# EDGAR Filing Document

**Accession Number:** 0002071136
**File Stem:** 0002071136-25-000009
**Filing Date:** 2025-11
**Character Count:** 450498
**Document Hash:** b6fac80b9174f5fe2fe8827ef01b097b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071136-25-000009.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0002071136-25-000009

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Churchill BDC V
- **CENTRAL INDEX KEY:** 0002071136

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01883
- **FILM NUMBER:** 251474516

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

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

?xml version='1.0' encoding='ASCII'? ncbdcv-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

---

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

---

**For the quarterly period ended September 30, 2025** 

**OR**

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

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

**Commission file number 000-56757**

**NUVEEN CHURCHILL BDC V** 

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

---

| | |
|:---|:---|
| **Delaware** | **39-6933681** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **375 Park Avenue, 9th Floor, New York, NY** | **10152** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(212) 478-9200**

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

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

---

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

---

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

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

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

---

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

---

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

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

The registrant had outstanding 12,280,040 common shares of beneficial interest as of November 12, 2025.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| **<u>[PART I](#i853d89cc47ad4238bee89a59316477d2_13)</u>** | **<u>[Financial Information](#i853d89cc47ad4238bee89a59316477d2_13)</u>** | <u>[3](#i853d89cc47ad4238bee89a59316477d2_13)</u> |
| <u>[Item 1.](#i853d89cc47ad4238bee89a59316477d2_16)</u> | <u>[Consolidated Financial Statements (Unaudited)](#i853d89cc47ad4238bee89a59316477d2_16)</u> | <u>[3](#i853d89cc47ad4238bee89a59316477d2_16)</u> |
|  | <u>[Consolidated Statement of Assets and Liabilities as of September 30, 2025 (Unaudited)](#i853d89cc47ad4238bee89a59316477d2_19)</u> | <u>[3](#i853d89cc47ad4238bee89a59316477d2_19)</u> |
|  | <u>[Consolidated Statement of Operations for the Period](#i853d89cc47ad4238bee89a59316477d2_22)[from](#i853d89cc47ad4238bee89a59316477d2_22)[July 9](#i853d89cc47ad4238bee89a59316477d2_22)[, 2025 t](#i853d89cc47ad4238bee89a59316477d2_22)[o](#i853d89cc47ad4238bee89a59316477d2_22)[September 30, 2025 (Unaudited)](#i853d89cc47ad4238bee89a59316477d2_22)</u> | <u>[4](#i853d89cc47ad4238bee89a59316477d2_22)</u> |
|  | <u>[Consolidated Statement of](#i853d89cc47ad4238bee89a59316477d2_25)[C](#i853d89cc47ad4238bee89a59316477d2_25)[hanges in](#i853d89cc47ad4238bee89a59316477d2_25)[Net Assets](#i853d89cc47ad4238bee89a59316477d2_25)[for the Period from](#i853d89cc47ad4238bee89a59316477d2_25)[July 9](#i853d89cc47ad4238bee89a59316477d2_25)[, 2025 t](#i853d89cc47ad4238bee89a59316477d2_25)[o](#i853d89cc47ad4238bee89a59316477d2_25)[September 30, 2025 (Unaudited)](#i853d89cc47ad4238bee89a59316477d2_25)</u> | <u>[5](#i853d89cc47ad4238bee89a59316477d2_25)</u> |
|  | <u>[Consolidated Statement of Cash Flows for the Period](#i853d89cc47ad4238bee89a59316477d2_28)[from](#i853d89cc47ad4238bee89a59316477d2_28)[July 9](#i853d89cc47ad4238bee89a59316477d2_28)[, 2025 t](#i853d89cc47ad4238bee89a59316477d2_28)[o](#i853d89cc47ad4238bee89a59316477d2_28)[September 30, 2025 (Unaudited)](#i853d89cc47ad4238bee89a59316477d2_28)</u> | <u>[6](#i853d89cc47ad4238bee89a59316477d2_28)</u> |
|  | <u>[Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)](#i853d89cc47ad4238bee89a59316477d2_31)</u> | <u>[8](#i853d89cc47ad4238bee89a59316477d2_31)</u> |
|  | <u>[Notes to Consolidated Financial Statements (Unaudited)](#i853d89cc47ad4238bee89a59316477d2_34)</u> | <u>[9](#i853d89cc47ad4238bee89a59316477d2_34)</u> |
| <u>[Item 2.](#i853d89cc47ad4238bee89a59316477d2_67)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i853d89cc47ad4238bee89a59316477d2_67)</u> | <u>[26](#i853d89cc47ad4238bee89a59316477d2_67)</u> |
| <u>[Item 3.](#i853d89cc47ad4238bee89a59316477d2_106)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i853d89cc47ad4238bee89a59316477d2_106)</u> | <u>[41](#i853d89cc47ad4238bee89a59316477d2_106)</u> |
| <u>[Item 4.](#i853d89cc47ad4238bee89a59316477d2_109)</u> | <u>[Controls and Procedures](#i853d89cc47ad4238bee89a59316477d2_109)</u> | <u>[43](#i853d89cc47ad4238bee89a59316477d2_109)</u> |
| **<u>[PART II](#i853d89cc47ad4238bee89a59316477d2_112)</u>** | **<u>[Other Information](#i853d89cc47ad4238bee89a59316477d2_112)</u>** | <u>[44](#i853d89cc47ad4238bee89a59316477d2_112)</u> |
| <u>[Item 1.](#i853d89cc47ad4238bee89a59316477d2_115)</u> | <u>[Legal Proceedings](#i853d89cc47ad4238bee89a59316477d2_115)</u> | <u>[44](#i853d89cc47ad4238bee89a59316477d2_115)</u> |
| <u>[Item 1A.](#i853d89cc47ad4238bee89a59316477d2_118)</u> | <u>[Risk Factors](#i853d89cc47ad4238bee89a59316477d2_118)</u> | <u>[44](#i853d89cc47ad4238bee89a59316477d2_118)</u> |
| <u>[Item 2.](#i853d89cc47ad4238bee89a59316477d2_121)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i853d89cc47ad4238bee89a59316477d2_121)</u> | <u>[44](#i853d89cc47ad4238bee89a59316477d2_121)</u> |
| <u>[Item 3.](#i853d89cc47ad4238bee89a59316477d2_124)</u> | <u>[Defaults Upon Senior Securities](#i853d89cc47ad4238bee89a59316477d2_124)</u> | <u>[44](#i853d89cc47ad4238bee89a59316477d2_124)</u> |
| <u>[Item 4.](#i853d89cc47ad4238bee89a59316477d2_127)</u> | <u>[Mine Safety Disclosures](#i853d89cc47ad4238bee89a59316477d2_127)</u> | <u>[44](#i853d89cc47ad4238bee89a59316477d2_127)</u> |
| <u>[Item 5.](#i853d89cc47ad4238bee89a59316477d2_130)</u> | <u>[Other Information](#i853d89cc47ad4238bee89a59316477d2_130)</u> | <u>[44](#i853d89cc47ad4238bee89a59316477d2_130)</u> |
| <u>[Item 6.](#i853d89cc47ad4238bee89a59316477d2_133)</u> | <u>[Exhibits](#i853d89cc47ad4238bee89a59316477d2_133)</u> | <u>[45](#i853d89cc47ad4238bee89a59316477d2_133)</u> |
| <u>[Signatures](#i853d89cc47ad4238bee89a59316477d2_136)</u> |  | <u>[46](#i853d89cc47ad4238bee89a59316477d2_136)</u> |

---

------

**FORWARD-LOOKING STATEMENTS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with Churchill Asset Management LLC, our investment adviser ("Churchill" or the "Adviser"), and/or its affiliates;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify and maintain our qualification as a regulated investment company (a "RIC") and operate as a business development company ("BDC"); and

------

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

Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of these assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or a forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. These forward-looking statements apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

------

**Part I - Financial Information**

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

**NUVEEN CHURCHILL BDC V**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)**

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

---

| | |
|:---|:---|
| | **September 30, 2025** |
| **Assets** | |
| Investments |  |
| Non-controlled/non-affiliate company investments, at fair value (cost of $798,310) | $798252 |
| Cash | 3007 |
| Cash equivalents | 16953 |
| Interest receivable | 9183 |
| Receivable for investments sold | 859 |
| Other assets | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $828705 |
| **Liabilities** |  |
| Secured borrowings (net of $221 deferred financing costs) (See <u>[Note 6](#i853d89cc47ad4238bee89a59316477d2_52)</u>) | $507779 |
| Interest payable | 5302 |
| Management fees payable | 1018 |
| Distributions payable | 5894 |
| Board of Trustees' fees payable | 86 |
| Accounts payable and accrued expenses | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $520737 |
| **Commitments and contingencies (See <u>[Note 7](#i853d89cc47ad4238bee89a59316477d2_55)</u>)** |  |
| **Net Assets: (See <u>[Note 8](#i853d89cc47ad4238bee89a59316477d2_58)</u>)** |  |
| Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 12,280,040 common shares issued and outstanding | $123 |
| Paid-in-capital in excess of par value | 306878 |
| Total distributable earnings (loss) | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $307968 |
| &nbsp;&nbsp;&nbsp;Total liabilities and net assets | $828705 |
| **Net asset value per share (See <u>[Note 9](#i853d89cc47ad4238bee89a59316477d2_61)</u>)** | $25.08 |

---

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

------

**NUVEEN CHURCHILL BDC V**

**CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)**

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

---

| | |
|:---|:---|
| | **Period from July 9, 2025 to September 30, 2025** |
| **Investment income:** | |
| Non-controlled/non-affiliated company investments: |  |
| Interest income | $12897 |
| Payment-in-kind interest income | 538 |
| Dividend income | 398 |
| Other income | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 13935 |
| **Expenses:** |  |
| Interest and debt financing expenses | 5403 |
| Management fees (See <u>[Note 5](#i853d89cc47ad4238bee89a59316477d2_49)</u>) | 1018 |
| Income based incentive fees (See <u>[Note 5](#i853d89cc47ad4238bee89a59316477d2_49)</u>) | 1025 |
| Professional fees | 191 |
| Board of Trustees' fees | 86 |
| Administration fees | 106 |
| Other general and administrative expenses | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 7864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waived (See <u>[Note 5](#i853d89cc47ad4238bee89a59316477d2_49)</u>) | (1025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 6839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 7096 |
| **Realized and unrealized gain (loss) on investments:** |  |
| Net realized gain (loss) on non-controlled/non-affiliated company investments | 32 |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gain (loss) on investments | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $7070 |
| **Per share data:** |  |
| Net investment income (loss) per share - basic and diluted | $0.80 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $0.79 |
| Weighted average common shares outstanding | 8917659 |

---

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

------

**NUVEEN CHURCHILL BDC V**

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

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

---

| | |
|:---|:---|
| | **Period from July 9, 2025 to September 30, 2025** |
| **Increase (decrease) in net assets resulting from operations:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $7096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (58) |
| **Net increase (decrease) in net assets resulting from operations** | 7070 |
| **Shareholder distributions:** |  |
| &nbsp;&nbsp;&nbsp;Distributions declared from earnings | (5894) |
| **Net increase (decrease) in net assets resulting from shareholder distributions** | (5894) |
| **Capital share transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 307000 |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 307000 |
| **Total increase (decrease) in net assets** | 308176 |
| &nbsp;&nbsp;&nbsp;Net assets, beginning of period | (208) |
| **Net assets, end of period** | $307968 |

---

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

------

**NUVEEN CHURCHILL BDC V**

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

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

---

| | |
|:---|:---|
| | **Period from July 9, 2025 to September 30, 2025** |
| **Cash flows from operating activities:** | |
| Net increase (decrease) in net assets resulting from operations | $7070 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (834083) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments | 36536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | (538) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium/accretion of discount, net | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (9183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 5302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fees payable | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 387 |
| **Net cash provided by (used in) operating activities** | (794817) |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 307000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from secured borrowings | 524000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of secured borrowings | (16000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (224) |
| **Net cash provided by (used in) financing activities** | 814776 |
| **Net increase (decrease) in Cash and cash equivalents** | 19959 |
| **Cash and cash equivalents, beginning of period** | 1 |
| **Cash and cash equivalents, end of period** | $19960 |
| **Supplemental disclosure of cash flow information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $98 |
| **Supplemental disclosure of non-cash flow information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | $5894 |

---

------

**NUVEEN CHURCHILL BDC V**

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

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

The following table provides a reconciliation of cash and cash equivalents reported on the consolidated statement of assets and liabilities that sum to the total of comparable amounts on the consolidated statement of cash flows (dollars in thousands):

---

| | |
|:---|:---|
| | **September 30, 2025** |
| Cash | $3007 |
| Cash equivalents | 16953 |
| **Total cash and cash equivalents shown on the consolidated statement of cash flows** | $19960 |

