, a dividend or distribution, each Shareholder's distribution will be automatically paid in cash unless a Shareholder elects to have its dividends or distributions reinvested in additional Shares pursuant to the Company's distribution reinvestment program (the "<u>Distribution Reinvestment Program</u>"). The Shareholder may "opt in" to the Distribution Reinvestment Program by completing the Election Notice in <u>Exhibit 6</u> attached hereto or by notifying the plan administrator in writing no later than 10 days prior to the record date for distributions to the Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Separate Purchases</u>**. The subscription for the Shares by the Investor and the Other Investors are to be separate subscriptions for Shares of the Company and the issuances of the Shares to the Investor and the Other Investors are to be separate issuances by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Delivery of Closing Documents</u>**. Following the Closing, the Company will deliver to the Investor an executed counterpart of this Subscription Agreement, executed by the Investor and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Consent to Electronic Delivery</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor hereby agrees that the Company may deliver all notices, financial statements, tax reports, valuations, reports, reviews, analyses or other materials, and all other documents, information and communications concerning the affairs of the Company and the investments thereof, including, without limitation, information about the portfolio companies of the Company, required or permitted to be provided to the Investor under the Offering Materials or hereunder by means of facsimile or e-mail (to the facsimile number or e-mail address set forth in this Subscription Agreement, or other number or address as provided in writing by the Investor to the Company), or by posting on an electronic portal or message board or by other means of electronic communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limitation to the foregoing, the Investor hereby consents, notwithstanding anything to the contrary in the Offering Materials, to receive U.S. federal income tax information in respect of the Company, including, if applicable, IRS Form 1099-DIV ("<u>Tax Statements</u>") through electronic delivery. The Investor hereby acknowledges 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) This consent applies to any Tax Statement required to be furnished to the Investor by the Company after this consent is given until the Investor withdraws consent by providing written notice to the Corporate Secretary of the Company. If the Investor does not consent to receive the Tax Statement electronically, a paper copy will be provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will email the Investor if the contact information for the Company changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company will cease to furnish Tax Statements, electronically or otherwise, beginning with the year after the year in which the Investor ceases to be a Shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Investor has received this Subscription Agreement as a .pdf file in an email attachment or in any other electronic format, the receipt thereof reasonably demonstrates that the Investor can access all Tax Statements in the electronic format in which such Tax Statements will be furnished to the Investor. If the Investor received this Subscription Agreement in a non-electronic format, the Investor confirms that it consents to electronic delivery of all Tax Statements in respect of its Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding the foregoing, an Investor may request a paper copy of the Tax Statements by providing written notice to the Corporate Secretary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *All Tax Statements and other documents to be delivered or made available to the Investor will be delivered by email to the Investor or made available through other means of electronic communication as a .pdf file*. The Investor may download a free copy of Adobe Acrobat Reader, which will allow the Investor to view each Tax Statement by visiting http://get.adobe.com/reader. This page contains information about the system requirements needed to use the software. Alternatively, the Investor may be able to use an alternative .pdf reader software. The Investor may be required to be print and attach a Tax Statement to a Federal, State, or local income tax return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Expenses</u>**. Each party hereto will pay its own expenses relating to this Subscription Agreement and the subscription for the Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Amendments</u>**. Neither this Subscription Agreement nor any term hereof may be changed, waived, discharged or terminated except with the written consent of the Investor and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Reduction or Rejection of Subscription</u>**. The Investor acknowledges that the subscription for the Shares contained herein may be reduced or rejected by the Company in its sole discretion at any time prior to the Closing, and the Company is authorized to make any corresponding revisions to the amount indicated as the Capital Commitment/Subscription on the Investor's signature page to the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Additional Investor Information, Indemnity</u>**. The Investor understands that the information provided herein (including the Exhibits hereto) will be relied upon by the Company for the purpose of determining the eligibility of the Investor to subscribe for and hold the Shares and for the purpose of making any necessary filings required pursuant to Applicable Securities Laws. The Investor agrees to provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor to subscribe for and hold the Shares or to permit the Company to make any necessary securities filings under Applicable Securities Laws. In addition, the Investor consents to the use of the information contained herein and provided subsequent hereto for the purposes of making such filings and the Investor agrees to provide information regarding its "restricted person" status and Financial Industry Regulatory Authority ("<u>FINRA</u>") associations and affiliations to the Company on an annual basis, to the extent requested by the Company. The Investor represents and agrees that the information provided herein (including the Exhibits hereto) regarding the Investor is true, complete and correct as of the date of this Subscription Agreement and will be true, complete and correct as of the Closing and as of the date of the Investor's admission to the Company as an investor. *Without limiting the generality of the foregoing, if there should be any change in the information provided herein regarding the Investor prior to the Closing or the Investor's admission to the Company, the Investor will immediately furnish revised or corrected information to the Company in writing.* In addition, the Investor will furnish to the Company, upon request, any other information about the Investor reasonably determined by the Company to be necessary or convenient for the formation, operation, dissolution, winding-up or termination of the Company; *provided*, that the Investor's obligations with respect to such other information shall not apply to information that the Investor is required by law or agreement to keep confidential from the Company. To the fullest extent permitted by law, the Investor agrees to indemnify and hold harmless the Company, the Adviser, any Affiliate of the Company or the Adviser, and any director, officer, partner, member, manager, employee or agent of any such party against any loss, damage, liability, claims or expenses due to or arising out of any inaccuracy, incompleteness, or breach of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Exhibits hereto) or in any other documents provided by the Investor to the Company or the Adviser in connection with the Investor's investment in the Shares. The Investor agrees that the persons it has agreed to indemnify as described in the preceding sentence, other than the Company, shall be third-party beneficiaries of this Subscription Agreement for the purposes of the indemnification agreed upon herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Withholding Forms</u>**. The Investor represents, warrants and agrees (for the benefit of the Company and of any person who participated in the offer or sale of the Shares) that it will provide in a timely manner, including in connection with the execution of this Subscription Package, properly completed Tax Forms, as applicable, in accordance with the instructions to such form, and shall cooperate with the Company upon its request in order to maintain appropriate records and to adequately withhold with respect to payments made to the Investor, if required, relating to the Investor's Shares and, further, in the event that the Investor fails to provide such information regarding United States tax withholding, the Company, the Adviser and their respective direct or indirect partners, members, managers, officers, directors, employees, agents, service providers and their Affiliates shall have no obligation or liability to the Investor with respect to any United States tax or obligations that may be impose on the Investor or its beneficial owners. The Investor expressly acknowledges that the Tax Forms and withholding information may be provided to any withholding agent that has control, receipt or custody of the income of which the Investor is the beneficial owner or any withholding agent that can disburse or make payments of the income of which the Investor is the beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Appointment of Attorney-in-Fact</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor hereby designates, constitutes and appoints the Adviser as its true and lawful attorney-in-fact for the Investor, and in the name, place and stead of the Investor from time to time to make, execute, verify, sign, acknowledge, record, deliver, swear to, file and/or publish such certificates, instruments and documents as may be required by, or may be appropriate under, the laws of any state or other jurisdiction in which the Company is doing or intends to do business, in connection with qualification to do business and with the use of the name of the Company by the Company and the dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing grant of authority: (i) is a special power of attorney given to secure a proprietary interest of the Adviser or the performance of an obligation owed to the Adviser, is irrevocable and shall survive the disability, death, incapacity, bankruptcy, termination or dissolution of the Investor; and (ii) shall survive the delivery of an assignment by a Shareholder of all or any portion of its Shares, except that where the assignee thereof has been approved by the Company for admission to the Company as a substitute Shareholder, the power of attorney shall survive the delivery of such assignment for the sole purpose of enabling such attorneys-in-fact to execute, acknowledge and file any instrument necessary to effect such substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This power of attorney shall be valid and in full force and effect for a limited period equal to the duration of the Investor's Capital Commitment (unless earlier terminated pursuant to the provisions of this Agreement). The Investor hereby agrees that such duration is in the interest and for the benefit of all partners and is reasonable given the nature and duration of the investments made by the partners in the Company; provided, however, that, notwithstanding anything to the contrary in this Subscription Agreement, if any such power of attorney is determined to be invalid or voidable under applicable law due to the potential duration thereof, it is the intent of the Investor that the duration of such power of attorney be reduced to the maximum duration possible without rendering such power of attorney invalid or voidable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investor hereby agrees to execute and deliver to its attorney-in-fact (*mandataire*) above appointed, within five (5) Business Days after receipt of such attorney's request therefor, such other and further powers of attorney or other instruments as such attorney deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>General</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Subscription Agreement (i) is irrevocable, will survive the Investor's death, dissolution, disability, bankruptcy or legal incapacity, and shall be binding upon the Investor and the legal representatives, successors and assigns of the Investor, (ii) shall survive the admission of the Investor as a investor in the Company, (iii) to the fullest extent permitted by law, shall not be assignable by the Investor without the written consent of the Company, and (iv) shall, if the Investor consists of more than one person, be the joint and several obligation of all such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Subscription Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. This Subscription Agreement shall be governed by the internal laws of the State of Maryland, without regard to the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any term or provision of this Subscription Agreement that is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Subscription Agreement or affecting the validity or enforceability of any of the terms or provisions of this Subscription Agreement in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Captions and headings in this Subscription Agreement are for the convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

**[THE INVESTOR MUST COMPLETE THE**

**FOLLOWING SIGNATURE PAGES AND EXHIBITS IN THEIR ENTIRETY]**

**Investor Signature Page to the Subscription Agreement**

IN WITNESS WHEREOF, the undersigned Investor has executed this Subscription Agreement for the purchase of shares of common stock, par value $0.001 per share (the "<u>Shares</u>"), in the Company in the amount set forth below. Upon acceptance by the Company, the Investor shall be admitted as a Shareholder in the Company.

FULL NAME OF INVESTOR (PRINT): _____________________________________________________________

Date: ___________________________

By:   By:   <br> Name:   Name:  

Title (if applicable):   Title (if applicable):  

***Please note that the Company reserves the right to reject any subscription, in whole or in part, for any reason or no reason***.

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| CAPITAL COMMITMENT/SUBSCRIPTION: |  |
| Amount of Shares Subscribed for: |  |
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| Address of Investor: | Social Security or Federal Tax Identification (if a natural person), or Employer Identification Number (if an entity) No.: |

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| | |
|:---|:---|
| Telephone No.: | State, County and Country of Organization (if an entity) or Residence (if a natural person): |
| Facsimile No.: |  |
| E-mail Address: | |

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| | |
|:---|:---|
| Please check below if you are a(n):\*\* | Form of Legal Entity (for U.S. tax purposes) |
|  | ☐ Individual or Living Trust |
| ☐ ERISA Partner | ☐ Corporation |
| ☐ Other Plan Investor | ☐ Estate |
| ☐ Non-U.S. Investor | ☐ Trust |
| ☐ IRA Investor | ☐ Partnership |
| ☐ FOIA Partner | ☐ Limited Liability Company |
|  | ☐ Disregarded Entity |
| Date of Formation (if an entity): | ☐ Exempt Organization |
|  | ☐ Self-Directed IRA |
| ______________________________________ | ☐ Other: _____________________________ |

---

Is the party signing this document acting as a nominee or custodian for another person or entity? ☐ Yes ☐ No

Is the Investor controlled by, controls, or is under common control with any other investor in the Company? ☐ Yes ☐ No \*

\* If the Investor checks the 'Yes' box above, please attach a supplemental sheet that identifies the other investor and describes the relationship between the Investor and such other investor.

\*\* As defined herein, in the Exhibits, or in the Offering Materials.

**[THE FOLLOWING TO BE COMPLETED BY THE SPOUSE OF AN INVESTOR THAT IS A NATURAL PERSON]**

I, the undersigned _________________________________, spouse of _________________________, after having had the opportunity to consult with an attorney of my own selection, hereunto subscribe my name in evidence of my agreement and consent to all of the provisions of the Subscription Agreement, specifically including the limitations on transfer and disposition of Shares in the Company.

Date:   Signature  

Address for Notice

**Remora Capital Corporation**

**Company Signature Page to Subscription Agreement**

The foregoing Subscription Agreement is hereby accepted by the Company as of the date set forth below.

By: REMORA CAPITAL CORPORATION

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

Amount of Shares accepted by the Company (if less than the amount set forth on the Investor's signature page above as permitted by <u>Section 10</u> of the Subscription Agreement):

$_______________________________

If the Company executes this Subscription Agreement and the preceding line is left blank, the Company has accepted the Investor's subscription for Shares in the amount set forth on the Investor's signature page.

**INVESTOR QUESTIONNAIRE**

---

| | |
|:---|:---|
| <u>Exhibit 1A</u>: | Accredited Investor Status |
| <u>Exhibit 1B</u>: | Rule 506(d) and (e) Questionnaire |
| <u>Exhibit 2</u>: | Plan Investor Representations |
| <u>Exhibit 3</u>: | Investor Contact Sheet and ACH/Wire Distribution Information |
| <u>Exhibit 4</u>: | Know-Your-Customer Authorization Form |
| <u>Exhibit 5</u>: | Notice of Privacy Policy |
| <u>Exhibit 6</u>: | Election Form for Distribution Reinvestment Program |

---

**<u>EXHIBIT 1A</u>**

**ACCREDITED INVESTOR STATUS**

*(<u>All</u> Investors must complete this Exhibit 1A)*

The Investor hereby represents and warrants, pursuant to <u>Section 2(d)</u> of the attached Subscription Agreement, that the Investor is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act (an "<u>Accredited Investor</u>"), for <u>one or more</u> of the reasons specified below **(*please check <u>all</u> boxes that apply*)**:

1. ☐ The Investor is a natural person (or an IRA Investor directed by and for the benefit of a single natural person) with an individual net worth (determined by subtracting total liabilities from total assets), or joint net worth with the Investor's spouse or spousal equivalent,<sup>2</sup> in excess of $1,000,000; (excluding the Investor's primary residence and indebtedness thereon up to the gross value of such residence, except that if the amount of such indebtedness outstanding at the time of the Investor's admission to the Company exceeds the amount of such indebtedness outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability in the determination of the Investor's net worth).

2. ☐ The Investor is a natural person (or an IRA Investor directed by and for the benefit of a single natural person) with an individual income in excess of $200,000 (or joint income together with the Investor's spouse or spousal equivalent in excess of $300,000) in each of the two most recently completed calendar years, and reasonably expects to have an individual income in excess of $200,000 (or a joint income together with the Investor's spouse or spousal equivalent in excess of $300,000) in the current calendar year.

3. ☐ The Investor is a natural person who is a director, executive officer, or general partner of Remora Capital Corporation.

4. ☐ The Investor is a natural person who holds in good standing one or more of the following professional certifications, designations or credentials from an accredited educational institution designated by the SEC as qualifying for accredited investor status (***please check all that apply***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ Series 7 (General Securities Representative License)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ☐ Series 82 (Private Securities Offerings Representative License)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ☐ Series 65 (Investment Adviser Representative License)

5. ☐ The Investor is a natural person who is a "Knowledgeable Employee", as defined in Rule 3c-5 under the 1940 Act.

6. ☐ The Investor is a corporation, partnership or limited liability company, Massachusetts or similar business trust or organization described in Section 501(c)(3) of the Code not formed for the specific purpose of acquiring the Shares that has total assets in excess of $5,000,000.

7. ☐ The Investor is a bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or a fiduciary capacity (this includes a trust for which a bank acts as trustee and exercises investment discretion with respect to the trust's decision to invest in the Company).

<sup>2</sup> "**Spousal equivalent**" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

1A-1

8. ☐ The Investor is a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>").

9. ☐ The Investor is an investment adviser (a) registered pursuant to Section 203 of the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), (b) registered pursuant to the laws of a state, or (c) relying on the exemption from registration under Section 203(l) or 203(m) of the Advisers Act.

10. ☐The Investor is an insurance company as defined in Section 2(a)(13) of the Securities Act.

11. ☐ The Investor is an investment company registered under the 1940 Act or is a business development company as defined in Section 2(a)(48) of the 1940 Act.

12. ☐ The Investor is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

13. **☐** The Investor is a Rural Business Investment Company, as defined in Section 384A of the Consolidated Farm and Rural Development Act, as amended.

14. ☐ The Investor is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, having total assets in excess of $5,000,000.

15. ☐ The Investor is a private business development company as defined in Section 202(a)(22) of the Advisers Act.

16. ☐ The Investor is an employee benefit plan within the meaning of Title I of ERISA, with respect to which (a) the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser, (b) the employee benefit plan has total assets in excess of $5,000,000 or (c) if a self-directed plan, investment decisions are made solely by persons that are Accredited Investors.

17. ☐ The Investor is a trust, with total assets in excess of $5,000,000 not formed for the specific purpose of acquiring the Shares offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D promulgated under the Securities Act.

18. ☐ The Investor is a grantor trust, and each grantor of the trust (a) has the power to revoke the trust and regain title to the trust assets and (b) is an Accredited Investor. If the Investor is described by this <u>Statement 18</u>, the Investor should describe the circumstances under which the trust is revocable by the grantor by attaching a supplemental explanation sheet.

19. ☐ The Investor is (a) a "family office" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) not formed for the specific purpose of acquiring Shares in the Company that has total assets in excess of $5,000,000 and is directed by a person who has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of investing in the Company or (b) a "family client" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) of a family office described in clause (a) of this paragraph and whose investment in the Company is directed by such family office.

20. ☐ The Investor is an entity of a type not listed above under this <u>Exhibit 1A</u> and not formed for the specific purpose of acquiring Shares in the Company owning Investments<sup>3</sup> in excess of $5,000,000.

21. ☐ The Investor is an entity (excluding a trust) in which all of the equity owners are Accredited Investors for one or more of the reasons specified above under this <u>Exhibit 1A</u>.

<sup>3</sup> "**Investments**" has the meaning set forth in Rule 2a51-1(b) under the 1940 Act.

1A-2

**<u>EXHIBIT 1B</u>**

**RULE 506(d) AND (e) QUESTIONNAIRE**

*(<u>All</u> Investors must complete this Exhibit 1B)*

 

For purposes of this questionnaire, "Covered Persons" means, collectively, (i) you, and (ii) any other person who, through your ownership, would be deemed to beneficially own twenty percent (20%) or more of the outstanding voting equity securities of the Company.

To ensure that securities will be sold in compliance with Rule 506(d) of Regulation D, please check any box below that immediately follows a true statement. Capitalized terms used but not otherwise defined herein are further described in the Appendix to this Questionnaire.

1. ☐ One or more of the Covered Persons has been convicted, within ten years before the date hereof, of a felony or misdemeanor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. involving the making of any false filing with the SEC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities.

2. ☐ One or more of the Covered Persons is subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the date hereof, that, as of the date hereof, restrains or enjoins such Covered Person from engaging or continuing to engage in any conduct or practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. involving the making of any false filing with the SEC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities.

3. ☐ One or more of the Covered Persons is subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. as of the date hereof, bars such Covered Person from (i) association with an entity regulated by such commission, authority, agency or officer, (ii) engaging in the business of securities, insurance or banking or (iii) engaging in savings association or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. constitutes a final order based on a violation of a law or regulation that prohibits fraudulent, manipulative or deceptive conduct entered within ten years before the date hereof.

1B-1

4. ☐ One or more of the Covered Persons is subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Advisers Act that, as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. suspends or revokes such Covered Person's registration as a broker, dealer, municipal securities dealer or investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. places limitations on such Covered Person's activities, functions or operations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. bars such Covered Person from being associated with any entity or from participating in the offering of any penny stock.

5. ☐ One or more of the Covered Persons is subject to an order of the SEC entered within five years before the date hereof that orders such Covered Person to cease and desist from committing or causing a violation or future violation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 under the Exchange Act, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Advisers Act, or any other rule or regulation thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Section 5 of the Securities Act.

6. ☐ One or more of the Covered Persons is suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for an act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

7. ☐ One or more of the Covered Persons has filed (as a registrant or issuer), or was or was named as an underwriter in, a registration statement or Regulation A offering statement filed with the SEC that, within five years before the date hereof, was the subject of a refusal order, stop order or order suspending the Regulation A exemption, or is, as of the date hereof, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued.

8. ☐ One or more of the Covered Persons is subject to a United States Postal Service false representation order entered within five years before the date hereof, or is, as of the date hereof, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

9. ☐ One or more of the Covered Persons is the subject of an ongoing proceeding, arbitration, action, indictment or charge that if resolved against such Covered Person could result in a checked box to any of the statements in Questions 1 through 8 of this Questionnaire.

10. ☐ Check the box next to this <u>Question 10</u> if ***<u>NONE</u>*** of the statements in <u>Questions 1</u> through <u>9</u> of this Questionnaire is applicable to any of the Covered Persons.

1B-2

You hereby certify that your responses in this Questionnaire are true, correct and complete as of the date noted below (the "<u>Original Submission Date</u>"). You hereby acknowledge and agree that the Company and its investment manager or similar persons and certain of their respective affiliates will rely on the responses made and information provided herein. If you discover new information that would have caused you to change your responses in this Questionnaire as of the Original Submission Date <u>OR</u> if events occur thereafter that would cause you to change your responses in this Questionnaire as of any date following the Original Submission Date, you hereby agree to immediately notify Remora Capital Corporation in writing of any such new information or event.

FULL NAME OF INVESTOR (PRINT): __________________________________________________________________

Date: _______________________

By:   By:   <br> Name:   Name:   <br> Title (if applicable):   Title (if applicable):  

1B-3

**<u>APPENDIX</u>**

**"*Advisers Act***" means the Investment Advisers Act of 1940, as amended.

**"*Exchange Act*"** means the Securities Exchange Act of 1934, as amended

 ****

***"Regulation A"*** refers to Regulation A (Rules 251 *et. seq.*) promulgated under the Securities Act, as amended from time to time.

***"Regulation D"*** refers to Regulation D (Rules 501–508) promulgated under the Securities Act, as amended from time to time.

 ****

***"SEC"*** means the U.S. Securities and Exchange Commission.

**"*Securities Act*"** means the Securities Act of 1933, as amended.

1B-4

**<u>EXHIBIT 2</u>**

**PLAN INVESTOR REPRESENTATIONS**

*(All Investors must complete this Exhibit 2)*

Investors described in <u>Statements 2</u> and <u>3</u> below are referred to as "plan investors" in this Subscription Agreement. The Investor hereby represents and warrants, pursuant to <u>Section 2(e)</u> of the attached Subscription Agreement, that he, she or it is correctly and in all respects described by the statement or statements set forth below ***(please check all boxes that apply)***:

1. ☐ The Investor is not purchasing the Shares with funds that constitute the assets of any of the below.

2. The undersigned Investor is, or is acting on behalf of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ An "employee benefit plan" within the meaning of Section 3(3) of ERISA, that is subject to Part 4 of Subtitle B of Title I of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ☐ A "plan" within the meaning of Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Investor checked this <u>clause (b)</u> and the investor is an individual retirement account that is subject to Code §4975 (an "<u>IRA</u>"), is the decision to invest in the Company being made by the IRA owner? ☐ Yes ☐ No.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Investor checked this <u>clause (b)</u> and the investor is an IRA, please specify whether the IRA is maintained under either of the following programs (if applicable):

☐ simplified employee pension (SEP) ☐ Simple IRA.

☐ If the Investor is a SEP, by checking this box, Investor represents and warrants that the source of funds for the SEP does not currently and has never since the inception of the plan involved employees in the plan other than only the founder/business owner and/or their spouse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ☐ Any other entity or account that is deemed under applicable law to hold the "plan assets" described in (A) or (B), within the meaning of ERISA and including the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Investor checked this <u>clause (c)</u>, the participation in the Investor (or the entity on whose behalf Investor is acting) by "benefit plan investors," within the meaning of Section 3(42) of ERISA, expressed as a percentage is: % the ("<u>Current Percentage</u>") and the maximum percentage of "benefit plan investor" participation while the Investor holds Shares in the Company will be % (the "<u>Maximum Percentage</u>").

**The Investor expressly agrees to promptly disclose any changes with respect to the Current Percentage, to promptly re-confirm the Current Percentage and the Maximum Percentage at any time upon the request of the Company (or other person acting on behalf of the Company), and to provide such other information reasonably requested by the Company (or other person acting on behalf of the Company) for purposes of determining whether or not the Company is holding "plan assets."**

3. The undersigned Investor is, or is acting on behalf of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ A "governmental plan" within the meaning of Section 3(32) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ☐ A partnership, limited liability company or other entity in which one or more Persons described in <u>clauses (a)</u> hold 25% of the value of any class of equity interest in such entity or that is deemed to hold the assets of any such Person under applicable law.

