# EDGAR Filing Document

**Accession Number:** 0001837532
**File Stem:** 0001193125-23-075795
**Filing Date:** 2023-3
**Character Count:** 25122
**Document Hash:** ac07bd802036fde125c2d0b4fec0c139
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-075795.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001193125-23-075795

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**EFFECTIVENESS DATE**: 20230321

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Debt Solutions BDC
- **CENTRAL INDEX KEY:** 0001837532
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-258155
- **FILM NUMBER:** 23750123

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**As filed with the Securities and Exchange Commission on March 21, 2023** 

**Securities Act File No. 333-258155** 

**File No. 814-01424** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-2** 

**REGISTRATION STATEMENT** 

***UNDER***

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| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** |  |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 6** | ☒ |

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## Apollo Debt Solutions BDC
**(Exact name of registrant as specified in charter)** 

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**9 West 57th Street** 

**New York, NY 10019** 

**(212) 515-3450** 

**(Address and telephone number, including area code, of principal executive offices)** 

**Kristin Hester** 

**Apollo Debt Solutions BDC** 

**9 West 57th Street** 

**New York, NY 10019** 

**(Name and address of agent for service)** 

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***COPIES TO:***

**David W. Blass, Esq.** 

**Steven Grigoriou, Esq.** 

**Simpson Thacher & Bartlett LLP** 

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

**Washington, DC 20001** 

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**Approximate Date of Proposed Public Offering:** From time to time after the effective date of this Registration Statement.

If any of the securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box. ☒

It is proposed that this filing will become effective (check appropriate box)

☒ This post-effective amendment will become effective immediately pursuant to Rule 462(d) under the Securities
Act of 1933, as amended.

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**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 6 to the Registration Statement on Form N-2 (File No. 333-258155) of Apollo Debt Solutions BDC (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 6 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 6 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 6 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

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**PART C** 

**Other Information** 

**Item 25.** **Financial Statements And Exhibits** <br>

*(1) Financial Statements* 

The following financial statements of Apollo Debt Solutions BDC are included in Part A of this Registration Statement.

**INDEX TO FINANCIAL STATEMENT** 

---

| | | |
|:---|:---|:---|
|  | **PAGE** | **PAGE** |
|  [Report of Independent Registered Public Accounting Firm](http://www.sec.gov/Archives/edgar/data/0001837532/000119312521308041/d75137dn2a.htm#partc75137_37) |  | F-2 |
|  [Statement of Assets and Liabilities as of August 10, 2021](http://www.sec.gov/Archives/edgar/data/0001837532/000119312521308041/d75137dn2a.htm#partc75137_38) |  | F-3 |
|  [Notes to Financial Statement](http://www.sec.gov/Archives/edgar/data/0001837532/000119312521308041/d75137dn2a.htm#partc75137_39) |  | F-4 |

---

*(2) Exhibits* 

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| | |
|:---|:---|
| (a)(1) | [Declaration of Trust of the Registrant(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99a1.htm) |
| (a)(2) | [First Amended and Restated Declaration of Trust of the Registrant(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99a2.htm) |
| (a)(3) | [Second Amended and Restated Declaration of Trust of the Registrant(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99a3.htm) |
| (a)(4) | [Amended and Restated Agreement and Declaration of Trust of the Registrant(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99a4.htm) |
| (a)(5) | [Amended and Restated Agreement and Declaration of Trust of the Registrant(2)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521308041/d75137dex99a5.htm) |
| (a)(6) | [Second Amended and Restated Agreement and Declaration of Trust of the Registrant(4)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312521363234/d118138dex31.htm) |
| (b) | [Form of Bylaws of the Registrant(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99b.htm) |
| (d) | [Form of Subscription Agreement (included in the Prospectus as Appendix A)(1)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312521308041/d75137dn2a.htm#partc75137_appa) |
| (e) | [Form of Distribution Reinvestment Plan(2)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521308041/d75137dex99e.htm) |
| (g) | [Form of Advisory Agreement(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99g.htm) |
| (h)(1) | [Form of Intermediary Manager Agreement(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99h1.htm) |
| (h)(2) | [Form of Selected Intermediary Agreement(2)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521308041/d75137dex99h2.htm) |
| (h)(3) | [Form of Distribution and Shareholder Servicing Plan of the Registrant(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99h3.htm) |
| (j) | [Form of Custodian Agreement(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99j.htm) |
| (k)(1) | [Form of Administration Agreement(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99k1.htm) |
| (k)(2) | [Form of Escrow Agreement(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99k2.htm) |
| (k)(3) | [Form of Agency Agreement(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99k3.htm) |
| (k)(4) | [Form of Multi-Class Plan(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99k4.htm) |
| (k)(5) | [Form of Expense Support and Conditional Reimbursement Agreement by and among the Registrant and Adviser(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99k5.htm) |
| (k)(6) | [Facility Agreement between Apollo Debt Solutions BDC and Goldman Sachs Bank USA, as financing provider, dated February 22, 2021(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99k6.htm) |