---

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

------

**NUVEEN CHURCHILL BDC V**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)** 

**September 30, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| **Investments** | | | | | | | | | |
| &nbsp;&nbsp;**Debt Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIM Acquisition, LLC | (8) | First Lien Debt | S + 4.75% | 9.14% | 12/2/2027 | $3252 | $3239 | $3232 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIM Acquisition, LLC | (7) (8) | First Lien Debt | S + 4.75% | 9.14% | 12/2/2027 | 11254 | 11230 | 11186 | 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (8) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.96% | 7/25/2030 | 887 | 880 | 881 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (8) | First Lien Debt | S + 4.75% | 9.06% | 7/25/2030 | 699 | 693 | 694 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (8) | First Lien Debt | S + 4.75% | 8.91% | 7/25/2030 | 1549 | 1536 | 1538 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (8) | First Lien Debt | S + 4.75% | 8.75% | 12/21/2029 | 200 | 200 | 199 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STS Holding, Inc. | (8) | First Lien Debt | S+ 4.75% | 8.75% | 11/12/2030 | 1510 | 1477 | 1461 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Intermediate, LLC |  | Subordinated Debt | N/A | 10.50% (Cash) 1.00% (PIK) | 11/17/2027 | 10446 | 10319 | 10370 | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  |  |  | 29574 | 29561 | 9.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEP Glass Purchaser, LLC (PGW Auto Glass) | (8) | First Lien Debt | S + 5.00% | 9.19% | 4/18/2028 | 20000 | 19870 | 19944 | 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (7) (8) | First Lien Debt | S + 5.00% | 9.16% | 11/1/2029 | 386 | 380 | 380 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  |  |  | 20250 | 20324 | 6.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (8) | First Lien Debt | S + 4.50% | 8.50% | 12/31/2031 | 4745 | 4710 | 4745 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (8) | First Lien Debt | S + 3.75% | 9.06% | 11/26/2030 | 2436 | 2413 | 2389 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  | 7123 | 7134 | 2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Buyer LLC (Death Wish Coffee) | (7) (8) | First Lien Debt | S + 4.75% | 8.85% | 9/28/2028 | 19948 | 19948 | 19948 | 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (8) (11) | First Lien Debt | S + 5.75% | 9.75% | 9/25/2029 | 5265 | 5165 | 5167 | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (8) | First Lien Debt | S + 5.25% | 9.12% | 11/14/2031 | 4939 | 4854 | 4870 | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (8) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.75% | 12/23/2028 | 376 | 369 | 368 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | (8) | First Lien Debt | S + 4.75% | 9.17% | 7/30/2027 | 10948 | 10847 | 10873 | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (7) (8) | First Lien Debt | S + 4.75% | 8.75% | 4/30/2031 | 13970 | 13970 | 13970 | 4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCHG Buyer, Inc. (Handgards, LLC) | (8) | First Lien Debt | S + 5.00% | 9.17% | 4/10/2031 | 19938 | 19628 | 19727 | 6.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  |  |  | 74781 | 74923 | 24.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Louver Company, LLC | (7) (8) | First Lien Debt | S + 5.00% | 9.00% | 10/1/2030 | 3903 | 3869 | 3869 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Solutions Buyer, Inc. | (8) | First Lien Debt | S + 4.50% | 8.66% | 9/9/2030 | 11299 | 11201 | 11147 | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (8) | First Lien Debt | S + 6.00% | 10.17% | 6/1/2028 | 247 | 245 | 245 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (8) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.63% | 4/4/2029 | 788 | 777 | 777 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (8) | First Lien Debt | S + 5.25% | 9.57% | 4/4/2029 | 7598 | 7493 | 7495 | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  |  |  | 23585 | 23533 | 7.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (8) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.25% | 4/23/2029 | 1249 | 1231 | 1232 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (8) | First Lien Debt | S + 4.25% | 8.56% | 4/23/2029 | 2667 | 2629 | 2630 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangent Technologies Acquisition, LLC | (8) | First Lien Debt | S + 4.75% | 9.09% | 11/30/2027 | 7699 | 7597 | 7662 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics, & Rubber** |  |  |  |  |  |  | 11457 | 11524 | 3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) |  | Subordinated Debt | N/A | 6.00% (Cash) 8.00% (PIK) | 4/26/2030 | 510 | 490 | 490 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) |  | Subordinated Debt (Delayed Draw) | N/A | 6.00% (Cash) 8.00% (PIK) | 4/26/2030 | 510 | 490 | 490 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) |  | Subordinated Debt (Delayed Draw) | N/A | 6.00% (Cash) 8.00% (PIK) | 4/26/2030 | 11225 | 10779 | 10779 | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyphen Solutions, LLC | (7) (8) | First Lien Debt | S + 4.50% | 8.66% | 8/6/2032 | 4167 | 4167 | 4158 | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (8) | First Lien Debt | S + 5.75% | 9.75% | 3/15/2030 | 1526 | 1486 | 1473 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (8) | First Lien Debt | S + 5.75% | 9.75% | 3/15/2030 | 2666 | 2597 | 2575 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (8) | First Lien Debt | S + 5.00% | 9.16% | 6/29/2029 | 6303 | 6303 | 6354 | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Holdco Corporation (RMA Companies) | (8) | First Lien Debt | S + 4.50% | 8.62% | 12/30/2030 | 10886 | 10783 | 10784 | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIC Buyer, Inc. | (8) | First Lien Debt | S + 4.75% | 8.75% | 3/28/2031 | 4184 | 4160 | 4264 | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (8) | First Lien Debt | S + 6.00% | 10.00% | 11/8/2030 | 2172 | 2193 | 2164 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (8) | First Lien Debt | S + 4.50% | 8.70% | 8/31/2029 | 5004 | 4956 | 4956 | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  |  |  | 48404 | 48487 | 15.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (7) (8) | First Lien Debt | S + 5.25% | 9.41% | 11/1/2028 | 2046 | 2037 | 2037 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  |  |  | 2037 | 2037 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Tara Holdings, Inc. | (7) (8) | First Lien Debt | S + 4.50% | 8.60% | 9/10/2027 | 19948 | 19948 | 19948 | 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (6) (8) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.91% | 8/28/2031 | 1005 |  | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (8) | First Lien Debt | S + 4.75% | 8.91% | 8/28/2031 | 3016 | 3001 | 3002 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (8) | First Lien Debt | S + 5.75% | 10.15% | 6/30/2028 | 5093 | 5093 | 5069 | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (8) | First Lien Debt | S + 5.00% | 9.30% | 1/8/2030 | 776 | 780 | 778 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-Durable** |  |  |  |  |  |  | 28822 | 28792 | 9.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (8) | First Lien Debt | S + 5.50% | 9.85% | 12/1/2027 | 3238 | 3238 | 3238 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (8) | First Lien Debt | S + 4.50% | 8.85% | 12/1/2027 | 16762 | 16762 | 16762 | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (8) (11) | First Lien Debt | S + 5.25% | 9.69% | 12/17/2027 | 16850 | 16786 | 16837 | 5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (8) (11) | First Lien Debt | S + 5.25% | 9.69% | 12/17/2027 | 3100 | 3093 | 3098 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (8) | First Lien Debt | S + 5.25% | 9.25% | 12/19/2029 | 2647 | 2647 | 2647 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Packaging Buyer, LLC | (8) | First Lien Debt | S + 4.50% | 8.63% | 4/15/2031 | 4946 | 4900 | 4908 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  |  |  | 47426 | 47490 | 15.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy: Electricity** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinicum Voltage Acquisition Corp. | (8) | First Lien Debt | S + 4.75% | 9.04% | 12/15/2028 | 1294 | 1283 | 1282 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US MetalCo Holdings LLC (MGM Transformer Company) | (8) | First Lien Debt | S + 5.50% | 9.79% | 10/31/2029 | 19949 | 20141 | 19874 | 6.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Energy: Electricity** |  |  |  |  |  |  | 21424 | 21156 | 6.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (8) | First Lien Debt (Delayed Draw) | S + 5.00% | 9.25% | 3/27/2030 | 1695 | 1680 | 1680 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (8) | First Lien Debt | S + 5.00% | 9.00% | 3/27/2030 | 1723 | 1709 | 1709 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (7) (8) | First Lien Debt | S + 5.75% | 10.16% | 11/30/2027 | 11814 | 11598 | 11638 | 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (8) | First Lien Debt | S + 4.75% | 8.75% | 8/15/2030 | 5392 | 5369 | 5372 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (8) | First Lien Debt | S + 4.75% | 8.88% | 8/15/2030 | 4597 | 4579 | 4580 | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Industries** |  |  |  |  |  |  | 24935 | 24979 | 8.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (8) | First Lien Debt | S + 5.25% | 9.47% | 7/2/2031 | 322 | 328 | 319 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebird PM Buyer, Inc. | (8) | First Lien Debt | S + 4.75% | 8.75% | 2/3/2032 | 3954 | 3924 | 3964 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (8) | First Lien Debt | S + 5.25% | 9.25% | 12/22/2031 | 2690 | 2633 | 2648 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (8) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.76% | 10/5/2029 | 1696 | 1667 | 1668 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (8) | First Lien Debt | S + 5.50% | 9.76% | 10/5/2029 | 14 | 14 | 14 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH DMI Buyer, Inc. | (8) | First Lien Debt | S + 5.00% | 9.00% | 10/11/2030 | 1660 | 1645 | 1646 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (8) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.51% | 3/30/2029 | 895 | 889 | 889 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (8) | First Lien Debt | S + 6.25% | 10.57% | 3/30/2029 | 9013 | 8952 | 8954 | 2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (8) | First Lien Debt | S + 4.50% | 8.50% | 11/5/2031 | 3005 | 2959 | 2959 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (7) (8) | First Lien Debt | S + 5.00% | 9.17% | 10/12/2029 | 1943 | 1925 | 1925 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Eye Services, LLC | (8) | First Lien Debt | S + 4.50% | 8.65% | 8/20/2027 | 15311 | 15186 | 15221 | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (8) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.51% | 5/28/2027 | 2367 | 2367 | 2362 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (8) | First Lien Debt | S + 5.25% | 9.51% | 5/28/2027 | 17581 | 17581 | 17540 | 5.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (8) | First Lien Debt | S + 5.00% | 9.00% | 4/16/2030 | 150 | 148 | 148 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  |  |  | 60218 | 60257 | 19.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exterro, Inc. | (8) | First Lien Debt | S + 5.50% | 9.82% | 6/1/2027 | 20000 | 20183 | 19902 | 6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS AcquisitionCo, Inc. | (7) (8) | First Lien Debt | S + 5.25% | 9.25% | 5/25/2028 | 11866 | 11833 | 11760 | 3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infobase Acquisition, Inc. | (8) | First Lien Debt | S + 5.50% | 9.92% | 6/14/2028 | 5694 | 5661 | 5664 | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosci, Inc. | (8) | First Lien Debt | S + 4.25% | 8.51% | 10/21/2026 | 20000 | 20000 | 20000 | 6.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialist Resources Global Inc. | (8) | First Lien Debt | S + 5.00% | 9.16% | 9/23/2027 | 123 | 123 | 120 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stratix Holding Corporation | (8) | First Lien Debt | S + 5.25% | 9.25% | 9/15/2028 | 13403 | 13403 | 13403 | 4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (7) (8) | First Lien Debt | S + 5.25% | 9.56% | 3/1/2030 | 4957 | 4957 | 4957 | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  |  |  | 76160 | 75806 | 24.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotel, Game & Leisure** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (8) | First Lien Debt | S + 5.00% | 9.16% | 10/31/2031 | 1250 | 1245 | 1263 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Hotel, Game & Leisure** |  |  |  |  |  |  | 1245 | 1263 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Acquisition, L.L.C. (Wpromote, LLC) | (8) | First Lien Debt | S + 6.00% | 10.38% | 10/23/2028 | 2301 | 2288 | 2289 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VS Professional Training Acquisitionco, LLC | (8) | First Lien Debt | S + 5.25% | 9.41% | 9/30/2026 | 6296 | 6296 | 6284 | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VS Professional Training Acquisitionco, LLC | (8) | First Lien Debt | S + 5.25% | 9.41% | 9/30/2026 | 2690 | 2690 | 2685 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Advertising, Printing & Publishing** |  |  |  |  |  |  | 11274 | 11258 | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All4 Buyer, LLC | (8) | First Lien Debt | S + 4.50% | 8.82% | 1/23/2032 | 2013 | 1994 | 1994 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (8) | First Lien Debt | S + 4.75% | 8.85% | 10/8/2029 | 4004 | 3970 | 3971 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (8) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.91% | 8/2/2029 | 4138 | 4130 | 4138 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (8) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.91% | 8/2/2029 | 341 | 340 | 341 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (8) | First Lien Debt | S + 4.75% | 8.91% | 8/2/2029 | 7996 | 7979 | 7996 | 2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (8) | First Lien Debt | S + 4.75% | 8.91% | 8/2/2029 | 3740 | 3732 | 3740 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc. | (7) (8) | First Lien Debt | S + 5.00% | 9.32% | 10/1/2029 | 17764 | 17590 | 17764 | 5.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Businessolver.com, Inc. | (7) (8) | First Lien Debt | S + 5.50% | 9.60% | 12/1/2027 | 15206 | 15206 | 15206 | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caldwell & Gregory LLC |  | Subordinated Debt | S + 8.75% | 12.75% | 3/31/2031 | 6688 | 6774 | 6817 | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (8) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.76% | 12/1/2027 | 5016 | 5016 | 5016 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (8) | First Lien Debt | S + 5.50% | 9.76% | 12/1/2027 | 9320 | 9320 | 9320 | 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | (7) (8) | First Lien Debt | S + 6.25% | 10.67% | 12/23/2026 | 12764 | 12764 | 12764 | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | (7) (8) | First Lien Debt | S + 6.25% | 10.67% | 12/23/2026 | 7185 | 7185 | 7185 | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (7) (8) | First Lien Debt | S + 6.50% | 10.76% | 12/17/2025 | 16100 | 16100 | 16100 | 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus US Bidco LLC (Phaidon International) | (8) (11) | First Lien Debt | S + 5.50% | 9.76% | 8/22/2029 | 550 | 536 | 536 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (7) (8) | First Lien Debt | S + 5.25% | 9.26% | 6/15/2029 | 4725 | 4687 | 4725 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province) | (8) | First Lien Debt | S + 5.00% | 9.16% | 7/1/2030 | 2495 | 2473 | 2473 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (8) | First Lien Debt | S + 5.50% | 9.96% | 6/22/2029 | 18006 | 18006 | 18006 | 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBEO, LLC |  | Subordinated Debt | N/A | 11.00% | 1/3/2029 | 12000 | 11943 | 12000 | 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC (Vital Records Control) | (7) (8) | First Lien Debt | S + 5.50% | 9.82% | 6/29/2027 | 4761 | 4761 | 4761 | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC (Vital Records Control) | (7) (8) | First Lien Debt | S + 5.25% | 9.53% | 6/29/2027 | 13119 | 13092 | 13093 | 4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  |  |  | 167598 | 167946 | 54.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (8) | First Lien Debt | S + 5.00% | 9.16% | 8/2/2028 | 1930 | 1930 | 1930 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. | (7) (8) | First Lien Debt | S + 5.50% | 9.50% | 4/27/2029 | 978 | 978 | 978 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. | (8) | First Lien Debt | S + 5.25% | 9.25% | 4/27/2029 | 2813 | 2813 | 2813 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (8) | First Lien Debt | S + 5.25% | 9.40% | 1/9/2029 | 11522 | 11477 | 11479 | 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (8) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.77% | 6/8/2026 | 799 | 799 | 799 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (8) | First Lien Debt | S + 5.75% | 9.82% | 6/8/2026 | 9213 | 9213 | 9213 | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (7) (8) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.82% | 6/8/2026 | 8321 | 8321 | 8321 | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  |  |  | 35531 | 35533 | 11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Buyer, LLC (LMI Consulting, LLC) | (8) | First Lien Debt | S + 5.25% | 9.26% | 7/18/2028 | 5589 | 5642 | 5589 | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  |  |  | 5642 | 5589 | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (8) | First Lien Debt | S + 4.50% | 8.78% | 11/17/2027 | 12559 | 12559 | 12559 | 4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (8) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.80% | 11/17/2027 | 3978 | 3978 | 3978 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (7) (8) | First Lien Debt | S + 5.00% | 9.30% | 4/16/2027 | 798 | 798 | 798 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (7) (8) | First Lien Debt | S + 5.00% | 9.30% | 4/16/2027 | 19150 | 19150 | 19150 | 6.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Telecom, Inc. | (8) | First Lien Debt | S + 5.00% | 9.16% | 6/27/2029 | 3249 | 3249 | 3261 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** |  |  |  |  |  |  | 39734 | 39746 | 12.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSK Pallet Holding Corp. (Kamps Pallets) | (8) | First Lien Debt | S + 6.00% | 10.46% | 12/23/2026 | 13607 | 13354 | 13366 | 4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSK Pallet Holding Corp. (Kamps Pallets) | (8) | First Lien Debt | S + 6.50% | 10.98% | 12/23/2026 | 761 | 751 | 752 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Cargo** |  |  |  |  |  |  | 14105 | 14118 | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (7) (8) | First Lien Debt | S + 5.25% | 9.41% | 2/14/2031 | 3660 | 3628 | 3629 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Consumer** |  |  |  |  |  |  | 3628 | 3629 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DMC Holdco, LLC (DMC Power) | (8) | First Lien Debt | S + 4.75% | 8.89% | 7/13/2029 | 5880 | 5909 | 5880 | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (8) | First Lien Debt | S + 6.25% | 10.51% | 4/3/2030 | 2115 | 2103 | 2084 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (8) | First Lien Debt | S + 4.50% | 8.50% | 9/30/2032 | 6597 | 6564 | 6568 | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (6) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.50% | 9/30/2032 | 1199 | (3) | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  |  |  | 14573 | 14527 | 4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (8) | First Lien Debt | S + 4.75% | 9.06% | 2/21/2031 | 4316 | 4316 | 4316 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  |  |  | 4316 | 4316 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (8) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.85% | 1/19/2029 | 1951 | 1934 | 1921 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (8) | First Lien Debt | S + 5.50% | 9.85% | 1/19/2029 | 5252 | 5205 | 5169 | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPC Wire & Cable Corp. |  | Subordinated Debt (Delayed Draw) | N/A | 11.00% (Cash) 1.50% (PIK) | 2/16/2028 | 1004 | 992 | 1004 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPC Wire & Cable Corp. |  | Subordinated Debt | N/A | 11.00% (Cash) 1.50% (PIK) | 2/16/2028 | 11042 | 10909 | 11042 | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  |  |  | 19040 | 19136 | 6.22% |
| &nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | $792882 | $793064 | 257.52% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares / Units** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;**Equity Investments** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LH Equity Investors, L.P. | (9) (10) | Limited Partnership Interests | 9/3/2025 | 1500000 | $1450 | $1500 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-durable** |  |  |  |  | 1450 | 1500 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion Holdings, L.P. (Specialized Packaging Group) | (9) (11) | Class A Units | 8/1/2025 | 171030 | 205 | 228 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  | 205 | 228 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMA Equity, LP (Health Management Associates) | (9) | AA Equity Co-Invest | 8/1/2025 | 297780 | 320 | 309 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE Select Fund 3, L.P. | (9) (10) | Limited Partnership Interests | 9/10/2025 | 1165000 | 1193 | 1165 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  | 1513 | 1474 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concord FG Holdings, LP (E78) | (9) | Class A Common Units | 8/1/2025 | 895 | 949 | 674 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMSEF II Holdings I, L.P. | (9) (10) | Limited Partnership Interests | 9/29/2025 | 1165000 | 1165 | 1165 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  | 2114 | 1839 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (9) | Class B Units | 8/1/2025 | 1088 | 142 | 143 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (9) | Class B Units | 8/1/2025 | 27 | 4 | 4 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  | 146 | 147 | 0.05% |
| &nbsp;&nbsp;**Total Equity Investments** |  |  |  |  | $5428 | $5188 | 1.68% |
| &nbsp;&nbsp;**Total Investments** |  |  |  |  | $798310 | $798252 | 259.20% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Interest Rate** | **Shares** | **Cost** | **Fair Value**  | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;**Cash Equivalents** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund - Institutional Class |  | 4.00% | 16953119 | $16953 | $16953 | 5.50% |
| &nbsp;&nbsp;**Total Cash Equivalents** |  |  |  | 16953 | 16953 | 5.50% |
| **Total Investments & Cash Equivalents** |  |  |  | $**815263** | $**815205** | **264.70%** |

---

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

(2)Refer to <u>[Note 3](#i853d89cc47ad4238bee89a59316477d2_43)</u> "Investments" for the geographic composition of investments at cost and fair value.

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which generally resets periodically. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2025. As of September 30, 2025, effective rates for 1M S, 3M S, 6M S, and 12M S are 4.13%, 3.98%, 3.85% and 3.66%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2025. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3), unless noted otherwise. See <u>[Note 2](#i853d89cc47ad4238bee89a59316477d2_40)</u> "Significant Accounting Policies - Valuation of Portfolio Investments" and <u>[Note 4](#i853d89cc47ad4238bee89a59316477d2_46)</u> "Fair Value Measurement" for more information.

(5)Percentage is based on net assets of $307,968 as of September 30, 2025.

(6)Portion or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion.

(7)Investment is a unitranche position.

(8)Denotes that all or a portion of the assets are owned by SPV I (as defined in the Notes). SPV I has entered into a senior secured revolving credit facility (the "Scotiabank Credit Facility") on August 1, 2025. The lenders of the Scotiabank Credit Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Company.

(9)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a "restricted security" under the Securities Act. As of September 30, 2025, the Company held eight restricted securities with an aggregate fair value of $5,188, or1.68% of the Company's net assets.

(10)Investments measured at net asset value ("NAV"). See <u>[Note 2](#i853d89cc47ad4238bee89a59316477d2_40)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" for more information.

(11)The investment is considered a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, total non-qualifying assets at fair value represented 3.12% of the Company's total assets calculated in accordance with the 1940 Act.

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

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**NUVEEN CHURCHILL BDC V**

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

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

**1. ORGANIZATION** 

Nuveen Churchill BDC V ("BDC V", and together with its consolidated subsidiaries, the "Company"), a Delaware statutory trust, was formed on May 22, 2025. The Company is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, the Company intends to elect, and intends to qualify annually, to be treated for U. S. federal income tax purposes as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company is externally managed by Churchill Asset Management LLC (the "Adviser" or "Churchill"), an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. Churchill BDC Administration LLC (the "Administrator") provides the administrative services necessary to conduct the Company's day-to-day operations. The Adviser and the Administrator are indirect subsidiaries of Nuveen, LLC, the investment management division of Teachers Insurance and Annuity Association of America ("TIAA"). See <u>[Note 5](#i853d89cc47ad4238bee89a59316477d2_49)</u>, Related Party Transactions.

The Company's investment objective is to provide investors with attractive risk-adjusted returns primarily through current income and, secondarily, long-term capital appreciation, by investing in a diversified portfolio of private debt and equity investments in private equity-owned U.S. middle market companies, which are defined as companies with approximately $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company primarily focuses on investing in U.S. middle market companies with $10 to $100 million in EBITDA, which it considers the core middle market. The Company primarily invests in first-lien senior secured debt and first-out positions in unitranche loans (collectively "Senior Loan Investments"), as well as junior debt investments, such as second-lien loans, unsecured debt, subordinated debt and last-out positions in unitranche loans (including fixed- and floating-rate instruments and instruments with payment-in-kind income ("PIK")) (collectively "Junior Capital Investments"). Senior Loan Investments and Junior Capital Investments may be originated alongside smaller related common equity positions to the same portfolio companies. The Company's portfolio also may include larger, stand-alone direct equity co-investments in private-equity backed companies that may or may not be originated alongside or separately from Senior Loan Investments and/or Junior Capital Investments to the applicable portfolio company ("Equity Co-Investments"). Subject to the pace and amount of investment activity in its middle market investment program, the Company's portfolio also may be comprised of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments ("Liquid Investments").

Nuveen Churchill BDC V SPV I LLC ("SPV I") and Nuveen Churchill BDC V Equity Holdings LLC ("Equity Holdings"), each a Delaware limited liability company, were formed on July 14, 2025. SPV I and Equity Holdings are wholly owned subsidiaries of BDC V and are consolidated in these consolidated financial statements commencing from the date of their formation, in accordance with the Company's consolidation policy discussed in <u>[Note 2](#i853d89cc47ad4238bee89a59316477d2_40)</u>. Significant Accounting Policies. SPV I primarily invests in first-lien senior secured debt and unitranche loans. Equity Holdings was formed to hold certain equity-related securities.

BDC V has entered into separate subscription agreements with one or more "accredited investors" (as defined in Rule 501(a) of Regulation D promulgated under the U.S. Securities Act of 1933, as amended (the "Securities Act")) providing for the private placement of shares in reliance on exemptions from the registration requirements of the Securities Act and may enter into additional subscription agreements from time to time. The "Initial Closing" occurs on the first date a shareholder's subscription agreement is accepted by the Company. The Company may hold additional closings for a period of 18 months after the Initial Closing (the "Fundraising Period"). The Fundraising Period may be extended to 24 months after the Initial Closing in the sole discretion of the Company's board of trustees (the "Board"). Each investor will make a capital commitment to purchase shares pursuant to a subscription agreement.

------

**NUVEEN CHURCHILL BDC V**

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

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies* ("ASC 946"). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the interim period presented, have been included. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

***Consolidation***

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

***Use of Estimates***

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

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

Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, restricted cash and cash equivalents are carried at cost, which approximate fair value. As of September 30, 2025, the Company did not hold any restricted cash and held $16,953 of cash equivalents.

***Valuation of Portfolio Investments***

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

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

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

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

------

**NUVEEN CHURCHILL BDC V**

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

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

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

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

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

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

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

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

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

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

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

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

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

------

**NUVEEN CHURCHILL BDC V**

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

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

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

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

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

***Investment Transactions and Revenue Recognition***

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

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

The Company may have loans in its portfolio that contain payment-in-kind ("PIK") income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. This non-cash source of income is included when determining what must be paid to shareholders in the form of distributions in order for the Company to qualify for and maintain its tax treatment as a RIC, even though the Company has not yet collected cash. For the period from July 9, 2025 to September 30, 2025, the Company earned $538 in PIK income provisions, representing 3.86% of total investment income.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio companies and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. For the period from July 9, 2025 to September 30, 2025, the Company earned $398 of dividend income on its equity investments.

------

**NUVEEN CHURCHILL BDC V**

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

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

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Company's investment activities, as well as any fees for managerial assistance services rendered by the Company to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the period from July 9, 2025 to September 30, 2025, the Company earned $102 in other income, primarily related to prepayment and amendment fees.

Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Company will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. As of September 30, 2025, there were no loans in the Company's portfolio on non-accrual status.

***Deferred Financing Costs***

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

***Organization and Offering Costs***

Organization costs consist of primarily legal, incorporation and accounting fees incurred in connection with the organization of the Company. Offering costs consist primarily of fees and expenses incurred in connection with the offering of the Company's shares, as well as legal, printing and other costs associated with the preparation and filing of the Company's registration statements and offering materials. Offering costs related to equity offerings are charged as a reduction of paid-in capital upon each such offering.

***Income Taxes***

For U.S. federal income tax purposes, the Company intends to elect to be treated and qualify annually thereafter as a RIC under the Code; however, no assurance can be given that the Company will be able to qualify for and maintain RIC tax status. In order to qualify as a RIC, BDC V must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then BDC V is generally required to pay U.S. federal income taxes only on the portion of its taxable income and capital gains it does not distribute. SPV I is a disregarded entity for tax purposes and is consolidated with the tax return of BDC V. Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes.

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

------

**NUVEEN CHURCHILL BDC V**

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

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

In addition, based on the excise distribution requirements, BDC V is subject to a nondeductible 4% U.S. federal excise tax on undistributed income unless BDC V distributes (or is deemed to distribute) in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ended October 31 in that calendar year and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For this purpose, however, any ordinary income or capital gain net income retained by BDC V that is subject to U.S. federal income tax is considered to have been distributed. BDC V intends to timely distribute to its shareholders substantially all of its annual taxable income for each year, except that BDC V may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, BDC V may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. For the period from July 9, 2025 to September 30, 2025, BDC V did not incur any excise tax.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely than not" to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

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

To the extent that the Company has taxable income, the Company intends to make regular quarterly distributions to its common shareholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to common shareholders is determined by the Board each quarter and is generally based upon the taxable earnings estimated by the Adviser and available cash. Net realized gains, if any, will generally be distributed at least annually, although the Company may decide to retain such capital gains for investment.