2-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ☐ A non-U.S. plan (established and maintained outside of the United States primarily for the benefit of individuals substantially all of whom are non-residents of the United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ☐ A U.S. "church plan" within the meaning of Section 3(33) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Investor checked this <u>clause (d)</u>, has the Investor elected to be subject to ERISA?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ☐ A plan or retirement arrangement other than as described in <u>clauses (c)</u> or <u>(d)</u> above that is not subject to Part 4 of Subtitle B of Title I of ERISA and with respect to which Code Section 4975 does not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ☐ A partnership, limited liability company or other entity in which one or more Persons described in <u>clauses (c)</u> or <u>(d)</u> hold 25% of the value of any class of equity interest in such entity or that is deemed to hold the assets of any such Person under applicable law (each such Person described in <u>clauses (a)</u>–<u>(f)</u>, an "<u>Other Plan Investor</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ☐ An entity or account described under 29 C.F.R. §2510.3-101(h) (such as, for example, a group trust, a bank common or collective trust or certain insurance company separate accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Investor checked this <u>clause (g)</u>, do the underlying assets of the Investor include the "plan assets" of one or more Benefit Plan Investors that are subject to ERISA or Code §4975?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ☐ An insurance company general account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the undersigned Investor checked this <u>clause (h)</u>, the percentage of the insurance company general account's assets invested in the Company are the assets of "benefit plan investors" within the meaning of Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder is %

4. If the undersigned Investor checked any of the <u>items</u> in <u>Statements 2</u> or <u>3</u> above, then the Investor hereby represents and warrants to and agrees with the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The decision to invest assets of the Investor in the Company was made by parties independent of the Company, the Adviser, any of their affiliates and any placement agent, which parties are duly authorized to make such investment decisions and who have concluded, after consideration of their fiduciary duties under applicable law, that the investment of assets of the Investor in the Company is prudent, and neither Investor nor such parties have solicited or relied on any advice or recommendation of the Company, the Adviser or any placement agent or any of their respective partners, members, employees, stockholders, officers, directors, agents, representatives or affiliates (each, a "<u>Remora Party</u>") regarding any basis in respect of the advisability of the subscription for the Shares in light of the Investor's or underlying plan's assets, cash needs, investment policies or strategy, overall portfolio composition or plan for diversification of assets or otherwise.

2-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Remora Parties have exercised any discretionary authority or control with respect to the Investor's investment in the Company, nor have any of the Remora Parties rendered individualized investment advice to the Investor based upon the Investor's investment policies or strategy, overall portfolio composition or diversification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Remora Parties is a "fiduciary" of the Investor or any underlying plan within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code (either with respect to the Investor's decision to subscribe for the Shares, to hold the Shares or otherwise maintain its investment in the Company, to dispose of the Shares, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) The Investor has been informed of and understands the investment objectives and policies of the Company; (ii) the Investor is aware of the provisions of Section 404 of ERISA or any similar provisions of applicable law governing the Investor ("<u>Similar Law</u>") relating to fiduciary duties, including any applicable requirement for diversifying the investments of an employee benefit plan; (iii) the Investor has given appropriate consideration to the facts and circumstances relevant to the investment by such Investor in the Company and has determined that such investment is reasonably designed, as part of such Investor's portfolio of investments, to further the purposes of the relevant plan(s); and (iv) the Investor's investment in the Company is permissible under the documents governing the investment of its "plan assets" and under ERISA or Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Investor is, or is acting (directly or indirectly) on behalf of an employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) or a plan, individual retirement account or other arrangement described in Section 4975 of the Code (a "<u>Plan</u>"), (i) the decision to invest in the Company was made by a fiduciary (within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code, or under Similar Laws) of the Plan (the "<u>Fiduciary</u>"), and such Fiduciary and each person who receives advice of any character from any Remora Party in connection with the Investor's subscription to and investment in the Company, if any, (A) is independent of and unrelated to any Remora Party; (B) is responsible for exercising independent judgment in evaluating the investment in the Company; (C) is duly authorized to make such an investment decision; (D) is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies, including the Plan's investment in the Company; (E) understands that none of the Remora Parties is undertaking or has undertaken to provide investment advice (whether impartial or otherwise), or to give advice in a fiduciary capacity, to the Plan in connection with the Plan's subscription for, holding, or disposition of the Shares, or otherwise, (F) acknowledges that the existence and nature of any fees paid to the Remora Parties has been disclosed in the Offering Memorandum; (G) understands that none of the Remora Parties receives a fee or other compensation from the Investor or the Fiduciary for the provision of investment advice in connection with the Investor's subscription for, holding or disposition of the Shares; and (H) understands that none of the Remora Parties has exercised any investment discretion or control with respect to the Plan's purchase of the Shares, has authority or responsibility to give, or has given, individualized investment advice with respect to the Plan's purchase of the Shares or is the employer maintaining or contributing to such Plan; (ii) if the Investor is an ERISA Partner, any other plan to which Section 4975 of the Code applies (including (if the Investor is a natural person) an individual retirement account, or any other entity (including for example a fund of funds, an insurance company separate account or general account or a group trust) whose underlying assets are deemed under the U.S. Department of Labor regulations Section 2510.3-101 et. seq. or Section 2550.401c-1 to include the assets of any such employee benefit plan or plan by reason of an investment in such entity by any such employee benefit plan or plan) the Fiduciary and each person who receives advice of any character from any Remora Party in connection with the Investor's subscription to and investment in the Company, if any, qualifies as one or more of the types of independent fiduciaries listed in United States Department of Labor Regulation 29 C.F.R. § 2510.3- 21(c)(i); (iii) the Fiduciary has taken into consideration its fiduciary duties under ERISA or any applicable Similar Laws, including the diversification requirements of Section 404(a)(1)(C) of ERISA (if applicable), in authorizing the Plan's investment in the Company and has concluded that such investment is prudent; and (iv) the Plan's investment in the Company and the purchase of the Shares is in accordance with the terms of the Plan's governing instruments and complies with all applicable requirements of ERISA, the Code and similar laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The subscription for, holding and disposition of the Shares by the Investor will not result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms of the Articles of Amendment and Restatement and Bylaws comply with the Investor's governing instruments and applicable laws governing the Investor, and the Investor will promptly advise the Company in writing of any changes in any governing law or any regulations or interpretations thereunder affecting the duties, responsibilities, liabilities or obligations of the Company or any Remora Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of any Other Plan Investor, the subscription for, holding and disposition of the Shares by such Investor will not result in a violation of any federal, state, local, non-U.S. or other laws or regulations applicable to such Investor which are substantially similar to ERISA, including Section 406 of ERISA, or any other provision thereof or any regulation promulgated thereunder, or Section 4975 of the Code, and the Company's assets will not constitute the assets of such plan under the provisions of applicable law.

2-3

**<u>EXHIBIT 3</u>**

***Please print or type the following information***

**INVESTOR CONTACT SHEET**

Name of Investor: ____________________________________________________________

Prepared by: ________________________________________________________________

---

| | | |
|:---|:---|:---|
| **Primary Contact** | **Tax ID Number of <br> U.S. Investor** | **This Contact should receive:** |
| Name ____________________________<br> Title _____________________________<br> Company _________________________<br> Address __________________________<br> _________________________________<br> _________________________________<br> Phone ______________ Fax __________<br> E-mail<u> </u><br>| <br>________________________<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Capital Call Notices<br> ☐ Distribution Notices<br> ☐ Quarterly Reports<br> ☐ Audited Financial Reports<br> ☐ Legal Documents<br> ☐ Tax Information |

---

---

| | | |
|:---|:---|:---|
| **Additional Contact** | **Contact Type** | **This Contact should receive:** |
| Name ____________________________<br> Title _____________________________<br> Company _________________________<br> Address __________________________<br> _________________________________<br> _________________________________<br> Phone ______________ Fax __________<br> E-mail<u> </u><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>☐ Accountant<br> ☐ Attorney<br> ☐ Banker<br> ☐ Financial Advisor<br> ☐ Trustee<br> ☐ Office Manager<br> ☐ Other: ______________<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Capital Call Notices<br> ☐ Distribution Notices<br> ☐ Quarterly Reports<br> ☐ Audited Financial Reports<br> ☐ Legal Documents<br> ☐ Tax Information |

---

---

| | | |
|:---|:---|:---|
| **Additional Contact** | **Contact Type** | **This Contact should receive:** |
| Name ____________________________<br> Title _____________________________<br> Company _________________________<br> Address __________________________<br> _________________________________<br> _________________________________<br> Phone ______________ Fax __________<br> E-mail<u> </u><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>☐ Accountant<br> ☐ Attorney<br> ☐ Banker<br> ☐ Financial Advisor<br> ☐ Trustee<br> ☐ Office Manager<br> ☐ Other:<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Capital Call Notices<br> ☐ Distribution Notices<br> ☐ Quarterly Reports<br> ☐ Audited Financial Reports<br> ☐ Legal Documents<br> ☐ Tax Information |

---

**(If you have additional contacts, please copy this sheet to make additional entries.)**

3-1

**<u>EXHIBIT 3</u>**

***Please print or type the following information***

**ACH/WIRE DISTRIBUTION INFORMATION**

Name of Investor: _________________________________________________________________________

Prepared by: _____________________________________________________________________________

**<u>Cash Distribution Information</u>**

**<u>ACH/Wire Delivery</u>**

---

| |
|:---|
| Bank Name: |
| Bank ABA Number: |
| Acct Name: |
| Acct Number: |
| Further Credit Account |
| Name: |
| *(if applicable)* |
| Further Credit Account |
| Number: |
| *(if applicable)* |

---

 

Special Instructions for Wire Delivery (*if any*):

3-2

**<u>EXHIBIT 4</u>**

**KNOW-YOUR-CUSTOMER AUTHORIZATION FORM**

*(All Investors must complete this Exhibit 4)*

---

| |
|:---|
| &nbsp;&nbsp;**INTERNAL USE ONLY:** |
| &nbsp;&nbsp;Account No.: ________________________ |
| &nbsp;&nbsp;Account Name: ______________________ |

---

Gentlemen/Ladies:

In connection with my/our desire to invest in Remora Capital Corporation

I/we hereby attach a true and correct copy of my/our current

Driver's License

or

\*\*\* Passport \*\*\*

Additionally, I hereby authorize US Bancorp Fund Services to verify my name, address, and telephone number through LexisNexis Bridger Insight & FINRA OFAC reporting databases.

---

| | |
|:---|:---|
|  | Sincerely, |
|  | Signature |
| Home phone# ___________________________ |  |
|  | Print Name |
|  | Social Security Number |

---

\*\*\*\*\*\*PLEASE NOTE IF SUBMITTING A PASSPORT KINDLY INCLUDE A RECENT UTILITY BILL OR ANOTHER TYPE OF INVOICE INDICATING RESIDENTIAL ADDRESS.\*\*\*\*\*\*\*\*\*\*

4-1

**<u>EXHIBIT 4</u>**

**KNOW-YOUR-CUSTOMER AUTHORIZATION FORM**

*(All Investors must complete this Exhibit 4)*

---

| |
|:---|
| &nbsp;&nbsp;**INTERNAL USE ONLY:** |
| &nbsp;&nbsp;Account No.: _______________________ |
| &nbsp;&nbsp;Account Name: _____________________ |

---

Gentlemen/Ladies:

In connection with my/our desire to invest in Remora Capital Corporation

I/we hereby attach a true and correct copy of my/our current

Driver's License

or

\*\*\* Passport \*\*\*

Additionally, I hereby authorize US Bancorp Fund Services to verify my name, address, and telephone number through LexisNexis Bridger Insight & FINRA OFAC reporting databases.

---

| | |
|:---|:---|
|  | Sincerely, |
|  | Signature |
| Home phone# ___________________________ |  |
|  | Print Name |
|  | Social Security Number |

---

\*\*\*\*\*\*PLEASE NOTE IF SUBMITTING A PASSPORT KINDLY INCLUDE A RECENT UTILITY BILL OR ANOTHER TYPE OF INVOICE INDICATING RESIDENTIAL ADDRESS.\*\*\*\*\*\*\*\*\*\*

4-1

**<u>EXHIBIT 5</u>**

**REMORA CAPITAL CORPORATION**

**NOTICE REGARDING PRIVACY OF FINANCIAL INFORMATION**

Pursuant to the Gramm-Leach-Bliley Act, Public Law No. 106–102, and the rule issued by the Federal Trade Commission regarding the Privacy of Consumer Financial Information, 16 C.F.R. pt. 313 the ("<u>FTC Privacy Rule</u>"), institutions that provide certain financial products or services to individuals to be used for personal, family, or household purposes are required to provide written notices to their customers regarding disclosure of nonpublic personal information. We have been advised that we may be subject to such requirement. This notice is being provided to you to comply with the FTC Privacy Rule and so that you will know the type of information we collect about you and the circumstances in which the information may be disclosed to third parties.

In order to accurately and efficiently conduct the Company's investment program, we must collect and maintain certain non-public information about you and the Company's other investors. We understand that it is our obligation to maintain the confidentiality of this information. As a consequence, we do not disclose any nonpublic personal information about our investors or former investors to anyone other than our affiliates, investors, service providers, and employees, except as required by law. The following describes how nonpublic personal information may be disclosed to such persons:

<u>Investors</u>. We may provide limited personally-identifiable financial information such as a schedule of investors and capital account information, to all investors in the Company. Certain of our investors may retain consultants who receive this information on their behalf.

<u>Affiliates, Service Providers, and Employees</u>. We collect, and may disclose to our affiliates and service providers (e.g., our attorneys, accountants, lending institutions, and entities that assist us with the distribution of stock to our investors) on a "need to know" basis, limited nonpublic personal information about you from the following sources:

● Information we receive from you as set forth in your subscription agreement, investor questionnaire or similar forms, such as your name, address, and social security or tax identification number; and

● Information about your transactions with us, our affiliates and service providers, or others, your participation in the Company, such as your capital account balance, contributions and distributions and, in the case of an investor that is an individual retirement account, information with regard to such account.

We restrict access to any nonpublic personal information about you to those employees who need to know that information to provide services to the Company and its investors.

We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, we will continue to assess new technology for protecting information with regard to our investors.

The policy may change from time to time and you may review our current policy by requesting a copy. Only with your consent will we share your personal information in any manner other than described herein. This notice applies to all Remora Capital Management, LLC sponsored funds.

5-1

**<u>EXHIBIT 6</u>**

**REMORA CAPITAL CORPORATION**

**ELECTION NOTICE UNDER DISTRIBUTION REINVESTMENT PROGRAM**

<u>Instructions</u>:

No action will be required on the part of an investor (an "<u>Investor</u>") to receive its cash dividend or distribution in cash. A subscriber may elect to have their entire distribution (and all future distributions, until further notice) reinvested in shares of common stock, par value $0.001 per share (the "<u>Shares</u>"), of Remora Capital Corporation (the "<u>Company</u>") by remitting this form to the Company no later than ten (10) days prior to the record date for the first distribution to which it relates. To elect to have your full distributions reinvested in additional Shares, mark the appropriate box in Part (A) below and fill out your contact information under Part (B) below.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Until further notice, I would like to receive my full distributions
in:

☐ ADDITIONAL SHARES OF REMORA CAPITAL CORPORATION

&nbsp;&nbsp;&nbsp;&nbsp;(B) Investor Information:

---

| |
|:---|
| &nbsp;&nbsp;**Investor Name** |
| &nbsp;&nbsp;**Street** |
| &nbsp;&nbsp;**City** |
| &nbsp;&nbsp;**State** |
| &nbsp;&nbsp;**Zip Code** |
| &nbsp;&nbsp;**Country** |
| &nbsp;&nbsp;**Telephone Number** |
| &nbsp;&nbsp;**Facsimile Number** |
| &nbsp;&nbsp;**Email Address** |
| &nbsp;&nbsp;**Tax Identification or Social Security Number** |

---

---

| |
|:---|
| **By:** |
| **Name:** |
| **Title (if applicable):** |

---

6-1

## Exhibit 4.2

**Exhibit 4.2**

**REMORA CAPITAL CORPORATION**

**FORM OF ARTICLES SUPPLEMENTARY<br> ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES<br> OF PREFERRED STOCK<br> DATED AS OF [●] [●], 2025**

Pursuant to Section 2-204 of the<br> General Corporation Law of the State of Maryland

Remora Capital Corporation, a corporation organized and existing under the laws of the State of Maryland (the "<u>Corporation</u>"), certifies that pursuant to the authority contained in its articles of amendment and restatement (the "<u>Articles of Amendment and Restatement</u>"), and in accordance with the provisions of Section 2-204 of the Maryland General Corporation Law (the "<u>MGCL</u>"), the Board of Directors of the Corporation (the "<u>Board of Directors</u>," which term as used herein shall include any duly authorized committee of the Board of Directors) has duly approved and adopted the following resolution on [**●**] [**●**], 2025:

**RESOLVED,** that pursuant to the authority vested in the Board of Directors by the Articles of Amendment and Restatement and as set forth in Section 2-204 of the MGCL, the Board of Directors does hereby approve the designation of 50,000,000 authorized but unissued shares of preferred stock, par value $0.001 per share, without designation as to series as Series A Preferred Stock (the "<u>Series A Preferred Stock</u>"), having the designations, preferences, relative, participating, optional and other special rights and the qualifications, limitations and restrictions thereof that are set forth in the Articles of Amendment and Restatement and in this resolution as follows:

**ARTICLE I<br> NUMBER OF SHARES; RANKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. A series of 50,000,000 shares of the preferred stock, par value $0.001 per share, authorized by the Articles of Amendment and Restatement are hereby designated as the Series A Preferred Stock. Each share of Series A Preferred Stock shall have such preferences, voting powers, restrictions, limitations as to dividends and distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Articles of Amendment and Restatement, as are set forth in this Articles Supplementary. The Series A Preferred Stock shall constitute a separate series of Capital Stock (as defined below) and each share of Series A Preferred Stock shall be identical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Series A Preferred Stock shall rank on parity with shares of any other series of preferred stock, whether now or hereafter issued by the Corporation, and any other shares of Capital Stock hereafter authorized and issued by the Corporation of a class having priority over any other class as to distribution of assets or payments of dividends (together with the Series A Preferred Stock, the "<u>Preferred Stock</u>") as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Corporation. The Series A Preferred Stock shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Corporation over the shares of common stock of the Corporation, par value $0.001 per share (the "<u>Common Stock</u>" and, together with the Preferred Stock, the "<u>Capital Stock</u>"), of the Corporation as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. No individual, partnership, trust, corporation, limited liability company, unincorporated association, joint venture or other entity, or a government or any agency or political subdivision thereof (each, a "<u>Person</u>") in whose name the Series A Preferred Stock or any other security issued by the Corporation is registered in the registration books of the Corporation maintained by U.S. Bank Trust Company, National Association and its successors, or any other redemption and paying agent appointed by the Corporation with respect to the Series A Preferred Stock (the "<u>Redemption and Paying Agent</u>") or otherwise (such person, a "<u>Holder</u>") of shares of Series A Preferred Stock shall have, solely by reason of being such a Holder, any preemptive or other right to acquire, purchase or subscribe for any share of Series A Preferred Stock, other Preferred Stock or shares of Common Stock or other securities of the Corporation that it may hereafter issue or sell.

**ARTICLE II<br> DIVIDENDS AND DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Holders of shares of Series A Preferred Stock shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Directors, out of funds legally available therefor and in preference to dividends and distributions on the Common Stock, cumulative cash dividends and distributions on each share of Series A Preferred Stock, calculated separately for each Dividend Period (as defined below) at 0.075% per annum of the par value of the Corporation's loan assets and similar investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Corporation's Board of Directors or valuation designee) (the "<u>Initial Dividend Rate</u>") through the first anniversary of the Corporation's election to be regulated as a business development company under the Investment Company Act of 1940, as amended; and thereafter, 0.10% per annum of the par value of the Corporation's loan assets and similar investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Corporation's Board of Directors or valuation designee) (the "<u>Fixed Dividend Rate</u>") as adjusted, if a Default Period (as defined below) shall be in existence on such date, in accordance with the provisions of <u>Section 2.8</u> (the "<u>Dividend Rate</u>") in effect from time to time for the Series A Preferred Stock during such Dividend Period (as defined below), computed on the basis of a 360-day year consisting of twelve 30-day months, on an amount equal to $25.00 (the "<u>Liquidation Preference</u>") for a share of the Series A Preferred Stock, and no more. Dividends and distributions on the Series A Preferred Stock shall accumulate from [**●] [●]**, 2025 (the "<u>Date of Original Issue</u>") and shall be payable quarterly in arrears as provided in <u>Section 2.6</u>. Dividends on the Series A Preferred Stock will be computed on the basis of a 360-day year consisting of four 90-day quarters. The amount of dividends payable on the Series A Preferred Stock on any date prior to the end of a dividend period, and for the initial dividend period, will be computed on the basis of a 360-day year consisting of four 90-day quarters, and actual days elapsed over a 90-day quarter.

"<u>Dividend Period</u>" means, with respect to each share of Series A Preferred Stock then Outstanding (as defined below), in the case of the first Dividend Period, the period beginning on the Date of Original Issue and ending on and including September 30, 2025 and for each subsequent Dividend Period, the period beginning on and including the first calendar day of the quarter following the quarter in which the previous Dividend Period ended and ending on and including the last calendar day of such quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Declaration and Payment; Dividends in Arrears</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dividends on shares of the Series A Preferred Stock with respect to any Dividend Period shall be declared to the Holders of record of such shares as their names shall appear on the registration books of the Corporation at the close of business on the applicable record date, which shall be such date designated by the Board of Directors that is not more than twenty (20) nor less than ten (10) calendar days prior to the Dividend Payment Date (as defined below) with respect to such Dividend Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends declared pursuant to <u>Section 2.1</u> shall be paid on the last Business Day (as defined below) of the month following each Dividend Period (the "<u>Dividend Payment Date</u>") to the Holders of shares as their names appear on the registration books of the Corporation at the close of business on the applicable record date for such dividend; <u>provided</u>, <u>however</u>, that dividends with respect to the first Dividend Period of the Series A Preferred Stock will be paid on October 31, 2025 to Holders of record of such Series A Preferred Stock as their names appear on the registration books of the Corporation at the close of business on September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends in arrears on shares of Series A Preferred Stock for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares as their names appear on the registration books of the Corporation on such date, not exceeding twenty (20) nor less than ten (10) calendar days preceding the payment date thereof, as may be fixed by the Board of Directors. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on shares of Series A Preferred Stock which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. No full dividends and distributions shall be declared or paid on shares of the Series A Preferred Stock for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent dividend payment dates therefor for all Outstanding shares of Preferred Stock have been or contemporaneously are declared and paid through the most recent dividend payment dates therefor. If full cumulative dividends and distributions due have not been declared and paid on all Outstanding shares of Preferred Stock of any series, any dividends and distributions being declared and paid on the Series A Preferred Stock will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of Preferred Stock on the relevant dividend payment date for such series. No Holders of shares of Series A Preferred Stock shall be entitled to any dividends and distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in this <u>Section 2.3</u> on the Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. For so long as any shares of Series A Preferred Stock are Outstanding (as defined below), the Corporation shall not: (x) declare any dividend or other distribution (other than a dividend or distribution paid in shares of Common Stock) in respect of the Common Stock, (y) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Stock, or (z) pay any proceeds of the liquidation of the Corporation in respect of the Common Stock, unless, in each case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately thereafter, the Corporation shall have "asset coverage," as defined for purposes of Section 18(h) of the Investment Company Act of 1940, as amended, or any successor statute (the "<u>1940 Act</u>"), of at least 200% with respect to all Outstanding senior securities which are stock of the Corporation, including all Outstanding shares of the Series A Preferred Stock (or such other percentage as may in the future be specified in the 1940 Act or by rule, regulation or order of the Securities and Exchange Commission (the "<u>SEC</u>") as the minimum asset coverage for senior securities which are stock of a closed-end registered investment company), after deducting the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all cumulative dividends and distributions on all shares of Series A Preferred Stock and all other Preferred Stock ranking on a parity with the Series A Preferred Stock due on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been either (i) declared and paid or (ii) declared and Deposit Securities or sufficient funds (in accordance with the terms of such Preferred Stock) for the payment thereof shall have been deposited irrevocably with the paying agent for such Preferred Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation shall have deposited Deposit Securities pursuant to and in accordance with the requirements of <u>Section 5.4</u> hereof with respect to Outstanding shares of Series A Preferred Stock to be redeemed pursuant to <u>Section 5.2</u> hereof for which a Notice of Redemption (as defined below) shall have been given or shall have been required to be given in accordance with the terms hereof on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition.