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| | |
|:---|:---|
| (k)(7) | [Loan and Servicing Agreement, dated as of January 7, 2022, by and between Mallard Funding LLC, a subsidiary of Apollo Debt Solutions BDC, with Morgan Stanley Senior Funding, Inc., as administrative agent.(5)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312522006830/d259559dex101.htm) |
| (k)(8) | [Purchase and Sale Agreement, dated as of January 7, 2022, by and between Mallard Funding LLC and Apollo Debt Solutions BDC.(6)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312522006830/d259559dex102.htm) |
| (k)(9) | [Credit and Security Agreement, dated as of January 7, 2022, by and between Cardinal Funding LLC, a subsidiary of Apollo Debt Solutions BDC, with Citibank, N.A., as administrative agent.(7)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312522006830/d259559dex103.htm) |
| (k)(10) | [Sale and Contribution Agreement, dated January 7, 2022, by and between Cardinal Funding LLC and Apollo Debt Solutions BDC.(8)](http://www.sec.gov/Archives/edgar/data/1837532/000119312522006830/d259559dex104.htm) |
| (k)(11) | [Senior Secured Revolving Credit Agreement between Apollo Debt Solutions, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, dated March 11, 2022(9)](http://www.sec.gov/Archives/edgar/data/1837532/000119312522076236/d336355dex101.htm) |
| (k)(12) | [Amendment No. 1 to the Credit and Security Agreement, dated as of April 7, 2022, by and between Cardinal Funding LLC, a subsidiary of Apollo Debt Solutions BDC, with Citibank, N.A., as administrative agent.(10)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312522111228/d341180dex101.htm) |
| (k)(13) | [Senior Credit Facility Agreement dated July 7, 2022, between Grouse Funding, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, State Street Bank and Trust Company, as collateral agent and collateral custodian, and Virtus Group, LP, as collateral administrator. (11)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312522191432/d211318dex101.htm) |
| (k)(14) | [Sale and Contribution Agreement dated July 7, 2022, between Apollo Debt Solutions BDC, as seller, and Grouse Funding LLC, as purchaser. (12)](http://www.sec.gov/Archives/edgar/data/0001837532/000119312522191432/d211318dex102.htm) |
| (k)(15) | [Non-Recourse Carveout Guaranty Agreement dated July 7, 2022, by Apollo Debt Solutions BDC in favor of (a) State Street Bank and Trust Company as collateral agent for and on behalf of the Secured Parties and (b) Goldman Sachs Bank USA as lender, administrative agent and calculation agent. (13)](http://www.sec.gov/Archives/edgar/data/1837532/000119312522191432/d211318dex103.htm) |
| (k)(16) | [Amendment No. 4 to the Credit and Security Agreement, dated as of December 9, 2022, by and between Cardinal Funding LLC, a subsidiary of Apollo Debt Solutions BDC, with Citibank, N.A., as administrative agent. (14)](http://www.sec.gov/Archives/edgar/data/1837532/000119312522302889/d380693dex101.htm) |
| (l) | [Opinion of Richards, Layton & Finger, P.A.(2)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521308041/d75137dex99l.htm) |
| (n)(1) | [Consent of Independent Registered Public Accounting Firm(3)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521310994/d75137dex99n.htm) |
| (n)(2) | [Consent of Independent Registered Public Accounting Firm\*](d480585dex99n2.htm) |
| (n)(3) | [Report of Independent Registered Accounting Firm, with respect to the "Senior Securities" table.\*](d480585dex99n3.htm) |
| (p) | [Subscription Agreement for Seed Capital(2)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521308041/d75137dex99p.htm) |
| (r)(1) | [Code of Ethics of the Fund(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99r1.htm) |
| (r)(2) | [Code of Ethics of the Adviser(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99r2.htm) |
| (s) | [Power of Attorney(1)](http://www.sec.gov/Archives/edgar/data/1837532/000119312521223168/d75137dex99s.htm) |

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\* Filed herewith.