***Functional Currency***

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

***Segment Reporting***

The Company is externally managed by Churchill and operates as a single reportable segment in accordance with ASC Topic 280, *Segment Reporting* ("ASC 280"). The Company's sole business activity is deriving investment income from its portfolio of investments. The Company's accounting policies are described in <u>[Note 2](#i853d89cc47ad4238bee89a59316477d2_40)</u>, Significant Accounting Policies. The Company's chief operating decision makers ("CODM") are the investment committee, comprised of senior investment personnel from the Churchill investment teams, and the Chief Executive Officer and Chief Financial Officer. The CODM assess the Company's performance based on: (i) net investment income, (ii) net realized and unrealized gains (losses) from investments, and (iii) net increase (decrease) in net assets resulting from operations, all of which are reported in the consolidated statement of operations. The CODM may also evaluate performance through industry benchmarking analyses using metrics disclosed in <u>[Note 9](#i853d89cc47ad4238bee89a59316477d2_61)</u>. Consolidated Financial Highlights. Churchill, subject to Board oversight, manages the Company's day-to-day operations and provides investment advisory and management services. All investment decisions require unanimous approval from the investment committee members. The operating expense categories and information presented in the consolidated statement of operations fully reflect the significant expense categories and amounts regularly provided to the CODM for decision-making purposes.

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring public business entities to disclose specific categories in the rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold, and present disaggregated information about income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, although retrospective application is permitted. As the Company has elected to be treated as RIC under the Code, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed to shareholders, provided it satisfies certain requirements, including minimum distribution requirements. Accordingly, the Company generally does not incur significant federal income tax liability and the enhanced disclosure requirements under ASU 2023-09 related to the federal income tax rate reconciliation are not applicable to the Company. The Company is, however, subject to a federal excise tax and certain state and local taxes. The adoption of ASU 2023-09 is not expected to have a material impact on the Company's consolidated financial statement disclosures.

------

**NUVEEN CHURCHILL BDC V**

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

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

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

**3. INVESTMENTS**

As of September 30, 2025, the Company's investments consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Cost** | **Fair Value** | **% of Fair Value** |
| First-Lien Debt | $740186 | $740072 | 92.71% |
| Subordinated Debt<sup>1</sup> | 52696 | 52992 | 6.64% |
| Equity Investments | 5428 | 5188 | 0.65% |
| **Total** | $798310 | $798252 | 100.00% |

---

_____________________

<sup>1</sup>As of September 30, 2025, Subordinated Debt was comprised of second lien term loans and/or second lien notes of $6,817 and mezzanine debt of $46,175 at fair value; Subordinated Debt was comprised of second lien term loans and/or second lien notes of $6,774 and mezzanine debt of $45,922 at cost.

------

**NUVEEN CHURCHILL BDC V**

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

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

The industry composition of the Company's portfolio as a percentage of fair value as of September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Industry** | **September 30, 2025** |
| Aerospace & Defense | 3.70% |
| Automotive | 2.55% |
| Banking, Finance, Insurance & Real Estate | 0.89% |
| Beverage, Food & Tobacco | 9.39% |
| Capital Equipment | 2.95% |
| Chemicals, Plastics & Rubber | 1.44% |
| Construction & Building | 6.07% |
| Consumer Goods: Durable | 0.44% |
| Consumer Goods: Non-durable | 3.61% |
| Containers, Packaging & Glass | 5.98% |
| Energy: Electricity | 2.65% |
| Environmental Industries | 3.13% |
| Healthcare & Pharmaceuticals | 7.73% |
| High Tech Industries | 9.50% |
| Hotel, Gaming & Leisure | 0.16% |
| Media: Advertising, Printing & Publishing | 1.41% |
| Services: Business | 21.27% |
| Services: Consumer | 4.47% |
| Sovereign & Public Finance | 0.70% |
| Telecommunications | 4.98% |
| Transportation: Cargo | 1.77% |
| Transportation: Consumer | 0.45% |
| Utilities: Electric | 1.82% |
| Utilities: Water | 0.54% |
| Wholesale | 2.40% |
| **Total** | 100.00% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $772525 | $772386 | 96.76% | 250.80% |
| Canada | 25249 | 25330 | 3.17% | 8.22% |
| United Kingdom | 536 | 536 | 0.07% | 0.17% |
|  | $798310 | $798252 | 100.00% | 259.19% |

---

As of September 30, 2025, on a fair value basis, 94.18% of the Company's debt investments bore interest at a floating rate.

------

**NUVEEN CHURCHILL BDC V**

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

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

**4. FAIR VALUE MEASUREMENTS**

***Fair Value Disclosures***

The following table presents fair value measurements of investments and cash equivalents, by major class. as of September 30, 2025, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of September 30, 2025** | **Level 1** | **Level 2** | **Level 3** | **Measured at Net Asset Value**<sup>(2)</sup> | **Total** |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First-Lien Debt | $— | $— | $740072 | $— | $740072 |
| &nbsp;&nbsp;Subordinated Debt <sup>1</sup> |  |  | 52992 |  | 52992 |
| &nbsp;&nbsp;&nbsp;Equity Investments |  |  | 1358 | 3830 | 5188 |
| &nbsp;&nbsp;&nbsp;Cash Equivalents | 16953 |  |  |  | 16953 |
| &nbsp;&nbsp;&nbsp;Total | $16953 | $— | $794422 | $3830 | $815205 |

---

______________

<sup>1</sup> Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $6,817 and mezzanine debt of $46,175.

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

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the period from July 9, 2025 to September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Lien Debt** | **Subordinated Debt** | **Equity Investments** | **Total** |
| **Balance as of July 9, 2025** | $— | $— | $— | $— |
| Purchase of investments (See <u>[Note 5](#i853d89cc47ad4238bee89a59316477d2_49)</u>) | 776524 | 52130 | 1620 | 830274 |
| Proceeds from principal repayments and sales of investments | (36536) |  |  | (36536) |
| Payment-in-kind interest |  | 538 |  | 538 |
| Amortization of premium/accretion of discount, net | 166 | 27 |  | 193 |
| Net realized gain (loss) on investments | 32 |  |  | 32 |
| Net change in unrealized appreciation (depreciation) on investments | (114) | 297 | (262) | (79) |
| **Balance as of September 30, 2025** | $**740072** | $**52992** | $**1358** | $**794422** |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of September 30, 2025 | $(114) | $297 | $(262) | $(79) |

---

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period from July 9, 2025 to September 30, 2025, there were no transfers into or out of Level 3.

***Significant Unobservable Inputs***

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of September 30, 2025 were as follows:

------

**NUVEEN CHURCHILL BDC V**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at September 30, 2025** | **Valuation Techniques** | **Unobservable Inputs** | **Ranges** | **Ranges** | **Weighted Average** |
| First Lien Term Loans | $720474 | Yield Method | Implied Discount Rate | 7.37% | 12.19% | 8.96% |
| Subordinated Debt | 40946 | Yield Method | Implied Discount Rate | 10.92% | 15.10% | 12.77% |
| Equity Investments | 1358 | Market Approach | EBITDA Multiple | 7.0x | 13.0x | 11.82x |
| **Total** | $**762778** |  |  |  |  |  |

---

First-Lien Debt in the amount of $19,598 and Subordinated Debt in the amount of $12,046 at September 30, 2025 have been excluded from the table above, because the investments are valued using a recent transaction.

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

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

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

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

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

**5. RELATED PARTY TRANSACTIONS**

***Advisory Agreement***

On August 5, 2025, the Company entered into the Investment Advisory Agreement with the Adviser (the "Investment Advisory Agreement"). The Board, including all of the trustees who are not "interested persons" (as defined under Section 2(a)(19) of the 1940 Act) of the Company (the "Independent Trustees"), approved the Advisory Agreement in accordance with, and on the basis of, an evaluation satisfactory to such trustees, as required by the 1940 Act. Under the Investment Advisory Agreement, the Adviser manages the day-to-day operations of, and provide investment advisory and management services to, the Company.

Unless terminated earlier as described below, the Investment Advisory Agreement will remain in effect for a period of two years from August 5, 2025 and will remain in effect from year-to-year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of the outstanding voting securities of the Company, and, in each case, a majority of the Independent Trustees. The Investment Advisory Agreement will automatically terminate in the event of its

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**NUVEEN CHURCHILL BDC V**

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

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

assignment, as defined in the 1940 Act. The Investment Advisory Agreement may also be terminated at any time without penalty upon not less than 60 days' written notice, by (i) the vote of a majority of the outstanding voting securities of the Company, (ii) the vote of the Board, or (iii) the Adviser.

Pursuant to the Investment Advisory Agreement, the Company pays a base management fee and incentive fees to the Adviser, as described below.

***Base Management Fee***

The management fee is payable quarterly in arrears. Prior to any listing of the shares on a national securities exchange (the "Exchange Listing") or any other public trading market (together with the Exchange Listing, a "Public Listing"), the management fee is calculated at an annual rate of 0.75% of average total assets, excluding cash and cash equivalents and undrawn capital commitments and including assets financed using leverage ("Average Total Assets"), at the end of the two most recently completed calendar quarters. Beginning with the first full calendar quarter following a Public Listing, the management fee will be calculated at an annual rate of 1.00% of Average Total Assets at the end of the two most recently completed calendar quarters. For purposes of this calculation, cash and cash equivalents include any temporary investments in cash equivalents, U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment.

For the period from July 9, 2025 to September 30, 2025, management fees earned were $1,018. As of September 30, 2025, $1,018 of such base management fees were unpaid and are included in management fees payable in the accompanying consolidated statement of assets and liabilities.

***Incentive Fee***

The incentive fee consists of two components that are independent of each other: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

<u>Incentive Fee on Income</u> 

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

Pre-Incentive Fee Net Investment Income Returns include, 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. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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

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

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

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**NUVEEN CHURCHILL BDC V**

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

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

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

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

These calculations will be adjusted for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

The Adviser has agreed to waive 100% of the incentive fee based on income payable to the Adviser until December 31, 2025. For the period from July 9, 2025 to September 30, 2025, the Company incurred $1,025 in incentive fee based on income, all of which was waived by the Adviser.

<u>Incentive Fee Based on Capital Gains</u> 

The portion of the incentive fee based on capital gains is determined and payable in arrears as of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date). The amount payable equals:

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

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

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

The Adviser has agreed to waive 100% of the incentive fee based on capital gains payable to the Adviser until December 31, 2025. For the period from July 9, 2025 to September 30, 2025, the Company did not incur any incentive fees based on capital gains.

***Administration Agreement***

On August 5, 2025, the Company entered into an administration agreement with the Administrator (the "Administration Agreement"), which was approved by the Board. Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping and record keeping and other administrative services at such facilities. The Administrator performs, or oversees the performance of, the required administrative services, which include, among other things, assisting the Company with the preparation of the financial records that the Company is required to maintain and with the preparation of reports to shareholders and reports filed with the SEC. At the request of the Adviser, the Administrator also may provide managerial assistance on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance. U.S. Bancorp Fund Services, LLC provides the Company with certain fund administration and bookkeeping services pursuant to a sub-administration agreement (the "Sub-Administration Agreement") with the Administrator.

For the period from July 9, 2025 to September 30, 2025, the Company incurred $106 in fees under the Sub-Administration Agreement, which are included in administration fees expense in the consolidated statement of operations.

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**NUVEEN CHURCHILL BDC V**

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

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

As of September 30, 2025, $106 were unpaid and are included in accounts payable and other expenses in the consolidated statement of assets and liabilities.

***Board of Trustees' Fees***

As of September 30, 2025, the Board consists of five members, four of whom are Independent Trustees. The Board has established an Audit Committee, a Nominating and Corporate Governance Committee and a Co-Investment Committee, each consisting solely of the Independent Trustees, and may establish additional committees in the future. For the period from July 9, 2025 to September 30, 2025, the Company incurred $86 in fees which are included in Board of Trustees' fees in the consolidated statement of operations. As of September 30, 2025, $86 were unpaid and are included in Board of Trustees' fees payable in the accompanying consolidated statement of assets and liabilities.

***Other Related Party Transactions***

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms. As of September 30, 2025, the Company owed the Adviser $151 for reimbursements relating to organizational expenses incurred, which is included in accounts payable and accrued expenses in the accompanying consolidated statement of assets and liabilities.

On August 1, 2025, prior to the Company's election to be regulated as a BDC under the 1940 Act, TIAA sold certain portfolio investments to the Company (the "Initial Portfolio") at a purchase price of $815,349 (fair value as of July 31, 2025). The Company funded the purchase of the Initial Portfolio with $307,000 of equity contributions to a wholly owned subsidiary of TIAA (see <u>[Note 8](#i853d89cc47ad4238bee89a59316477d2_58)</u> for further information) and $508,349 of borrowings from the Scotiabank Credit Facility (defined below).

**6. SECURED BORROWINGS**

In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. The Company's asset coverage was 160.62% as of September 30, 2025. Proceeds of the credit facility are used for general corporate purposes, including the funding of portfolio investments.

On August 1, 2025, SPV I entered into a credit agreement (the "Scotiabank Credit Agreement") with the lenders from time to time parties thereto, the Bank of Nova Scotia, as administrative agent, the Company, as servicer, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian. The Scotiabank Credit Agreement provides for borrowings in an aggregate amount of up to $550,000 (the "Scotiabank Credit Facility"). BDC V and SPV I were in compliance with all covenants and other requirements of the Scotiabank Credit Agreement.

Borrowings under the Scotiabank Credit Facility Agreement are secured by all of the assets held by SPV I and bear interest based on an annual rate equal to SOFR determined for any day ("Daily Simple SOFR") for the relevant interest period, plus an applicable spread. As of September 30, 2025, the Scotiabank Credit Facility bore interest at a rate of SOFR, reset daily plus 1.975% per annum. Interest is payable quarterly. Any amounts borrowed under the Scotiabank Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on August 1, 2034. Borrowing under the Scotiabank Credit Agreement is subject to certain restrictions contained in the 1940 Act.

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**NUVEEN CHURCHILL BDC V**

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

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

The carrying value of the Scotiabank Credit Facility approximates its fair value. The fair value measurement is based on significant inputs that are not observable and thus represent Level 3 measurements. The borrowing consisted of the following as of September 30, 2025:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** |
| | **Scotiabank Credit Facility** | **Total** |
| Total Commitment | $550000 | $550000 |
| Borrowings Outstanding <sup>(1)</sup> | 508000 | 508000 |
| Unused Portion <sup>(2)</sup> | 42000 | 42000 |
| Amount Available <sup>(3)</sup> | 40995 | 40995 |

---

_______________

(1)Borrowings outstanding on the consolidated statement of assets and liabilities are net of deferred financing costs.

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

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

For the period from July 9, 2025 to September 30, 2025, the components of interest expense and debt financing expenses related to the Scotiabank Credit Facility were as follows:

---

| | |
|:---|:---|
| | **Period from July 9, 2025 to September 30, 2025** |
| Borrowing interest expense | $5400 |
| Amortization of deferred financing costs  | 3 |
| Total interest and debt financing expenses | $5403 |
| Average interest rate <sup>(1)</sup> | 6.41% |
| Average daily borrowings | $504180 |

---

_______________

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

***Contractual Obligations***

The following tables show the contractual maturities of our debt obligation as of September 30, 2025 (dollar amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| **As of September 30, 2025** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Scotiabank Credit Facility | $508000 | $— | $— | $— | $508000 |
| **Total debt obligations** | $508000 | $— | $— | $— | $508000 |

---

**7. COMMITMENTS AND CONTINGENCIES** 

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnifications or warranties. Future events could occur that might lead to the enforcement of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of September 30, 2025 for any such exposure.

------

**NUVEEN CHURCHILL BDC V**

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

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

As of September 30, 2025, the Company had the following unfunded investment commitments:

---

| | |
|:---|:---|
| **Portfolio Company** | **September 30, 2025** |
| Bradford Soap International, Inc. - Delayed Draw Loan | $1005 |
| RMS Energy Borrower LLC - Delayed Draw Loan | 1199 |
| **Total unfunded commitments** | $2204 |

---

The Company seeks to carefully consider its unfunded investment commitments for the purpose of planning its ongoing liquidity. As of September 30, 2025, the Company had adequate financial resources to satisfy its unfunded investment commitments.

**8. NET ASSETS**

BDC V has the authority to issue an unlimited number of common shares at $0.01 par value per share. On July 8, 2025, in connection with its formation, BDC V issued and sold 40 common shares at $25.00 per share to the Adviser.

On August 1, 2025, in connection with the acquisition of the Initial Portfolio, BDC V issued an aggregate of 12,280,000 common shares at $25.00 per share to a wholly owned subsidiary of TIAA.

The following table summarizes total shares issued and proceeds received related to capital activity from inception to September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Shares Issued** | **Proceeds Received** | **Issuance Price per Share** |
| July 8, 2025 | 40 | $1 | $25.00 |
| August 1, 2025 | 12280000 | $307000 | $25.00 |

---

The following table summarizes the Company's distributions recorded for the period from July 9, 2025 to September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** |
| September 29, 2025 | September 30, 2025 | October 10, 2025 | $0.48 |

---

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**NUVEEN CHURCHILL BDC V**

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

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

**9. CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following is a consolidated schedule of financial highlights for the period from August 1, 2025 to September 30, 2025:

---

| | |
|:---|:---|
| | **Period from August 1, 2025 (Commencement of Investment Operations) to September 30, 2025** |
| **Per share data:** | |
| Net asset value, beginning of period  | $25.00 |
| Net investment income <sup>(1)</sup> | 0.58 |
| Net realized gains (losses) <sup>(1) (7)</sup> |  |
| Net change in unrealized appreciation (depreciation) <sup>(1) (7)</sup> |  |
| Net increase (decrease) in net assets resulting from operations  | 0.58 |
| Shareholder distributions <sup>(2)</sup> | (0.48) |
| Other <sup>(3)</sup> | (0.02) |
| Net asset value, end of period | $25.08 |
| **Supplemental Data:** |  |
| Net assets, end of period | $307968 |
| Shares outstanding, end of period  | 12280040 |
| Total return <sup>(4)</sup> | 2.24% |
| **Ratio to average net assets:** |  |
| Ratio of net expenses to average net assets before waived fees <sup>(5)</sup> | 15.19% |
| Ratio of net expenses to average net assets after waived fees <sup>(5)</sup> | 13.19% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 13.94% |
| Portfolio turnover <sup>(6)</sup> | 4.53% |
| Asset coverage ratio <sup>(8)</sup> | 160.62% |

---

_______________

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

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

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

(4)Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Total return is not annualized.

(5)Average net assets is calculated utilizing net assets at the beginning and end of period. All ratios are annualized. The ratio of interest and debt financing expenses to average net assets for the period from August 1, 2025 to September 30, 2025 was 10.52%.

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

(7)The per share amount rounds to less than $0.01 per share.

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

**10. SUBSEQUENT EVENTS** 

The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of September 30, 2025, except as discussed below.

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**NUVEEN CHURCHILL BDC V**

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

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

***Incentive Fee Waiver Agreement***

On November 7, 2025, the Company entered into an incentive fee waiver agreement (the "Fee Waiver Agreement") with the Adviser, pursuant to which the Adviser has agreed to waive (a) 100% of the incentive fee based on income and (b) 100% of the incentive fee based on capital gains payable by the Company to the Adviser through December 31, 2025. For the avoidance of doubt, the Fee Waiver Agreement does not amend the calculation of the incentive fee based on income or the incentive fee based on capital gains as set forth in the Investment Advisory Agreement. Other than the waiver contemplated by the Fee Waiver Agreement, the terms of the Investment Advisory Agreement will remain in full force and effect.

***Scotiabank Credit Facility Amendment***

On November 7, 2025, SPV I, as borrower, and BDC V as servicer, entered into Amendment No. 1 to the Scotiabank Credit Facility Agreement, which was entered solely for the purpose of amending certain covenant terms.

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

 *The discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The information in this section contains forward-looking statements, which relate to future events or the future performance or financial condition of Nuveen Churchill BDC V, including its wholly owned subsidiaries (collectively, "we", "us", "our", or the "Company") and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in our Registration Statement on Form 10 dated August 1, 2025. This discussion should be read in conjunction with the "Forward-Looking Statements" in this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements..*

**Overview** 

We were formed on May 22, 2025 as a Delaware statutory trust. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We are externally managed by Churchill Asset Management LLC (the "Adviser"), which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. The Adviser is registered as investment adviser with the Securities and Exchange Commission (the "SEC"). We also intend to elect to be treated, and intend to qualify annually thereafter, as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

Nuveen Churchill BDC V SPV I LLC ("SPV I") and Nuveen Churchill BDC V Equity Holdings LLC ("Equity Holdings"), each a Delaware limited liability company, were formed on July 10, 2025. SPV I and Equity Holdings are wholly owned subsidiaries of the Company and are consolidated in these consolidated financial statements commencing from the date of their formation.