"<u>Outstanding</u>" means, as of any date with respect to the Series A Preferred Stock, the number of shares of Series A Preferred Stock theretofore issued by the Corporation except (without duplication): (A) any shares of the Series A Preferred Stock theretofore cancelled or redeemed or delivered to the Redemption and Paying Agent for cancellation or redemption in accordance with the terms hereof; (B) any shares of Series A Preferred Stock as to which the Corporation shall have given a Notice of Redemption and irrevocably deposited with the Redemption and Paying Agent sufficient Deposit Securities to redeem such shares in accordance with <u>ARTICLE V</u> hereof; and (C) any shares of Series A Preferred Stock as to which the Corporation shall be the Holder or the beneficial owner.

"<u>Deposit Securities</u>" means, as of any date, any United States dollar-denominated security or other investment of a type described below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date (as defined below), Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security: (A) cash or any cash equivalent; (B) any U.S. Government Obligation (as defined below); (C) any Short-Term Money Market Instrument (as defined below); (D) any investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Short-Term Money Market Instruments or U.S. Government Obligations or any combination thereof; or (E) any letter of credit from a bank or other financial institution that has a credit rating from at least one nationally recognized statistical rating organization that is the highest applicable rating generally ascribed by such rating agency to bank deposits or short-term debt of similar banks or other financial institutions as of the date of this Articles Supplementary (or such rating's future equivalent).

"<u>Short-Term Money Market Instruments</u>" means the following types of instruments if, on the date of purchase or other acquisition thereof by the Corporation, the remaining term to maturity thereof is not in excess of 180 days: (i) commercial paper rated A-1, if such commercial paper matures within 30 days, or A-1+, if such commercial paper matures in over 30 days; (ii) demand or time deposits in, and bankers' acceptances and certificates of deposit of (A) a depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B) a United States branch office or agency of a foreign depository institution (provided that such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District of Columbia); and (iii) overnight funds.

"<u>U.S. Government Obligations</u>" means direct obligations of the United States or of its agencies or instrumentalities that are entitled to the full faith and credit of the United States and that, other than United States treasury bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Any dividend payment made on shares of Series A Preferred Stock shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Not later than 12:00 noon, New York City time, on a Dividend Payment Date, the Corporation shall deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value (as defined below) on such date sufficient to pay the dividends and distributions that are payable on such Dividend Payment Date. The Corporation may direct the Redemption and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities prior to the Dividend Payment Date, <u>provided</u>, that such investment consists exclusively of Deposit Securities and <u>provided</u>, <u>further</u>, that the proceeds of any such investment will be available as same day funds at the opening of business on such Dividend Payment Date.

"<u>Market Value</u>" of any asset means, for securities for which market quotations are readily available, the market value thereof determined by an independent third-party pricing service designated from time to time by the Board of Directors. Market Value of any asset shall include any interest accrued thereon. The pricing service values portfolio securities at the mean between the quoted bid and asked price or the yield equivalent when quotations are readily available. Securities for which quotations are not readily available are valued at fair value as determined by the pricing service using methods that include consideration of: yields or prices of securities of comparable quality, type of issue, coupon, maturity and rating; indications as to value from dealers; and general market conditions. The pricing service may employ electronic data processing techniques or a matrix system, or both, to determine recommended valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. All Deposit Securities paid to the Redemption and Paying Agent for the payment of dividends payable on the Series A Preferred Stock shall be held in trust for the payment of such dividends by the Redemption and Paying Agent for the benefit of the Holders entitled to the payment of such dividends pursuant to <u>Section 2.6</u>. Any moneys paid to the Redemption and Paying Agent in accordance with the foregoing but not applied by the Redemption and Paying Agent to the payment of dividends, including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Corporation as soon as possible after the date on which such moneys were to have been so applied, upon request of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Dividend Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Dividend Rate on the Series A Preferred Stock shall be adjusted, for any calendar day, to the Initial Dividend Rate or the Fixed Dividend Rate, as applicable, plus two hundredths of a percent (0.02%) per annum (the "<u>Default Rate</u>") in the following circumstances. Subject to the cure provisions below, a "<u>Default Period</u>" with respect to the Series A Preferred Stock shall commence on any date the Corporation fails to deposit with the Redemption and Paying Agent by 12:00 noon, New York City time, on a Dividend Payment Date, Deposit Securities that will provide funds available to the Redemption and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend payable on such Dividend Payment Date (a "<u>Default</u>"). Subject to the cure provisions of <u>Section 2.8(b)</u> below, a Default Period with respect to a Default on the Series A Preferred Stock shall end on the calendar day on which the New York Stock Exchange is open for trading (each such day, a "<u>Business Day</u>") on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends shall have been deposited irrevocably in trust in same-day funds with the Redemption and Paying Agent. In the case of any Default on the Series A Preferred Stock, the Dividend Rate for each calendar day during the Default Period will be equal to the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default Period for the Series A Preferred Stock with respect to any Default on the Series A Preferred Stock shall be deemed to commence if the amount of any dividend due in respect of the Series A Preferred Stock (if such Default is not solely due to the willful failure of the Corporation) is deposited irrevocably in trust, in same-day funds, with the Redemption and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3) Business Days after the applicable Dividend Payment Date with respect to which such Default occurred, together with an amount equal to the Default Rate applied to the amount and period of such non-payment based on the actual number of calendar days comprising such period divided by three hundred and sixty (360).

**ARTICLE III<br> LIQUIDATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the Holders of shares of Series A Preferred Stock shall be entitled to receive out of the assets of the Corporation available for distribution to stockholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Common Stock, a liquidation distribution of the Liquidation Preference for the shares of the Series A Preferred Stock, plus an amount equal to all unpaid dividends and distributions on such shares accumulated to (but excluding) the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Corporation, but excluding interest thereon) (such amount, the "<u>Redemption Price</u>"), and such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. If, upon any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the assets of the Corporation available for distribution among the Holders of all Outstanding shares of Series A Preferred Stock and any other Outstanding shares of Preferred Stock shall be insufficient to permit the payment in full to such Holders of the Redemption Price as provided in <u>Section 3.1</u> above and the amounts due upon liquidation with respect to such other Preferred Stock, then such available assets shall be distributed among the Holders of such shares of Series A Preferred Stock and such other Preferred Stock ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, unless and until the Redemption Price, as provided in <u>Section 3.1</u> above has been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no redemption, purchase or other acquisition by the Corporation will be made by the Corporation in respect of, shares of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Neither the sale of all or substantially all of the property or business of the Corporation, nor the merger, consolidation or reorganization of the Corporation into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory trust, corporation or other entity into or with the Corporation shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purpose of this <u>ARTICLE III</u>.

**ARTICLE IV<br> ASSET COVERAGE TEST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Asset Coverage Requirement</u>. For so long as any shares of Series A Preferred Stock are Outstanding, the Corporation shall have "asset coverage" of a class of senior security which is stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof ("<u>Asset Coverage</u>"), of at least 150% as of the close of business on the last Business Day of any of the three month periods ending March 31, June 30, September 30, or December 31 of each year (each, a "<u>Calendar Quarter</u>"). If the Corporation shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined as aforesaid, the provisions of <u>Section 5.2(a)</u> shall be applicable, which provisions shall constitute the sole remedy for the Corporation's failure to comply with the provisions of this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Calculation of Asset Coverage</u>. For purposes of determining whether the requirements of <u>Section 4.1</u> are satisfied, (i) no shares of Series A Preferred Stock or other Preferred Stock shall be deemed to be Outstanding for purposes of any computation required by <u>Section 4.1</u> if, prior to or concurrently with such determination, either (x) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series A Preferred Stock or other Preferred Stock) to pay the full Redemption Price for the Series A Preferred Stock or other Preferred Stock (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the Series A Preferred Stock or other Preferred Stock and the requisite notice of redemption for the Series A Preferred Stock or other Preferred Stock (or the portion thereof to be redeemed) shall have been given or (y) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series A Preferred Stock or other Preferred Stock) to pay the full Redemption Price for the Series A Preferred Stock or other Preferred Stock (or the portion thereof to be redeemed) shall have been segregated by a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in Section 26(a)(1) of the 1940 Act, or such other entity as shall be then providing custodian services to the Corporation as permitted by the 1940 Act or any rule, regulation, or order thereunder (the "<u>Custodian</u>," which shall include any similarly qualified sub-custodian duly appointed by the Custodian) and the Corporation from the assets of the Corporation, by means of appropriate identification on the Custodian's books and records or otherwise in accordance with the Custodian's normal procedures, and (ii) the Deposit Securities or other sufficient funds that shall have been deposited with the applicable paying agent and/or segregated by the Custodian, as applicable, as provided in clause (i) of this sentence shall not be included as assets of the Corporation for purposes of such computation.

**ARTICLE V<br> REDEMPTION**

Shares of Series A Preferred Stock shall be subject to redemption by the Corporation as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Asset Coverage Mandatory Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation fails to comply with the Asset Coverage requirement as provided in <u>Section 4.1</u> as of the last Business Day of any Calendar Quarter and such failure is not cured as of the date that is thirty (30) calendar days following the date of filing of the Corporation's Annual Report on Form 10-K or Quarterly Report on Form 10-Q, (each, an "<u>SEC Report</u>") with the SEC with respect to such Calendar Quarter (such Business Day, the "<u>Asset Coverage Cure Date</u>"), the Corporation shall, to the extent permitted by the 1940 Act and Maryland law, by the close of business on such Asset Coverage Cure Date, fix a redemption date and proceed to redeem in accordance with the terms of such Preferred Stock, a sufficient number of shares of Preferred Stock, which at the Corporation's sole option (to the extent permitted by the 1940 Act and Maryland law) may include any number or proportion of the shares of Series A Preferred Stock, to enable it to meet the requirements of <u>Section 5.2(b)</u>. In the event that any shares of Series A Preferred Stock then Outstanding are to be redeemed pursuant to this <u>Section 5.2(a)</u>, the Corporation shall redeem such shares at a price per share equal to the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the redemption date for a redemption contemplated by <u>Section 5.2(a)</u>, the Corporation shall redeem, out of funds legally available therefor, (x) such number of shares of Preferred Stock (which may include at the sole option of the Corporation any number or proportion of the shares of Series A Preferred Stock) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Corporation having Asset Coverage on such Asset Coverage Cure Date of at least 150% (<u>provided</u>, <u>however</u>, that if there is no such minimum number of shares of Series A Preferred Stock and other shares of Preferred Stock the redemption or retirement of which would have such result, all shares of Series A Preferred Stock and other shares of Preferred Stock then Outstanding shall be redeemed), or (y) if fewer, the maximum number of shares of Preferred Stock that can be redeemed out of funds expected to be legally available therefor in accordance with the Articles of Amendment and Restatement and applicable law, <u>provided</u>, <u>further</u>, that in connection with redemption for failure to maintain such Asset Coverage requirement, the Corporation may at its sole option, but is not required to, redeem a sufficient number of shares of Series A Preferred Stock pursuant to this <u>Section 5.2</u> that, when aggregated with other shares of Preferred Stock redeemed by the Corporation, would result, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Corporation having Asset Coverage on such Asset Coverage Cure Date of up to and including 285%. The Corporation shall effect such redemption on the date fixed by the Corporation therefor, which date shall not be later than ninety (90) calendar days after such Asset Coverage Cure Date, except that if the Corporation does not have funds legally available for the redemption of all of the required number of shares of Series A Preferred Stock and other shares of Preferred Stock which have been designated to be redeemed or the Corporation otherwise is unable to effect such redemption on or prior to ninety (90) calendar days after such Asset Coverage Cure Date, the Corporation shall redeem those shares of Series A Preferred Stock and other shares of Preferred Stock which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding shares of Series A Preferred Stock are to be redeemed pursuant to this <u>Section 5.2</u>, the number of shares of Series A Preferred Stock to be redeemed shall be redeemed (A) pro rata among the Outstanding shares of Series A Preferred Stock, (B) by lot or (C) in such other manner as the Board of Directors may determine to be fair and equitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Procedures for Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation shall determine or be required to redeem, in whole or in part, shares of Series A Preferred Stock pursuant to <u>Section 5.2</u>, the Corporation shall deliver a notice of redemption (the "<u>Notice of Redemption</u>"), by overnight delivery, by first class mail, postage prepaid or by Electronic Means (as defined below) to Holders thereof, or request the Redemption and Paying Agent, on behalf of the Corporation, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means. A Notice of Redemption shall be provided not less than thirty (30) nor more than forty-five (45) calendar days prior to the date fixed for redemption in such Notice of Redemption (the "<u>Redemption Date</u>"). Each such Notice of Redemption shall state: (A) the Redemption Date; (B) the number of shares of Series A Preferred Stock to be redeemed; (C) the CUSIP number for shares of Series A Preferred Stock; (D) the applicable Redemption Price on a per share basis; (E) that dividends on the shares of Series A Preferred Stock to be redeemed will cease to accumulate from and after such Redemption Date; and (F) the provision(s) of this Articles Supplementary under which such redemption is made. If fewer than all shares of Series A Preferred Stock held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of shares of Series A Preferred Stock to be redeemed from such Holder or the method of determining such number. The Corporation may provide in any Notice of Redemption relating to a redemption contemplated to be effected pursuant to this Articles Supplementary that such redemption is subject to one or more conditions precedent and that the Corporation shall not be required to effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required by applicable law.

"<u>Electronic Means</u>" means e-mail transmission, facsimile transmission or other similar electronic means of communication providing evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending party and the receiving party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly confirmed by any other method set forth in this definition), which, in the case of notices to the Redemption and Paying Agent and the Custodian, shall be sent by such means to each of its representatives set forth in (i) the Redemption and Paying Agent Agreement, or other similarly titled agreement, by and among the Redemption and Paying Agent for the Series A Preferred Stock and the Corporation and (ii) the Custodian Agreement by and among the Custodian and the Corporation with respect to the Series A Preferred Stock, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Corporation shall give a Notice of Redemption, then at any time from and after the giving of such Notice of Redemption and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have been met or waived by the Corporation), the Corporation shall (A) deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the shares of Series A Preferred Stock to be redeemed on the Redemption Date and (B) give the Redemption and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the shares of Series A Preferred Stock called for redemption on the Redemption Date. The Corporation may direct the Redemption and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, <u>provided</u>, that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same day funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the date of the deposit of such Deposit Securities, all rights of the Holders of the shares of Series A Preferred Stock so called for redemption shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such shares of Series A Preferred Stock shall no longer be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption Date and (B) the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption Date, which accumulated dividends, unless previously or contemporaneously declared and paid as contemplated by <u>Section 5.4(d)</u> below, shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Corporation shall be entitled to receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the shares of Series A Preferred Stock called for redemption on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of ninety (90) calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Corporation, after which the Holders of the shares of Series A Preferred Stock so called for redemption shall look only to the Corporation for payment of the Redemption Price thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the other provisions of this <u>ARTICLE V</u>, except as otherwise required by law, the Corporation shall not redeem any shares of Series A Preferred Stock unless all accumulated and unpaid dividends and distributions on all Outstanding shares of Series A Preferred Stock and other series of Preferred Stock ranking on a parity with the Series A Preferred Stock with respect to dividends and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Corporation) (x) shall have been or are contemporaneously paid or (y) shall have been or are contemporaneously declared and Deposit Securities or sufficient funds (in accordance with the terms of such Preferred Stock) for the payment of such dividends and distributions shall have been or are contemporaneously deposited with the Redemption and Paying Agent or other applicable paying agent for such Preferred Stock in accordance with the terms of such Preferred Stock, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding shares of Series A Preferred Stock pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding shares of Series A Preferred Stock and any other series of Preferred Stock for which all accumulated and unpaid dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any redemption for which Notice of Redemption has been provided is not made by reason of the absence of legally available funds therefor in accordance with the Articles of Amendment and Restatement and applicable law, such redemption shall be made as soon as practicable to the extent such funds become available. No Default shall be deemed to have occurred if the Corporation shall fail to deposit in trust with the Redemption and Paying Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2) any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has been provided with respect to any shares of Series A Preferred Stock, dividends may be declared and paid on the shares of Series A Preferred Stock in accordance with their terms if Deposit Securities for the payment of the Redemption Price of such shares of Series A Preferred Stock shall not have been deposited in trust with the Redemption and Paying Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Redemption Date After Record Date and Before Dividend Payment Date</u>. Notwithstanding <u>Section 5.2</u>, if any Redemption Date occurs after the applicable record date for a dividend, but on or prior to the related Dividend Payment Date, the dividend payable on such Dividend Payment Date in respect of such Series A Preferred Stock shall be payable on such Dividend Payment Date to the Holders of record of such shares of Series A Preferred Stock at the close of business on the applicable record date, and shall not be payable as part of the Redemption Price for such shares of Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Redemption and Paying Agent as Trustee of Redemption Payments by Corporation</u>. All Deposit Securities transferred to the Redemption and Paying Agent for payment of the Redemption Price of the shares of Series A Preferred Stock called for redemption shall be held in trust by the Redemption and Paying Agent for the benefit of Holders of shares of Series A Preferred Stock so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Corporation in accordance with the provisions of <u>Section 5.4(c)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Compliance with Applicable Law</u>. In effecting any redemption pursuant to this <u>ARTICLE V</u>, the Corporation shall use its best efforts to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable Maryland law, but shall effect no redemption except in accordance with the 1940 Act and any applicable Maryland law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Modification of Redemption Procedures</u>. Notwithstanding the foregoing provisions of this <u>ARTICLE V</u>, the Corporation may, in its sole discretion and without a stockholder vote, modify the procedures set forth above with respect to notification of redemption for the shares of Series A Preferred Stock, <u>provided</u>, that such modification does not materially and adversely affect the Holders of the shares of Series A Preferred Stock or cause the Corporation to violate any applicable law, rule or regulation; and <u>provided</u>, <u>further</u>, that no such modification shall in any way alter the rights or obligations of the Redemption and Paying Agent without its prior consent.

**ARTICLE VI<br> VOTING RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>One Vote Per Share of Series A Preferred Stock</u>. Except as otherwise provided in the Articles of Amendment and Restatement or as otherwise required by applicable law, (i) each Holder of shares of Series A Preferred Stock shall be entitled to one vote for each share of Series A Preferred Stock held by such Holder on each matter submitted to a vote of stockholders of the Corporation, and (ii) the Holders of Outstanding shares of Preferred Stock, including Outstanding shares of Series A Preferred Stock, and of Outstanding shares of Common Stock shall vote together as a single class; <u>provided</u> , <u>however</u>, that the Holders of Outstanding shares of Preferred Stock, including Outstanding shares of Series A Preferred Stock, shall be entitled, as a class, to the exclusion of the Holders of all other securities and classes of Capital Stock of the Corporation, to elect two Directors of the Corporation at all times. Subject to <u>Section 6.2</u>, the Holders of Outstanding shares of Common Stock and Preferred Stock, including shares of Series A Preferred Stock, voting together as a single class, shall elect the balance of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Voting For Additional Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voting Period*. During any period in which any one or more of the conditions described in clauses (i) or (ii) of this <u>Section 6.2(a)</u> shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number of Directors constituting the Board of Directors shall be automatically increased by the smallest number that, when added to the two Directors elected exclusively by the Holders of Preferred Stock, including shares of Series A Preferred Stock, would constitute a majority of the Board of Directors as so increased by such smallest number; and the Holders of Preferred Stock, including Series A Preferred Stock, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of capital stock of the Corporation), to elect such smallest number of additional Directors, together with the two Directors that such Holders are in any event entitled to elect. A Voting Period shall commence:

&nbsp;&nbsp;&nbsp;&nbsp;(i) if, at the close of business
on any dividend payment date for any Outstanding Preferred Stock including any Outstanding shares of Series A Preferred Stock, accumulated
dividends (whether or not earned or declared) on such Outstanding share of Preferred Stock equal to at least two (2) full years'
dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Redemption and Paying
Agent or other applicable paying agent for the payment of such accumulated dividends; or upon the termination of a Voting Period, the
voting rights described in this <u>Section 6.2(a)</u> shall cease, subject always, however, to the revesting of such voting
rights in the Holders of shares of Preferred Stock upon the further occurrence of any of the events described in this <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time Holders of shares
of Preferred Stock are otherwise entitled under the applicable provisions of the 1940 Act to elect a majority of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Special Meeting*. As soon as practicable after the accrual of any right of the Holders of shares of Preferred Stock to elect additional Directors as described in <u>Section 6.2(a)</u>, the Corporation shall call a special meeting of such Holders and notify the Redemption and Paying Agent and/or such other Person as is specified in the terms of such Preferred Stock to receive notice (i) by mailing or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred Stock, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or mailing of such notice. If the Corporation fails to call such a special meeting, it may be called at the expense of the Corporation by any such Holder on like notice. The record date for determining the Holders of shares of Preferred Stock entitled to notice of and to vote at such special meeting shall be the close of business on the Business Day preceding the calendar day on which such notice is mailed. At any such special meeting and at each meeting of Holders of shares of Preferred Stock held during a Voting Period at which Directors are to be elected, such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of Capital Stock of the Corporation), shall be entitled to elect the number of Directors prescribed in <u>Section 6.2(a)</u> on a one-vote-per-share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Office of Existing Directors*. The terms of office of the incumbent Directors of the Corporation at the time of a special meeting of Holders of the shares of Preferred Stock to elect additional Directors in accordance with <u>Section 6.2(a)</u> shall not be affected by the election at such meeting by the Holders of shares of Series A Preferred Stock and such other Holders of shares of Preferred Stock of the number of Directors that they are entitled to elect, and the Directors so elected by the Holders of shares of Series A Preferred Stock and such other Holders of shares of Preferred Stock, together with the two (2) Directors elected by the Holders of shares of Preferred Stock in accordance with <u>Section 6.1</u> hereof and the remaining Directors elected by the Holders of the shares of Common Stock and Preferred Stock, shall constitute the duly elected Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Terms of Office of Certain Directors to Terminate Upon Termination of Voting Period*. Simultaneously with the termination of a Voting Period, the terms of office of the additional Directors elected by the Holders of the shares of Preferred Stock pursuant to <u>Section 6.2(a)</u> shall terminate, the remaining Directors shall constitute the Directors of the Corporation and the voting rights of the Holders of shares of Preferred Stock to elect additional Directors pursuant to <u>Section 6.2(a)</u> shall cease, subject to the provisions of the last sentence of <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Holders of Shares of Series A Preferred Stock to Vote on Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Certain Amendments Requiring Approval of Preferred Stock*. Except as otherwise permitted by the terms of this Articles Supplementary, so long as any shares of Preferred Stock are Outstanding, the Corporation shall not, without the affirmative vote or consent of the Holders of at least two-thirds of the shares of Preferred Stock of all series Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Articles of Amendment and Restatement, or this Articles Supplementary, whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such shares of the Preferred Stock or the Holders thereof; <u>provided</u>, <u>however</u>, that (i) a change in the capitalization of the Corporation in accordance with <u>Section 7.1</u> hereof shall not be considered to materially and adversely affect the rights and preferences of the Preferred Stock, and (ii) a division of a share of Preferred Stock shall be deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the shares. For purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of a share of Preferred Stock or any series thereof, or the Holder of any such share unless such matter (i) alters or abolishes any preferential right of such share of Preferred Stock, or (ii) creates, alters or abolishes any right in respect of redemption of such share (other than as a result of a division of a share of Preferred Stock). So long as any shares of Preferred Stock are Outstanding, the Corporation shall not, without the affirmative vote or consent of at least sixty-seven percent (67%) of the Holders of the shares of Preferred Stock Outstanding at the time, voting as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Corporation is solvent and does not foresee becoming insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *1940 Act Matters*. Unless a higher percentage is provided for in the Articles of Amendment and Restatement, the affirmative vote of the Holders of at least "a majority of the outstanding shares of Preferred Stock," including shares of Series A Preferred Stock Outstanding at the time, voting as a separate class, shall be required (A) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or (B) any action requiring a vote of Holders of the Corporation's securities pursuant to Section 13(a) of the 1940 Act. For purposes of the foregoing, the vote of a "majority of the outstanding shares of Preferred Stock" means the vote at an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Voting Rights Set Forth Herein Are Sole Voting Rights</u>. Unless otherwise required by law or the Articles of Amendment and Restatement, the Holders of shares of Series A Preferred Stock shall not have any relative rights or preferences or other special rights with respect to voting other than those specifically set forth in this <u>ARTICLE VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>No Cumulative Voting</u>. The Holders of shares of Series A Preferred Stock shall have no rights to cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Voting for Directors Sole Remedy for Corporation's Failure to Declare or Pay Dividends</u>. In the event that the Corporation fails to declare or pay any dividends on shares of Series A Preferred Stock on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the shares of Series A Preferred Stock shall be the right to vote for Directors pursuant to the provisions of this <u>ARTICLE VI</u>. Nothing in this <u>Section 6.6</u> shall be deemed to affect the obligation of the Corporation to accumulate and, if permitted by applicable law, the Articles of Amendment and Restatement and this Articles Supplementary, pay dividends at the Default Rate in the circumstances contemplated by <u>Section 2.8</u> hereof.

**ARTICLE VII<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Issuance of Additional Preferred Stock</u>. So long as any shares of Series A Preferred Stock are Outstanding, the Corporation may, without the vote or consent of the Holders thereof, (a) authorize, establish and create and issue and sell shares of one or more series of a class of senior securities of the Corporation representing stock under Section 18 of the 1940 Act, ranking on a parity with the Series A Preferred Stock as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Corporation, in addition to then Outstanding shares of Series A Preferred Stock, and (b) authorize, issue and sell additional shares of any such series then Outstanding or so established and created, including additional shares of Series A Preferred Stock, in each case in accordance with applicable law, <u>provided</u> that the Corporation shall, immediately after giving effect to the issuance of such additional shares of Preferred Stock and to its receipt and application of the proceeds thereof, including to the redemption of shares of Preferred Stock with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by <u>Section 4.2</u> hereof) of at least 150%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Status of Redeemed or Repurchased Series A Preferred Stock</u>. Shares of Series A Preferred Stock that at any time have been redeemed or purchased by the Corporation shall, after such redemption or purchase, have the status of authorized but unissued shares of Capital Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Registered Name</u>. Prior to the commencement of a Voting Period, (i) all shares of Series A Preferred Stock Outstanding from time to time shall be registered in the name of the Depository Trust Company and its successors and assigns, or any other securities depository selected by the Corporation that agrees to follow the procedures required to be followed by such securities depository as set forth in this Articles Supplementary with respect to the Series A Preferred Stock (the "<u>Securities Depository</u>") or its nominee and (ii) no registration of transfer of shares of such Series A Preferred Stock shall be made on the books of the Corporation to any Person other than the Securities Depository or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Notice</u>. All notices or communications hereunder, unless otherwise specified in this Articles Supplementary, shall be sufficiently given if in writing and delivered in person, by Electronic Means or by overnight mail or delivery or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this <u>Section 7.4</u> shall be deemed given on the date received or, if mailed by first class mail, on the date five (5) calendar days after which such notice is mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Termination</u>. In the event that no shares of Series A Preferred Stock are Outstanding, all rights and preferences of the shares of Series A Preferred Stock established and designated hereunder shall cease and terminate, and all obligations of the Corporation under this Articles Supplementary with respect to such Series A Preferred Stock shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Amendment</u>. The Board of Directors may, by resolution duly adopted, without stockholder approval (except as otherwise provided by this Articles Supplementary or required by applicable law) amend this Articles Supplementary so as to reflect any amendments to the terms applicable to the Series A Preferred Stock, including an increase in the number of authorized shares of the Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Actions on Other than Business Days</u>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Articles Supplementary, is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal date and the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Modification</u>. The Board of Directors, without the vote of the Holders of Series A Preferred Stock, may interpret, supplement or amend the provisions of this Articles Supplementary to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Capital Stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <u>Information Rights</u>. During any period in which the Corporation is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") and any shares of Series A Preferred Stock are Outstanding, the Corporation will provide Holders of Series A Preferred Stock, without cost, copies of SEC Reports that the Corporation would have been required to file pursuant to Section 13 or 15(d) of the Exchange Act if the Corporation was subject to such provisions or, alternatively, the Corporation will voluntarily file SEC Reports as if the Corporation was subject to Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. <u>No Additional Rights</u>. Unless otherwise required by law or the Articles of Amendment and Restatement, the Holders of shares of Series A Preferred Stock shall not have any relative rights or preferences or other special rights other than those specifically set forth in this Articles Supplementary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings preceding the text of the Articles and Sections included in this Articles Supplementary are for convenience only and shall not be deemed part of this Articles Supplementary or be given any effect in interpreting this Articles Supplementary. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Articles Supplementary. The use of the terms "including" or "include" shall in all cases herein mean "including, without limitation" or "include, without limitation," respectively. Reference to any Person includes such Person's successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference to any agreement (including this Articles Supplementary), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Articles and Sections shall refer to those portions of this Articles Supplementary. The use of the terms "hereunder," "hereof," "hereto" and words of similar import shall refer to this Articles Supplementary as a whole and not to any particular Article, Section or clause of this Articles Supplementary.

[Signature page begins on the following page]

In Witness Whereof, Remora Capital Corporation has caused these presents to be signed as of [**●**] [**●**], 2025 in its name and on its behalf by its President or a Vice President and witnessed by its Secretary or Assistant Secretary.

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| | |
|:---|:---|
| Remora Capital Corporation | Remora Capital Corporation |
| Name: | Daniel Mafrice |
| Title: | President and Chief Executive Officer |

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| | |
|:---|:---|
| Witness: | Witness: |
| Name: | [●] |
| Title: | [●] |

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The undersigned President or a Vice President of Remora Capital Corporation, who executed on behalf of the Corporation the foregoing Articles Supplementary of which this Certificate is made a part, hereby acknowledges in the name and on behalf of said Corporation the foregoing Articles Supplementary to be the corporate act of the Corporation, and states under penalties of perjury that to the best of his knowledge, information and belief the matters and facts set forth therein with respect to the authorization and approval thereof are true in all material respects.

 <br> Name: Daniel Mafrice <br> Title: President and Chief Executive Officer

*[Signature Page to the Articles Supplementary]*

## Exhibit 10.5

**Exhibit 10.5**

**FORM OF**

**INDEMNIFICATION AGREEMENT**

THIS INDEMNIFICATION AGREEMENT (this ***"Agreement"***) is made and entered into this [●] day of [●], 2025, by and between Remora Capital Corporation, a Maryland corporation (the ***"Company"***), and the undersigned (***"Indemnitee"***).

WHEREAS, at the request of the Company, Indemnitee currently serves as a director or officer of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of Indemnitee's service; <u>and</u>

WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; <u>and</u>

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows:

**Section 1. Definitions. For purposes of this Agreement:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***"Change of Control"*** shall mean the occurrence of any of the following events after the Effective Date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale or other disposition of all or substantially all of the Company's assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the ***"1934 Act***")) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company's then-outstanding common stock by any "person" (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the individuals who were members of the Board of Directors as of the Effective Date (the "***Incumbent Board***") cease to constitute at least two-thirds (2/3) of the Board; <u>provided</u>, <u>however</u>, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***"Corporate Status"*** means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***"Covered Securities"*** shall have the meaning set forth in Section 18 of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***"Disinterested Director"*** means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***"Effective Date"*** means the date set forth in the first paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***"Expenses"*** shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***"Independent Counsel"*** means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ***"Proceeding"*** includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.

**Section 2. Services by Indemnitee**. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee's service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

**Section 3. Indemnification — General.** The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (***"MGCL"***). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940, as amended, and the regulations promulgated thereunder (the ***"Investment Company Act"***), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act.

**Section 4. Proceedings Other Than Proceedings by or in the Right of the Company.** Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of Indemnitee's Corporate Status, Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with a Proceeding by reason of Indemnitee's Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

**Section 5. Proceedings by or in the Right of the Company.** Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his or her Corporate Status, he or she is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services.

**Section 6. Court-Ordered Indemnification.** In addition to any other indemnification that may be provided under this Agreement, and notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

**Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.** Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, Indemnitee shall be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

**Section 8. Advance of Expenses.** The Company shall advance all reasonable Expenses incurred by or on behalf of an Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten (10) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7 . For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for Indemnitee's undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee's financial ability to repay such advanced Expenses and without any requirement to post security therefor.

**Section 9. Procedure for Determination of Entitlement to Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the shareholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

**Section 10. Presumptions and Effect of Certain Proceedings.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of *nolo contendere* or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

**Section 11. Remedies of Indemnitee.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee's entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); *provided, however*, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee's rights under Section 7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce Indemnitee's rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

**Section 12. Defense of the Underlying Proceeding.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; *provided, however*, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company's ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; *provided, however*, that the Company shall notify Indemnitee of any such decision to defend within fifteen (15) calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee's Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee's choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee's choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter.

**Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the ***"Charter"***) or the Bylaws of the Company (as amended from time to time, the ***"Bylaws"***), any agreement or a resolution of the shareholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee's Corporate Status prior to such amendment, alteration or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act.

**Section 14. Insurance.** The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence.

**Section 15. Indemnification for Expenses of a Witness.** Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith.

**Section 16. Duration of Agreement; Binding Effect.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue until and terminate ten (10) years after the date that Indemnitee's Corporate Status shall have ceased; *provided, however*, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

**Section 17. Severability.** If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

**Section 18. Exception to Right of Indemnification or Advance of Expenses.** Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company's Bylaws, the Charter, a resolution of the shareholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company's Bylaws or the Charter.

**Section 19. Identical Counterparts.** This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

**Section 20. Headings.** The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

**Section 21. Modification and Waiver.** No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

**Section 22. Notices.** All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Indemnitee, to: the address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Company, to:

Remora Capital Corporation

3200 West End Avenue Suite #500

Nashville, TN 37203

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

**Section 23. Governing Law.** The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control.

**Section 24. Miscellaneous.** Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

*[SIGNATURE PAGE FOLLOWS]*

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

By: 

Name: [ ● ]

Title: [●]

Name: 

Title:

## Exhibit 10.6

**Exhibit 10.6**

CUSTODY AGREEMENT

dated as of July 25, 2025

by and between

REMORA CAPITAL CORPORATION

("Company")

and

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

("Custodian")

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| 1. | DEFINITIONS | 1 |
| 2. | APPOINTMENT OF CUSTODIAN | 7 |
| 3. | DUTIES OF CUSTODIAN | 7 |
| 4. | REPORTING | 16 |
| 5. | DEPOSIT IN U.S. SECURITIES SYSTEMS | 17 |
| 6. | SECURITIES HELD OUTSIDE OF THE UNITED STATES | 18 |
| 7. | CERTAIN GENERAL TERMS | 21 |
| 8. | COMPENSATION OF CUSTODIAN | 23 |
| 9. | RESPONSIBILITY OF CUSTODIAN | 24 |
| 10. | SECURITY CODES | 27 |
| 11. | TAX LAW | 27 |
| 12. | PROPRIETARY AND CONFIDENTIAL INFORMATION | 28 |
| 13. | EFFECTIVE PERIOD AND TERMINATION | 29 |
| 14. | REPRESENTATIONS AND WARRANTIES | 30 |
| 15. | PARTIES IN INTEREST; NO THIRD PARTY BENEFIT | 31 |
| 16. | NOTICES | 32 |
| 17. | CHOICE OF LAW AND JURISDICTION | 32 |
| 18. | ENTIRE AGREEMENT; COUNTERPARTS | 32 |
| 19. | AMENDMENT; WAIVER | 33 |
| 20. | SUCCESSOR AND ASSIGNS | 33 |
| 21. | SEVERABILITY | 34 |
| 22. | REQUEST FOR INSTRUCTIONS | 34 |
| 23. | OTHER BUSINESS | 34 |
| 24. | REPRODUCTION OF DOCUMENTS | 34 |
| 25. | MISCELLANEOUS | 34 |
| SCHEDULES | SCHEDULES |  |
|  | SCHEDULE A – Initial Authorized Persons | SCHEDULE A – Initial Authorized Persons |

---

i

THIS CUSTODY AGREEMENT (this "<u>Agreement</u>") is dated as of July 25, 2025 and is by and between REMORA CAPITAL CORPORATION (and any successor or permitted assign, the "<u>Company</u>") and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian hereunder, the "<u>Custodian</u>").

<u>RECITALS</u>

WHEREAS, the Company is a closed-end management investment company, which will elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company desires to retain U.S. Bank Trust Company, National Association to act as custodian for the Company and each Subsidiary hereafter identified to the Custodian;

WHEREAS, the Company desires that certain of the Company's Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement in compliance with Section 17(f) of the 1940 Act;

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in this Agreement:

"<u>Account</u>" or "<u>Accounts</u>" means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account, collectively.

"<u>Agreement</u>" means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

"<u>Authorized Person</u>" has the meaning set forth in Section 7.4(a).

"<u>Business Day</u>" means any day that is not Saturday or Sunday and is not a legal holiday or a day in which banking institutions generally are authorized or obligated by law or regulation to remain closed in New York, New York, or the city in which the Custodian (pursuant to Section 16 hereunder) or any relevant Sub-Custodian is located.

"<u>Cash Account</u>" or "<u>Cash Accounts</u>" means the segregated accounts to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit or credit and hold any cash Proceeds received by it from time to time from or with respect to the Securities or the sale of the common stock and/or preferred stock of the Company, as applicable, which accounts shall be designated the "Remora Capital Corporation Cash Interest Proceeds Account" and the "Remora Capital Corporation Cash Principal Proceeds Account."

"<u>Company</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Confidential Information</u>" means any non-public information relative to the Company or the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property).

"<u>Custodian</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Eligible Foreign Custodian</u>" has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; provided, however, that the term "Eligible Foreign Custodian" does not include any Eligible Securities Depository.

"<u>Eligible Investment</u>" means any investment that at the time of its acquisition is one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) United States government and agency obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commercial paper having a rating assigned to such commercial paper by Standard & Poor's Rating Services or Moody's Investor Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood that as of the date hereof such ratings by Standard & Poor's Rating Services are "A1+" and "A1" and such ratings by Moody's Investor Service, Inc. are "P1" and "P2";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) interest bearing deposits in United States dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing within one year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) money market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed to maintain a fixed share price and high liquidity.

"<u>Eligible Securities Depository</u>" has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

"<u>ERISA</u>" has the meaning set forth in Section 14.1(c).

"<u>Federal Reserve Bank Book-Entry System</u>" means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

"<u>Financing Documents</u>" means any Loan Assignment Agreement, Participation Agreement, and any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any, that may be delivered to the Custodian pursuant to this Agreement.

"<u>Foreign Intermediary</u>" means a Foreign Sub-custodian or Eligible Securities Depository.

"<u>Foreign Sub-custodian</u>" means and includes any Sub-Custodian appointed to administer any of the Company's Foreign Securities pursuant to Section 6.6 below.

"<u>Foreign Securities</u>" means Securities for which the primary market is outside the United States.

"<u>Loan</u>" means any U.S. dollar denominated commercial loan, or Participation therein, whether made by a bank or other financial institution and/or made in a direct lending capacity to the borrower thereunder or otherwise that by its terms provides for payments of principal and/or interest, including discount obligations and payment-in-kind obligations, acquired by the Company from time to time.

"<u>Loan Assignment Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Participation</u>" means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

"<u>Participation Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

"<u>Plan-Assets Vehicle</u>" has the meaning set forth in Section 14.1(c).

"<u>Proceeds</u>" means, collectively, (i) the net cash proceeds to the Company of any offering by the Company of any class of securities issued by the Company, (ii) all cash distributions, earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of the issuer or obligor thereof, or applicable paying agent or administrative agent, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment Earnings from investment of the foregoing) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the Company, as delivered to and received by the Custodian from time to time.

"<u>Proper Instructions</u>" means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company or any Person duly authorized by the Company in any of the following forms acceptable to the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by an Authorized Person (and delivered by hand, by mail, by electronic mail, by overnight courier or by facsimile);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by electronic mail (or other electronic transmission) from an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in a communication utilizing access codes effected between electro mechanical or electronic devices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions and any SWIFT Transmissions (as defined herein).

"<u>Reinvestment Earnings</u>" has the meaning set forth in Section 3.6(b).

"<u>Securities</u>" means, collectively, (i) the investments, including Loans and Uncertificated Securities, acquired by the Company and delivered to the Custodian by the Company from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i). For avoidance of doubt, the term "Securities" includes stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other instruments representing rights to receive, purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property or assets.

"<u>Securities Account</u>" means the segregated account to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit or credit and hold the Securities (other than Loans or Uncertificated Securities) received by the Custodian pursuant to this Agreement, which account shall be designated the "Remora Capital Corporation Securities Custody Account".

"<u>Securities Depository</u>" means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

"<u>Securities System</u>" means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central handling of securities (including an Eligible Securities Depository).

"<u>Street Delivery Custom</u>" means a custom of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine that the securities are in proper form.

"<u>Street Name</u>" means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.

<u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. Bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any Eligible Foreign Custodian having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section 3.14 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that any Foreign Securities held by the Sub-Custodian will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership of any Foreign Securities held by the Sub-Custodian will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including, but not limited to, notification of any transfer to or from the Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions.

"<u>Subsidiary</u>" means, collectively, any wholly owned subsidiary of the Company identified to the Custodian by the Company.

"<u>Subsidiary Cash Account</u>" has the meaning set forth in Section 3.13(b).

"<u>Subsidiary Securities</u>" means, collectively, (i) the investments, including Loans and Uncertificated Securities, acquired by a Subsidiary and delivered to the Custodian from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i).

"<u>Subsidiary Securities Account</u>" has the meaning set forth in Section 3.13(a).

"<u>Trade Confirmation</u>" means a trade ticket or confirmation to the Custodian from the Company of the Company's acquisition of a Loan, and setting forth applicable information with respect to such Loan, in such form as may be acceptable to the Custodian.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

"<u>Uncertificated Security</u>" means a Security that is not represented by a physical certificate.

"<u>Underlying Loan Agreement</u>" means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

"<u>Underlying Loan Documents</u>" means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying Note) executed or delivered in connection therewith.

"<u>Underlying Note</u>" means the one or more promissory notes executed by an obligor evidencing a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Construction</u>. In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to this Agreement or another agreement or instrument refers to such agreement or instrument
as the same may be amended, modified or otherwise rewritten from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference to a statute, ordinance, code or other law includes regulations and other instruments under
it and consolidations, amendments, re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any term defined in the singular form may be used in, and shall include the plural with the same meaning,
and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a Person includes a reference to the Person's executors, custodians, successors and
permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly
and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to the term "including" means "including, without limitation,";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any accounting term is to be interpreted in accordance with generally accepted principles
and practices in the United States, consistently applied, unless otherwise instructed by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference to "execute", "executed", "sign", "signed",
"signature" or any other like term hereunder shall include execution by electronic signature (including, without limitation,
any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under the U.S.
Electronic Signatures in Global and National Commerce Act (" <u>E-SIGN</u> ") or the New York Electronic Signatures and Records
Act (" <u>ESRA</u> "), which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other similar
platform identified by the Company and reasonably available at no undue burden or expense to the Custodian), except to the extent the
Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures
were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Headings</u>. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

2. APPOINTMENT OF CUSTODIAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Appointment and Acceptance</u>. The Company hereby appoints the Custodian as custodian of certain Securities, cash and Proceeds owned by the Company and the Subsidiaries (as applicable) and delivered to and received by the Custodian from time to time during the period of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it and subject to and in accordance with the provisions hereof. Any Account may contain any number of accounts or sub-accounts for the convenience of the Custodian or as required by the Company or the Subsidiaries (as applicable) for convenience in administering such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Instructions</u>. The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to enable the Custodian to perform its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Company Responsible For Directions</u>. The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the Accounts. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company's legal and regulatory compliance (including the 1940 Act), any restrictions, covenants, limitations or obligations to which the Company may be subject or for which it may have obligations to third parties in respect of the Accounts, and the Custodian shall have no liability for the application of any funds made with Proper Instructions of the Company. The Company shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian for deposit to the Accounts, and for properly instructing the Custodian with respect to the allocation or application of all such deposits.

3. DUTIES OF CUSTODIAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Segregation</u>. All Securities, Subsidiary Securities and non-cash property held by the Custodian (or U.S. Bank National Association on its behalf), as applicable, for the account of the Company or any Subsidiary, respectively (other than Securities and Subsidiary Securities maintained in a Securities Depository or Securities System), shall be physically segregated from other Securities and non-cash property in the possession of the Custodian or U.S. Bank National Association on its behalf (including the Securities and non-cash property of the other series of the Company, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Securities Custody Account</u>. The Custodian shall open and maintain at U.S. Bank National Association or any affiliate a segregated account in the name of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(b), all Securities (other than Loans and Uncertificated Securities) and other investment assets of the Company which are delivered to it in accordance with this Agreement. For the avoidance of doubt, the Custodian shall not be required to credit or deposit Loans or Uncertificated Securities in the Securities Account but shall instead maintain a register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans or Uncertificated Securities, containing such information as the Company and the Custodian may reasonably agree and marked so as to clearly identify them as the property of the Company in a manner consistent with Rule 17f-1 under the 1940 Act and as set forth in this Agreement.