Under our Investment Advisory Agreement (the "Investment Advisory Agreement") with the Adviser, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Under the administration agreement (the "Administration Agreement") with Churchill BDC Administration LLC, as our administrator (the "Administrator"), we have agreed to reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company's allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company's chief financial officer and chief compliance officer and their respective staff; and (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company. The Adviser and the Administrator are both affiliates of Nuveen, a wholly owned subsidiary of TIAA.

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

We expect to primarily invests in first-lien senior secured debt and first-out positions in unitranche loans (collectively "Senior Loan Investments"), as well as junior debt investments, such as second-lien loans, unsecured debt, subordinated debt and last-out positions in unitranche loans (including fixed- and floating-rate instruments and instruments with payment-in-kind income ("PIK")) ("Junior Capital Investments"). Senior Loan Investments and Junior Capital Investments may be originated alongside smaller related common equity positions to the same portfolio companies. Our portfolio also may include larger, stand-alone direct equity co-investments in private-equity backed companies that may be originated alongside or separately from Senior Loan Investments and/or Junior Capital Investments to the applicable portfolio company ("Equity Co-Investments"). Subject to the pace and amount of investment activity in its middle market investment program, our portfolio also may be comprised of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments ("Liquid Investments").

On July 8, 2025, the Adviser purchased 40 shares of the Company's common shares of beneficial interest at $25.00 per share.

------

On August 1, 2025, prior to our election to be regulated as a BDC under the 1940 Act, TIAA sold certain portfolio investments to the Company (at fair value) in the amount of $815,349 (the "Initial Portfolio"). The Company funded the purchase of the Initial Portfolio with a combination of equity contributions from a wholly owned subsidiary of TIAA and borrowings from its credit facility.

**Investments** 

Our level of investment activity can vary substantially from period to period depending on many factors, including the amount we have available to invest as well as the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity in the middle market, the general economic environment and the competitive environment for the types of investments we make, and other market conditions.

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

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

As a BDC, we must not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Under the relevant SEC rules, the term "eligible portfolio company" includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million. We also must be organized in the United States to qualify as a BDC.

**Revenues** 

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we may generate income from dividends on direct equity investments, and capital gains on the sales of loans or debt and equity securities. Our debt investments generally bear interest at a floating rate usually determined on the basis of a benchmark, such as the Secured Overnight Financing Rate ("SOFR"). Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity dates. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also may reflect the proceeds of sales of securities. In addition, we may generate revenue in the form of commitment, origination, structuring, diligence, consulting or prepayment fees associated with our investment activities as well as any fees for managerial assistance services rendered by us to portfolio companies and other investment related income.

**Expenses** 

Churchill and its affiliates are responsible for the compensation and routine overhead expenses allocable to personnel providing investment advisory and management services to the Company. The Company will bear all other out-of-pocket costs and expenses of its operations and transactions, including those costs and expenses incidental to the provision of investment advisory and management services to the Company (such as items (iii) and (iv) listed below).

For the avoidance of doubt, unless the Adviser elects to bear or waive any of the following costs, the Company will bear the following costs:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)fees and expenses incurred by the Adviser (and its affiliates), or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the

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Company and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Company's investments and monitoring investments and portfolio companies on an ongoing basis;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)offerings, sales, and repurchases of our common shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)fees and expenses payable under any underwriting, dealer manager or placement agent agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)investment advisory fees payable under the Investment Advisory Agreement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)any applicable administrative agent fees or loan arranging fees incurred with respect to portfolio investments by the Adviser, the Administrator or an affiliate thereof;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)costs incurred in connection with investor relations, board of trustees relations, and with preparing for and effectuating a listing of the common shares on any securities exchange;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)costs of preparing and filing reports or other documents required by the SEC or other regulators, and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Company's activities and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Company and its activities;

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

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

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

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

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

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

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

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

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

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

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

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

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**Portfolio and investment activity**

***Portfolio Composition***

Our portfolio and investment activity for the period July 9, 2025 through September 30, 2025 is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):

---

| | |
|:---|:---|
| | **Period from July 9, 2025 to September 30, 2025** |
| **Net funded investment activity** | |
| New gross commitments at par <sup>1</sup> | $839407 |
| Net investments funded <sup>2</sup> | 834083 |
| Investments sold or repaid | (36536) |
| Net funded investment activity | $797547 |
| **Gross commitments at par** <sup>1</sup> |  |
| First-Lien Debt | $781745 |
| Subordinated Debt | 52883 |
| Equity Investments | 4779 |
| Total gross commitments | $839407 |
| **Portfolio company activity** |  |
| Portfolio companies, beginning of period |  |
| Number of new portfolio companies | 101 |
| Number of exited portfolio companies | (2) |
| Portfolio companies, end of period | 99 |
| Count of investments | 136 |
| Count of industries | 25 |
| **New investment activity** |  |
| Weighted average annual interest rate on new debt investments at par | 9.31% |
| Weighted average annual interest rate on new floating rate debt investments at par | 9.13% |
| Weighted average spread on new floating rate debt investments at par | 5.15% |
| Weighted average annual coupon on new fixed rate debt investments at par | 12.28% |

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_______

<sup>(1)</sup> Gross commitments at par includes unfunded investment commitments, and includes $819,042 of gross investment commitments from the Initial Portfolio.

<sup>(2)</sup> Includes $815,349 net investments funded from the Initial Portfolio.

As of September 30, 2025, our debt investment portfolio reflected the following characteristics, based on fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average reported annual EBITDA of $71.20 million.<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average of 2.27x interest coverage ratio for our first-lien loans.<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average of 4.46x net leverage.<sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 99.40% of our debt investments have financial maintenance covenants.<sup>(4)</sup>

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

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<sup>(2)</sup> The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Adviser and is a weighted average based on the fair market value of each respective first lien loan investment as of its most recent reporting to lenders. Such reporting may include assumptions regarding the impact of interest rate hedges established by borrowers to reduce their exposure to floating interest rates (resulting in a reduced hedging rate being used for the total interest expense in respect of such hedges, rather than any higher rates applicable under the documentation for such loans), even if such hedging instruments are not pledged as collateral to lenders in respect of such loans and do not secure the loans themselves. The interest rate coverage ratio excludes junior capital investments and equity co-investments and applies solely to traditional middle market first lien loans held by us, which also excludes any upper middle market or other first lien loans investments that do not have financial maintenance covenants and first lien loans that the Adviser has assigned a risk rating of '8' or higher, as well as any portfolio companies with net senior leverage of 15x or greater. As a result of the foregoing exclusions, the interest coverage ratio shown herein applies to 91.65% of our total investments, and 99.01% of our total first lien loan investments, in each case based upon fair value.

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

<sup>(4)</sup> Represents the percentage of debt investments with one or more maintenance financial covenants.

As of September 30, 2025, our investments consisted of the following (dollar amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Cost** | **Fair Value** | **% of Fair Value** |
| First-Lien Debt | $740186 | $740072 | 92.71% |
| Subordinated Debt<sup>1</sup> | 52696 | 52992 | 6.64% |
| Equity Investments | 5428 | 5188 | 0.65% |
| **Total** | $**798310** | $**798252** | **100.00%** |
| Largest portfolio company investment | $20084 | $20163 | 2.53% |
| Average portfolio company investment | $8064 | $8063 | 1.01% |

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_____________________

<sup>1</sup>As of September 30, 2025, Subordinated Debt was comprised of second lien term loans and/or second lien notes of $6,817 and mezzanine debt of $46,175 at fair value; Subordinated Debt was comprised of second lien term loans and/or second lien notes of $6,774 and mezzanine debt of $45,922 at cost.

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The industry composition of our portfolio as a percentage of fair value as of September 30, 2025 was as follows:

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| | |
|:---|:---|
| **Industry** | **September 30, 2025** |
| Aerospace & Defense | 3.70% |
| Automotive | 2.55% |
| Banking, Finance, Insurance & Real Estate | 0.89% |
| Beverage, Food & Tobacco | 9.39% |
| Capital Equipment | 2.95% |
| Chemicals, Plastics & Rubber | 1.44% |
| Construction & Building | 6.07% |
| Consumer Goods: Durable | 0.44% |
| Consumer Goods: Non-durable | 3.61% |
| Containers, Packaging & Glass | 5.98% |
| Energy: Electricity | 2.65% |
| Environmental Industries | 3.13% |
| Healthcare & Pharmaceuticals | 7.73% |
| High Tech Industries | 9.50% |
| Hotel, Gaming & Leisure | 0.16% |
| Media: Advertising, Printing & Publishing | 1.41% |
| Services: Business | 21.27% |
| Services: Consumer | 4.47% |
| Sovereign & Public Finance | 0.70% |
| Telecommunications | 4.98% |
| Transportation: Cargo | 1.77% |
| Transportation: Consumer | 0.45% |
| Utilities: Electric | 1.82% |
| Utilities: Water | 0.54% |
| Wholesale | 2.40% |
| Total | 100.00% |

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The weighted average yields of our investments as of September 30, 2025 was as follows:

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| | |
|:---|:---|
| | **September 30, 2025** |
| Weighted average yield on debt and income producing investments, at cost <sup>1</sup> | 9.74% |
| Weighted average yield on debt and income producing investments, at fair value <sup>1</sup> | 9.74% |
| Percentage of debt investments bearing a floating rate | 94.18% |
| Percentage of debt investments bearing a fixed rate | 5.82% |

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_____________________

<sup>1</sup> There were no investments on non-accrual status as of September 30, 2025

As of September 30, 2025, 100.00% and 100.00% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders, but rather relates to our investment portfolio and is calculated before the payment of all of our and our subsidiary's fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date. There can be no assurance that the weighted average yield will remain at its current level.

Private equity mergers and acquisitions activity continued its recovery momentum through the third quarter of 2025, building on the rebound that began late in the second quarter of 2025 following earlier disruptions arising from U.S. global

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trade policy uncertainty. Stabilizing market conditions and renewed sponsor confidence in the macro-environment contributed to increased transaction execution. Repayment activity increased during the third quarter, driven by a combination of new transactions and selective refinancing activity, as borrowers capitalized on investor demand and favorable market conditions. While repayment activity may continue to offset new investment deployment, we believe that well-capitalized lenders with available liquidity, existing portfolio company relationships, and strong proprietary sponsor networks are well-positioned to benefit from increased market opportunities.

Despite this market recovery, certain macro-economic risks and uncertainties remain. Changes to trade policies, including the imposition of new tariffs by the current administration, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macro-economic environment. In light of these changes, we are closely monitoring the impacts to our portfolio companies, and we will continue to seek to invest in defensive businesses with low levels of cyclicality, strong levels of free cash flow generation, and multiple channels to source products or materials. There can be no assurance that economic conditions will not adversely impact certain of our portfolio companies, which could impact our future results.

***Asset Quality***

In addition to various risk management and monitoring tools, we use the Adviser's investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. Each Investment Team intends to utilize a systematic, consistent approach to credit evaluation, with a particular focus on an acceptable level of debt repayment and deleveraging under a "base case" set of projections (the "Base Case"), which reflects a more conservative estimate than the set of projections provided by a prospective portfolio company, which the Advisers refer to as the "Management Case." The following is a description of the conditions associated with each investment rating:

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

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

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

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

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

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

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

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

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

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

The Adviser regularly monitors and, when appropriate, changes the investment rating assigned to each investment in our portfolio. Each investment team will review the investment ratings in connection with monthly or quarterly portfolio reviews. Based on a generally uncertain economic outlook in the United States (which includes a possible recession), we have increased oversight and analysis of credits in any vulnerable industries to mitigate any decline in loan performance and reduce credit risk.

The following table shows the investment ratings of the investments in our portfolio as of September 30, 2025 (dollar amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Fair Value** | **% of Portfolio** | **Number of Portfolio Companies** |
| 1 | $— | —% |  |
| 2 |  |  |  |
| 3 | 80908 | 10.14 | 5 |
| 4 | 665902 | 83.42 | 89 |
| 5 | 51442 | 6.44 | 5 |
| 6 |  |  |  |
| 7 |  |  |  |
| 8 |  |  |  |
| 9 |  |  |  |
| 10 |  |  |  |
| **Total** | $**798252** | **100.00%** | **99** |

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As of September 30, 2025, the weighted average Internal Risk Rating of our investment portfolio was 3.96.

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**Results of Operations**

We received our initial seed capital on July 8, 2025 and commenced investment operations on August 1, 2025, the date we purchased the Initial Portfolio, and therefore do not have prior periods with which to compare our investment operating results for the period from July 9, 2025 through September 30, 2025. Operating results for the period from July 9, 2025 through September 30, 2025 were as follows (dollar amounts in thousands):

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| | |
|:---|:---|
| | **Period from July 9, 2025 to September 30, 2025** |
| **Investment income:** | |
| Non-controlled/non-affiliated company investments: |  |
| Interest income | $12897 |
| Payment-in-kind interest income | 538 |
| Dividend income | 398 |
| Other income | 102 |
| Total investment income | 13935 |
| **Expenses:** |  |
| Interest and debt financing expenses | 5403 |
| Management fees | 1018 |
| Income based incentive fees | 1025 |
| Professional fees | 191 |
| Board of Trustees' fees | 86 |
| Administration fees | 106 |
| Other general and administrative expenses | 35 |
| &nbsp;&nbsp;&nbsp;Total expenses | 7864 |
| &nbsp;&nbsp;&nbsp;Incentive fees waived | (1025) |
| Net expenses | 6839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 7096 |
| **Realized and unrealized gain (loss) on investments:** |  |
| Net realized gain (loss) on non-controlled/non-affiliated company investments | 32 |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (58) |
| Total net realized and unrealized gain (loss) on investments | (26) |
| Net increase (decrease) in net assets resulting from operations | $7070 |

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

*Investment Income*

On August 1, 2025, prior to our election to be regulated as a BDC under the 1940 Act, TIAA sold certain portfolio investments to the Company (at fair value) in the amount of $815.3 million (the "Initial Portfolio"). The Company accrued investment income on the Initial Portfolio beginning August 1, 2025. For the period from July 9, 2025 to September 30, 2025, investment income was $13.9 million. We expect our portfolio to continue to grow as we raise capital through our offering and our investment income to grow commensurately. The shifting environment in base interest rates may affect our investment income over the long term.

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*Expenses*

Total net expenses for the period from July 9, 2025 through September 30, 2025 were $6.8 million consisting primarily of legal, incorporation and accounting fees incurred in connection with the organization of the Company, and interest and debt financing expenses incurred in connection with Scotiabank Credit Facility (as defined below), as well as professional fees. We anticipate formation costs to decrease in relation to our income as we continue to ramp up our portfolio.

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

As a result of repayment activity during the period from July 9, 2025 through September 30, 2025, we had a net realized gain of $32.0 thousand.

We recorded a net change in unrealized loss of $58 thousand for the period from July 9, 2025 through September 30, 2025, which reflects the net change in fair value of our investment portfolio relative to its cost basis over the period.

**Financial Condition, Liquidity and Capital Resources** 

We expect to generate cash primarily from (i) the net proceeds of our offering of common shares, (ii) cash flows from income earned from our investments and principal repayments, (iii) proceeds from net borrowings on our credit facility and (iv) any future offerings of our equity or debt securities.

Our primary uses of cash will be for (i) investments in portfolio companies in accordance with investment objective and investment strategies and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) cost of any borrowings under our Scotiabank Credit Facility or other financing arrangements, and (iv) cash distributions to the holders of our shares. We believe we have adequate liquidity to support our near-term capital requirements. Due to an uncertain economic outlook and current market volatility, we regularly evaluate our overall liquidity position and take proactive steps to maintain that position based on such circumstances.

***Equity***

The Company is authorized to issue an unlimited number of shares at $0.01 per share par value. On July 8, 2025, the Adviser purchased 40 common shares at $25.00 per share. On August 1, 2025, in connection with the acquisition of the Initial Portfolio, the Company issued an aggregate of 12,280,000 common shares at $25.00 per share to a wholly owned subsidiary of TIAA.

The following table summarizes the Company's distributions recorded for the period from July 9, 2025 through September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** |
| September 29, 2025 | September 30, 2025 | October 10, 2025 | $0.48 |

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***Scotiabank Credit Facility***

In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. The Company's asset coverage was 160.62% as of September 30, 2025.

On August 1, 2025, SPV I entered into a credit agreement (the "Scotiabank Credit Facility Agreement") with the lenders from time to time parties thereto, Bank of Nova Scotia, as administrative agent, the Company, as servicer, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian. The Scotiabank Credit Facility Agreement provides for borrowings in an aggregate amount up to $550.0 million (the "Scotiabank Credit Facility").

Borrowings under the Scotiabank Credit Facility Agreement are secured by all of the assets held by SPV I and bear interest based on an annual rate equal to SOFR determined for any day ("Daily Simple SOFR") for the relevant interest period, plus an applicable spread. As of September 30, 2025, the Scotiabank Credit Facility bore interest at a rate of SOFR, reset daily plus 1.975% per annum. Interest is payable quarterly. Any amounts borrowed under the Scotiabank Credit Facility Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on August 1, 2034.

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Borrowing under the Scotiabank Credit Facility Agreement is subject to certain restrictions contained in the 1940 Act. The Company has made customary representations and warranties and is required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

***Contractual Obligations***

The following tables show the contractual maturities of our debt obligation as of September 30, 2025 (dollar amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| **As of September 30, 2025** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Scotiabank Credit Facility | $508000 | $— | $— | $— | $508000 |
| **Total debt obligations** | $508000 | $— | $— | $— | $508000 |

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**Related-Party Transactions**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisory Agreement; and

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

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

**Off-Balance Sheet Arrangements**

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of September 30, 2025. We may in the future become obligated to fund commitments such as delayed draw commitments, revolvers, and equity investment commitments.

*For more information on our off-balance sheet arrangements, commitments and contingencies see <u>[Note 7](#i853d89cc47ad4238bee89a59316477d2_55)</u> to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.*

**Critical Accounting Policies and Estimates**

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates, including those relating to the valuation of our portfolio investments, are described below. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, and U.S. Federal Income Taxes, as described below. The valuation of investments is our most significant critical accounting estimate. The critical accounting policies and estimates should be read in connection with our risk

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factors as disclosed in "Risk Factors" in our Registration Statement on Form 10, as amended, filed with the SEC on August 1, 2025.

*Valuation of Portfolio Investments*

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

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

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

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

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

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

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

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

*For more information on the fair value hierarchy, our framework for determining fair value and the composition of our portfolio see <u>[Note 2](#i853d89cc47ad4238bee89a59316477d2_40)</u> and <u>[Note 4](#i853d89cc47ad4238bee89a59316477d2_46)</u> to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.*

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*Revenue Recognition*

Our revenue recognition policies are as follows:

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

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

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

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

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

*U.S. Federal Income Taxes*

We have elected to be treated as a BDC under the 1940 Act. We intend to elect, and intend to qualify annually thereafter, to be treated as a RIC under the Code. So long as we maintain our status as a RIC, we generally will not be subject to U.S. federal income or excise taxes on any ordinary income or capital gains that we timely distribute at least annually to our stockholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our stockholders and will not be reflected in our consolidated financial statements.

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. As of September 30, 2025, the Company did not have any uncertain tax positions that met the recognition or measurement criteria, nor did the Company have any unrecognized tax benefits.

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

**Recent Developments** 

***Incentive Fee Waiver Agreement***

On November 7, 2025, we entered into an incentive fee waiver agreement (the "Fee Waiver Agreement") with the Adviser, pursuant to which the Adviser has agreed to waive (a) 100% of the incentive fee based on income and (b) 100% of the incentive fee based on capital gains payable by us to the Adviser through December 31, 2025. For the avoidance of doubt, the Fee Waiver Agreement does not amend the calculation of the incentive fee based on income or the incentive fee based on capital gains as set forth in the Investment Advisory Agreement. Other than the waiver contemplated by the Fee Waiver Agreement, the terms of the Investment Advisory Agreement will remain in full force and effect.

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***Scotiabank Credit Facility Amendment***

On November 7, 2025, SPV I, as borrower, and BDC V as servicer, entered into Amendment No. 1 to the Scotiabank Credit Facility Agreement, which was entered solely for the purpose of amending certain covenant terms.