The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Securities and investments except pursuant to the direction of the Company under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Delivery of Cash and Securities to Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company directs the Custodian to open and maintain with U.S. Bank National Association the Cash Accounts
to which the Custodian shall deposit or credit and hold any cash or Proceeds received by it from time to time or with respect to the Securities
or the sale of the securities of the Company, as applicable. The Company shall deliver, or cause to be delivered, to the Custodian certain
of the Company's Securities, cash and other investment assets, including (i) payments of income, payments of principal and capital
distributions received by the Company with respect to such Securities, cash or other assets owned by the Company at any time during the
period of this Agreement and (ii) cash received by the Company for the issuance, at any time during such period, of securities of the
Company or in connection with a borrowing by the Company. With respect to assets other than Loans, such assets shall be delivered to the
Custodian in its role as, and (where relevant) at the address identified for, the Custodian. Except to the extent otherwise expressly
provided herein, delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not
be responsible for such Securities, cash or other assets until actually delivered to, and received by it. With respect to Securities (other
than Loans, Uncertificated Securities and assets in the nature of "general intangibles" (as hereinafter defined)) held by
the Custodian in its capacity as a "securities intermediary" (as defined in Section 8-102 of the UCC as in effect in the State
of New York), the Custodian shall be obligated to exercise due care in accordance with reasonable commercial standards in discharging
its duties as a securities intermediary to hold such Securities. A Security will be deemed to be "delivered" to the Custodian
when the Company delivers such Security in the following manner: (i) if such Security is a Certificated Security or an instrument (other
than a Security held in a Securities System), then in physical certificated form in the name of the Company or its nominee, (ii) if such
Security is an Uncertificated Security or in the form of uncertificated share(s) or other interest (other than a Security held in a Securities
System), then delivery of confirmation statements which identify such shares or interests as being recorded in the name of the Company
or its nominee, (iii) if such Security is held in a Securities System or maintained in one or more omnibus accounts at the Custodian,
its agents or Sub-Custodians, then delivery of confirmation that such Security is held in the Securities System or maintained through
one or more omnibus accounts in the name of the Custodian (or its nominee) who shall identify the same on its books and records as held
for the account of the Company, or (iv) in such other good delivery form that may be agreed to by the Custodian from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) In connection with its acquisition of a Loan, an Uncertificated Security or other delivery of a
 Security constituting a Loan, the Company shall deliver or cause to be delivered to the Custodian a properly completed Trade
 Confirmation containing such information in respect of such Loan or Uncertificated Security as the Custodian may reasonably require
 in order to enable the Custodian to perform its duties hereunder in respect of such Loan or Uncertificated Security on which the
 Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may
 require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding any term hereof or elsewhere to the contrary, (a) it is hereby expressly acknowledged that (i) interests in Loans or Uncertificated Securities may be acquired by the Company (or, if applicable, a Subsidiary thereof) from time to time which are not evidenced by, or accompanied by delivery of, a "security" or an "instrument," as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, and may be evidenced solely by delivery to the Custodian of (x) a facsimile or electronic copy of an assignment agreement ("<u>Loan Assignment Agreement</u>") in favor of the Company as assignee or, in respect of any Loan acquired by participation interest, a participation agreement (a "<u>Participation Agreement</u>") in favor of the Company as participant or (y) a copy of the register of the underlying issuer of such interest evidencing registration of such interest on the books and records of the applicable issuer to the name of the Company (or its nominee) and (ii) any such Loan Assignment Agreement or Participation Agreement (and the registration of the related Loan on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Company, or, if applicable, a Subsidiary thereof (or, in either case, its nominee), and (b) nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to "maintain" a sufficient quantity thereof. The Custodian is not under a duty to examine any such Financing Documents, or any underlying credit agreements or loan documents for such Loan to determine the validity, sufficiency, marketability or enforceability of any Loan Assignment Agreement, Participation Agreement or other Financing Document (and shall have no responsibility for the genuineness or completeness thereof), or for the Company's title to any related Loan. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any such documents delivered to it, and any related Financing Documents, if any, that may be delivered to it; it being understood that the Custodian shall be deemed to have so exercised reasonable care if it affords such documents the same care as it affords similar property held by it as a third party service provider to other business development companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original "security" or "instrument," as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or becomes available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Contemporaneously with the acquisition of any Loan, the Company shall (a) cause any appropriate Financing Documents evidencing such Loan to be delivered to the Custodian; (b) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan and (c) provide to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (d) take all actions necessary for the Company to acquire good title to such Loan; and (e) take all actions as may be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents or administrative agents) to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents or administrative agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor, participating bank, nationally recognized pricing service or vendor, reputable financial information reporting source or similar party with respect to the related Loan, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Release of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall release and if applicable, ship for delivery, or direct its agents or Sub-Custodian
to release and if applicable, ship for delivery, as the case may be, Securities of the Company held by the Custodian, its agents or its
Sub-Custodian from time to time upon receipt of Proper Instructions (which shall, among other things, specify the Securities to be released,
with such delivery and other information as may be necessary to enable the Custodian to perform), which may be standing instructions (in
form acceptable to the Custodian) in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon sale of such Securities by or on behalf of the Company, and such sale may, unless and except to the
extent otherwise directed by Proper Instructions, be carried out by the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in accordance with the customary or established practices and procedures in the jurisdiction or market
where the transactions occur, including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer)
against expectation of receiving later payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a sale effected through a Securities System, in accordance with the rules governing
the operations of the Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon the receipt of payment in connection with any repurchase agreement related to such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to a depositary agent in connection with tender or other similar offers for such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become
payable (unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents
or its Sub-Custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the
Custodian or into the name of any of its agents or Sub-Custodian or their nominees or for exchange for a different number of bonds, certificates
or other evidence representing the same aggregate face amount or number of units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery
Custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
or readjustment of the Securities of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by
Proper Instructions, the new Securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of warrants, rights or similar Securities, the surrender thereof in the exercise of such warrants,
rights or similar Securities or the surrender of interim receipts or temporary Securities for definitive Securities (unless otherwise
directed by Proper Instructions, the new Securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for any other purpose, but only upon receipt of Proper Instructions (and, in connection with any such
Proper Instruction, the Company shall provide the Custodian an officer's certificate signed by any two officers of the Company (which
officers shall not have been the Authorized Person providing the Proper Instructions) stating (i) the specified Securities to be delivered,
(ii) the purpose for such delivery, (iii) that such purpose is a proper corporate purpose and (iv) naming the person or persons to whom
delivery of such Securities shall be made and attaching a certified copy of a resolution of the board of directors of the Company or an
authorized committee thereof approving the delivery of such Proper Instructions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Registration of Securities</u>. Securities held by the Custodian, its agents or its Sub-Custodian (other than bearer securities or securities held in a Securities System) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian (if the Company and the Custodian determine that such Security cannot be held in the name of the Company), in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its Sub-Custodian or their nominees, in each case, for the benefit of the Company; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its agents and its Sub-Custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless such Securities (other than Loans) are in Street Name or other good deliverable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Bank Accounts and Management of Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Proceeds and other cash received by the Custodian from time to time shall be deposited into or credited
to the respective Cash Account as designated by the Company. All amounts deposited into or credited to the designated Cash Account shall
be subject to clearance and receipt of final payment by the Custodian. The Custodian shall be entitled to request and receive instruction
from the Company in respect of any determination regarding whether any such proceeds or cash received by the Custodian should be deposited
into the "Remora Capital Corporation Cash Interest Proceeds Account" or the "Remora Capital Corporation Cash Principal
Proceeds Account."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts held in each respective Cash Account from time to time may be invested in Eligible Investments
pursuant to specific written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person
acting on behalf of the Company. Such investments shall be subject to availability and the Custodian's then applicable transaction
charges (which shall be at the Company's expense). Absent receipt of such Proper Instructions from the Company, the Custodian shall
have no obligation to invest (or otherwise pay interest on) amounts on deposit in each respective Cash Account. In no instance will the
Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in the Cash
Accounts from time to time (collectively, " <u>Reinvestment Earnings</u> ") shall be redeposited in the respective Cash Account
(and may be reinvested pursuant to specific Proper Instructions of the Company). The Custodian shall have no liability for any losses
on any investments made as described herein, unless such losses result from the Custodian's gross negligence, willful misconduct
or bad faith in the following of the instructions of the Company. For the avoidance of doubt, the Custodian shall not be under any obligation
to determine whether any investment constitutes an Eligible Investment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company shall at any time request a withdrawal of amounts from any of the Cash Accounts,
the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any
investment of the funds credited to such Cash Account as needed to provide necessary liquidity. Investment instructions may be in the
form of standing instructions (in the form of Proper Instructions acceptable to Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian
or U.S. Bank National Association on its behalf) may make a margin or generate banking income for which such bank shall not be required
to account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for
administration of its duties hereunder with notice to be provided to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Foreign Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the receipt of Proper Instructions, the Custodian, its agents or its Sub-Custodian may (but shall
not be obligated to) enter into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian
and the Company (in each case at the Company's expense), including transactions entered into with the Custodian, its Sub-Custodian
or any affiliates of the Custodian or the Sub-Custodian. The Custodian shall have no liability for any losses incurred in or resulting
from the rates obtained in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall
not be deemed to have any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times
to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges that the Custodian, any Sub-Custodian or any affiliates of the Custodian or any
Sub-Custodian, involved in any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions
entered into pursuant to this section for which they shall not be required to account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Collection of Income</u>. Subject to Section 7.8 hereof, the Custodian, its agents or its Sub-Custodian shall use reasonable efforts to collect on a timely basis all income and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest income, dividends and other payments with respect to registered domestic securities if on the record date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in the name of its agent or Sub-Custodian, or their nominee); and interest income, dividends and other payments with respect to bearer domestic Securities if, on the date of payment by the issuer such Securities are held by the Custodian or its Sub-Custodian or agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian's agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings. If the Custodian receives a written notice of default or refusal to pay with respect to the Securities from an issuer or transfer agent, the Custodian shall forward such notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 Payment of Moneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from
the respective Cash Account designated by the Company (or remit to its agents or its Sub-Custodian, and direct them to pay out) moneys
of the Company on deposit therein in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the purchase of Securities for the Company pursuant to such Proper Instructions; and such purchase
may, unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in accordance with the customary or established practices and procedures in the jurisdiction or market
where the transactions occur, including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or
dealer) against expectation of receiving later delivery of such Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a purchase effected through a Securities System, in accordance with the rules governing
the operation of such Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purchase or sale of foreign exchange or foreign exchange agreements for the account of the Company,
including transactions executed with or through the Custodian, its agents or its Sub-Custodian, as contemplated by Section 3.7 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the payment of distributions, inclusive of accompanying shareholder servicing and/or distribution
fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for the repurchase of securities of the Company pursuant to tender offers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying
the amount of such payment, and naming the Person or Persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time or times, the Custodian shall be entitled to pay (i) itself from any of the Cash Accounts,
whether or not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8
hereof, and (ii) as otherwise permitted by Section 7.5, Section 9.4 or Section 13.5 below, provided, however, that in each
case (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such
amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be accounted for to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Proxies</u>. The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the registered holder of such Securities proxies received by the Custodian from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt of Proper Instructions shall promptly deliver to the applicable issuer such proxies, proxy soliciting materials and notices relating to such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above, neither Custodian nor any nominee of Custodian shall vote any of the Securities held hereunder by or for the account of the Company, except in accordance with Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Communications Relating to Securities</u>. The Custodian shall transmit promptly to the Company all written information (including proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the Custodian, from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company. The Custodian shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and except to the extent it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will not be liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents or Sub-Custodian unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Custodian has received Proper Instructions with regard to the exercise of any such right or power;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Custodian, or its agents or Sub-Custodian are in actual possession of such Securities,

in each case, at least three (3) Business Days prior to the date on which such right or power is to be exercised. Notwithstanding the foregoing, in the event the Custodian shall receive Proper Instructions with regard to the exercise of any right or power less than three (3) Business Days prior to the date on which such right or power is to be exercised, the Custodian shall use reasonable best efforts to exercise such right or power as promptly as practicable. It will be the responsibility of the Company to notify the Custodian of the Person to whom such communications must be forwarded under this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Records</u>. The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to the Securities, cash or other property held for the Company under this Agreement and as required by Section 31 of the 1940 Act and Rules 31a-1 and 31a-2 thereunder. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide assistance to the Company (at the Company's reasonable request made from time to time) by providing sub-certifications regarding certain of its services performed hereunder to the Company in connection with the Company's certification requirements pursuant to the Sarbanes-Oxley Act of 2002, as amended. All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company (including its independent public accountants) and employees, upon reasonable request with at least five (5) Business Days' prior written notice and at the Company's expense. The Custodian shall, at the Company's request, supply the Company with a tabulation of Securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the extent such information is available to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 Custody of Subsidiary Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company,
there shall be established by the Custodian at U.S. Bank National Association or its affiliate a segregated account to which the Custodian
shall deposit and hold any Subsidiary Securities (other than Loans) received by it (and any Proceeds received by it in the form of dividends
in kind) pursuant to this Agreement, which account shall be designated the "[INSERT NAME OF SUBSIDIARY] Securities Account"
(the " <u>Subsidiary Securities Account</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company,
there shall be established by the Custodian at U.S. Bank National Association or its affiliate a segregated account to which the Custodian
shall deposit and hold any cash Proceeds received by it from time to time from or with respect to Subsidiary Securities or other Proceeds,
which account shall be designated the "[INSERT NAME OF SUBSIDIARY] Cash Proceeds Account" (the " <u>Subsidiary Cash Account</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company,
the Securities Account and the Cash Account shall be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary
Securities Account and Subsidiary Cash Account, respectively. The parties hereto agree that the Company shall notify the Custodian in
writing as to the establishment of any Subsidiary as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement;
and identify in writing any accounts the Custodian shall be required to establish for such Subsidiary as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Responsibility for Property Held by Sub-Custodians</u>. The Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians. The Custodian's responsibility with respect to the selection or appointment of a Sub-Custodian (other than an affiliate of the Custodian) shall be limited to a duty to exercise reasonable care and good faith in the selection of such Sub-Custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. To the extent permitted by applicable law, the Custodian shall request each Sub-Custodian to identify on its own books and records that any assets held at such Sub-Custodian by Custodian on behalf of its customers belong to customers of the Custodian, such that it is readily apparent that such assets do not belong to the Custodian or such Sub-Custodian. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any Sub-Custodian (other than an affiliate of the Custodian), the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Sub-Custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Sub-Custodian (exclusive of related costs and expenses incurred by the Custodian).

4. REPORTING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Custodian shall render to the Company (i) a monthly report of all deposits to and withdrawals from the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each month, all transactions in the Securities during the month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, (ii) a report of settled trades of Securities for such Business Day, and (iii) the Custodian's Securities holdings as of the end of such Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Custodian shall provide the Company, promptly upon request, with such reports as are reasonably available to it and as the Company may reasonably request from time to time, on the internal accounting controls and procedures for safeguarding Securities, which are employed by the Custodian (or any Sub-Custodian appointed hereunder, to the extent available to the Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Any reports to be provided pursuant to this Section 4 may be provided by granting Company access to such reports through the Custodian's password protected website, which may require the Company to register on such website for such access.

5. DEPOSIT IN U.S. SECURITIES SYSTEMS

The Custodian may deposit and/or maintain Securities in a Securities System within the United States ("<u>U.S. Securities System</u>") in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, including Rule 17f-4 under the 1940 Act, and subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are
represented in an account of the Custodian (or U.S. Bank National Association on its behalf) in the U.S. Securities System for the benefit
of the Company which shall not include any assets of the Custodian other than assets held by it as a fiduciary, custodian or otherwise
for customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The records of the Custodian with respect to Securities which are maintained in a U.S. Securities System
shall identify by book-entry those Securities belonging to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If requested by the Company, the Custodian shall provide to the Company copies of all notices received
from the U.S. Securities System of transfers of Securities for the account of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company
for any direct loss, damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than
to the extent resulting from the gross negligence or willful misconduct, of the Custodian itself or from failure of the Custodian to enforce
effectively such rights as it may have against the U.S. Securities System).

6. SECURITIES HELD OUTSIDE OF THE UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Appointment of Foreign Sub-custodian</u>. The Company hereby authorizes and instructs the Custodian in its sole discretion to employ one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as Sub-Custodian to hold the Securities and other assets of the Company maintained outside the United States, subject to the Company's approval in accordance with this section. If the Custodian wishes to appoint a Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information reasonably necessary to determine any such new Foreign Sub-custodian's eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-custodian. The Company shall at the meeting of its board of directors next following receipt of such notice and information give a written approval or disapproval of the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Assets to be Held</u>. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine to be reasonably necessary to effect the Company's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Omnibus Accounts</u>. The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians or Eligible Securities Depositories in each case in a single account with such Foreign Sub-custodian or Eligible Securities Depository that is identified as belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry those Securities and other property as belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Reports Concerning Foreign Sub-custodian</u>. The Custodian will supply to the Company, upon request from time to time, statements in respect of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Transactions in Foreign Custody Account</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities received by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including delivering Securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such Securities from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Foreign Sub-custodian</u>. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company's assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors (except a claim of payment for their safe custody or administration) or, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Company's assets will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including notification of any transfer to or from a Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions, in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Custodian's Responsibility for Foreign Sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable
care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Company would exercise. The
Custodian further agrees that the Foreign Securities will be subject to reasonable care, based on the standards applicable to the Custodian
in the relevant market, if maintained with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such
assets, including: (i) the Foreign Sub-custodian's practices, procedures, and internal controls, including the physical protections
available for certificated securities (if applicable), the method of keeping custodial records, and the security and data protection practices;
(ii) whether the Foreign Sub-custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the
Foreign Sub-custodian's general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities
Depository's operating history and number of participants; and (iv) whether the Company will have jurisdiction over and be
able to enforce judgments against the Foreign Sub-custodian, such as by virtue of the existence of any offices of the Foreign Sub-custodian
in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the end of each calendar quarter, or at such other times as the Company's board of directors
deems reasonable and appropriate based on the circumstances of the Company's foreign custody arrangements, the Custodian shall provide
written reports notifying the board of directors of the Company as to the placement of the Foreign Securities and cash of the Company
with a particular Foreign Sub-custodian and of any material changes in the Company's foreign custody arrangements. The Custodian shall
promptly take such steps as may be required to withdraw assets of the Company from any Foreign Sub-custodian that has ceased to meet the
requirements of Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian shall establish a system to monitor the appropriateness of maintaining the Company's
assets with a particular Foreign Sub-custodian and the performance of the contract governing the Company's arrangements with such
Foreign Sub-custodian. To the extent the Custodian holds Foreign Securities and related Proceeds with one or more Eligible Securities
Depositories, the Custodian shall provide the Company with an analysis of the custody risks associated with maintaining assets with such
Eligible Securities Depository and shall monitor such custody risks on a continuing basis and promptly notify the Company of any material
change in these risks. The Custodian agrees to exercise reasonable care, prudence and diligence in performing its obligations under this
clause (c). If the Custodian determines that a custody arrangement with an Eligible Securities Depository no longer meets the requirements
of this section, the Company's Foreign Securities must be withdrawn from such depository as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian's responsibility with respect to the selection or appointment of a Foreign Sub-custodian
shall be limited to a duty to exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing
settlement and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages,
liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act
by any Foreign Sub-custodian, the Custodian shall take reasonable action to recover and, at the request of the Company, assist the Company
in recovering, such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian; provided that the Custodian's
sole liability in that regard shall be limited to amounts actually received by it from such Foreign Intermediaries (exclusive of related
costs and expenses incurred by the Custodian). The Custodian shall have no responsibility for any act or omission (or the insolvency of)
any Securities System (including an Eligible Securities Depository). In the event the Company incurs a loss due to the negligence, willful
misconduct, or insolvency of a Securities System (including an Eligible Securities Depository), the Custodian shall make commercially
reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities Depository.

7. CERTAIN GENERAL TERMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Duty to Examine Financing Documents</u>. Nothing herein shall obligate the Custodian to review or examine the terms of any Financing Document, underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security (and shall have no responsibility for the genuineness or completeness thereof) or for the Company's title to any related Loan, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Resolution of Discrepancies</u>. In the event of any discrepancy between the information set forth in any report provided by the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Improper Instructions</u>. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying
the names and specimen signatures (whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper
Instructions (collectively, " <u>Authorized Persons</u> " and each is an " <u>Authorized Person</u> ") which notice
shall be signed (whether manual, facsimile, pdf or other electronic signature) by an Authorized Person previously certified to the Custodian.
The Custodian shall be entitled to rely upon the identity and authority of such persons until it receives written notice from an Authorized
Person of the Company to the contrary. The initial Authorized Persons are set forth on <u>Schedule A</u> attached hereto and made a part
hereof (as such <u>Schedule A</u> may be modified from time to time by written notice from the Company to the Custodian). The Custodian
shall be entitled to accept and act upon Proper Instructions sent by unsecured email, facsimile transmission or other similar unsecured
electronic methods. If such person on behalf of the Company elects to give the Custodian email or facsimile instructions (or instructions
by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian's reasonable
understanding of such instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Custodian's reliance upon and compliance with such instructions notwithstanding such instructions
conflicting with or being inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the
use of such electronic methods to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian
acting on unauthorized instructions and the risk of interception and misuse by third parties, and acknowledges and agrees that there may
be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if
any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection
in light of its particular needs and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have no responsibility or liability to the Company (or any other person or entity),
and shall be indemnified and held harmless by the Company, in the event that a subsequent written confirmation of an oral instruction
fails to conform to the oral instructions received by the Custodian. The Custodian shall not have an obligation to act in accordance with
purported instructions to the extent that they conflict with applicable law or regulations, local market practice or the Custodian's
operating policies and practices. The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification
of any Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company hereby agrees that directions given by it pursuant to secure financial messaging services
provided by SWIFT (" <u>SWIFT Transmissions</u> ") are deemed to Proper Instructions for all purposes hereunder. The Company
instructs the Custodian to accept and record SWIFT Transmissions initiated by the Company to the same extent that written wire transfer
instructions are accepted and processed by the Custodian. The Custodian may conclusively rely on SWIFT Transmissions and the Custodian
shall be entitled to and the Company agrees to provide any verification of information as requested by the Custodian, including the call-back
process to an individual designated by the Company as authorized to provide such verification. The Custodian may also request, and the
Company will provide, an additional signed direction (whether by manual, facsimile, .pdf or other electronic signature) in connection
with any SWIFT Transmission. For purposes of compliance with any incumbency certificate of the Company, all instructions received by the
Custodian through the methodology described herein shall be deemed in compliance with the procedures outlined therein (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Actions Permitted Without Express Authority</u>. The Custodian may, at its discretion, without express authority from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself
or others for reasonable and documented expenses of handling Securities or other similar items relating to its duties under this Agreement,
provided that (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to
pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be regularly accounted
for to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) surrender Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) endorse for collection cheques, drafts and other negotiable instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in general, except as directed in Proper Instructions, attend to all nondiscretionary details in connection
with the sale, exchange, substitution, purchase, transfer and other dealings with the Securities and property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Evidence of Authority</u>. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate instrument or paper reasonably believed by it to be genuine and to have been properly executed (whether manual, facsimile, pdf or other electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority of any person to act in accordance with such certificate;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any determination or of any action by the Company as described
in such certificate,

and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Receipt of Communications</u>. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business Day, the Custodian will use reasonable efforts to process such communications as soon as possible after receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Actions on the Loans</u>. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company, to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the Company.

8. COMPENSATION OF CUSTODIAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Fees</u>. The Custodian shall be entitled to compensation for its services in accordance with the terms of set forth in a separate agreement between the Company and the Custodian and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Expenses</u>. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all reasonable and documented costs, disbursements, advances, and expenses (including fees and expenses of legal counsel) incurred, and any disbursements and advances made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation, execution or enforcement of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties and services under this Agreement, from time to time (including without limitation costs and expenses of any action by the Custodian to collect any amounts owing to it under this Agreement, so long as the Custodian is awarded all or a part of such costs or expenses).

9. RESPONSIBILITY OF CUSTODIAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>General Duties</u>. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the
form of Proper Instructions) from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company,
that Proper Instructions to it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken
pursuant to the Proper Instruction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the Custodian is entitled or required to receive or obtain any communications or information
pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably
acceptable to it and otherwise in accordance with any applicable terms of this Agreement; and whenever any report or other information
is required to be produced or distributed by the Custodian, it shall be in form, content and medium reasonably acceptable to it and the
Company, and otherwise in accordance with any applicable terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>General Standards of Care</u>. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointments hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian may rely on and shall be protected in acting or refraining from acting in reliance upon
any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic
communication or document furnished to it (including any of the foregoing provided to it by facsimile or electronic means), not only as
to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it believes in good
faith to be genuine and signed (whether manual, facsimile, pdf or other electronic signature), sent or presented by the proper person
(which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian shall be entitled
to presume the genuineness and due authority of any signature (whether manual, facsimile, pdf or other electronic signature) appearing
thereon. The Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction,
statement, certificate, request, waiver, consent, opinion, report, receipt, electronic communication or other paper or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any
error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers or employees), or
for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction
constitutes gross negligence or willful misconduct or bad faith on its part. The Custodian shall not be liable for any action taken by
it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction
by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for
such action. The Custodian shall not be under any obligation at any time to ascertain whether the Company is in compliance with (i) the
1940 Act, the regulations thereunder, or the Company's investment objectives and policies then in effect or (ii) any restrictions,
covenants, limitations or obligations to which the Company may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall any party hereunder be liable for any indirect, incidental, special, punitive or consequential
damages (including lost profits or diminution of value), whether or not it has been advised of the likelihood of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian may consult with, and obtain advice from, legal counsel selected in good faith by it with
respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the opinion or
advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
the Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall
be reimbursed pursuant to Section 8.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless
actually known by an officer working in its Global Corporate Trust group and charged with responsibility for administering this Agreement
or unless (and then only to the extent received) in writing by the Custodian at the applicable address(es) as set forth in Section 16
hereof and specifically referencing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take
any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless
it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Custodian to commence, prosecute or defend legal
proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder,
or relating to this Agreement or the services contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The permissive right of the Custodian to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian may act or exercise its duties or powers hereunder through agents, Sub-Custodians or attorneys,
and the Custodian shall not be liable or responsible for the actions or omissions of any such agent, Sub-Custodian or attorney (other
than an affiliate of the Custodian) appointed with reasonable due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All indemnification and reimbursement rights in favor of the Custodian and any Indemnified Person contained
in this Agreement in favor of the Custodian shall survive the termination of this Agreement or the earlier resignation or removal of the
Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Custodian shall not be responsible for the title, validity or genuineness, including good deliverable
form of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Custodian has no responsibility to verify or determine whether any purchase or sale of any security
satisfies any transfer restrictions applicable to it, including any transfer restriction imposed by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Under no circumstances shall the Custodian have any responsibility, duty or obligation to advance its
own funds to or for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall and does hereby indemnify and hold harmless the Custodian and any Foreign Sub-custodian
and each of its officers, directors, employees, attorneys, agents, advisors, successors and assigns (collectively, the " <u>Indemnified Persons</u> " and each an " <u>Indemnified Person</u> ") for and from any and all reasonable and documented out-of-pocket
costs and expenses (including reasonable and documented out-of-pocket attorney's fees and expenses), and any and all losses, damages,
claims (whether brought by or involving the Company or any third party) and liabilities, that may arise, be brought against or incurred
by an Indemnified Person whether brought by or involving any third party or the Company and whether direct, indirect or consequential,
as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any inquiry or investigation)
by any person, including without limitation the Company or any Subsidiary, and any reasonable and documented out-of-pocket advances or
disbursements made by the Custodian (including in respect of any Account overdraft, returned deposit item, chargeback, provisional credit,
settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising out of this Agreement,
or the administration or performance of the Custodian's duties hereunder, the enforcement of any provision of this Agreement or
the relationship between the Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian created hereby, other than
such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian's action or inaction constituting
bad faith, gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right
of set-off against, the Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto
from time to time, whether now held or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be
owing to the Custodian under or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Force Majeure</u>. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for any damage or loss resulting from or caused by events or circumstances beyond the Custodian's reasonable control including, without limitation, 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; or changes in applicable law, regulation or orders.

10. SECURITY CODES

If the Custodian issues to the Company security codes, passwords or test keys in order that it may verify that certain transmissions of information, including Proper Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords, test keys or other security devices which the Custodian shall make available.

11. TAX LAW

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Domestic Tax Law</u>. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement) withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Foreign Tax Law</u>. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company, or the Custodian as custodian of any foreign securities or related Proceeds, by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

12. PROPRIETARY AND CONFIDENTIAL INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Company, all records and other information relative to the Company and prior, present, or potential shareholders of the Company (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder and to cause any Sub-Custodian utilized by it to agree to all of the foregoing, except the Custodian may disclose such information (x) to regulatory authorities having jurisdiction over the Custodian or the Company or its affiliates or subsidiaries, as required by law or regulation, provided that the Custodian will promptly report such disclosure to the Company if disclosure is permitted by applicable law and regulation (y) to the Custodian's or the Company's respective directors, officers, employees, attorneys, accountants, agents or advisors who have a need to know such information in the course of the performance of its duties hereunder or (z) when so requested by the Company. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Company or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Company agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Company may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Company or any of its employees, agents or representatives, and information that was already in the possession of the Company prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Notwithstanding anything herein to the contrary, (i) the Company shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Company's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) upon the Company's written consent, the Custodian shall be permitted to include the name of the Company in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 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, or information obtained by the Custodian or the Company from sources other than the parties hereto (or any of their managers, members, directors or affiliates), (ii) disclosure as required pursuant to this Agreement, (iii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, or in working with any taxing authorities or other governmental agencies, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Custodian's business or that of its 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 Custodian, the Company or an affiliate or an officer, director, employer or shareholder thereof is a party, or (D) to any affiliate, independent or internal auditor, agent, employee or attorney of the Custodian or the Company having a need to know the same, or (iv) any other disclosure authorized by the other party hereto.

13. EFFECTIVE PERIOD AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Effective Date</u>. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic signature) and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may only be amended by mutual written agreement of the parties hereto. This Agreement may be terminated by the Custodian or the Company pursuant to Section 13.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Termination</u>. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by either party to the other not later than sixty (60) days prior to the effective date of termination specified therein, and (b) such other date of termination as may be mutually agreed upon by the parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>Resignation</u>. The Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written notice thereof to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60) days advance written notice to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Successor</u>. Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable. The Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the successor Custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Company at the successor Custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer to each successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under the Agreement (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any costs and expenses associated with transferring the data to such form) and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement. For the avoidance of doubt, no resignation of the Custodian or termination of this Agreement shall be effective until a successor Custodian has been appointed (and has accepted such appointment) in accordance with this Section 13.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 <u>Payment of Fees, etc</u>. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or resignation (or removal, as the case may be). All indemnifications and reimbursement rights in favor of the Custodian and any Indemnified Person under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 <u>Final Report</u>. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete final report or data file transfer of any Confidential Information as of the date of such resignation or removal.

14. REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Representations of the Company</u>. The Company represents and warrants to the Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power and authority to enter into and perform its obligations under this Agreement, and it
has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in giving any instructions which purport to be "Proper Instructions" under this Agreement,
the Company will act in accordance with the provisions of its governing documents and any applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company is not a Plan-Assets Vehicle (as defined below); (ii) the Company is not subject to the Employee
Retirement Income Security Act of 1974, as amended (" <u>ERISA</u> "), (iii) the aggregate interest in any class of equity interests
by any benefit plan investors (as such term is interpreted under ERISA) for whose benefit or account the Accounts for such Company is
held does not equal or exceed 25% of the outstanding interests and (iv) neither the portfolio of the Securities or the Accounts for such
Company is deemed to be assets of an employee benefit plan which is subject to ERISA. If for any reason the Company breaches or otherwise
fails to comply with any of the foregoing representations, warranties, or covenants, then (i) the Custodian's duties hereunder with
respect to such Company terminates immediately upon such breach, regardless of whether the Custodian received notice of such breach or
provided notice of termination and promptly thereafter, the Company and the Custodian shall negotiate in good faith to enter into a separate
ERISA fund custody agreement, (ii) the Company will promptly notify the Custodian of such breach, (iii) the Company acknowledges that
the Custodian does not act as investment manager of the Securities or the Accounts and (iv) the Company acknowledges that the Custodian
does not provide any services as a "fiduciary" with respect to the Company within the meaning of ERISA §3(21). For purposes
herein, " <u>Plan-Assets Vehicle</u> " means an investment contract, product, or entity that holds plan assets (as determined
pursuant to ERISA §§3(42) and 401 and 29 CFR §2510.3-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Representations of the Custodian</u>. The Custodian hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is qualified to act as a custodian pursuant to Sections 17(f) and 26(a)(1) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has the power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding
obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it maintains business continuity policies and standards that include data file backup and recovery procedures
that comply with all applicable regulatory requirements.

15. PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to Section 20).

16. NOTICES

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, (iii) electronic mail or (iv) confirmed facsimile, with a duplicate sent on the same day by first class mail, postage prepaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company or any Subsidiary, to

Remora Capital Corporation

c/o Remora Capital Management, LLC

3200 West End Avenue, Suite 500

Nashville, TN 37203

Email: daniel@remoracap.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Custodian, to

U.S. Bank Trust Company, National Association

8 Greenway Plaza, Suite 1100

Houston, Texas 77046

Attention: Global Corporate Trust— Remora Capital Corporation

Email: Remorateam@usbank.com

17. CHOICE OF LAW AND JURISDICTION

This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions) except to the extent such laws are inconsistent with the federal securities laws, including the 1940 Act, in which case such federal securities laws shall govern. All actions and proceedings relating to or arising from, directly or indirectly, this Agreement may be brought in New York State or U.S. federal courts located within the City of New York, State of New York and the Company and the Custodian hereby submit to personal jurisdiction of such courts for such actions or proceedings. The Company and the Custodian each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury and any objection to laying of venue in such courts on grounds of forum nonconveniens in respect of any claim based upon, arising out of or in connection with this Agreement. No actions or proceedings relating to or arising from, directly or indirectly, this Agreement shall be brought in a forum outside of the United States of America.

18. ENTIRE AGREEMENT; COUNTERPARTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <u>Complete Agreement</u>. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements, acknowledgements or understandings, oral or written between the parties to this Agreement relating to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 <u>Counterparts</u>. This Agreement may be executed (whether manual, facsimile, pdf or other electronic signature) in any number of counterparts and all counterparts taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 <u>Facsimile and Electronic Signatures</u>. The exchange of copies of this Agreement and of signature pages by facsimile, pdf or other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or pdf shall be deemed to be their original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian to acknowledge and agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other "electronic signature" as defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

19. AMENDMENT; WAIVER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 <u>Amendment</u>. This Agreement may not be amended except by an express written instrument duly executed by each of the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 <u>Waiver</u>. In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an express written instrument signed by the party against whom it is to be charged.

20. SUCCESSOR AND ASSIGNS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 <u>Successors Bound</u>. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 <u>Merger and Consolidation</u>. Any corporation or association into which the Custodian may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate trust business shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

21. SEVERABILITY

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.

22. REQUEST FOR INSTRUCTIONS

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

23. OTHER BUSINESS

Nothing herein shall prevent the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

24. REPRODUCTION OF DOCUMENTS

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

25. MISCELLANEOUS

The Company acknowledges receipt of the following notice:

"**<u>IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT</u>.**

**To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity the Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation."**

*[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR ON NEXT PAGE.]*

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first written above.

---

| | |
|:---|:---|
| **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** |
| By: | /s/ Daniel Mafrice |
| Name: | Daniel Mafrice |
| Title: | Chief Executive Officer and President |
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, as Custodian | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, as Custodian |
| By: | /s/ Maria D. Calzado |
| Name: | Maria D. Calzado |
| Title: | Senior Vice President |

---

**<u>SCHEDULE A</u>**

On file with the Custodian

## Exhibit 10.7

**Exhibit 10.7**

**FORM OF Fund Servicing Agreement**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into effective as of the last day written on the signature page by and between Remora Capital Corporation, a Maryland corporation (the "<u>Company</u>"), Remora Capital Management, LLC, a Delaware limited liability company (the "<u>Administrator</u>"), and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the Company is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as a closed-end, non-diversified management investment company that intends to elect to be regulated as a business development company; and

WHEREAS, USBGFS is, among other things, in the business of providing sub-administration, accounting, and transfer agency functions for the benefit of its customers; and

WHEREAS, the Company desires to retain USBGFS to provide certain services, as expressly delineated and limited herein.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of USBGFS as Service Provider.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company hereby appoints USBGFS as a service provider to the Company on the terms and conditions set forth in this Agreement, and,
together with the Administrator, hereby appoints USBGFS as sub-administrator to the Company, and USBGFS hereby accepts such appointments
and agrees to perform the services and duties set forth on <u>Exhibit A</u> (the " <u>Services</u> ") in accordance with the
terms and conditions of this Agreement. The services and duties of USBGFS shall be confined to those matters expressly set forth herein,
and no implied duties are assumed by or may be asserted against USBGFS hereunder. In the event of an overlap of the Services under this
Agreement and the services and duties of the Administrator under the administration agreement between the Company and the Administrator,
USBGFS and the Company hereby agree that such overlap of services shall be the Administrator's primary responsibility unless otherwise
agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall not be bound by any Company policies or procedures, or changes thereto, that purport to impose any additional duties,
obligations, or care on USBGFS other than as expressly set forth herein or as required by applicable law, or that purport to affect in
any way the Services or the manner in which they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Services set forth herein may not be modified or enlarged by implication or course of dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS may use its affiliates to provide any of the Services. Any such affiliate shall be held to the same standard of care as USBGFS
would be under this Agreement, and USBGFS shall be responsible for the provision of such Services to the same extent as if provided by
USBGFS. The Company consents to the use of such affiliates and to USBGFS providing to such affiliates any information regarding the Company
or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating
schedules and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Company or its agent shall furnish to USBGFS the data necessary to perform the Services described herein at such times and in
such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Company may from time to time request that USBGFS modify its internal operating procedures with respect to the provision of the
Services, which request shall be provided in writing by a duly authorized officer of the Company or by any other person authorized by
the Company to provide such request. USBGFS is under no obligation to agree to such modifications. If USBGFS agrees to comply with such
request, then it shall be entitled to follow such modified operating procedure without further inquiry or diligence, and its actions or
inactions in connection with following such modified operated procedures shall be deemed to be within its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation.** 

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit B</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Company shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Company shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Company is disputing any amounts in good faith. The Company shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Company is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of one and one-half percent (1½%) per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Company to USBGFS shall only be paid out of the assets and property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **License of Data; Warranty; Termination of Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS has entered into agreements with various data service providers (each, a " <u>Data Provider</u> "), including, without
limitation, MSCI index data services (" <u>MSCI</u> "), Standard & Poor Financial Services LLC (" <u>S&P</u> "),
Morningstar, Broadridge, FTSE, ICE, and Confluence Technologies, to provide data services that may include, without limitation, index
returns and pricing information (collectively, the " <u>Data</u> ") to facilitate the services provided by USBGFS to the Company.
These Data Providers have required USBGFS to include certain provisions regarding the use of the Data in this Agreement attached hereto
as <u>Exhibit C</u>. The Data is being licensed, not sold, to the Company. The Company has a limited license to use the Data only for
purposes necessary for valuing the Company's assets and making any required reporting relating thereto (the " <u>License</u> ").
The Company does not have any license or right to use the Data for purposes outside the scope of this Agreement including, but not limited
to, resale to other users or for use in creating any type of historical database. The Company acknowledges and agrees that certain Data
Providers may also require the Company to enter into an agreement directly with the Data Provider for the use of that Data Provider's
Data. The provisions in <u>Exhibit C</u> shall not have any effect upon the standard of care and liability USBGFS has set forth in <u>Section 10</u> of this Agreement. The Company acknowledges the proprietary rights that USBGFS and its Data Providers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. THE COMPANY HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR
ANY PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE FOR ANY OF THE DATA ACCESSED BY THE COMPANY OR ANY OF ITS SERVICE PROVIDERS
OR AGENTS AND USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may stop supplying some or all Data to the Company if USBGFS' Data Providers terminate any agreement to provide Data
to USBGFS. Also, USBGFS may stop supplying some or all Data to the Company if USBGFS reasonably believes that the Company is using the
Data in violation of the License, or breaching its duties of confidentiality provided for hereunder, or if any of USBGFS' Data Providers
demand that the Data be withheld from the Company. USBGFS will provide notice to the Company of any termination of provision of Data as
soon as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Company agrees to indemnify and hold harmless USBGFS, its Data Providers, and any other third party involved in or related to
the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents
from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as
incurred, arising in and any manner out of the Company's or any third party's use of, or inability to use, the Data or any
breach by the Company of any provision contained in this Agreement regarding the Data. The immediately preceding sentence shall not have
any effect upon the standard of care and liability of USBGFS as set forth in <u>Section 10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Lost Shareholder Due Diligence Searches and Servicing.** 

The Company hereby acknowledges that USBGFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). Costs associated with such searches will be passed through to the Company as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit B</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Company hereby authorizes USBGFS to conduct a more in-depth search in order to seek to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder. There can be no guarantee that any in-depth search will be successful.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company acknowledges that it had an opportunity to review, consider and approve the written procedures provided by USBGFS describing
various processes used by USBGFS which are designed to promote the detection and reporting of potential money laundering activity and
identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer's identity
(collectively, the " <u>Procedures</u> "). Further, the Company has determined that the Procedures, as part of the Company's
overall anti-money laundering program and identity theft prevention program responsibilities, are reasonably designed to help: (i) prevent
the Company from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve
compliance with the applicable provisions of the Bank Secrecy Act, the USA PATRIOT Act of 2001, the Fair and Accurate Credit Transactions
Act of 2003, and the implementing regulations thereunder (together, the " <u>AML Rules</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company hereby instructs and directs USBGFS to implement the Procedures, as applicable, on the Company's behalf, as such
may be amended from time to time. It is contemplated that these Procedures will be amended from time to time by USBGFS and any such amended
Procedures will be provided to the Company. Should the Company desire that USBGFS perform services not provided for in the Procedures,
such additional services and the associated cost must be specifically detailed in writing in the attached fee schedule in <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Company acknowledges and agrees that although it is directing USBGFS to implement the Procedures on its behalf, USBGFS is implementing
the Procedures as a service provider to the Company and the Company is and remains ultimately responsible for complying with all applicable
laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention, economic sanctions,
and terrorist financing, whether under the AML Rules or otherwise, such as the establishment and adoption by the Company's board
of directors (the " <u>Board</u> ") of the Company's own formal anti-money laundering program and the designation of its
own anti-money laundering officer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Company further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities,
structures, or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Company. The
Company has had the opportunity to discuss the Procedures with USBGFS, and the Company understands and agrees which portions of the Procedures
may not be implemented on behalf of the Company. Without limitation of the foregoing, USBGFS shall not be responsible for providing anti-money
laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level
0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships
where there is a sub-transfer agency or similar arrangement between the Company and the intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Company hereby directs, and USBGFS acknowledges, that USBGFS shall (i) permit federal regulators access to such information and
records maintained by USBGFS and relating to USBGFS' implementation of the Procedures, on behalf of the Company, as they may request,
and (ii) permit such federal regulators to inspect USBGFS' implementation of the Procedures on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Pricing of Portfolio Positions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each valuation date, USBGFS shall obtain prices from a pricing source as instructed to USBGFS by an individual authorized by the
Board or its appointed valuation designee, if applicable, and apply those prices to the portfolio positions. For those securities where
market quotations are not readily available, the Board or its valuation designee, as applicable, or another person authorized by the Board
or the valuation designee, as applicable, will be responsible for supplying USBGFS with valuations. The Board or valuation designee, if
appointed, is responsible for the accuracy of the lists supplied to USBGFS of pricing sources and the list of individuals authorized to
designate pricing sources on behalf of the Board or valuation designee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If one or more of the pricing sources for the portfolio positions of the Company is unavailable when needed, USBGFS may use an alternative
pricing source identified by USBGFS on a temporary basis. In such event the alternative price is subject to the review and approval of
the Board or the valuation designee, as applicable, the Board or valuation designee, as applicable, shall promptly notify USBGFS of any
desired changes to such alternative price. USBGFS shall not have any liability for the use of such alternative price so long as it has
met its standard of care under <u>Section 10</u> with respect to the selection of such alternative pricing source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Board or its valuation designee, as applicable, desires to provide a price for a portfolio position that varies from the price
provided by the pricing source, the Board or valuation designee, as applicable, shall promptly notify and supply USBGFS with the price
of any such security on each valuation date. All pricing changes made by the Board or valuation designee, as applicable, will be in writing
and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable,
the time period for which the new price(s) is/are effective. In such case, USBGFS shall apply the price provided by the Board or valuation
designee, as applicable, without further investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In the event that the Board or valuation designee, as applicable, at any time receives Data containing price evaluations, rather than
market quotations, for certain securities or certain other data related to such securities, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical
modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is
significant professional disagreement about which method is best. No evaluation method may consistently generate approximations that correspond
to actual traded prices of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. methodologies used to provide the pricing portion of certain Data may rely on evaluations; however, the Company acknowledges that
there may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations
to be inappropriate for use in certain applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Company assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness
of using Data containing evaluations, regardless of any efforts made by USBGFS and its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Neither USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee within the meaning of Rule 2a-5
under the 1940 Act in respect of the Company, and USBGFS shall not have any obligation for making fair value determinations or to investigate
or verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received
from the Company, any of its affiliates, or any pricing service approved by the Board, or fair values obtained from the Board or its valuation
designee. USBGFS may perform certain tests on pricing data received each day, on a limited basis, which may include day over day tolerance
breaks, net asset value (" <u>NAV</u> ") impact price analysis, and stale price testing, based on the availability of data from
data vendors. However, such tests are limited, are not intended or designed to determine whether any price is fair or appropriate, and
do not replace the valuation designee's responsibility for the appropriateness of prices used in calculating the NAV of the Company.
Valuations received from a pricing source employed by the Board or valuation designee, as applicable, or from calculation models that
are based on inputs or data delivered to these sources from individuals associated with the Board or valuation designee, as applicable,
are not subject to these tests and will be utilized as instructed by the Board or valuation designee, as applicable. The Company acknowledges
that the same or similar positions held by the Company may be valued differently by other customers of USBGFS and that USBGFS is not under
any obligation to compare such prices or notify the Company of any such discrepancies. Notwithstanding anything else in this Agreement
to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related
thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing
related inputs received from the Company, any of its affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Changes in Accounting Procedures.** 

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Company, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations & Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company hereby represents and warrants to USBGFS, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. this Agreement has been duly authorized, executed and delivered by the Company in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to the best of its knowledge, it is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. a registration statement under the Exchange Act has been filed with the SEC prior to the effective date of this Agreement and will
remain effective during the term of this Agreement.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. appropriate state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during
the term of this Agreement as necessary to enable the Company to make a continuous private offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. all records of the Company provided to USBGFS by the Company, to the best of its knowledge, are accurate and complete and USBGFS is
entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS hereby represents and warrants to the Company, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. this Agreement has been duly authorized, executed and delivered by USBGFS in accordance with all requisite action and constitutes
a valid and legally binding obligation of USBGFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. it is a federally registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Notification of Error.** 