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**Item 3. Quantitative and Qualitative Disclosures about Market Risk** 

Uncertainty with respect to, among other things, elevated interest rates, inflationary pressures, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, the ongoing conflicts in the Middle East, and the failure of major financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as the Valuation Designee, in accordance with our valuation policy subject to the oversight of the Board and, based on, among other things, the input of the independent third-party valuation firms engaged by the Valuation Designee. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

***Interest Rate Risk***

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Our net investment income is also affected by fluctuations in various interest rates to the extent our debt investments include floating interest rates. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The Federal Reserve reduced its benchmark interest rate by 0.25% on each of September 17, 2025 and October 29, 2025, bringing the benchmark rate to the 3.75% to 4.00% range. While Federal Reserve officials had previously indicated the likelihood of three total rate cuts in 2025, the post-meeting statement following the October cut did not provide direction on plans for the December 2025 meeting. Given the evolving economic environment and continued focus on monitoring inflationary pressures, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In a rising interest rate environment, our cost of funds would increase, which could reduce our net investment income absent a corresponding increase in interest income generated by our investment portfolio. Conversely, sustained reductions in interest rates will decrease our gross investment income and could result in lower net investment income if declines in base rates, such as SOFR or other benchmark rates, are not offset by corresponding increases in credit spreads on our portfolio investments, reductions in our operating expenses, or decreases in the interest rates on our borrowings.

As of September 30, 2025, on a fair value basis, 94.18% of our debt investments bear interest at a floating rate. As of September 30, 2025, 100.00% of our floating rate debt investments are subject to interest rate floors. Additionally, the Scotiabank Credit Facility is also subject to floating interest rates and are currently paid based on floating SOFR rates.

------

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments during the period ended September 30, 2025. Interest expense is calculated based on the terms of our credit facility using the outstanding balance as of September 30, 2025. Interest expense on the credit facilities and the debt issued in our collateralized loan obligations is calculated using the interest rate as of September 30, 2025, adjusted for the impact of hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of September 30, 2025.

Actual results could differ significantly from those estimated in the table (dollars amounts in thousands).

---

| | | | |
|:---|:---|:---|:---|
| **Changes in Interest Rates** | **Interest Income** | **Interest Expense** | **Net Income** |
| -300 Basis Points | $(3758) | $(2547) | $(1211) |
| -200 Basis Points | (2506) | (1698) | (808) |
| -100 Basis Points | (1253) | (849) | (404) |
| +100 Basis Points | 1253 | 849 | 404 |
| +200 Basis Points | 2506 | 1698 | 808 |
| +300 Basis Points | 3759 | 2547 | 1212 |

---

------

**Item 4. Controls and Procedures** 

**(a)Evaluation of Disclosure Controls and Procedures**

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q.

Based on that evaluation, we, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of September 30, 2025 and provided reasonable assurance that information required to be disclosed in our periodic Securities and Exchange Commission filings is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

**(b)Changes in Internal Controls Over Financial Reporting**

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**Part II - Other Information**

**Item 1. Legal Proceedings**

We, our consolidated subsidiaries, and the Adviser are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we, our consolidated subsidiaries and/or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors**

There have been no material changes to the risk factors previously disclosed in our Registration Statement on Form 10, as amended, filed with the SEC on August 1, 2025, which is accessible on the SEC's website at sec.gov.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

On July 8, 2025, the Adviser purchased 40 shares of the Company's common shares of beneficial interest (the "Shares") at $25.00 per Share.

On August 1, 2025, a wholly owned subsidiary of TIAA purchased 12,280,000 Shares at $25.00 per Share.

**Item 3. Defaults Upon Senior Securities** 

None

**Item 4. Mine Safety Disclosures** 

Not applicable

**Item 5. Other Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Item 1.01 Entry into a Material Definitive Agreement.**

On November 7, 2025, the Company entered into an incentive fee waiver agreement (the "Fee Waiver Agreement") with the Adviser, pursuant to which the Adviser has agreed to waive (a) 100% of the incentive fee based on income and (b) 100% of the incentive fee based on capital gains payable by the Company to the Adviser through December 31, 2025. For the avoidance of doubt, the Fee Waiver Agreement does not amend the calculation of the incentive fee based on income or the incentive fee based on capital gains as set forth in the Investment Advisory Agreement. Other than the waiver contemplated by the Fee Waiver Agreement, the terms of the Investment Advisory Agreement will remain in full force and effect.

The foregoing description is only a summary of the material provisions of the Fee Waiver Agreement and is qualified in its entirety by reference to a copy of the Fee Waiver Agreement, which is filed as Exhibit 10.5 to this Quarterly Report on Form 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

------

**Item 6. Exhibits** 

---

| | |
|:---|:---|
| 3.1 | <u>[Amended and Restated Declaration of Trust, dated July](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit31-form10x12ga2.htm)[3](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit31-form10x12ga2.htm)[0](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit31-form10x12ga2.htm)[, 202](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit31-form10x12ga2.htm)</u>5<sup>(1)</sup> |
| 3.2 | <u>[Bylaws](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit32form10-12ga2.htm)[,](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit32form10-12ga2.htm)[dated July](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit32form10-12ga2.htm)[30](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit32form10-12ga2.htm)[, 202](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit32form10-12ga2.htm)[5](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit32form10-12ga2.htm)</u><sup>(1)</sup> |
| 4.1 | <u>[Form of Subscription Agreement](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit41form10-12ga2.htm)</u><sup>(1)</sup> |
| 4.2 | <u>[Distribution Reinvestment Plan](https://www.sec.gov/Archives/edgar/data/2071136/000162828025037264/exhibit42-form10x12ga2.htm)</u><sup>(1)</sup> |
| 10.1 | <u>[Investment Advisory Agreement, dated](ex101-investmentadvisoryag.htm)[August 5, 2025](ex101-investmentadvisoryag.htm)[, by and between Nuveen Churchill](ex101-investmentadvisoryag.htm)[BDC V](ex101-investmentadvisoryag.htm)[and Churchill Asset Management LLC](ex101-investmentadvisoryag.htm)</u>\* |
| 10.2 | <u>[Administration Agreement, dated](ex102-administrationagreem.htm)[August 5, 2025](ex102-administrationagreem.htm)[, by and between Nuveen Churchill](ex102-administrationagreem.htm)[BDC V](ex102-administrationagreem.htm)[and Churchill BDC Administration LLC](ex102-administrationagreem.htm)</u>\* |
| 10.3 | <u>[Custody Agreement, dated](ex103-custodyagreementbdcv.htm)[July 7](ex103-custodyagreementbdcv.htm)[, 2025](ex103-custodyagreementbdcv.htm)[, by and between Nuveen Churchill](ex103-custodyagreementbdcv.htm)[BDC V](ex103-custodyagreementbdcv.htm)[and U.S. Bank](ex103-custodyagreementbdcv.htm)[Trust Company,](ex103-custodyagreementbdcv.htm)[National Association](ex103-custodyagreementbdcv.htm)</u>\* |
| 10.4 | <u>[Transfer Agent Servicing Agreement, dated](ex104-transferagentagreeme.htm)[August 4, 2025](ex104-transferagentagreeme.htm)[, by and between Nuveen Churchill](ex104-transferagentagreeme.htm)[BDC V](ex104-transferagentagreeme.htm)[and U.S. Bancorp Fund Services, LLC](ex104-transferagentagreeme.htm)</u>\* |
| 10.5 | <u>[Incentive Fee Waiver Agreement, dated](ex105-incentivefeewaiverag.htm)[November](ex105-incentivefeewaiverag.htm)[7](ex105-incentivefeewaiverag.htm)[, 2025](ex105-incentivefeewaiverag.htm)[, by and between Nuveen Churchill](ex105-incentivefeewaiverag.htm)[BDC V](ex105-incentivefeewaiverag.htm)[and Churchill Asset Management LLC](ex105-incentivefeewaiverag.htm)</u>\* |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended\*](ex311-churchillassetmanage.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended\*](ex312-churchillassetmanage.htm)</u> |
| 32 | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended\*](ex32-churchillassetmanagem.htm)</u> |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

__________________

\*Filed herewith

(1)Incorporated by reference to Amendment No. 2 to the Registrant's Registration Statement on Form 10 (File No. 000-56757) filed on August 1, 2025.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **NUVEEN CHURCHILL BDC V** | **NUVEEN CHURCHILL BDC V** |
| By: | /s/ Kenneth Kencel |
| Name: | Kenneth Kencel |
| Title: | Chief Executive Officer, President, Trustee and Chairman |

---

---

| | |
|:---|:---|
| **NUVEEN CHURCHILL BDC V** | **NUVEEN CHURCHILL BDC V** |
| By: | /s/ Shai Vichness |
| Name: | Shai Vichness |
| Title: | Chief Financial Officer and Treasurer |

---

Date: November 12, 2025

## Exhibit 10.1

**Exhibit 10.1**

**INVESTMENT ADVISORY AGREEMENT**

**BETWEEN**

**NUVEEN CHURCHILL BDC V**

**AND**

**CHURCHILL ASSET MANAGEMENT LLC**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of August 5, 2025 by and between NUVEEN CHURCHILL BDC V, a Delaware statutory trust (the "<u>Company</u>"), and CHURCHILL ASSET MANAGEMENT LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Company is a non-diversified, closed-end investment company that has elected to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>1940 Act</u>");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>Advisers Act</u>");

WHEREAS, the Company desires to retain the Adviser to provide investment advisory services to the Company in the manner and on the terms and conditions hereinafter set forth; and

WHEREAS, the Adviser is willing to provide investment advisory services to the Company in the manner and on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Adviser hereby agree as follows:

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>In General</u>.** 

The Adviser agrees, all as more fully set forth herein, to act as investment adviser to the Company with respect to the investment of the Company's assets and to supervise and arrange for the day-to-day operations of the Company and the purchase of assets for and the sale of assets held in the investment portfolio of the Company.

**2. &nbsp;&nbsp;&nbsp;&nbsp;<u>Duties and Obligations of the Adviser with Respect to Investment of Assets of the Company</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Subject to the succeeding provisions of this paragraph and subject to the direction and control of the Company's board of trustees (the "<u>Board</u>"), the Adviser shall act as the investment adviser to the Company and shall manage the investment and reinvestment of the assets of the Company. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) execute, close, service and monitor the investments that the Company makes; (iv) determine the securities and other assets that the Company will purchase, retain or sell; (v) perform due diligence on prospective portfolio companies; (vi) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; and (vii) subject to the Company's policies and procedures, manage the capital structure of the Company, including, but not limited to, asset and liability management. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company's investments and the

------

placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Company's behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Company through a subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle and to make such investments through such subsidiary or special purpose vehicle (in accordance with the 1940 Act). Nothing contained herein shall be construed to restrict the Company's right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Company's common shares of beneficial interest (the "<u>Shares</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;In the performance of its duties under this Agreement, the Adviser shall at all times use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Company; (ii) any other applicable provision of law; (iii) the provisions of the Company's Declaration of Trust (as may be amended from time to time) and the Company's Bylaws, as such documents may be amended from time to time; (iv) the investment objective, policies and restrictions applicable to the Company as set forth in the reports and/or registration statements that the Company files with the Securities and Exchange Commission (the "<u>SEC</u>"), as they may be amended from time to time by the Board; and (v) any policies and determinations of the Board and provided in writing to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall cause significant managerial assistance to be offered to the Company's portfolio companies to the extent required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;The Adviser may engage one or more investment advisers (each, a "<u>Sub-Adviser</u>") that are registered under the Advisers Act to act as sub-advisers and to provide the Company any of the services required to be performed by the Adviser under the Agreement, which shall be set forth in a written contract (each, a "<u>Sub-Advisory Agreement</u>") to which the Adviser and Sub-Adviser shall be parties. The Sub-Advisory Agreement shall be subject to approval by the vote of a majority of the members of the Board who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Adviser, any Sub-Adviser, or of the Company (each, an "<u>Independent Trustee</u>"), cast in person at a meeting called for the purpose of voting on such approval and, to the extent required by the 1940 Act, by the vote of a majority of the outstanding voting securities of the Company and otherwise consistent with the terms of the 1940 Act. The Adviser and not the Company shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Company to pay directly to any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses payable to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;The Adviser will maintain all books and records with respect to the Company's securities transactions required by sub-paragraphs (b)(5), (6), (9) and (10) and paragraph (f) of Rule 31a-1 under the 1940 Act (other than those records being maintained by Churchill BDC Administration LLC, the Company's administrator (the "<u>Administrator</u>"), under the administration agreement to be entered into by and between the Company and the Administrator concurrent herewith (the "<u>Administration Agreement</u>")), or by the Company's custodian or transfer agent and preserve such records for the periods prescribed therefor by Rule 31a-2 under the 1940 Act. The Adviser shall have the right to retain copies, or originals where required by Rule 204-2 under the Advisers Act, of such records to the extent required by applicable law, subject to observance of its confidentiality obligations under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;The expenses incurred by the Adviser and its officers, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company. For avoidance of doubt, unless the Adviser elects to bear or waive any of the following costs (in its sole and absolute discretion), the Company shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the organization 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;calculating net asset value (including the cost and expenses of any independent valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or members of the investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Company's 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses incurred by the Adviser (and its affiliates) or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Company's investments and monitoring investments and portfolio companies on an ongoing 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;any and all fees, costs and expenses incurred in connection with the incurrence of leverage and indebtedness of the Company, including borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including any principal or interest on the Company's borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the Company's account and in making, carrying, funding and/or otherwise resolving investment guarantees);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses payable under any underwriting, dealer manager or placement agent agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;investment advisory fees payable under Section 6 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement, based upon the Company's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company's chief financial officer and chief compliance officer, and their respective staffs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;any applicable administrative agent fees or loan arranging fees incurred with respect to the Company's portfolio investments by the Adviser, the Administrator or an affiliate 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;any and all fees, costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology for the Company's benefit (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting systems and similar systems and services, including, without limitation, consultant, software licensing, data management and recovery services fees and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;costs incurred in connection with investor relations, board of trustees relations, and with preparing for and effectuating a listing of the Shares on any securities exchange;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;costs of preparing and filing reports or other documents required by the SEC or other regulators, and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Company's activities and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Company and its activities;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;allocable fees and expenses associated with marketing efforts on behalf 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; (xxvii)&nbsp;&nbsp;&nbsp;&nbsp;all fees, costs and expenses of any litigation involving the Company or its portfolio companies and the amount of any judgments or settlements paid in connection therewith, trustees and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the Company's affairs;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;The Adviser is hereby authorized, on behalf of the Company and at the direction of the Board pursuant to delegated authority, to possess, transfer, mortgage, pledge or otherwise deal in, and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, the Company's investments and other property and funds held or owned by the Company, including voting and providing consents and waivers with respect to the Company's investments and exercising and enforcing rights with respect to any claims relating to the Company's investments and other property and funds, including with respect to litigation, bankruptcy or other reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;The Adviser will not typically use a broker or dealer, but if a broker or dealer is required to effectuate a transaction on behalf of the Company, the Adviser will engage one as described below. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Adviser will attempt to obtain the best price and the most favorable execution of its orders. In placing orders, the Adviser will consider the experience and skill of the firm's securities traders as well as the firm's financial responsibility and administrative efficiency. Consistent with this obligation, the Adviser may select brokers on the basis of the research, statistical and pricing services they provide to the Company and other clients of the Adviser. Information and research received from such brokers will be in addition to, and not in lieu of, the services required to be performed by the Adviser hereunder. A commission paid to such brokers may be higher than that which another qualified broker would have charged for effecting the same transaction, provided that the Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Adviser to the Company and its other clients and that the total commissions paid by the Company will be reasonable in relation to the benefits to the Company over the long term, subject to review by the Board from time to time with respect to the extent and continuation of such practice to determine whether the Company benefits, directly or indirectly, from such practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;The Adviser will provide to the Board such periodic and special reports as it may reasonably request.

**3. &nbsp;&nbsp;&nbsp;&nbsp;<u>Services Not Exclusive</u>.** 

Nothing in this Agreement shall prevent the Adviser or any officer, employee or other affiliate thereof from acting as investment adviser for any other person, firm or corporation, whether or not the investment objectives or policies of any such other person, firm, or corporation are similar to those of the

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Company, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Adviser or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting.

**4. &nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.** 

The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including all "nonpublic personal information," as defined under the Gramm-Leach-Bliley Act of 1999 (Public law 106-102, 113 Stat. 1138), shall be used by the other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party, except that such confidential information may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set forth herein. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is requested by or required to be disclosed to any governmental or regulatory authority, including in connection with any required regulatory filings or examinations, by judicial or administrative process or otherwise by applicable law or regulation.

**5. &nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>.** 

During the term of this Agreement, the Adviser will bear all compensation expense (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and shall bear the costs of any salaries of any officers or trustees of the Company who are affiliated persons (as defined in the 1940 Act) of the Adviser.

**6. &nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation of the Adviser</u>.** 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (the "<u>Management Fee</u>") and an incentive fee (the "<u>Incentive Fee</u>") as hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Management Fee will be payable quarterly in arrears and will commence with the initial drawdown from investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Prior to such time as the Company's common stock is listed on a national securities exchange (an "<u>Exchange Listing</u>"), or any listing of its securities on any other public trading market (together with the Exchange Listing, a "<u>Public Listing</u>"), the Management Fee will be calculated at an annual rate of 0.75% of average total assets (which excludes cash and cash equivalents and undrawn capital commitments, but includes assets financed using leverage) at the end of the two most recently completed calendar quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Beginning with the first full calendar quarter following a Public Listing, the Management Fee will be calculated at an annual rate of 1.00% of average total assets (which excludes cash and cash equivalents, but includes assets financed using leverage) at the end of the two most recently completed calendar quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Incentive Fee will consist of two components that are 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

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is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Incentive Fee on Pre-Incentive Fee Net Investment Income</u>. The portion based on the Company's income is based on Pre-Incentive Fee Net Investment Income. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or the percentage rate of return on the value of, the Company's net assets at the end of the immediately preceding quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee. Pre-Incentive Fee Net Investment Income Returns will include, 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. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding quarter is compared to a "hurdle rate" of return of 1.50% per quarter (6.0% annualized).

The Company will pay the Adviser an Incentive Fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter 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;• no Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.76% (7.06% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.76%) as the "catch-up"; 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;• 15% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.76% (7.06% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Incentive Fee Based on Capital Gains</u>. The second component of the Incentive Fee, the Incentive Fee on capital gains, is payable at the end of each calendar year in arrears. The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital

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depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with accounting principles generally accepted in the United States ("<u>GAAP</u>").

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

The fees that are payable under this Agreement for any partial period will be appropriately prorated.

**7. &nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.** 

The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations of the Adviser. The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (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), and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs, demands, charges, claims 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 any actions or omissions or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Section 7 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of fraud, willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

**8. &nbsp;&nbsp;&nbsp;&nbsp;<u>Duration and Termination</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective as of the first date written above. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, (i) by the vote of a majority of the outstanding voting securities of the Company, (ii) by the vote of the Board, or (iii) by the Adviser. The provisions of Section 7 of this Agreement shall remain in full force and effect,

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and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 6 through the date of termination or expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Unless earlier terminated pursuant to clause (a) above, this Agreement shall continue in effect for two years from the date hereof and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (B) the vote of a majority of the Independent Trustees in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

**9. &nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>.** 

Any notice under this Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

**10. &nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of this Agreement</u>.** 

This Agreement may be amended by mutual consent of the parties, subject to the requirements of applicable law.

**11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Name</u>.**

The Adviser has consented to the use by the Company of "Nuveen" and "Churchill" in the name of the Company. Such consent is conditioned upon the employment of the Adviser as the investment adviser to the Company. Either of "Nuveen" or "Churchill" may be used from time to time in other connections and for other purposes by the Adviser and any of its affiliates. The Adviser may require the Company to cease using either or both of "Nuveen" and/or "Churchill" in the name of the Company, if the Company ceases to employ, for any reason, the Adviser, any successor thereto or any affiliate thereof as investment adviser to the Company. If so required by the Adviser, the Company will cease using either or both of "Nuveen" and/or "Churchill" in its name as promptly as practicable and make all reasonable efforts to remove "Nuveen" and/or "Churchill" from its name.

**12. &nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Governing Law</u>.** 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and in accordance with the applicable provisions of the 1940 Act. In such case, to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

**13. &nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.** 

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any

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provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

**14. &nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>.** 

This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

*[Remainder of Page Intentionally Left Blank]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

**NUVEEN CHURCHILL BDC V**

By: <u>/s/ John D. McCally</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;John D. McCally

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Secretary

**CHURCHILL ASSET MANAGEMENT LLC**

By: <u>/s/ John D. McCally</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;John D. McCally

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Managing Director and General Counsel

*[Nuveen Churchill BDC V – Investment Advisory Agreement]*

## Exhibit 10.2

**Exhibit 10.2**

**ADMINISTRATION AGREEMENT**

**BETWEEN**

**NUVEEN CHURCHILL BDC V**

**AND**

**CHURCHILL BDC ADMINISTRATION LLC**

This Administration Agreement ("<u>Agreement</u>") is made as of August 5, 2025 by and between NUVEEN CHURCHILL BDC V, a Delaware statutory trust (the "<u>Company</u>"), and CHURCHILL BDC ADMINISTRATION LLC, a Delaware limited liability company (the "<u>Administrator</u>").