The Company will notify USBGFS of any discrepancy between USBGFS and the Company, including, but not limited to, failing to account for a security position in the Company's portfolio, upon the later to occur of: (i) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (ii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Company does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standard of Care; Indemnification; Limitation of Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS shall exercise reasonable care in the performance of its duties under this Agreement. Neither USBGFS nor any of its affiliates
or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Company, its investment adviser or
any other service provider to the Company, or any employee of the foregoing; or for any loss suffered by the Company, or any third party
in connection with USBGFS' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of
communication or power supplies beyond USBGFS' reasonable control, except a loss arising out of or relating to USBGFS' material
breach of this agreement or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding any other provision of this Agreement, if USBGFS has exercised reasonable care in the performance of its duties under
this Agreement, the Company shall indemnify and hold harmless USBGFS, its affiliates, and its and their officers, directors, managers,
employees, and suppliers (the " <u>USBGFS Indemnified Parties</u> ") from and against any and all claims, demands, losses, expenses,
and liabilities of any and every nature (including reasonable attorneys' fees) (collectively, " <u>Losses</u> ") that any such
USBGFS Indemnified Party may sustain or incur or that may be asserted against a USBGFS Indemnified Party by any person arising out of
any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or
(ii) in reliance upon any written or oral instruction provided to a USBGFS Indemnified Party by any duly authorized officer of the Company,
as approved by the Board, or by any other person authorized by the Company to provide such instruction, except for any and all claims,
demands, losses, expenses, and liabilities arising out of or relating to USBGFS' material breach of this Agreement or from its bad
faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing
obligation of the Company, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a USBGFS Indemnified
Party, the Company shall pay (within thirty days of such request) any and all costs and expenses of such USBGFS Indemnified Party actually
incurred in connection with any Losses or investigating or defending any matter to which such USBGFS Indemnified Party may be entitled
to indemnification including, without limitation, reasonable attorneys' and experts' fees. The USBGFS Indemnified Party shall,
in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately
determined by a court of competent jurisdiction in a final non-appealable judgement that the USBGFS Indemnified Party is not entitled
to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall indemnify and hold the Company and its directors, officers, and employees (collectively, the " <u>Company Indemnified Parties</u> ") harmless from and against any and all Losses that the Company may sustain or incur or that may be asserted against
the Company by any person arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS' material breach
of this Agreement, or from USBGFS' bad faith, gross negligence, or willful misconduct in the performance of its duties under this
Agreement. This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill
(even if advised of the possibility of such); (ii) any delay by reason of circumstances beyond its control, including acts of civil or
military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection,
war, riots, or failure beyond its control of transportation or power supply, or (iii) any claim that arose more than one year prior to
the institution of suit therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, USBGFS shall take
all reasonable steps to minimize service interruptions for any period that such interruption continues. USBGFS will make every reasonable
effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBGFS. USBGFS agrees
that it shall, at all times, have reasonable business continuity and disaster contingency plans with appropriate parties, making reasonable
provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives
of the Company shall be entitled to inspect USBGFS' premises and operating capabilities at any time during regular business hours
of USBGFS, upon reasonable notice to USBGFS. Moreover, USBGFS shall provide the Company, at such times as the Company may reasonably require,
copies of reports rendered by independent accountants on the internal controls and procedures of USBGFS relating to the services provided
by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding anything herein to the contrary, USBGFS reserves the right to reprocess and correct administrative errors at its own
expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly
concerning any situation that presents or appears likely to present the probability of a claim for indemnification. Unless it reserves
any rights to deny indemnification, the indemnitor shall have the option to defend the indemnitee against any claim that may be the subject
of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall
take over complete defense of the claim and shall be totally responsible for any liability of the indemnitee, and the indemnitee shall
in such situation incur no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee
shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee
except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The indemnity and defense provisions set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or assignment
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If USBGFS is acting in another capacity for the Company pursuant to a separate agreement, nothing herein shall be deemed to relieve
USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In conjunction with the tax services provided to the Company by USBGFS hereunder, USBGFS shall not be deemed to act as an income tax
return preparer for any purpose, including as such term is defined under Section 7701(a)(36) of the Internal Revenue Code of 1986, as
amended (the " <u>IRC</u> "), or any successor thereof. Any information provided by USBGFS to the Company for income tax reporting
purposes with respect to any item of income, gain, loss, or credit will be performed solely in USBGFS' administrative capacity.
USBGFS shall not be required to determine, and shall not take any position with respect to, whether the reasonable belief standard described
in Section 6694 of the IRC has been satisfied with respect to any income tax item. The Company, and any appointees thereof, shall have
the right to inspect the transaction summaries produced and aggregated by USBGFS, and any supporting documents thereto, in connection
with the tax reporting services provided to the Company by USBGFS. USBGFS shall not be liable for the provision or omission of any tax
advice with respect to any information provided by USBGFS to the Company. The tax information provided by USBGFS shall be pertinent to
the data and information made available to USBGFS, and is neither derived from nor construed as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Proprietary and Confidential Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of the Company all records and other information relative to the Company and prior, present, or potential shareholders of the Company
(and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities
and duties hereunder, except (i) after prior notification to and approval in writing by the Company, which approval shall not be unreasonably
withheld and may not be withheld where USBGFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when
requested to divulge such information by duly constituted authorities or pursuant to legal process, (iii) to defend a claim brought against
USBGFS arising out of or related to any Services provided hereunder, or (iv) when so requested by the Company. Records and other information
which have become known to the public through no wrongful act of USBGFS or any of its employees, agents or representatives, and information
that was already in the possession of USBGFS prior to receipt thereof from the Company or its agents, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Company and
its shareholders. USBGFS has implemented and will maintain an effective information security program reasonably designed to protect information
relating to the shareholders of the Company (such information, " <u>Personal Information</u> "), which program includes sufficient
administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) ensure the security and
confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such
Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that
could result in substantial harm or inconvenience to the Company or any Shareholder (the " <u>Information Security Program</u> ").
The Information Security Program complies and shall comply with reasonable information security practices within the industry (including
the encryption of data where necessary or appropriate). Upon written request from the Company, USBGFS shall provide a written description
of its Information Security Program. USBGFS shall provide related reports and information responding to reasonable due diligence requests
regarding its compliance with its Information Security Program and shall notify the Company, expeditiously and without unreasonable delay,
in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged)
any information of the Company (any or all of the foregoing referred to individually and collectively for purposes of this provision as
a " <u>Security Breach</u> "). USBGFS shall promptly investigate, remedy and bear the cost of the measures (including notification
to any affected parties), if any, to address any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS is
determined to be directly responsible for such Security Breach. In addition to, and without limiting the foregoing, USBGFS shall promptly
cooperate with the Company or any of its affiliates' regulators at USBGFS' expense to prevent, investigate, cease or mitigate
any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding
any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Company agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of USBGFS, all non-public information relative to USBGFS (including, without limitation, information regarding USBGFS' pricing,
products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present
or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form,
documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not
to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior
notification to and approval in writing by USBGFS, which approval shall not be unreasonably withheld and may not be withheld where the
Company may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information
by duly constituted authorities, or (iii) when so requested by the USBGFS. Information which has become known to the public through no
wrongful act of the Company or any of its employees, agents or representatives, and information that was already in the possession of
the Company prior to receipt thereof from USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Company shall not make or change any written representations regarding the services provided by or the responsibilities of USBGFS
or its affiliates under this Agreement, whether in the Company's registration statement, offering documents, marketing or promotional
materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS or its affiliates any duties or responsibilities under
this Agreement that are not specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything herein to the contrary, (i) the Company shall be permitted to disclose the identity of USBGFS as a service
provider, redacted copies of this Agreement, and such other information as may be required in the Company's registration or offering
documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) USBGFS shall be permitted to include the name
of the Company in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and
promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. USBGFS will provide the Company with certain copies of third-party audit reports (e.g., SSAE 16 or SOC 1) to the extent such reports
are available and related to services performed or made available by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Records.** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Company and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Company or its designee on and in accordance with its request, provided, however, that the Company shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges and agrees that if the Company elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS, the Company shall be responsible for maintaining the Company's records as they relate to the Company's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Compliance with Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company has and retains primary responsibility for all compliance matters relating to the Company, including but not limited to
compliance with the Securities Act of 1933, as amended (the " <u>Securities Act</u> "); the Exchange Act; the 1940 Act; the
Investment Advisers Act of 1940, as amended; the IRC; the Sarbanes-Oxley Act of 2002, as amended (the " <u>SOX Act</u> "); the
USA PATRIOT Act of 2001; and the policies and limitations of the Company relating to its portfolio investments as set forth in its registration
statement. USBGFS' services hereunder shall not relieve the Company of its responsibilities for assuring such compliance or the
Board's oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company shall immediately notify USBGFS if the investment strategy of the Company materially changes or deviates from the investment
strategy disclosed in the current registration statement, or if it becomes subject to any new law, rule, regulation, or order of a governmental
or judicial authority of competent jurisdiction that materially impacts the operations of the Company or the services provided under this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, and only to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended (" <u>GDPR</u> "), or
the Cayman Islands Data Protection Law, 2017, as amended (" <u>DPL</u> "), are applicable to USBGFS and the Company, the following
provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The parties agree USBGFS is a " <u>Data Processor</u> " under GDPR and DPL, as applicable, in the performance of its services
under this the Agreement. Notwithstanding the foregoing, the parties agree USBGFS is a " <u>Data Controller</u> " under GDPR
and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In
either case, the Company shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents,
are in place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by USBGFS, the transfer of Personal
Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The parties further agree the Company is a " <u>Data Controller</u> " under GDPR and DPL, as applicable. The Company, either
alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. USBGFS shall process the Personal Data: (i) in accordance with instructions of the Company pursuant to this Agreement and any authorized
persons list executed pursuant thereto, for the purpose of discharging USBGFS' obligations under the Agreement; and (ii) when required
by law or regulation, or required or requested by any court or regulator (each, a " <u>Processing Order</u> ") to which USBGFS
is subject. In the event USBGFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent
legally permissible and reasonably practicable under the circumstances, notify the Company prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Company is solely responsible for developing and implementing its internal policies and procedures with respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to those contained in
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. implement appropriate technical and organizational measures to protect Personal Data including against unauthorized or unlawful processing
and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&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. only appoint sub-processors with the
 prior written consent of the Company (standing instructions or general written authorization
 are sufficient), and only if the sub-processors provide sufficient guarantees in writing
 to USBGFS that they have implemented appropriate technical and organizational measures in
 such a manner that processing will comply with GDPR and DPL, as applicable;<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. beyond the initial appointment, inform the Company of any intended material changes concerning the addition or replacement of sub-processors,
thereby giving the Company the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. taking into account the nature of the processing, reasonably assist the Company by appropriate technical and organizational measures,
insofar as possible, to enable the Company to comply with its obligation to respond to requests for exercising a data subject's
rights under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. provide reasonable assistance to the Company in ensuring their compliance with obligations regarding Personal Data breaches, data
protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably available
to USBGFS, and inform the Company of Personal Data breaches without undue delay;

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Company hereby authorizes such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. at the written direction of the Company, delete or return all Personal Data to the Company after the end of the provision of services
under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention
or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. make available to the Company all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable, and
allow for and reasonably cooperate with audits, including inspections, conducted by the Company or its auditor; and immediately inform
the Company if, in its opinion, the Company's instructions regarding this subsection infringes on GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation to the Personal Data.
Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR,
DPL or any other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Term of Agreement; Amendment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective as of the last date written on the signature page and will continue in effect for a period of
one (1) year. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party
provides written notice at least ninety (90) days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to <u>Section 15</u>, this Agreement may be terminated by either party (in whole) upon giving ninety (90) days' prior
written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may terminate this Agreement immediately (in whole) if the continued service of the Company would cause USBGFS or any of its
affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority
of competent jurisdiction, or if the Company (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence,
tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Company
would reflect unfavorably upon USBGFS' reputation, provided that in such event USBGFS shall (i) provide reasonable prior written
notice to the Company of its intent to terminate the Agreement pursuant to this <u>Section 14(c)</u>, and (ii) to the extent it is legally
permitted and able to do so, provide reasonable assistance to transition the Company to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Agreement shall automatically terminate if the Company fails to maintain an effective registration statement under the 1940 Act
and, if applicable, the Securities Act, or appropriate state securities law filings as necessary to enable the Company to make a continuous
private offering of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be terminated by the non-breaching party upon the breach of the other party of any material term of this Agreement
if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement may not be amended or modified in any manner except by written agreement executed by USBGFS and the Company and authorized
or approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Early Termination.** 

In the absence of a breach of a material term of this Agreement, should the Company elect to terminate this Agreement (in whole) prior to the end of the initial term, the Company agrees to pay the following fees subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all reasonable fees incurred with converting services to successor service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all reasonable fees incurred with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion
to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination.** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Company by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Company, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Company (if such form differs from the form in which USBGFS has maintained the same, the Company shall pay any expenses actually incurred and documented associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Company. The Company shall also pay any fees actually incurred and documented associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Company or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Assignment.** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Company without the written consent of USBGFS, or by USBGFS without the written consent of the Company accompanied by the authorization or approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Governing Law.** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **No Agency Relationship.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement,
or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company acknowledges that the Board and officers of the Company are responsible for management of the Company and that USBGFS
has no duties or obligations to manage or control the Company. Any duties and obligations of USBGFS are strictly limited to those set
forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Company acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as a director of the Company, such
person is serving in their own individual capacity at the pleasure of the shareholders of the Company and not as a representative of USBGFS
or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Company acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as an officer of the Company, or
in any other similar capacity, such person is engaged in such position at the direction of, and subject to the supervision and oversight
of, and removal by, the Board of the Company, and when such person is acting in such capacity they are doing so on behalf of the Company
and not as a representative of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Services Not Exclusive.** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Invalidity.** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Regulatory Services.** 

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Company's attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Company acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Company and rely on outside counsel retained by the Company to review all services provided by USBGFS and to provide independent judgment on the Company's behalf. The Company acknowledges that because no attorney-client relationship exists between the Company and USBGFS (or any employee of USBGFS or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Notices.** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, overnight delivery service (such as FedEx or UPS), via email, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

and notice to the Company shall be sent both physically and electronically to:

Remora Capital Corporation

3200 West End Ave., Suite #500

Nashville, TN 37203

Email: daniel@remoracap.com

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **No Third-Party Rights.** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of the Company) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third-party rights of the Data Providers as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Multiple Originals; Electronic Signatures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but
such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be executed by means of electronic signatures, and a signed copy of this Agreement transmitted by facsimile, email,
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this
Agreement for all purposes.

**SIGNATURE PAGE FOLLOWS**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer effective as of the last date written below.

---

| | |
|:---|:---|
| **Remora Capital Corporation** | **U.S. Bancorp Fund Services, LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| **Remora Capital Management, LLC** |  |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

**EXHIBIT A**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;I. Sub-Administration Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Company Sub-Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act as a liaison among Company Service providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supply non-investment-related statistical and research data as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Digital Board Services as described in <u>Exhibit D</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinate the Company's Board communications, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. [RESERVED – Not applicable to BDC services]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assist in providing financial statement-related data (and if the U.S. Bank tax team is engaged, then the U.S. Bank Reporting Team
will work to provide reporting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assisting with the SEC filing of the Company's fidelity bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. [RESERVED – Not applicable to BDC services]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Calculate dividends for review and approval by the Board and prepare and distribute to appropriate parties notices announcing declaration
of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Attend Board meetings (including Audit Committee meetings) and answer the Board's questions related to Sub-Administration deliverables
at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Post Board materials to the Board's web portal (Diligent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Audits/Examinations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For the annual Company audit, prepare appropriate schedules and materials. Provide requested information to the independent registered
public accounting firm of the Company (the " <u>IRPAF</u> ") and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC or other regulatory examinations, provide requested information to the Company to assist the examination process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Pay Company expenses upon written authorization from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulatory Compliance Support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Test compliance with portfolio holdings limitations under applicable 1940 Act requirements on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Test on a quarterly basis the Company's compliance, on a post-trade basis, with the policies and investment limitations as set
forth in its private placement memorandum (the " <u>PPM</u> ") and registration statement on Form 10 (the " <u>Registration Statement</u> "). Provide the results of such testing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide any sub-certifications reasonably requested by the Company in connection with (i) any certification required of the Company
pursuant to the SOX Act or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of USBGFS' compliance
program as it relates to the Company, provided the same shall not be deemed to change USBGFS' standard of care as set forth herein
or to broaden any duties or obligations of USBGFS set forth here.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In order to assist the Company in satisfying the requirements of Rule 38a-1 under the 1940 Act, USBGFS will provide the Company's
Chief Compliance Officer with reasonable access to USBGFS' fund records relating to the services provided by it under this Agreement,
and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in Rule
38a-1) involving USBGFS that affect or could affect the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Private Offering and Blue Sky Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. File with the SEC prepared Form D filings, and arrange filings with appropriate state securities authorities (e.g., Form D and "blue
sky" filings) relating to the qualifications of the securities of the Company so as to enable the Company to make a continuous offering
of its shares in all states and applicable U.S. Territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Monitor status and maintain registrations, if required, in each state and applicable U.S. territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assist Company counsel with respect to filings of any registration statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assist Company counsel in the preparation and filing of periodic reports and other filings under the Exchange Act as necessary (e.g.,
Form 10-K, Form 10-Q).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Coordinate the printing, filing and mailing of prospectuses and shareholder reports, and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. File the fidelity bond under Rule 17g-1 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist Company counsel in preparation of proxy statements, repurchase offers, tender offers and information statements, as requested
by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. While USBGFS shall assist in the preparation and filing of the materials noted above, the Company acknowledges and agrees that USBGFS
is not ultimately responsible for the content of such materials and shall not be held to be the maker of statements or opinions in any
such materials unless USBGFS expressly agrees in a writing to be filed with such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. IRS Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Test on a quarterly basis the Company's status as a regulated investment company under Subchapter M of the IRC, including review
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;&nbsp;&nbsp;&nbsp;&nbsp;i. Diversification requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Qualifying income requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate required annual excise distribution amounts for the review and approval of Company management and/or its IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Financial Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide financial data required by any registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare financial reports for officers, shareholders, tax authorities, performance reporting companies, the Board, the SEC, and the
IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist the Company's custodian and fund accountants in the maintenance of the Company's general ledger and in the preparation
of the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compute the yield, total return, expense ratio and portfolio turnover rate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor expense accruals and make adjustments as necessary; notify the Company's management of adjustments expected to materially
affect the Company's expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare financial statements subject to review and approval from the Company and the IRPAF, which include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule of Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Statement of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Statement of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement of Cash Flows (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare for the review of the IRPAF and/or Company management the federal and state tax returns, including Form 1120 RIC and applicable
state returns including any necessary schedules. USBGFS will prepare annual Company federal and state income tax return filings as authorized
by and based on the instructions received by Company management and/or its IRPAF. File on a timely basis appropriate federal and state
tax returns including Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Company's management and IRPAF with tax reporting information pertaining to the Company and available to USBGFS
as required in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare Company financial statement tax footnote disclosures for the review and approval of Company management and/or the IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare and file on behalf of Company management Form 1099 MISC for payments to disinterested directors and other qualifying service
providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor wash sale losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Calculate Qualified Dividend Income (" <u>QDI</u> ") for qualifying Company shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Company so elects, USBGFS shall provide additional services that are further described in the fee schedule on <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;II. Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain the security master file for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain portfolio records using security trade information communicated from the Company's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Track and properly reflect corporate actions (e.g., stock splits, dividends, mergers, rights issuances, spin-offs, etc.) impacting
the securities positions held by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the close of business on each period end the Company values its portfolio positions (each, a " <u>Valuation Date</u> "),
obtain prices from a pricing source approved by the Board or its valuation designee and apply those prices to the Company's portfolio
positions (also hereinafter referred to as " <u>securities</u> "). For those securities where market quotations are not readily
available, the Board or its valuation designee shall determine fair value. USBGFS shall be entitled to rely on such prices and/or fair
valuations without investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identify interest and dividend accrual balances as of each Valuation Date and calculate gross earnings on investments for each accounting
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or
losses to shareholders and maintain undistributed gain or loss balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On a periodic basis, reconcile cash of the Company with the Company's custodian and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense Accrual and Payment Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For each Valuation Date, monitor the expense accrual amounts as directed by the Company as to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Process and record payments for Company expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Account for Company expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBGFS
and the Company, including fees and expenses payable to the Company's (i) investment adviser pursuant to any agreement between the
Company and the investment adviser, including management fees and incentive fees thereunder, and (ii) Administrator pursuant to any agreement
between the Company and the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NAV Calculation and Financial Reporting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Account for Company share purchases, sales, exchanges, transfers, dividend reinvestments, and other Company share activity as reported
by the Company's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply equalization accounting as directed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine net investment income (earnings) for the Company as of each Valuation Date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Determine the NAV of the Company according to the accounting policies and procedures set forth in the Company's current Registration
Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Calculate per share NAV, per share net earnings, and other per share amounts reflective of Company operations at such time as required
by the nature and characteristics of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Communicate to the Company, at an agreed upon time, the per share NAV for each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare monthly reconciliations of sub-ledger reports to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare monthly security transactions listings for each Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain accounting records for the investment portfolio of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain tax lot detail for the Company's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support
tax reporting to the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Audit Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support reporting to regulatory bodies and financial statement preparation by making the Company's accounting records available
to the Company, the SEC, and the IRPAF, in each case as requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Company in connection with any certification required of the Company pursuant to the SOX Act or any rules or regulations
promulgated by the SEC thereunder, provided the same shall not be deemed to change USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cooperate with the IRPAF and take all reasonable action in the performance of its obligations under this Agreement to ensure that
the necessary information is made available to such IRPAF for the expression of their opinion on the Company's financial statements,
without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If the Company so elects, USBGFS shall provide the Rule 2a-5 supplemental services described on, and subject to the terms and conditions
of, <u>Exhibit E</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. If the Company so elects, USBGFS shall provide the Rule 18f-4 supplemental services described on, and subject to the terms and conditions
of, <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer Agency and Investor Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Receive and process all orders for the purchase and/or repurchase of shares in accordance with applicable rules and law, including
the 1940 Act, the Exchange Act, the Securities Act, and the AML Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Process purchase and redemption orders with prompt delivery, where appropriate, of payment and supporting documentation to the shareholder
based on the shareholder's or the Company's custodian instructions, and record the appropriate number of shares being held
in the appropriate shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Pay proceeds upon receipt from the Company's custodian, where relevant, in accordance with the instructions of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Process transfers of shares in accordance with the shareholder's instructions, after receipt of appropriate documentation from the
shareholder as specified in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Prepare and transmit payments for income dividends and distributions declared by the Company, after deducting any amount required
to be withheld by any applicable laws, rules and regulations and in accordance with shareholder instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Serve as the Company's agent in connection with systematic plans including, but not limited to, systematic investment plans,
systematic withdrawal plans, and systematic exchange plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Make changes to shareholder records, including, but not limited to, address changes in plans (e.g., systematic investment and withdrawal,
automatic investment and dividend reinvestment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Handle load processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Record the issuance of shares of the Company and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Exchange Act, a record
of the total number of shares of the Company which are authorized, issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Prepare ad hoc reports as necessary at prevailing rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Mail shareholder reports, prospectuses, and tender offer documents of the Company, including with respect to tenders of the Company's
common stock and preferred stock filed and issued by the Company, to all current shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information returns required with respect to dividends
and distributions for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Provide shareholder account information upon shareholder or Company requests and prepare and mail confirmations and statements of
account to shareholders for all purchases, redemptions and other confirmable transactions as agreed upon with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Mail and/or obtain shareholders' certifications under penalties of perjury and pay on a timely basis to the appropriate federal
or state authorities any taxes to be withheld on dividends and distributions paid by the Company, all as required by applicable federal
and state tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Provide the total number of shares of the Company sold in each state to enable the Company or its agent to monitor such sales for
blue sky law purposes; provided that the Company, not USBGFS, is responsible for ensuring that shares are not sold in violation of any
requirement under the securities laws or regulations of any state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Answer correspondence from Company shareholders, securities brokers and others relating to USBGFS' duties hereunder within required
time periods established by applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Reimburse the Company each month for all material losses resulting from "as of" processing errors for which USBGFS is
responsible in accordance with USBGFS' "as of" processing guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Provide service and support to financial intermediaries including trade placements, settlements and corrections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. After receiving specific written authorization from an officer of the Company, enter into an agreement on behalf of the Company that
appoints one or more designated financial intermediaries as agents of the Company for the limited purpose of accepting orders for the
purchase, exchange, and/or redemption of shares of the Company in accordance with the Registration Statement, any prospectus filed by
the Company and Rule 22c-1 under the 1940 Act, as applicable.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit B</u> or at USBGFS' then-current standard rates for such services if not specified.

**EXHIBIT B**

**<u>Fees</u>**

**[ ]**

**EXHIBIT C**

**<u>Required Provisions of Data Service Providers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· The Company shall use the Data solely for internal
purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by
the Data Provider.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company will not use or permit anyone else
to use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial
instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and
futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices
(custom or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;· The Company agrees that it shall (a) comply with
all laws, rules and regulations applicable to accessing and using the Data, (b) not use the Data for any purpose independent of those
for which it is provided by the Data Provider, and (c) exculpate the Data Provider, its affiliates and their respective suppliers from
any liability or responsibility of any kind relating to the Company's receipt or use of the Data (including expressly disclaiming
all warranties).

&nbsp;&nbsp;&nbsp;&nbsp;· The Company will treat the Data as proprietary
to the Data Provider. Further, the Company shall acknowledge that the Data Provider is the sole and exclusive owner of the Data and all
trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company will not (i) copy any component of
the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling,
reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization
(including, without limitation, the Company's present and future parents, subsidiaries or affiliates) directly or indirectly, for
any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar
arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company shall reproduce on all permitted
copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company shall assume the entire risk of using
the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by
the Company.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company acknowledges that the Data Providers
may, in their sole and absolute discretion and at any time, terminate USBGFS' right to receive and/or use the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company acknowledges and agrees that the
Data Providers are third party beneficiaries of the agreements between the Company and USBGFS with respect to the provision of the Data,
entitled to enforce all provisions of such agreements relating to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· THE DATA IS PROVIDED TO THE COMPANY ON AN "AS
IS" BASIS. USBGFS, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE
DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED
BY THE USE THEREOF). USBGFS, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF
THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND
FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;· THE COMPANY ASSUMES THE ENTIRE RISK OF ANY USE THE COMPANY MAY MAKE OF THE
DATA. IN NO EVENT SHALL USBGFS, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE
DATA BE LIABLE TO THE COMPANY, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS,
LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE COMPANY TO USE THE DATA,
REGARDLESS OF THE FORM OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO
THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

**EXHIBIT D**

**<u>Digital Board Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. USBGFS shall provide the following supplemental digital board services to the Company (the " <u>Digital Board Services</u> ") as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Comprehensive Digital Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Full access to the premium version of Diligent's board portal, including compilation and distribution of all board materials
by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Third-Party Vendors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Comprehensive Digital Services are reliant upon services provided by Diligent as a third-party vendor to USBGFS, and if USBGFS
shall cease to have access to the Diligent services for any reason, the obligations of the parties hereto with respect to the Comprehensive
Digital Services shall immediately terminate further liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company agrees that it shall, and it shall cause its Board participants and other users to, comply with any terms of use established
by Diligent, applicable to the use of the services and the access to any Diligent portals or electronic sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Company agrees that USBGFS shall not be responsible or liable for any actions or inactions of Diligent or any other third-party
vendor, for any lack of access to any Diligent portal or other electronic site, or for any errors, data loss, or other cyber-security
event by Diligent, at or through a Diligent maintained electronic site, or at any other third-party vendor. The Company acknowledges that
Diligent is not responsible for maintaining records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS MAKES NO WARRANTY OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE ACCURACY, COMPLETENESS, OR SUFFICIENCY OF ANY
DATA OR OTHER INFORMATION PROVIDED THROUGH THE DILIGENT PORTALS, ANY DILIGENT ELECTRONIC SITE, OR OTHERWISE THROUGH THE COMPREHENSIVE
DIGITAL SERVICES OR THE LIGHT DIGITAL OFFERING.

**EXHIBIT E**

**<u>Rule 2a-5 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. If the Company elects to receive the Rule 2a-5 Supplemental Services, USBGFS shall provide the following
services to the Company (the " <u>Rule 2a-5 Supplemental Services</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Price Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Price Comparison Report is a monthly report showing prices from an alternative source chosen by USBGFS
for certain instruments held by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Back-testing and Calibration Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Back-testing and Calibration Report shows (a) the actual buy price for certain instruments held by
the Company compared to the next price used for such instrument in the Company's NAV and (b) the actual sale price of certain instruments
held by the Company compared to the prior price used for such instrument in the Company's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Adviser Valuation Oversight Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Adviser Valuation Oversight Report is a graphic overview of the Company's assets, the pricing
sources used by the Company, the types of prices used, and the preliminary fair value leveling utilized for periodic reports filed by
the Company under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Company shall pay USBGFS fees for the Rule 2a-5 Supplemental Services for receiving such services
based upon the number of level 2 instruments (as defined by ASC Topic 820) held as a percentage of the Company's total positions
in accordance with the following table:

---

| | |
|:---|:---|
| **Percentage of individual level 2 instruments held by the Company** | **Monthly Fee for Such Company <sup>2</sup>** |
| 5% or less | $100 |
| More than 5% but less than 25% | $200 |
| 25% or more | $300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. The availability of the Rule 2a-5 Supplemental Services and the associated fees are subject to USBGFS'
ability to obtain comparison prices from its chosen comparison third-party pricing sources at reasonable cost. The reports provided as
part of the Rule 2a-5 Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative
comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that
were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices
rise.