WHEREAS, the Company is a closed-end management investment fund that has elected 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>");

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

**1.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Duties of the Administrator</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment of Administrator.</u> The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Company (the "<u>Board</u>"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such third parties engaged by it to provide (directly or indirectly) the services contemplated herein shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Services.</u> The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping and record-keeping services and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator also shall, on behalf of the Company, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.

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The Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that, nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator pursuant to this Agreement, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall assist the Company with the preparation of the financial and other records that the Company is required to maintain and shall assist the Company with the preparation, printing and dissemination of reports to shareholders, and reports and other materials filed with the Securities and Exchange Commission (the "<u>SEC</u>"). At the request of Churchill Asset Management LLC (the "<u>Adviser</u>"), the Administrator will provide on the Company's behalf significant managerial assistance to the Company's portfolio companies to the extent required by the 1940 Act. In addition, the Administrator will assist the Company in determining and publishing (as necessary or appropriate) the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others.

**2.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Records</u>**

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the 1940 Act. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

**3.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Confidentiality</u>**

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Compensation; Allocation of Costs and Expenses</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations hereunder, which shall be equal to an amount based on the Company's allocable portion (subject to review and approval of the Board) of the Administrator's overhead in performing its obligations under this Agreement, including allocable rent, and the allocable portion of the cost of the Company's officers, including a chief financial officer and chief compliance officer, if any, and their respective staffs. To the extent the Administrator outsources any of its functions to third parties, the Company may pay the fees associated with such functions on a direct basis to such third parties without profit to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Unless the Administrator, on the one hand, or the Adviser, on the other, elect to bear or waive any of the following costs (in its sole and absolute discretion), the Company shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the organization 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;calculating net asset value (including the cost and expenses of any independent valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or members of the investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Company's 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses incurred by the Adviser (and its affiliates) or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Company's investments and monitoring investments and portfolio companies on an ongoing 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;any and all fees, costs and expenses incurred in connection with the incurrence of leverage and indebtedness of the Company, including borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including any principal or interest on the Company's borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the Company's account and in making, carrying, funding and/or otherwise resolving investment guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;offerings, sales, and repurchases of the Company's common shares of beneficial interest (the "<u>Shares</u>") and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses payable under any underwriting, dealer manager or placement agent agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;investment advisory fees payable under Section 6 of the Investment Advisory Agreement, dated August 5, 2025, by and between the Company and Churchill Asset Management LLC (the "<u>Investment Advisory Agreement</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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;administration fees and expenses, if any, payable under this Agreement (including payments under this Agreement between the Company and the Administrator, based upon the Company's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company's chief financial officer and chief compliance officer, and their respective staffs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;any applicable administrative agent fees or loan arranging fees incurred with respect to the Company's portfolio investments by the Adviser, the Administrator or an affiliate 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;any and all fees, costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology for the Company's benefit (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting systems and similar systems and services, including, without limitation, consultant, software licensing, data management and recovery services fees and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;costs incurred in connection with investor relations, board of trustees relations, and with preparing for and effectuating a listing of the Shares on any securities exchange;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses of the members of the Board who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Adviser or of the Company (each, an "<u>Independent Trustee</u>"), including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;costs of preparing and filing reports or other documents required by the SEC or other regulators, and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Company's activities and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Company and its activities;

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

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

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

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

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;allocable fees and expenses associated with marketing efforts on behalf 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;(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;all fees, costs and expenses of any litigation involving the Company or its portfolio companies and the amount of any judgments or settlements paid in connection therewith, trustees and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the Company's affairs;

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

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

**5.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Limitation of Liability of the Administrator; Indemnification</u>**

The Administrator (and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

**6.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Activities of the Administrator</u>**

------

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Administrator and its affiliates, as trustees, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and trustees, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

**7.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Duration and Termination of this Agreement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall continue in effect for two years from the date hereof, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the vote of a majority of the Independent Trustees, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;The Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be assigned by a party without the consent of the other party; <u>provided</u>, <u>however</u>, that the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to, such newly formed entity; <u>provided</u>, <u>further</u>, <u>however</u>, that the sole purpose of that merger or conveyance is to effect a mere change in the Company's legal form into another limited liability entity. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

**8.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Amendments of this Agreement</u>**

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

**9.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Governing Law</u>**

This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the 1940 Act, if any. In such case, to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

**10.**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Entire Agreement</u>**

------

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

**11.**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Notices</u>**

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

---

| | | |
|:---|:---|:---|
| **NUVEEN CHURCHILL BDC V** | **NUVEEN CHURCHILL BDC V** | **NUVEEN CHURCHILL BDC V** |
| By: | /s/ John D. McCally | /s/ John D. McCally |
|  | Name: | John D. McCally |
|  | Title: | Vice President and Secretary |
| **CHURCHILL BDC ADMINISTRATION LLC** | **CHURCHILL BDC ADMINISTRATION LLC** | **CHURCHILL BDC ADMINISTRATION LLC** |
| By: | /s/ John D. McCally | /s/ John D. McCally |
|  | Name: | John D. McCally |
|  | Title: | Assistant Secretary |

---

*[Nuveen Churchill BDC V – Administration Agreement]*

## Exhibit 10.3

**Exhibit 10.3**

_____________________

CUSTODY AGREEMENT

_____________________

dated as of July 7, 2025

by and between

NUVEEN CHURCHILL BDC V

("Company")

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

("Custodian")

and

U.S. BANK NATIONAL ASSOCIATION

("Document Custodian")

------

**<u>**TABLE OF CONTENTS**</u>**

<u>Page</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS](#i2b67140c644a4945ab52995225b2003f) | [1](#i2b67140c644a4945ab52995225b2003f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.&nbsp;&nbsp;&nbsp;&nbsp;APPOINTMENT OF CUSTODIAN](#idc96cfbf2896491eae193f27406b502e) | [7](#idc96cfbf2896491eae193f27406b502e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.&nbsp;&nbsp;&nbsp;&nbsp;DUTIES OF CUSTODIAN](#ief00011e1f4f4c41b952e489394bd0d6) | [8](#ief00011e1f4f4c41b952e489394bd0d6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.&nbsp;&nbsp;&nbsp;&nbsp;REPORTING](#iefe642effe67480d92d36b523a29e9ed) | [18](#iefe642effe67480d92d36b523a29e9ed) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.&nbsp;&nbsp;&nbsp;&nbsp;DEPOSIT IN U.S. SECURITIES SYSTEMS](#i68f37f6ceca348f4bcb1d2724f1f9ca4) | [18](#i68f37f6ceca348f4bcb1d2724f1f9ca4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.&nbsp;&nbsp;&nbsp;&nbsp;SECURITIES HELD OUTSIDE OF THE UNITED STATES](#i643dad7ced8e4a269bf00225e28d37f0) | [19](#i643dad7ced8e4a269bf00225e28d37f0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7.&nbsp;&nbsp;&nbsp;&nbsp;CERTAIN GENERAL TERMS](#ibfcac1456b5a4637bb2c048fb1488804) | [22](#ibfcac1456b5a4637bb2c048fb1488804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION OF CUSTODIAN](#i88c28b56de48475090d65cd5b9cbcd8f) | [24](#i88c28b56de48475090d65cd5b9cbcd8f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.&nbsp;&nbsp;&nbsp;&nbsp;RESPONSIBILITY OF CUSTODIAN](#i6e0a1005e4e5410da3fc3569348b3bb5) | [25](#i6e0a1005e4e5410da3fc3569348b3bb5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.&nbsp;&nbsp;&nbsp;&nbsp;SECURITY CODES](#i33a00737147e4adeb2df66f00dfb2438) | [28](#i33a00737147e4adeb2df66f00dfb2438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.&nbsp;&nbsp;&nbsp;&nbsp;TAX LAW](#ie7090e2725384f788ace88dd3ac99aa8) | [28](#ie7090e2725384f788ace88dd3ac99aa8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.&nbsp;&nbsp;&nbsp;&nbsp;EFFECTIVE PERIOD AND TERMINATION](#i162abcd06eba413b90223c97581f72e1) | [29](#i162abcd06eba413b90223c97581f72e1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES](#i9d4ef10bf0ff40df8763e1eb1ea83240) | [30](#i9d4ef10bf0ff40df8763e1eb1ea83240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[14.&nbsp;&nbsp;&nbsp;&nbsp;PARTIES IN INTEREST; NO THIRD PARTY BENEFIT](#i1ba7ef921c78419f9ca33dc561e1a761) | [31](#i1ba7ef921c78419f9ca33dc561e1a761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[15.&nbsp;&nbsp;&nbsp;&nbsp;NOTICES](#i38d68c78d13342b68d9178c6d06cfb2e) | [31](#i38d68c78d13342b68d9178c6d06cfb2e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[16.&nbsp;&nbsp;&nbsp;&nbsp;CHOICE OF LAW AND JURISDICTION](#i512665823693445985e22d27b1f3d1ec) | [32](#i512665823693445985e22d27b1f3d1ec) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[17.&nbsp;&nbsp;&nbsp;&nbsp;ENTIRE AGREEMENT; COUNTERPARTS](#i875144bbcb964d0aaa04002a38e88547) | [32](#i875144bbcb964d0aaa04002a38e88547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[18.&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT; WAIVER](#i68291dac19f847b6987e97963d0410e6) | [33](#i68291dac19f847b6987e97963d0410e6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[19.&nbsp;&nbsp;&nbsp;&nbsp;SUCCESSOR AND ASSIGNS](#i5148c59d0bcc4b24995972ebe5c89cf2) | [33](#i5148c59d0bcc4b24995972ebe5c89cf2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[20.&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY](#i6160063cee82452abe67e95ef1cbf7d2) | [34](#i6160063cee82452abe67e95ef1cbf7d2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[21.&nbsp;&nbsp;&nbsp;&nbsp;REQUEST FOR INSTRUCTIONS](#i563922485cfa4c0a8816c7db7e851605) | [34](#i563922485cfa4c0a8816c7db7e851605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[22.&nbsp;&nbsp;&nbsp;&nbsp;OTHER BUSINESS](#i1fcd5b44f07849708cf3d5aab0731f33) | [34](#i1fcd5b44f07849708cf3d5aab0731f33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[23.&nbsp;&nbsp;&nbsp;&nbsp;REPRODUCTION OF DOCUMENTS](#i45f7ffb409314ebf84eacaf45c7014ac) | [34](#i45f7ffb409314ebf84eacaf45c7014ac) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[24.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS](#i6bf152f06f3041548b7ea554da50e370) | [34](#i6bf152f06f3041548b7ea554da50e370) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>SCHEDULES</u>

SCHEDULE A – Trade Confirmation

SCHEDULE B – Initial Subsidiaries

SCHEDULE C – Initial Authorized Persons

EXHIBIT A - Form of Request for Release

------

THIS CUSTODY AGREEMENT (this "<u>Agreement</u>") is dated as of July 7, 2025 and is by and between Nuveen Churchill BDC V (and any successor or permitted assign, the "<u>Company</u>"), a Delaware statutory trust, U.S. Bank Trust Company, National Association (or any successor or permitted assign acting hereunder), a national banking association, as custodian (in such capacity, along with any successor or permitted assign acting as custodian hereunder, the "<u>Custodian</u>") and U.S. Bank National Association (or any successor or permitted assign acting hereunder), a national banking association, as document custodian (in such capacity, along with any successor or permitted assign acting as custodian hereunder, the "<u>Document Custodian</u>").

RECITALS

WHEREAS, the Company is a closed-end management investment company, which has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940</u> Act");

WHEREAS, the Company desires to retain U.S. Bank Trust Company, National Association to act as custodian, and U.S. Bank National Association to act as document custodian for the Company and each Subsidiary (as defined below) hereafter identified to the Custodian and the Document Custodian;

WHEREAS, the Company desires that the Company's cash and certain of its Securities (as defined below) be held and administered by the Custodian pursuant to this Agreement in compliance with Section 17(f) of the 1940 Act; and

WHEREAS, the Company desires that certain Loan Files (as defined below) of the Company be held by the Document Custodian pursuant to this Agreement.

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<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>Asset List</u>" means, in the case of each Loan File held by the Document Custodian for the benefit of the Company, a computer-readable transmission containing the following information (and such other data as may be mutually agreed upon in writing by the Company and the Document Custodian), which shall be delivered by the Document Custodian to the Company pursuant to this Agreement.

"<u>Authorized Person</u>" has the meaning set forth in Section 7.4.

------

"<u>Business Day</u>" means any day that is not a 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 in the city in which the Custodian (pursuant to Section 15 hereunder) or any sub-custodian, including any Foreign Sub-custodian, is located.

"<u>Cash Account" or "Cash Accounts</u>" means the segregated accounts to be established at U.S. Bank National Association (or one of its affiliates) to which the Custodian (or U.S. Bank National Association on its behalf) shall deposit 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 shares of beneficial interest of the Company, as applicable, which accounts shall be designated the "Nuveen Churchill BDC V Cash Interest Proceeds Account" and the "Nuveen Churchill BDC V Cash Principal Proceeds Account."

"<u>Company</u>" means Nuveen Churchill BDC V, its successors or permitted assigns.

"<u>Confidential Information</u>" means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

"<u>Custodian</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Document Custodian</u>" has the meaning set forth in the first paragraph of this Agreement.

"<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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;money market funds (including funds of the Custodian, U.S. Bank National Association or any of their respective 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>Federal Reserve Bank Book-Entry System</u>" means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

"<u>Financing Documents</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Foreign Intermediary</u>" means a Foreign Sub-custodian and Eligible Securities Depository.

"<u>Foreign Sub-custodian</u>" means and includes (i) any branch of a "U.S. Bank", as that term is defined in Rule 17f-5 under the 1940 Act, (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian in accordance with Section 6.6, which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section 6.7 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, debt security, other instrument or evidence of indebtedness made by a bank or other financial institution that by its terms provides for payments of principal and/or interest, including discount obligations and payment-in-kind obligations, acquired by the Company from time to time.

"<u>Loan Checklist</u>" means a list delivered to the Document Custodian in connection with delivery of each Loan to the Document Custodian by the Company that identifies the items contained in the related Loan File.

"<u>Loan File</u>" means, with respect to each Loan delivered to the Document Custodian, each of the Required Loan Documents identified on the related Loan Checklist.

"<u>Noteless Loan</u>" means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred by the issuer or the prior holder of record.

"<u>Participation</u>" means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

"<u>Proceeds</u>" means, collectively, (i) the net cash proceeds to the Company of the initial public offering by the Company and any subsequent offering by the Company of any class of Securities issued by the Company, (ii) cash distributions, earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary

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Securities) by or on behalf of the issuer or obligor thereof, or applicable paying agent, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment Earnings from investment of the foregoing, as defined in Section 3.6(b) hereof) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the Company.

"<u>Proper Instructions</u>" means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, 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)&nbsp;&nbsp;&nbsp;&nbsp;in writing signed by an Authorized Person (whether by manual, facsimile, PDF or other electronic signature);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;by electronic mail from an Authorized Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;such other means as may be agreed upon in writing from time to time by the Custodian and the party giving such instructions, including oral instructions;

provided that, for any transaction involving cash (e.g., withdrawals, transfers, and disbursements) or assets, the Custodian shall confirm that the instruction is authorized by an Authorized Person by telephone call-back at the telephone number designated in Schedule C. The Authorized Person confirming the instruction shall be a person other than the Authorized Person from whom the Instruction was received.

"<u>Reinvestment Earnings</u>" has the meaning set forth in Section 3.6(b).

"<u>Request for Release</u>" means a request for release of any Loan File, which request shall be either (i) delivered to the Document Custodian substantially in the form of Exhibit A hereto or (ii) as otherwise agreed to between the Document Custodian and the Company.

"<u>Required Loan Documents</u>" means, for each Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;other than in the case of a Participation, an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with the exception of Noteless Loans and Participations, the original executed Underlying Note endorsed by the issuer or the prior holder of record in blank or to the Company, as identified on the Loan Checklist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Company is the sole lender or if the Company or an affiliate of the Company acts as agent for the lenders, (A) an executed copy of the Underlying Loan Agreement (which may be included in the Underlying Note if so indicated in the Loan Checklist), together with a copy of all amendments and modifications thereto, as identified on the Loan Checklist, (B) a copy of each related security agreement (if any) signed by the applicable obligor(s), as identified on the Loan Checklist, and (C) a copy of each related guarantee (if any) then executed in connection with such Loan, as identified on the Loan Checklist, and (ii) in all other cases, such copies of the documents described

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in clauses (A), (B) and (C), which may not be executed copies, as are reasonably available to the Company, as identified on the Loan Checklist; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;a copy of the Loan Checklist.

"<u>Securities</u>" means, collectively, the (i) investments, including Loans, acquired by the Company and delivered to the Custodian (or U.S. Bank National Association on its behalf) 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 at U.S. Bank National Association (or one of its affiliates) to which the Custodian (or U.S. Bank National Association on its behalf) shall deposit or credit and hold the Securities (other than Loans) received by it pursuant to this Agreement, which account shall be designated the "Nuveen Churchill BDC V 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.

<br>"<u>Subsidiary</u>" means, collectively, any wholly owned subsidiary of the Company identified to the Custodian by the Company pursuant to Section 3.13(c), including the initial Subsidiaries listed on Schedule B hereto.

"<u>Subsidiary Cash Account</u>" shall have the meaning set forth in Section 3.13(b).

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"<u>Subsidiary Securities</u>" collectively, the (i) investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i).

"<u>Subsidiary Securities Account</u>" shall have the meaning set forth in Section 3.13(a).

"<u>Trade Confirmation</u>" means a confirmation to the Custodian from the Company of the Company's acquisition of a Loan, and setting forth applicable information with respect to such Loan, which confirmation may be in the form of <u>Schedule A</u> attached hereto and made a part hereof, subject to such changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian and the Company from time to time.

"<u>UCC</u>" shall have the meaning set forth in Section 3.3(a).

"<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 to evidence a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Construction</u>. In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a reference to a Person includes a reference to the Person's executors, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;a reference to the term "including" means "including, without limitation,";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;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 Fill & Sign, 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&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>APPOINTMENT OF CUSTODIAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment and Acceptance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints the Custodian as custodian of certain Securities and cash owned by the Company and the Subsidiaries (as applicable) and delivered to the Custodian (or U.S. Bank National Association on its behalf) from time to time during the period of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it subject to and in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints the Document Custodian as custodian to hold the Loan Files and Required Loan Documents owned by the Company and the Subsidiaries (as applicable) and delivered to the Document Custodian from time to time during the period of this Agreement on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Document Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it and subject to and in accordance with the provisions hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Responsible For Directions</u>. The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the Account. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company's compliance with 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 Account, and the Custodian shall have no liability for the application of any funds made at the direction of the Company. The Company shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian (or U.S. Bank National Association on its behalf) for deposit to the Account, and for properly instructing the Custodian with respect to the allocation or application of all such deposits.

3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>DUTIES OF CUSTODIAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Segregation</u>. All 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 (other than 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 (including the Securities and non-cash property of any other series of the Company, if applicable), as applicable, and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company directs the Custodian to open and maintain the Cash Accounts at U.S. Bank National Association and shall deposit or credit and hold any cash or Proceeds received by it from time to time from or with respect to the Securities or the sales of the interests of the Company, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Custodian shall open and maintain at U.S. Bank National Association a segregated account in the name of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.6(b), all Securities (other than Loans) and other assets of the Company which are delivered to it or U.S. Bank National Association in accordance with this Agreement. For the avoidance of doubt, the Custodian shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans, containing such information as the Company and the Custodian may reasonably agree; provided that, with respect to such Loans, all Required Loan Documents shall be held in safekeeping by the Document Custodian, individually segregated from the securities and investments of any other Person and marked so as to clearly identify them as the property of the

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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 terms of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Cash and Securities to Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall deliver, or cause to be delivered, to the Custodian (or U.S. Bank National Association on its behalf) certain Securities, cash and other investment assets of the Company, including: (i) payments of income, payments of principal and capital distributions received by the Company with respect to such Securities, cash or other assets owned by the Company at any time during the period of this Agreement, and (ii) cash received by the Company for the issuance, at any time during such period, of Securities or in connection with a borrowing by the Company. With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the Document Custodian at the address identified in Section 15(c). With respect to assets other than Loans, such assets shall be delivered to the Custodian (or U.S. Bank National Association on its behalf) in its role as, and (where relevant) at the address identified for, the Custodian (or U.S. Bank National Association on its behalf). Except to the extent otherwise expressly provided herein, delivery of Securities to the Custodian (or U.S. Bank National Association on its behalf) shall be in Street Name or other good delivery form. The Custodian shall not be responsible for such Securities, cash or other assets until actually delivered to, and received by, it. With respect to Securities (other than Loan Assets and assets in the nature of "general intangibles" (as described in Section 3.3(b)(ii) below)) held by the Custodian in its capacity as a "securities intermediary" (as defined in Section 8-102 of the Uniform Commercial Code as in effect in the State of New York (the "<u>UCC</u>")), 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver or cause to be delivered to the Custodian 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.<br>(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, delivery of Loans acquired by the Company (or, if applicable, a Subsidiary thereof) which constitute Noteless Loans or Participations or which are otherwise not evidenced by a "security" or "instrument" as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to the Document Custodian

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of (i) in the case of a Noteless Loan, a copy of the loan register with respect to such Noteless Loan evidencing registration of such Loan on the books and records of the applicable obligor or bank agent to the name of the Company or, if applicable, a Subsidiary thereof (or, in either case, its nominee) or a copy (which may be a facsimile copy) of an assignment agreement in favor of the Company (or, if applicable, a Subsidiary) as assignee, and (ii) in the case of a Participation, a copy of the related participation agreement. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any such documents delivered to it, and any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any (collectively, "<u>Financing Documents</u>"), that may be delivered to it. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The 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 become available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Document 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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Contemporaneously with the acquisition of any Loan, the Company shall (1) cause any appropriate Financing Documents evidencing such Loan to be delivered to the Custodian; (2) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan; (3) a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (4) take all actions necessary for the Company to acquire good title to such Loan; and (5) take all actions as may be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents) to cause (A) all payments in respect of the Loan to be made to the Custodian (or U.S. Bank National Association on its behalf) and (B) all notices, solicitations and other communications in respect of

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such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor or similar party with respect to the related Loan, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Custodian or the Document Custodian, as applicable, shall release and ship for delivery, or direct its agents or sub-custodian to release and ship for delivery, as the case may be, Securities or Required Loan Documents (or other Underlying Loan Documents) of the Company held by the Custodian, its agents or its sub-custodian from time to time upon receipt of Proper Instructions (which shall, among other things, specify the Securities or Required Loan Documents (or other Underlying Loan Documents) to be released, with such delivery and other information as may be necessary to enable the Custodian or Document 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;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 or the Document Custodian, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;to a depositary agent in connection with tender or other similar offers for Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;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-custodians);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;to 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-custodians 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; 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, the Document Custodian, their agents or sub-custodians);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; in the case of 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, the Document Custodian, their agents or sub-custodians); and/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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;for any other purpose, but only upon receipt of Proper Instructions and 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&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration of Securities</u>. Securities held by the Custodian (or U.S. Bank National Association on its behalf), its agents or its sub-custodians (other than bearer securities, securities held in a Securities System or Securities that are Noteless Loans or Participations) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian (if the Custodian determines it cannot hold such security in the name of the Company), in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its sub-custodians or their nominees; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian (including U.S. Bank National Association on its behalf), its agents and its sub-custodians shall not be obligated to accept Securities on behalf of the Company

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under the terms of this Agreement unless such Securities are in Street Name or other good deliverable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Bank Accounts, and Management of Cash</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the Securities and other cash received by the Custodian (or U.S. Bank National Association on its behalf) from time to time shall be credited to the Cash Account. All amounts credited to the Cash Account shall be subject to clearance and receipt of final payment by the Custodian (or U.S. Bank National Association on its behalf).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Amounts held in the respective Cash Account from time to time may be invested in Eligible Investments pursuant to specific written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company. Such investments shall be subject to availability and the Custodian's or U.S. Bank National Association's then applicable transaction charges (which shall be at the Company's expense). The Custodian and U.S. Bank National Association shall have no liability for any loss incurred on any such investment. Absent receipt of such written instruction from the Company, the Custodian shall have no obligation to invest (or otherwise pay interest on) amounts on deposit in the Cash Account. In no instance will the Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in the Cash Account from time to time (collectively, "<u>Reinvestment Earnings</u>") shall be redeposited in the Cash Account (and may be reinvested at the written direction of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company shall at any time request a withdrawal of amounts from the Cash Accounts, the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds credited to such Cash Account as needed to provide necessary liquidity, unless such losses are directly resulting from the Custodian's gross negligence, willful misconduct or bad faith and breach of the terms of this Agreement. 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;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian or U.S. Bank National Association) 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;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Exchange</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon the receipt of Proper Instructions, the Custodian, its agents or its sub-custodians may (but shall not be obligated to) enter into all types of contracts for

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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-custodians or any affiliates of the Custodian or the sub-custodians. 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that the Custodian, any sub-custodians or any affiliates of the Custodian or any sub-custodians, 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 3.7 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&nbsp;&nbsp;&nbsp;&nbsp;<u>Collection of Income</u>. The Custodian, its agents or its sub-custodians 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-custodians or agents; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian's agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Moneys</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall cause U.S. Bank National Association to pay out from the respective Cash Account designated by the Company (or remit to its agents or its sub-custodians, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;upon the purchase of Securities for the Company pursuant to such Proper Instruction; and such purchase may, unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;in accordance with 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

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;for the purchase or sale of foreign exchange or foreign exchange agreements for the accounts of the Company, including transactions executed with or through the Custodian, its agents or its sub-custodian, as contemplated by Section 3.7 above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;for 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;At any time or times, the Custodian shall be entitled to pay (i) itself and the Document Custodian from the Cash Account, whether or not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by Sections 7.5, 9.4 or Section 12.5 below, provided, however, that in each case (i) the Custodian or Document Custodian, as applicable, 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&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<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

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;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. 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 3.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12&nbsp;&nbsp;&nbsp;&nbsp;<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, as required by Section 31 of the 1940 Act, and Rules 31a-1 and 32a-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 and agents of the Securities and Exchange Commission, upon reasonable request and at least five Business Days' prior written notice and at the Company's expense. The Custodian shall, at the Company's request, supply the Company with a tabulation of Securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the extent such information is available to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Custody of Subsidiary Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Subsidiary set forth in Schedule B and each Subsidiary subsequently identified to the Custodian by the Company, there shall be established at U.S. Bank National Association (or any of its affiliates) 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Subsidiary set forth in Schedule B and each Subsidiary subsequently identified to the Custodian by the Company, there shall be established at U.S. Bank National Association (or any of its affiliates) a

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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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility for Property Held by Sub-custodians</u>. The Custodian's responsibility with respect to the selection or appointment of a sub-custodian shall be limited to a duty to exercise reasonable care in the selection of such sub-custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such sub-custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such sub-custodian (exclusive of related costs and expenses incurred by the Custodian).

3A.&nbsp;&nbsp;&nbsp;&nbsp;**<u>DUTIES OF DOCUMENT CUSTODIAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the Custodian in its role as, and at the address identified for, the Document Custodian. All Required Loan Documents shall be held in safekeeping by the Document Custodian, individually segregated from the Securities and investments of any other Person and marked so as to clearly identify them as the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver or cause to be delivered to the Document Custodian the Required Loan Documents, including the Loan Checklist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall release and ship for delivery, or direct its agents or sub-custodian to release and ship for delivery, as the case may be, Required Loan Documents (or other Underlying Loan Documents) of the Company held by the Document Custodian, its agents or its sub-custodian from time to time upon receipt of a Request for Release (which shall, among other things, specify the Required Loan Documents (or other Underlying Loan Documents) to be released, with such delivery and other information as may be necessary to enable the Document Custodian to perform (including the delivery method). Any request for

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release by the Company shall be in the form of the Request for Release. The Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests for Release submitted in the form attached hereto as <u>Exhibit A</u> (or as otherwise agreed between the Document Custodian and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, the Document Custodian shall have no obligation to review or monitor any Required Loan Documents or other Underlying Loan Documents but shall only be required to hold those Required Loan Documents or other Underlying Loan Documents received by it in accordance with this Agreement. All rights, protections, indemnities and immunities provided in this Agreement in favor of the Custodian under this Agreement shall also apply to the Document Custodian.

4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>REPORTING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals from the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each month, all transactions in the Securities during the month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled trades of Securities for such Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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;(d)&nbsp;&nbsp;&nbsp;&nbsp;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 Foreign Sub-custodian appointed pursuant to Section 6.1.

5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>DEPOSIT IN U.S. SECURITIES SYSTEMS</u>**

The Custodian may deposit and/or maintain Securities in a Securities System within the United States in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, including Rule 17f-4 under the 1940 Act and subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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

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National Association on its behalf in the U.S. Securities System which shall not include any assets of the Custodian other than assets held by it as a fiduciary, custodian or otherwise for customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;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, misfeasance 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) provided however that to the extent it places and maintains financial assets, corresponding to the Company's security entitlements, with a Securities Depository, nothing in this paragraph (d) shall relieve the Custodian from its obligation to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such financial assets.

6.&nbsp;&nbsp;&nbsp;&nbsp;**<u>SECURITIES HELD OUTSIDE OF THE UNITED STATES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<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 of 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 trustees 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&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<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 Sub-custodian or Securities Depository that is

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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&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<u>Custodian's Responsibility for Foreign Sub-custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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

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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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;At the end of each calendar quarter or at such other times as the Company's board of trustees 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 trustees 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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;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

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reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Foreign Intermediaries (exclusive of related costs and expenses incurred by the Custodian). The Custodian shall have no responsibility for any act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository). 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 reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities Depository.

7.&nbsp;&nbsp;&nbsp;&nbsp;**<u>CERTAIN GENERAL TERMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Duty to Examine Financing Documents</u>. Nothing herein shall obligate the Custodian to review or examine the terms of any underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security or Loan (and shall have no responsibility for the genuineness or completeness thereof), or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Resolution of Discrepancies</u>. In the event of any discrepancy between the information set forth in any report provided by the 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&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<u>Proper Instructions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company will give a 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 C</u> attached hereto and made a part hereof (as such <u>Schedule C</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

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give the Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian's reasonable understanding of such instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian's reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;<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;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;make payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself or others for minor expenses of handling Securities or other similar items relating to its duties under this Agreement, provided that (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be regularly accounted for to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;surrender Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;endorse for collection cheques, drafts and other negotiable instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;in general, attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the Securities and property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of Authority</u>. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate instrument, electronic communication 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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the authority of any person to act in accordance with such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>COMPENSATION OF CUSTODIAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. The Custodian and the Document Custodian shall be entitled to compensation for their services in accordance with the terms of that certain fee letter dated on or about June 24, 2025, between the Company and the Custodian (or U.S. Bank National Association on its behalf) (the "<u>Fee Letter</u>"). The fees to be paid to the Custodian shall be calculated based on the quoted basis points referred to in the Fee Letter, times the par value of the assets (excluding cash) held hereunder, as of the 25th day of each of December, March, June, and September, in each case relating to the preceding three-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. The Company agrees to pay or reimburse to the Custodian and the Document Custodian upon its request from time to time all costs, disbursements, advances, and expenses (including reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian or the Document Custodian, as applicable, of its duties and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Custodian or the Document Custodian to collect any amounts owing to it under this Agreement).

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9.&nbsp;&nbsp;&nbsp;&nbsp;**<u>RESPONSIBILITY OF CUSTODIAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<u>Instructions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;<u>General Standards of Care</u>. Notwithstanding any terms herein contained to the contrary, the acceptance by the Document Custodian and the Custodian of each of their 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Custodian and the Document Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic communication or document furnished to it (including any of the foregoing provided to it by telecopier or electronic means), not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed (whether manual, facsimile, PDF or other electronic signature) or presented by the proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian and the Document Custodian shall be entitled to presume the genuineness and due authority of any signature (whether manual, facsimile, PDF or other electronic signature) appearing thereon. Neither the Custodian nor the Document Custodian shall be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent,

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opinion, report, receipt or other paper, electronic communication or document, provided, however, that if the form thereof is specifically prescribed by the terms of this Agreement, the Custodian or the Document Custodian, as applicable, shall examine the same to determine whether it substantially conforms on its face to such requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Custodian, the Document Custodian nor any of their 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, willful misconduct or bad faith on its part and in breach of the terms of this Agreement. Neither the Custodian nor the Document Custodian shall be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action. Neither the Custodian nor the Document Custodian shall be under any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations thereunder, or the Company's investment objectives and policies then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Document Custodian or the Custodian 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;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Custodian and the Document Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Custodian or the Document Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section 8.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Custodian nor the Document Custodian shall be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by an officer working in its Corporate Trust Services group and charged with responsibility for administering this Agreement or unless (and then only to the extent received) in writing by the Custodian or the Document Custodian at the applicable address(es) as set forth in Section 15 and specifically referencing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement shall require the Custodian or the Document Custodian to expend or risk its own funds, or to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable

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indemnification. Nothing herein shall obligate the Custodian or the Document Custodian to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The permissive rights of the Custodian and the Document Custodian to take any action hereunder shall not be construed as duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The Custodian and the Document Custodian may each act or exercise duties or powers hereunder through agents (including for the avoidance of doubt, sub-custodians) or attorneys, and the Custodian and Document Custodian, as applicable, shall not be liable or responsible for the actions or omissions of any such agent or attorney appointed and maintained with reasonable due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All indemnifications contained in this Agreement in favor of the Custodian and the Document Custodian shall survive the termination of this Agreement or earlier resignation or removal of the Custodian or the Document Custodian, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall and does hereby indemnify and hold harmless each of the Custodian, the Document Custodian and any Foreign Sub-custodian appointed pursuant to Section 6.1 above, and each of their 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 costs and expenses (including reasonable fees and expenses of attorneys, agents and experts) and any and all losses, damages, claims 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 or any Subsidiary, and any advances or disbursements made by an Indemnified Person (including in respect of any Account overdraft, returned deposit item, chargeback, provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising out of this Agreement, or the administration or performance of the duties of the Custodian and the Document Custodian hereunder, or the relationship between the Company (including, for the avoidance of doubt, any Subsidiary), the Custodian and the Document Custodian created hereby, including the enforcement of any indemnification rights hereunder, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian's or the Document Custodian's, as applicable, own action or inaction constituting bad faith, gross negligence or willful misconduct on its part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Company requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or Securities for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement) or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges,

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expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own gross negligent action, grossly negligent failure to act or willful misconduct, or if the Company fails to compensate or pay the Custodian pursuant to Section 8.1 or Section 9.4 hereof, any cash at any time held for the account of the Company shall be security therefor and should the Company fail to repay the Custodian promptly (or, if specified, within the time frame provided herein), the Custodian shall be entitled to utilize available cash to the extent necessary to obtain reimbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure</u>. Without prejudice to the generality of the foregoing, neither the Custodian nor the Document Custodian shall be liable to the Company for any damage or loss resulting from or caused by events or circumstances beyond the reasonable control of the Custodian or Document Custodian, including nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts; errors by the Company (including any Authorized Person) in its instructions to the Custodian or the Document Custodian; or changes in applicable law, regulation or orders.

10.&nbsp;&nbsp;&nbsp;&nbsp;**<u>SECURITY CODES</u>**

If the Custodian or Document 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 or the Document Custodian shall make available.

11.&nbsp;&nbsp;&nbsp;&nbsp;**<u>TAX LAW</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;<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&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Tax Law</u>. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use

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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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>EFFECTIVE PERIOD AND TERMINATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;<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 Document Custodian, the Custodian or the Company pursuant to Section 12.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by any party to the other parties not later than sixty (60) days prior to the effective date of termination specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3&nbsp;&nbsp;&nbsp;&nbsp;<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;12.4&nbsp;&nbsp;&nbsp;&nbsp;<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 such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Fees, etc</u>. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to each of the Custodian and the Document Custodian such compensation and shall likewise reimburse each of the Custodian and the Document 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 in favor of the Custodian and the Document Custodian under this

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Agreement shall survive the termination of this Agreement or any resignation of the Custodian or the Document Custodian, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6&nbsp;&nbsp;&nbsp;&nbsp;<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.

13.&nbsp;&nbsp;&nbsp;&nbsp;**<u>REPRESENTATIONS AND WARRANTIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of the Company</u>. The Company represents and warrants to the Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in giving any instructions which purport to be "Proper Instructions" under this Agreement, the Company will act in accordance with the provisions of its organizational and operational documents and any applicable laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 the Company is held does not equal or exceed 25% of the outstanding interests; and (iv) neither the portfolio of the assets held hereunder 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 shall terminate immediately upon such breach, regardless of whether the Custodian received notice of such breach or provided notice of termination, (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 assets held hereunder 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;13.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of the Custodian</u>. The Custodian hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;it is qualified to act as a custodian pursuant to Sections 17(f) and 26(a)(1) of the 1940 Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;it has the power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;it maintains business continuity policies and standards that include data file backup and recovery procedures that comply with all applicable regulatory requirements.

14.&nbsp;&nbsp;&nbsp;&nbsp;**<u>PARTIES IN INTEREST; NO THIRD PARTY BENEFIT</u>**

This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to Section 19).

15.&nbsp;&nbsp;&nbsp;&nbsp;**<u>NOTICES</u>**

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) electronic mail or (iv) confirmed telecopier or telex, with a duplicate sent by first class mail, postage prepaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if to the Company or any Subsidiary, to

Nuveen Churchill BDC V

c/o Churchill Asset Management LLC

375 Park Avenue, 9<sup>th</sup> Floor

New York, NY 10152

Attention: Shai Vichness, Chief Financial Officer and Treasurer

Email: shai.vichness@churchillam.com

Phone: (212) 478-9238

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if to the Custodian, to

U.S. Bank Trust Company, National Association

Global Corporate Trust

214 N. Tryon Street

Charlotte, North Carolina 28202

Ref: Nuveen Churchill BDC V

Attention: Jennifer Maldonado

E-mail: churchill.custody@usbank.com

with a copy to jennifer.maldonado3@usbank.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;if to the Document Custodian, to

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U.S. Bank National Association

1719 Otis Way

Florence, South Carolina 29501

Mail Code: EX-SC-FLOR

Ref: Nuveen Churchill BDC V

Attention: Steven Garrett

Telephone: (843) 676-8901

E-mail: steven.garrett@usbank.com

16.&nbsp;&nbsp;&nbsp;&nbsp;**<u>CHOICE OF LAW AND JURISDICTION</u>**

This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal securities laws, including the 1940 Act, in which case such federal securities laws shall govern. 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 parties 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.

17.&nbsp;&nbsp;&nbsp;&nbsp;**<u>ENTIRE AGREEMENT; COUNTERPARTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Complete Agreement</u>. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements or understandings, oral or written, between the parties to this Agreement relating to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2&nbsp;&nbsp;&nbsp;&nbsp;<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;17.3&nbsp;&nbsp;&nbsp;&nbsp;<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 facsimile transmission or 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

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Fill & Sign, 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 facsimile or electronic signatures shall be legally binding as if such facsimile or 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.

18.&nbsp;&nbsp;&nbsp;&nbsp;**<u>AMENDMENT; WAIVER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment</u>. This Agreement may not be amended except by an express written instrument duly executed (whether manual, facsimile, PDF or other electronic signature) by the Company, the Custodian and the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>. In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged.

19.&nbsp;&nbsp;&nbsp;&nbsp;**<u>SUCCESSOR AND ASSIGNS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1&nbsp;&nbsp;&nbsp;&nbsp;<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;19.2&nbsp;&nbsp;&nbsp;&nbsp;<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 or the Document Custodian shall be a party, or any corporation or association to which the Custodian or Document Custodian transfers all or substantially all of its corporate trust business or document custody business, as applicable, shall be the successor of the Custodian or Document Custodian, as applicable hereunder, and shall succeed to all of the rights, powers and duties of the Custodian or Document Custodian, as applicable, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

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20.&nbsp;&nbsp;&nbsp;&nbsp;**<u>SEVERABILITY</u>**

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.

21.&nbsp;&nbsp;&nbsp;&nbsp;**<u>REQUEST FOR INSTRUCTIONS</u>**

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after such two-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

22.&nbsp;&nbsp;&nbsp;&nbsp;**<u>OTHER BUSINESS</u>**

Nothing herein shall prevent the Custodian, the Document Custodian or any of their 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 or the Document Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

23.&nbsp;&nbsp;&nbsp;&nbsp;**<u>REPRODUCTION OF DOCUMENTS</u>**

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.

24.&nbsp;&nbsp;&nbsp;&nbsp;**<u>MISCELLANEOUS</u>**

The Company acknowledges receipt of the following notice:

**<u>"IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT</u>.**

**To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity the** 

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**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.]*

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IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first written above.