&nbsp;&nbsp;&nbsp;&nbsp;4. The alternative pricing information provided in the Rule 2a-5 Supplemental Services is intended for comparison
purposes only. THE COMPANY IS RESPONSIBLE FOR SELECTING THE PRICING SOURCES USED FOR EACH INSTRUMENT HELD BY THE COMPANY FOR CALCULATING
THE COMPANY'S NAV, FOR DETERMINING THE APPROPRIATE PRICING METHODOLOGIES USED BY THE COMPANY, AND FOR DETERMINING THAT THE PRICES
USED FOR EACH INSTRUMENT ARE APPROPRIATE. USBGFS shall not have any obligation to verify the accuracy or appropriateness of any prices,
evaluations, market quotations, or other data or pricing related inputs received from the Company, any of its affiliates, or any third-party
source. Notwithstanding anything else in this Addendum or the Agreement to the contrary, USBGFS and its affiliates shall not be responsible
or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent
prices, evaluations, market quotations, or other data or pricing related inputs received from the Company, any of its affiliates, or any
third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;5. USBGFS shall only include pricing comparison information in the Rule 2a-5 Supplemental Services from third-party
sources. USBGFS shall not be responsible for (i) providing any discretionary or subjective valuation of any instrument, (ii) providing
any pricing information not available from a third-party source, (iii) providing any recommendation or opinion on whether a primary price
or a comparison price is appropriate, or (iv) determining the appropriate pricing source for any instrument.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Company acknowledges that it is responsible for determining the suitability and applicability of the
information obtained through the Rule 2a-5 Supplemental Services. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED,
WITH RESPECT TO THE SUITABILITY AND ACCURACY OF INFORMATION PROVIDED IN THE RULE 2a-5 SUPPLEMENTAL SERVICES.

<sup>2</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Company may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

**EXHIBIT F**

**<u>SEC Derivatives Rule 18f-4 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. USBGFS has entered into agreements with Confluence Technologies (" <u>Confluence</u> ") to provide
data (the " <u>Confluence Data</u> ") and access for the Company to Confluence's web platform (" <u>Platform</u> ")
for use in or in connection with the compliance and reporting requirements under Rule 18f-4 under the 1940 Act (the " <u>Rule</u> "
and the services to be provided in this exhibit for compliance with the Rule, " <u>Rule 18f-4 Supplemental Services</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;2. If the Company elects to receive the Rule 18f-4 Supplemental Services, the Company shall pay the following
additional fees associated with complying with the requirements of the Rule, including access to the third-party web platform, commencing
on the date the Company begins accessing the third-party web platform:

---

| | |
|:---|:---|
| **Offering** | **Price per Company per Month\*** |
| Limited Derivatives User | $200 |
| Full Derivatives User (no OTC derivatives) | $300 |
| Full Derivative User (with 1-5 OTC derivatives) | $400 |
| Full Derivative User (with 5 or more OTC derivatives) | $500 |
| Closed Fund Data Maintenance Fee | $50 |

---

\*Additional fees may apply from index providers

&nbsp;&nbsp;&nbsp;&nbsp;3. In connection with the provision of the Confluence Data and access to the Platform, Confluence requires
certain provisions to be included in the Agreement. Accordingly, the Company agrees that it shall (a) comply with all laws, rules and
regulations applicable to accessing and using the Confluence Data and Platform, (b) not use the Confluence Data for any purpose independent
of complying with the requirements of the Rule, (c) exculpate Confluence, its affiliates and their respective suppliers from any liability
or responsibility of any kind relating to the Company's receipt or use of the Confluence Data (including expressly disclaiming all
warranties). The Company further agrees that Confluence shall be a third-party beneficiary of the Agreement solely with respect to the
foregoing provisions (a) – (c).

&nbsp;&nbsp;&nbsp;&nbsp;4. The Company acknowledges that it is responsible for determining the suitability and accuracy of the information
obtained through its access to the Platform. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE
SUITABILITY AND ACCURACY OF COMPANY DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES ACCESSED THROUGH THE PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;5. In the event of termination of the Rule 18f-4 Supplemental Services, the Company shall immediately end
its access to the Platform and return all codes, system access mechanisms, programs, manuals and other written information to USBGFS,
and shall, to the extent reasonably technically practicable and permitted by applicable law, destroy or erase all such information on
any storage medium, unless such access continues to be permitted pursuant to a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Company assumes exclusive responsibility for the consequences of any instructions it may give to USBGFS,
for failure to properly access the Platform in the manner prescribed by USBGFS, and for the Company's failure to supply accurate
and complete information to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Company must provide USBGFS with such information as is requested by USBGFS or Confluence to assist
in developing the Confluence Data needed for the Company's obligations under the Rule. The Company must provide USBGFS with such
information as is necessary for USBGFS to provide the Company with access to the Platform.

## Exhibit 99.1

**Exhibit 99.1**

**REMORA CAPITAL CORPORATION**

**CODE OF ETHICS**

This Code of Ethics (the "***Code***") has been adopted by the Board of Directors (the "***Board***") of Remora Capital Corporation (the "***Company***") in accordance with Rule 17j-l(c) under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and the May 9, 1994 Report of the Advisory Group on Personal Investing by the Investment Company Institute (the "***Report***"). Rule 17j-1 generally describes fraudulent or manipulative practices with respect to purchases or sales of securities held or to be acquired by business development companies if effected by access persons of such companies.

**The purpose of this Code is to reflect the following: (1) the duty at all times to place the interests of shareholders first; (2) the requirement that all personal securities transactions be conducted consistent with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and (3) the fundamental standard that business development company personnel should not take inappropriate advantage of their positions.**

**SECTION I: STATEMENT OF PURPOSE AND APPLICABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Statement of Purpose</u>. It is the policy of the Company that no affiliated person of the Company
shall, in connection with the purchase or sale, directly or indirectly, by such person of any security held or to be acquired by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ any device, scheme or artifice to defraud the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) make to the Company any untrue statement of a material fact or omit to state to the Company a material
fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) engage in any manipulative practice with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Scope of the Code</u>. In order to prevent the Access Persons, as defined in Section II, paragraph
(A) below, of the Company from engaging in any of these prohibited acts, practices or courses of business, the Board has adopted this
Code.

**SECTION II: DEFINITIONS**

(A) <u>Access Person</u>. "Access Person" means any director, officer, or "Advisory Person"
of the Company or its investment adviser.

(B) <u>Advisory Person</u>. "Advisory Person" of the Company means: (i) any director, officer
or employee of the Company or its investment adviser or of any company in a control relationship to the Company or its investment adviser,
who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase
or sale of a Covered Security by the Company, or whose functions relate to the making of any recommendations with respect to such purchases
or sales; and (ii) any natural person in a control relationship to the Company or its investment adviser who obtains information concerning
recommendations made to the Company with regard to the purchase or sale of a "Covered Security."

(C) <u>Beneficial Interest</u>. "Beneficial Interest" includes any entity, person, trust, or account
with respect to which an Access Person exercises investment discretion or provides investment advice. A beneficial interest shall be presumed
to include all accounts in the name of or for the benefit of the Access Person, his or her spouse, dependent children, or any person living
with him or her or to whom he or she contributes economic support.

(D) <u>Beneficial Ownership</u>. "Beneficial Ownership" shall be determined in accordance with
Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "  ***Exchange Act*** "), except that the
determination of direct or indirect Beneficial Ownership shall apply to all securities, and not just equity securities, that an Access
Person holds or acquires. Rule 16a-1(a)(2) provides that the term "beneficial owner" means any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect pecuniary interest in
any equity security. Therefore, an Access Person may be deemed to have Beneficial Ownership of securities held by members of his or her
immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

(E) <u>Control</u>. "Control" shall have the meaning set forth in Section 2(a)(9) of the 1940
Act.

(F) <u>Covered Security</u>. "Covered Security" means a security as defined in Section 2(a)(36)
of the 1940 Act, except that it does not include (i): direct obligations of the Government of the United States; (ii) banker's acceptances,
bank certificates of deposit, commercial paper and high quality short-term debt instruments including repurchase agreements; and (iii)
shares issued by registered open-end investment companies (i.e., mutual funds); however, exchange traded funds structured as unit investment
trusts or open-end funds are considered "Covered Securities."

(G) <u>Company</u>. The "Company" means Remora Capital Corporation, a Maryland corporation.

(H) <u>Designated Officer</u>. "Designated Officer" shall mean the officer of the Company designated
by the Board from time to time to be responsible for management of compliance with this Code. The Designated Officer may appoint a designee
to carry out certain of his or her functions pursuant to this Code.

(I) <u>Disinterested Director</u>. "Disinterested Director" means a director of the Company who
is not an "interested person" of the Company within the meaning of Section 2(a)(19) of the 1940 Act.

(J) <u>Initial Public Offering</u>. "Initial Public Offering" means an offering of securities
registered under the Securities Act of 1933, as amended (the "  ***Securities Act*** "), the issuer of which, immediately
before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

(K) <u>Investment Personnel</u>. "Investment Personnel" means: (i) any employee of the Company
or its investment adviser (or of any company in a control relationship to the Company or its investment adviser) who, in connection with
his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by
the Company; and (ii) any natural person who controls the Company or its investment adviser and who obtains information concerning recommendations
regarding the purchase or sale of securities by the Company.

(L) <u>Limited Offering</u>. "Limited Offering" means an offering that is exempt from registration
under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act.

(M) <u>Purchase or Sale of a Covered Security</u>. "Purchase or Sale of a Covered Security" is
broad and includes, among other things, the writing of an option to purchase or sell a Covered Security, or the use of a derivative product
to take a position in a Covered Security.

**SECTION III: STANDARDS OF CONDUCT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>General Standards</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Access Person shall engage, directly or indirectly, in any business transaction or arrangement for
personal profit that is inconsistent with the best interests of the Company or its shareholders; nor shall he or she make use of any confidential
information gained by reason of his or her employment by or affiliation with the Company or affiliates thereof in order to derive a personal
profit for himself or herself or for any Beneficial Interest, in violation of the fiduciary duty owed to the Company or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any Access Person recommending or authorizing the purchase or sale of a Covered Security by the Company
shall, at the time of such recommendation or authorization, disclose any Beneficial Interest in, or Beneficial Ownership of, such Covered
Security or the issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No Access Person shall dispense any information concerning securities holdings or securities transactions
of the Company to anyone outside the Company, without obtaining prior written approval from the Designated Officer, or such person or
persons as these individuals may designate to act on their behalf. Notwithstanding the preceding sentence, such Access Person may dispense
such information without obtaining prior written approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when such information is dispensed in accordance with compliance procedures established to prevent conflicts
of interest between the Company and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) when such information is reported to directors of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the ordinary course of his or her duties on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All personal securities transactions should be conducted consistent with this Code and in such a manner
as to avoid actual or potential conflicts of interest, the appearance of a conflict of interest, or any abuse of an individual's
position of trust and responsibility within the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Prohibited Transactions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>General Prohibition</u>. No Access Person shall purchase or sell, directly or indirectly, any Covered
Security in which he or she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which such
Access Person knows or should have known at the time of such purchase or sale is being considered for purchase or sale by the Company,
or is held in the portfolio of the Company unless such Access Person shall have obtained prior written approval for such purpose from
the Designated Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Access Person who becomes aware that the Company is considering the purchase or sale of any Covered
Security by any person (an issuer) must immediately notify the Designated Officer of any interest that such Access Person may have in
any outstanding Covered Securities of that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Access Person shall similarly notify the Designated Officer of any other interest or connection that
such Access Person might have in or with such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Once an Access Person becomes aware that the Company is considering the purchase or sale of a Covered
Security or that the Company holds a Covered Security in its portfolio, such Access Person may not engage, without prior approval of the
Designated Officer, in any transaction in any Covered Securities of that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The foregoing notifications or permission may be provided verbally but should be confirmed in writing
as soon and with as much detail as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Initial Public Offerings and Limited Offerings</u>. All employees of Remora Capital Management, LLC
(the "  ***Adviser*** "), including the Investment Personnel of the Company must obtain pre-clearance approval from the
Company before directly or indirectly acquiring a Beneficial Ownership in any securities in an Initial Public Offering or in a Limited
Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Blackout Periods</u>. No Investment Personnel shall execute a securities transaction in any security
that the Company owns or is considering for purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Company Acquisition of Shares in Companies that Investment Personnel Hold Through Limited Offerings</u>.
Investment Personnel who have been authorized to acquire securities in a Limited Offering must disclose that investment to the Designated
Officer when they are involved in the Company's subsequent consideration of an investment in the issuer, and the Company's
decision to purchase such securities must be independently reviewed by Investment Personnel with no personal interest in that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Gifts</u>. All Access Person must report their acceptance of gifts with a value of greater than $600
(either one single gift, or in aggregate on an annual basis) to the Adviser or the Company. Employees of the Adviser, including all Access
Persons, must seek approval from the Adviser or the Company to receive gifts with a value of greater than $1,200 (either one single gift,
or in aggregate on an annual basis). The Company and the Adviser expect to bear the cost of employee travel and lodging associated with
conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than the Company
or the Adviser, they should be treated as a gift for the purpose of this Code. Gifts such as holiday baskets or lunches delivered to the
Company's or the Adviser's offices, which are received on behalf of the Company or the Adviser, do not require reporting.
Promotional items valued at less than $600 that clearly display the giver's company logo also need not be reported. Examples of
promotional gifts include mugs, hats and umbrellas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Outside Activities</u>. No Access Person, including all employees of the Adviser shall engage in outside
business activities, including serving on the board of directors of a company, making investment decisions on behalf of a portfolio company
of the Company or Adviser's non-clients or participate in investment clubs without prior written authorization of the Designated
Officer or the Chief Compliance Officer of the Adviser, as applicable, based upon a determination that the board service would not be
inconsistent with the interests of the Company and its shareholders.

**SECTION IV: PROCEDURES TO IMPLEMENT CODE OF ETHICS**

The following reporting procedures have been established to assist Access Persons in avoiding a violation of this Code, and to assist the Company in preventing, detecting, and imposing sanctions for violations of this Code. Every Access Person must sign the acknowledgement and certification included in <u>Exhibit A</u> and follow these procedures. Questions regarding these procedures should be directed to the Designated Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Applicability</u>. All Access Persons are subject to the reporting requirements set forth herein except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with respect to transactions effected for, and Covered Securities held in, any account over which the
Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Disinterested Director, who would be required to make a report solely by reason of being a Director,
need not make any initial holdings, annual holdings report or a quarterly transaction report, unless the Disinterested Director knew or,
in the ordinary course of fulfilling his or her official duties as a Director, should have known that during the 15-day period immediately
before or after such Disinterested Director's transaction in a Covered Security, the Company purchased or sold the Covered Security,
or the Company or its investment adviser considered purchasing or selling the Covered Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an Access Person need not make a quarterly transaction report if the report would duplicate information
contained in broker trade confirmations or account statements received by the Company with respect to the Access Person in the time required
by subsection (B)(2) of this Section IV, if all of the information required by subsection (B)(2) of this Section IV is contained in the
broker trade confirmations or account statements, or in the records of the Company, as specified in subsection (B)(4) of this Section
IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Report Types</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Initial Holdings Report</u>. An Access Person must file an initial report not later than 10 days after
that person became an Access Person. The initial report must: (a) contain the title, number of shares and principal amount of each Covered
Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person; (b) identify
any broker, dealer or bank with whom the Access Person maintained an account in which any Covered Securities were held for the direct
or indirect benefit of the Access Person as of the date the person became an Access Person; and (c) indicate the date that the report
is filed with the Designated Person. A copy of a form of such report is attached hereto as <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Quarterly Transaction Report</u>. An Access Person must file a quarterly transaction report not later
than 30 days after the end of a calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to any transaction made during the reporting quarter in a Covered Security in which such
Access Person had any direct or indirect beneficial ownership, the quarterly transaction report must contain: (i) the transaction date,
title, interest date and maturity date (if applicable), the number of shares and the principal amount of each Covered Security; (ii) the
nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (iii) the price of the Covered Security
at which the transaction was effected; (iv) the name of the broker, dealer or bank through which the transaction was effected; and (v)
the date that the report is submitted by the Access Person. A copy of a form of such report is attached hereto as <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any account established by the Access Person in which any securities were held during
the quarter for the direct or indirect benefit of the Access Person, the quarterly transaction report must contain: (i) the name of the
broker, dealer or bank with whom the Access Person established the account; (ii) the date the account was established; and (iii) the date
that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Annual Holdings Report</u>. An Access Person must file an annual holdings report not later than 30
days after the end of a fiscal year. The annual report must contain the following information (which information must be current as of
a date no more than 45 days before the report is submitted): (a) the title, number of shares, and principal amount of each Covered Security
in which the Access Person had any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank in which any Covered
Securities are held for the direct or indirect benefit of the Access Person; and (c) the date the report is submitted. A copy of a form
of such report is attached hereto as <u>Exhibit D</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Account Statements</u>. In lieu of providing a quarterly transaction report, an Access Person may direct
his or her broker to provide to the Designated Officer copies of periodic statements for all investment accounts in which they have Beneficial
Ownership that provide the information required in quarterly transaction reports, as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Company Reports</u>. No less frequently than annually, the Company must furnish to the Board, and the
Board must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) describes any issues arising under the Code or procedures since the last report to the Board, including
but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material
violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certifies that the Company has adopted procedures reasonably necessary to prevent Access Persons from
violating the Code.

(C) <u>Disclaimer of Beneficial Ownership</u>. Any report required under this Section IV may contain a statement
that the report shall not be construed as an admission by the person submitting such duplicate confirmation or account statement or making
such report that he or she has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

(D) <u>Review of Reports</u>. The reports required to be submitted under this Section IV shall be delivered
to the Designated Officer. The Designated Officer shall review such reports to determine whether any transactions recorded therein constitute
a violation of the Code. Before making any determination that a violation has been committed by any Access Person, such Access Person
shall be given an opportunity to supply additional explanatory material. The Designated Officer shall maintain copies of the reports as
required by Rule 17j-1(f).

(E) <u>Acknowledgment and Certification</u>. Upon becoming an Access Person and annually thereafter, the Company
will provide, or make available, a copy of this Code to all Access Persons. Upon becoming an Access Person and annually thereafter, each
Access Person shall sign an acknowledgment and certification of their receipt of and intent to comply with this Code. Each Access Person
must also certify annually that he or she has read and understands the Code and recognizes that he or she is subject to the Code. In addition,
each access person must certify annually that he or she has complied with the requirements of the Code and that he or she has disclosed
or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code.

(F) <u>Records</u>. The Company shall maintain records with respect to this Code in the manner and to the
extent set forth below, which records may be maintained on microfilm or electronic storage media under the conditions described in Rule
31a-2(f) under the 1940 Act and shall be available for examination by representatives of the Securities and Exchange Commission (the "  ***SEC*** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a copy of this Code and any other code of ethics of the Company that is, or at any time within the past
five years has been, in effect shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a record of any violation of this Code and of any action taken as a result of such violation shall be
maintained in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation
occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a copy of each report made by an Access Person or duplicate account statement received pursuant to this
Code, including any information provided in lieu of the reports under subsection (A)(3) of this Section IV. shall be maintained for a
period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years
in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a record of all persons who are, or within the past five years have been, required to make reports pursuant
to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a copy of each report required under subsection (B)(5) of this Section IV shall be maintained for at least
five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a record of any decision, and the reasons supporting the decision, to approve the direct or indirect acquisition
by an Access Person of beneficial ownership in any securities in an Initial Public Offering or Limited Offering shall be maintained for
at least five years after the end of the fiscal year in which the approval is granted.

(G) <u>Obligation to Report a Violation</u>. Every Access Person who becomes aware of a violation of this
Code by any person must report it to the Designated Officer, who shall report it to appropriate management personnel. The management personnel
will take such disciplinary action that they consider appropriate under the circumstances. In the case of officers or other employees
of the Company, such action may include removal from office. If the management personnel consider disciplinary action against any person,
they will cause notice thereof to be given to that person and provide to that person the opportunity to be heard. The Board will be notified,
in a timely manner, of remedial action taken with respect to violations of the Code.

(H) <u>Confidentiality</u>. All reports of Covered Securities transactions, duplicate confirmations, account
statements and other information filed with the Company or furnished to any person pursuant to this Code shall be treated as confidential,
but are subject to review as provided herein and by representatives of the SEC or otherwise to comply with applicable law or the order
of a court of competent jurisdiction.

**SECTION V: SANCTIONS**

Upon determination that a violation of this Code has occurred, appropriate management personnel of the Company may impose such sanctions as they deem appropriate, including, among other things, disgorgement of profits, a letter of censure or suspension or termination of the employment of the violator. All violations of this Code and any sanctions imposed with respect thereto shall be reported in a timely manner to the Board.

**SECTION VI: AMENDMENTS**

This Code may be amended from time to time by resolution of the Board, or without a resolution of the Board to the extent the approval of such amendment is not required under the 1940 Act.

**EXHIBIT A**

**<u>ACKNOWLEDGMENT AND CERTIFICATION</u>**

I acknowledge receipt of the Code of Ethics of Remora Capital Corporation. I have read and understand such Code of Ethics and agree to be governed by it at all times. Further, if I have been subject to the Code of Ethics during the preceding year, I certify that I have complied with the requirements of the Code of Ethics and have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics.

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| |
|:---|
| (signature) |
| (please print name) |

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Date:___________________________

**EXHIBIT B**

**<u>INITIAL HOLDINGS REPORT</u>**

Name_______________________________ Date _______________________________

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>NAME OF ISSUER</u> | &nbsp;&nbsp;<u>NUMBER OF SHARES</u> | &nbsp;&nbsp;<u>PRINCIPAL AMOUNT</u> |

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I certify that the foregoing is a complete and accurate list of all securities in which I have any Beneficial Ownership.

Signature

**EXHIBIT C**

**<u>QUARTERLY TRANSACTION REPORT</u>**

Name_______________________________ Date _______________________________

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | &nbsp;&nbsp;&nbsp;NAME OF |
|  |  | &nbsp;&nbsp;&nbsp;NUMBER |  |  |  |  | &nbsp;&nbsp;&nbsp;BROKER/ |
|  | NAME OF | &nbsp;&nbsp;&nbsp;OF | &nbsp;&nbsp;INTEREST | &nbsp;&nbsp;&nbsp;&nbsp;MATURITY | &nbsp;&nbsp;&nbsp;PRINCIPAL | &nbsp;&nbsp;&nbsp;TYPE OF | &nbsp;&nbsp;&nbsp;DEALER/ |
| <u>DATE</u> | <u>ISSUER</u> | &nbsp;&nbsp;&nbsp;<u>SHARES</u> | &nbsp;&nbsp;<u>DATE</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>DATE</u> | &nbsp;&nbsp;&nbsp;<u>AMOUNT</u> | &nbsp;&nbsp;&nbsp;<u>TRANSACTION</u> | &nbsp;&nbsp;&nbsp;<u>BANK</u> |

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I certify that the foregoing is a complete and accurate list of all transactions for the covered period in securities in which I have any Beneficial Ownership.

Signature

**EXHIBIT D**

**<u>ANNUAL HOLDINGS REPORT</u>**

Name_______________________________ Date _______________________________

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>NAME OF ISSUER</u> | &nbsp;&nbsp;<u>NUMBER OF SHARES</u> | &nbsp;&nbsp;<u>PRINCIPAL AMOUNT</u> | &nbsp;&nbsp;<u>NAME OF BROKER / DEALER / BANK</u> |

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I certify that the foregoing is a complete and accurate list of all securities in which I have any Beneficial Ownership.

Signature

**EXHIBIT E**

**<u>PERSONAL SECURITIES ACCOUNT INFORMATION</u>**

Name_______________________________ Date _______________________________

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>SECURITIES FIRM NAME <br> AND ADDRESS</u> | &nbsp;&nbsp;<u>ACCOUNT NUMBER</u> | &nbsp;&nbsp;<u>ACCOUNT NAME(S)</u> |

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I certify that the foregoing is a complete and accurate list of all securities accounts in which I have any Beneficial Ownership.

Signature