**NUVEEN CHURCHILL BDC V**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Marissa Hassen</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;Name: Marissa Hassen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Managing Director, CFO Investment

Funds

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** as Custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Scott DeRoss</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;Name: Scott DeRoss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President

**U.S. BANK NATIONAL ASSOCIATION,**

as Document Custodian

By: <u>/s/ Kenneth Brandt</u>

Name: <u>Kenneth Brandt</u>

Title: Vice President

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**<u>SCHEDULE A</u>**

(Trade Confirmation)

**On file with Custodian**

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**<u>SCHEDULE B</u>**

The list of Subsidiaries as of the date hereof are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Churchill BDC V SPV I LLC

&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Churchill BDC V Equity Holdings LLC

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**<u>SCHEDULE C</u>**

[See attached.]

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![usbank.jpg](usbank.jpg)

**<u>EXHIBIT A</u>**

**FORM OF REQUEST FOR RELEASE**

(attached)

------

![usbank.jpg](usbank.jpg)

Request for Release of Documents

---

| | |
|:---|:---|
| **U.S. Bank Global Corporate Trust Services**<br>1719 Otis Way<br>Florence, South Carolina 29501<br>Mail Code: EX-SC-FLOR<br>Ref: Nuveen Churchill BDC V | **Attention: Document Custody Services** <br>**Receiving Unit**<br>Email: dcs@usbank.com<br>Fax: (651) 695-6100 or (651) 695-6101 |

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RE: Custody Agreement, dated as of July 7, 2025 (the "Custody Agreement") between Nuveen Churchill BDC V (the "Company") and U.S. Bank Trust Company, National Association, as custodian and U.S. Bank National Association, as document custodian (the "Document Custodian")

Pursuant to Section 3 of the Custody Agreement, we request the release of the Loan Files relating to the Loans listed on the attached Excel spreadsheet for the reason indicated below: <br>

**Reason for Requesting Documents (Check One):**

1)Loan Paid in Full

2)Loan being Substituted

3)Loans being Liquidated by the Company

4)Other- Description Needed Below

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| |
|:---|
| Company: |
| Authorized Representative: |
| Name (Printed): |
| Title (Printed): |
| Date: |
| Phone: |

---

**File Delivery Instructions – Address Needed**<br>

Upon Completion of Request, for Release, please scan and email the request to the appropriate DCS Vault Location. <br>If applicable, please indicate if the request is a "Rush" in the subject line. Please fax the form if you do not have access to email.

---

| | |
|:---|:---|
| Florence: | dcsflorencescreleases@usbank.com |
| Frederick: | electronic.release.requests@usbank.com |
| Jacksonville: | dcsctsjacksonville.requests@usbank.com |
| Saint Paul: | dcs@usbank.com |
| St. Petersburg: | documentcustody.stpete@usbank.com |
| Rocklin: | dcs-rocklin@usbank.com |
| Tempe: | tempe.dcs.request@usbank.com |

---

## Exhibit 10.4

**Exhibit 10.4**

**TRANSFER AGENT SERVICING AGREEMENT**

**THIS AGREEMENT** is made and entered into as of the last date on the signature page, by and among **NUVEEN CHURCHILL BDC V**, a Delaware statutory trust (the "Fund"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("Fund Services").

WHEREAS, the Fund is a closed-end management investment company that intends to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Fund is authorized to offer and sell its common shares of beneficial interest (collectively, the "Shares") pursuant to a private offering;

WHEREAS, Fund Services is, among other things, in the business of administering transfer agent functions for the benefit of its customers; and

WHEREAS, the Fund desires to retain Fund Services to provide transfer agent services.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of Fund Services as Transfer Agent**

The Fund hereby appoints Fund Services as transfer agent of the Fund on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

**2. Services and Duties of Fund Services**

Fund Services shall provide the following transfer agent services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Receive and process orders for the purchase of Shares in accordance with applicable rules under the 1940 Act and other applicable regulations, and as specified in the Fund's term sheet (the "Term Sheet") and subscription agreement (each, a "Subscription Agreement") relating to the private placement of 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;(2)&nbsp;&nbsp;&nbsp;&nbsp;Process Subscription Agreements received from prospective holders of Shares (such holders of Shares, "Shareholders").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the Fund's custodian(s), and issue the appropriate number of uncertificated Shares with such uncertificated Shares being held in the appropriate Shareholder 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;(4)&nbsp;&nbsp;&nbsp;&nbsp;Arrange for the issuance of Shares obtained through transfers of funds from Shareholders' accounts at financial institutions.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Process any tender offers and related repurchase requests received in good order and, where relevant, deliver appropriate documentation to the Fund.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Pay monies upon receipt from the Fund where relevant, in accordance with the instructions of redeeming 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;(7)&nbsp;&nbsp;&nbsp;&nbsp;Process transfers of Shares in accordance with the Shareholder's instructions and as permitted by the Subscription 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;(8)&nbsp;&nbsp;&nbsp;&nbsp;Prepare and transmit payments for distributions declared by the Fund, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;Make changes to Shareholder records, including, but not limited to, address 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;(10)&nbsp;&nbsp;&nbsp;&nbsp;Prepare ad-hoc reports as necessary at prevailing rates. Any such ad-hoc reporting to exceed $500 in cost to be explicitly approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as agreed upon with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;Mail account statements and performance reports in a form approved by the Fund to Shareholders on a monthly basis and Shareholder reports on annual 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;(13)&nbsp;&nbsp;&nbsp;&nbsp;Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information required with respect to dividends, distributions and repurchases for all 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;(16) &nbsp;&nbsp;&nbsp;&nbsp;Answer correspondence from Shareholders, securities brokers and others relating to Fund Services' duties hereunder within required time periods established by applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) &nbsp;&nbsp;&nbsp;&nbsp;Provide service and support to financial intermediaries including, but not limited to, trade placements, settlements and corrections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 ("SOX Act") or any rules or regulations promulgated by the U.S. Securities and Exchange Commission ("SEC") thereunder, provided the same shall not be deemed to change Fund Services' 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;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act, Fund Services will provide the Fund's Chief Compliance Officer with reasonable access to Fund Services' 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 the 1940 Act) involving Fund Services that affect or could affect the Fund.

**3. Lost Shareholder Due Diligence Searches and Servicing**

The Fund hereby acknowledges that Fund Services 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 "Exchange Act"). Costs associated with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in Exhibit A hereto. If a Shareholder remains lost and the Shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes Fund Services to conduct a more in-depth search in order 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.

**4. Anti-Money Laundering and Red Flag Identity Theft Prevention Programs**

The Fund acknowledges that it has had an opportunity to review, consider and comment upon the written procedures provided by Fund Services describing various tools used by Fund Services 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 "Procedures"). Further, the Fund and Fund Services have determined that the Procedures, as part of the Fund's overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to: (i) prevent the Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) to achieve compliance with the applicable provisions of the Bank Secrecy Act, Fair and Accurate Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder (collectively, the "AML Rules").

Based on this determination, the Fund hereby instructs and directs Fund Services to implement the Procedures, as applicable, on the Fund's behalf, as such may be amended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

from time to time. It is contemplated that these Procedures will be amended from time to time by Fund Services and any such amended Procedures will be provided to the Fund. Should the Fund desire that Fund Services perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in the attached fee schedule.

The Fund acknowledges and agrees that although it is directing Fund Services to implement the Procedures on its behalf, Fund Services is implementing the Procedures as a service provider to the Fund and the Fund 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 board adoption of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

The Fund 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 Fund. The Fund has had the opportunity to discuss the Procedures with Fund Services, and the Fund understands and agrees which portions of the Procedures may not be implemented on behalf of the Fund. Without limitation of the foregoing, Fund Services 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 Fund and the intermediary.

The Fund hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit federal regulators access to such information and records maintained by Fund Services and relating to Fund Services' implementation of the Procedures, on behalf of the Fund, as they may request, and (ii) permit such federal regulators to inspect Fund Services' implementation of the Procedures on behalf of the Fund.

**5. Compensation** 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit A hereto (as amended from time to time by consent of both parties to this Agreement). Fund Services shall also be reimbursed for such miscellaneous expenses as set forth on Exhibit A hereto as are reasonably incurred by Fund Services in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Administrator and/or the Fund shall notify Fund Services in writing within thirty (30) calendar days following receipt of each invoice if the Administrator and/or the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid.

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With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**6. Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Fund hereby represents and warrants to Fund Services, 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;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;All records of the Fund (including, without limitation, all Shareholder and account records) provided to Fund Services by the Fund or by a prior transfer agent of the Fund are accurate and complete and Fund Services is entitled to rely on all such records in the form provided; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a reasonable belief that it knows the true identity of all Shareholders of the Fund as of the date of this Agreement including, to the extent applicable, the beneficial owners of such Shareholders, and Fund Services is entitled to rely on such identification by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Fund Services hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and constitutes a valid and legally binding obligation of Fund Services, 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;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;It is a registered transfer agent under the Exchange Act.

**7. Standard of Care; Indemnification; Limitation of Liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond Fund Services' control, except a loss arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold harmless Fund Services from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys' fees) that Fund Services may sustain or incur or that may be asserted against Fund Services 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, (ii) in reliance upon any written or oral instruction provided to Fund Services by the Fund's investment adviser or by any duly authorized officer of the Fund, as approved by the Fund's Board of Trustees, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under

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this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund Services" shall include Fund Services' directors, officers and employees.

Fund Services shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services' refusal or failure to comply with the terms of this Agreement, bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's trustees, officers and employees.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such) under this Agreement; or (ii) any delay by reason of circumstances not reasonably foreseeable and beyond its reasonable control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially impacts Fund Services' duties under this Agreement. Fund Services 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 Fund Services as soon as practicable. Fund Services agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect Fund Services' premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Fund Services shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund about the actions it intends to take to correct the error prior to taking such actions. A "material administrative error" means any error which the Fund's management, including its Chief Compliance Officer, would

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reasonably need to know to oversee Fund compliance. Moreover, Fund Services shall obtain and provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

Notwithstanding the above, Fund Services 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;B.In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. 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 the indemnitee shall in such situation initiate 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;C.The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.If Fund Services is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such other capacity.

**8. Data Necessary to Perform Services** 

The Fund or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations hereunder, Fund Services will coordinate with all other service providers of the Fund as may be requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Fund, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such capacity.

**9. Proprietary and Confidential Information**

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Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential Shareholders of the Fund (and clients of said Shareholders) including all Shareholder trading information, and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities provided that to the extent permitted by law, Fund Services shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph. Fund Services acknowledges that it may come into possession of material nonpublic information with respect to the Transfer Agent or the Fund and confirms that it has in place effective procedures to prevent the use of such information in violation of applicable insider trading laws.

Further, Fund Services will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its Shareholders. In addition, Fund Services has implemented and will maintain an effective information security program reasonably designed to protect information relating to Shareholders (such information, "Personal Information"), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the "Information Security Program"). The Information Security Program complies and shall comply with reasonable information security practices within the industry. Upon written request from the Fund, Fund Services shall provide a written description of its Information Security Program. Fund Services shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "Security Breach"). Fund Services shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. Fund Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible for such Security Breach.

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In addition to, and without limiting the foregoing, Fund Services will promptly cooperate with the Fund or any of their affiliates' regulators at Fund Services' expense (only if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

Fund Services will provide the Transfer Agent with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to Fund Services' CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Transfer Agent acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports.

Notwithstanding the foregoing, Fund Services will not share any nonpublic personal information concerning any of the Fund's Shareholders to any third party unless specifically directed by the Transfer Agent or allowed under one of the exceptions noted under the Gramm Leach Bliley Act.

**10. Records**

Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Fund Services agrees that all such records prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund 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 Fund or their designee on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to comply with the Fund's disclosure controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Transfer Agent and assist the Fund, as necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund's internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act).

**11. Compliance with Laws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the SOX Act, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its

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registration statement. Fund Services' duties and services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with respect thereto. Further, the Fund agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by Fund Services, as applicable. Fund Services' functions hereunder shall not relieve the Fund of their primary day-to-day responsibility for assuring such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The foregoing shall not affect Fund Services' responsibilities for compliance and related matters delegated to Fund Services by the Fund as expressly provided herein. Fund Services shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the deadline imposed, or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.If, and to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended ("GDPR") or the Cayman Islands Data Protection Law, 2017, as amended ("DPL"), are applicable to Fund Services and the Fund, 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;&nbsp;&nbsp;&nbsp;&nbsp;(1)The parties agree Fund Services is a "Data Processor" under GDPR and DPL, as applicable, in the performance of its services under this the Agreement. Notwithstanding the foregoing, the parties agree Fund Services is a "Data Controller" 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 Fund 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 Fund Services, the transfer of Personal Data to Fund Services, and the transfer of Personal Data by Fund Services 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;&nbsp;&nbsp;&nbsp;&nbsp;(2)The parties further agree the Fund is a "Data Controller" under GDPR and DPL, as applicable. The Fund, 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;&nbsp;&nbsp;&nbsp;&nbsp;(3)Fund Services shall process the Personal Data: (i) in accordance with instructions of the Fund pursuant to this Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging Fund Services' obligations under the Agreement; and (ii) when required by law or regulation, or required or requested by any court or regulator (each a "Processing Order") to which Fund Services is subject. In the event Fund Services receives a request to process Personal Data pursuant to any

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Processing Order, it shall, to the extent legally permissible and reasonably practicable under the circumstances, notify the Fund prior to processing.

&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)The Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;(5)Fund Services 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.only appoint sub-processors with the prior written consent of the Fund (standing instructions or general written authorization are sufficient), and only if the sub-processors provide sufficient guarantees in writing to Fund Services 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.beyond the initial appointment, inform the Fund of any intended material changes concerning the addition or replacement of sub-processors, thereby giving the Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.taking into account the nature of the processing, reasonably assist the Fund by appropriate technical and organizational measures, insofar as possible, to enable the Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.provide reasonable assistance to the Fund 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 Fund Services, and inform the Fund of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.at the written direction of the Fund, delete or return all Personal Data to the Fund after the end of the provision of services under the Agreement relating to processing, and delete existing copies of

<sup>1</sup> For the avoidance of doubt, Fund Services' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Fund hereby authorizes such use.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.make available to the Fund 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 Fund or its auditor; and immediately inform the Fund if, in its opinion, the Fund'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;&nbsp;&nbsp;&nbsp;&nbsp;(6)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.

**12. Term of Agreement; Amendment**

This Agreement shall become effective as of the date first written above and will continue in effect for a period of two (2) years. This Agreement may be terminated by either party upon giving sixty (60) days' prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any 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. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Fund, and authorized or approved by the Fund's Board of Trustees.

**13. Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Fund Services' duties or responsibilities hereunder is designated by the Fund by written notice to Fund Services, Fund Services will promptly, upon such termination and, except in the case of a material breach by Fund Services, in which case all expenses shall be borne by Fund Services, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which Fund Services has maintained the same, the Fund shall pay any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund. The Fund shall also pay any fees associated with record retention and/or tax reporting obligations that Fund Services is obligated under applicable law, regulation, or rule to continue following the termination.

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**14. 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 Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied by the authorization or approval of the Fund's Board of Trustees.

**15. Governing Law**

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

**16. Services not Exclusive** 

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**17. No Agency Relationship** 

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.

**18. 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.

**19. Notices**

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

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U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

and notice to the Fund shall be sent to:

Nuveen Churchill BDC V

c/o Churchill Asset Management LLC

375 Park Avenue, 9th Floor

New York, NY 10152

**20. Multiple Originals**

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**21.&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement**

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.

**Signature Page Follows**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

**U.S. BANCORP FUND SERVICES, LLC**

By: <u>/s/ Gregory Farley</u>*&nbsp;&nbsp;&nbsp;&nbsp;*

Name:&nbsp;&nbsp;&nbsp;&nbsp;Gregory Farley

Title: Senior Vice President

Date: August 4, 2025

**NUVEEN CHURCHILL BDC V**

By: <u>/s/ Marissa Hassen</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:&nbsp;&nbsp;&nbsp;&nbsp;Marissa Hassen

Title: CFO, Investment Funds

Date: 7/16/2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.5

**Exhibit 10.5**

**INCENTIVE FEE WAIVER AGREEMENT**

This Incentive Fee Waiver Agreement (the "***Agreement***") is made on this 7th day of November 2025, by and between Nuveen Churchill BDC V (the "***Fund***") and Churchill Asset Management LLC, the Fund's investment adviser (the "***Adviser***"). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Advisory Agreement (as defined below).

**WITNESSETH:**

WHEREAS, the Fund is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "***1940 Act***");

WHEREAS, the Fund and the Adviser entered into that certain Investment Advisory Agreement, dated August 5, 2025, by and between the Fund and Churchill Asset Management LLC (the "***Advisory Agreement***"), pursuant to which the Adviser provides investment advisory services to the Fund; <u>and</u>

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund to waive the incentive fee on income and the incentive fee on capital gains (collectively, the "***Incentive Fees***") that may be payable by the Fund to the Adviser under the Advisory Agreement pursuant to the terms and for the period set forth herein.

NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the parties hereby agree as follows:

**1. Waiver of Incentive Fees Payable under the Advisory Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;(a)The Adviser hereby agrees to waive 100% of the Incentive Fees payable to the Adviser pursuant to Section 6(b) of the Advisory Agreement for the period beginning August 5, 2025 until December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For the avoidance of doubt, the purpose of this Agreement is to provide the Fund with a waiver in connection with the Incentive Fees payable by the Fund to the Adviser for the period set forth in Section 1(a) of this Agreement and does not amend the calculation of the Incentive Fees as set forth in the Advisory Agreement. Other than the waiver granted herein by the Adviser, the terms of the Advisory Agreement shall be in full force and effect.

**2. Duration and Termination of this Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Term and Effectiveness</u>. This Agreement shall become binding as of the date of its execution by the parties (the "***Effective Date***"). Upon the Effective Date, the terms of the Advisory Agreement will remain in full force and effect, subject to the fee waiver set forth in Section 1 of this Agreement. This Agreement shall remain in effect for the period set forth in Section 1(a) of this Agreement, unless extended by mutual written agreement of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination</u>. This Agreement may be terminated at any time, without the payment of any penalty: (i) by the Fund upon 60 days' written notice to the Adviser: (A) by the vote of the board of trustees of the Fund; or (ii) by the Adviser upon not less than 60 days' written notice to the Fund. This Agreement and the rights and duties of a party hereunder may not be assigned, including by operation of law, by a party without the prior consent of the other party and this Agreement automatically shall terminate in such event. The provisions of Section 1 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

------

**3. Notices**

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at the address listed below or at such other address for a party as shall be specified in a notice given in accordance with this Section 3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: John D. McCally, Vice President and Secretary

375 Park Avenue, 9th Floor

New York, NY 10152

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Adviser:

Attn: John D. McCally, Senior Managing Director and General Counsel

375 Park Avenue, 9th Floor

New York, NY 10152

**4. Amendments of this Agreement**

This Agreement may be amended by mutual written consent of the parties. This Agreement automatically shall terminate upon the dissolution of the Fund.

**5. Counterparts**

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

**6. Governing Law**

This Agreement shall be construed in accordance with laws of the State of New York and the applicable provisions of the 1940 Act, if any. To the extent that the applicable laws of the State of New York or any of the provisions herein conflict with the applicable provisions of the 1940 Act, if any, the latter shall control.

**7. Entire Agreement**

This Agreement and the Advisory Agreement contain the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

*[signature page to follow]*

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

**NUVEEN CHURCHILL BDC V**

---

| | |
|:---|:---|
| By: | <u>/s/ John D. McCally</u> |
| Name: | John D. McCally |
| Title: | Vice President and Secretary |

---

**CHURCHILL ASSET MANAGEMENT LLC**

---

| | |
|:---|:---|
| By: | <u>/s/ John D. McCally</u> |
| Name: | John D. McCally |
| Title: | Senior Managing Director and General Counsel |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Kenneth Kencel, Chief Executive Officer of Nuveen Churchill BDC V, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nuveen Churchill BDC V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | November 12, 2025 | By: | /s/ Kenneth Kencel |
|  |  |  | Name: Kenneth Kencel |
|  |  |  | Title: President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Shai Vichness, Chief Financial Officer of Nuveen Churchill BDC V, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nuveen Churchill BDC V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | November 12, 2025 | By: | /s/ Shai Vichness |
|  |  |  | Name: Shai Vichness |
|  |  |  | Title: Chief Financial Officer and Treasurer |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with the quarterly report of Nuveen Churchill BDC V on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of Nuveen Churchill BDC V does hereby certify, to the best of such officer's knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Nuveen Churchill BDC V.

---

| | |
|:---|:---|
| Date: | November 12, 2025 |
| | /s/ Kenneth Kencel |
| | Name: Kenneth Kencel |
| | Title: President and Chief Executive Officer |
| Date: | November 12, 2025 |
| | /s/ Shai Vichness |
| | Name: Shai Vichness |
| | Title: Chief Financial Officer and Treasurer |

---

<br>