(1) Incorporated by reference to the corresponding exhibit number to the Registrant's Pre-Effective Registration Statement on Form N-2 (File No. 333-258155), filed on July 23, 2021

(2) Incorporated by reference to the corresponding exhibit number to the Registrant's Pre-Effective Registration Statement on Form N-2 (File No. 333-258155), filed on October 26, 2021

(3) Incorporated by reference to the corresponding exhibit number to the Registrant's Pre-Effective Registration Statement on Form N-2 (File No. 333-258155), filed on October 28, 2021

(4) Incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on December 21, 2021

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(5) Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on January 11, 2022

(6) Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K, filed on January 11, 2022

(7) Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, filed on January 11, 2022

(8) Incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K, filed on January 11, 2022

(9) Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on March 15, 2022

(10) Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on April 20, 2022

(11) Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on July 11, 2022

(12) Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K, filed on July 11, 2022

(13) Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, filed on July 11, 2022

(14) Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on December 12, 2022

**Item 26.** **Marketing Arrangements** <br>

The information contained under the heading "Plan of Distribution" in this Registration Statement is incorporated herein by reference.

**Item 27.** **Other Expenses Of Issuance And Distribution** <br>

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| | |
|:---|:---|
|  SEC registration fee | $545500.0 |
|  FINRA filing fee | $225500.0 |
|  Legal | $2968000.0 |
|  Printing | $713000.0 |
|  Accounting | $70000.0 |
|  Blue Sky Expenses | $342815.0 |
|  Advertising and sales literature | $706000.0 |
|  Due Diligence | $318000.0 |
|  Miscellaneous fees and expenses | $877685.0 |
|  Total | $6766500.0 |

---

**Item 28.** **Persons Controlled By Or Under Common Control** <br>

None.

**Item 29.** **Number Of Holders Of Securities** <br>

The following table sets forth the number of record holders of the Registrant's common shares at December 21, 2021.

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| | |
|:---|:---|
| **Title of Class** | **Number<br>of<br>Record<br>Holders** |
|  Common shares of beneficial interest, $0.01 par value | 1 |

---

**Item 30.** **Indemnification** <br>

The information contained under the heading "Description of our Shares." "Advisory Agreement and Administration Agreement" and "Plan of Distribution—Indemnification" in this Registration Statement is incorporated herein by reference.

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Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person in the successful defense of an action suit or proceeding) is asserted by a Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is again public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Prior to breaking escrow, the Registrant expects to obtain liability insurance for the benefit of its Trustees and officers (other than with respect to claims resulting from the willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office) on a claims-made basis.

**Item 31.** **Business and Other Connections of Adviser** <br>

A description of any other business, profession, vocation or employment of a substantial nature in which Apollo Credit Management LLC, and each managing director, director or executive officer of Apollo Credit Management, LLC, is or has been, during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the section entitled "Management of the Fund." Additional information regarding Apollo Credit Management, LLC and its officers and managing member is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-72098), and is incorporated herein by reference.

**Item 32.** **Location of Accounts and Records** <br>

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the offices of:

4) the Registrant;

5) the transfer agent;

6) the Custodian;

7) the Adviser; and

8) the Administrator.

**Item 33.** **Management Services** <br>

Not Applicable.

**Item 34.** **Undertakings** <br>

We hereby undertake:

(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement

(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

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(ii) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and

(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment will be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time will be deemed to be the initial bona fide offering thereof;

(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

(4) that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C 17 CFR 230.430C: Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act 17 CFR 230.497(b), (c), (d) or (e) as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act 17 CFR 230.430A, will be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and

(5) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities. The undersigned Registrant undertakes that in an offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

(i) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act 17 CFR 230.497;

(ii) the portion of any advertisement pursuant to Rule 482 under the Securities Act 17 CFR 230.482 relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

(iii) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), the Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on the 21st day of March 2023

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| | |
|:---|:---|
| APOLLO DEBT SOLUTIONS BDC | APOLLO DEBT SOLUTIONS BDC |
| By: | /s/ Earl Hunt |
| Name: | Earl Hunt |
| Title: | Chairperson, Chief Executive Officer and Trustee |

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Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacity and on the date indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Earl Hunt<br> Earl Hunt | Chairperson, Chief Executive Officer and Trustee | March 21, 2023 |
| /s/ Amit Joshi<br> Amit Joshi | Chief Financial Officer | March 21, 2023 |
| /s/ Meredith Coffey\*<br> Meredith Coffey | Trustee | March 21, 2023 |
| /s/ Christine Gallagher\*<br> Christine Gallagher | Trustee | March 21, 2023 |
| /s/ Michael Porter\* | Trustee | March 21, 2023 |
| Michael Porter |  |  |
| /s/ Carl J. Rickertsen\*<br> Carl J. Rickertsen | Trustee | March 21, 2023 |

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| | |
|:---|:---|
| \*By: | /s/ Earl Hunt |
|  | Early Hunt |
|  | As Agent or Attorney-in-Fact |

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March 21, 2023

The original powers of attorney authorizing Earl Hunt, Amit Joshi, Joseph Glatt, Isabelle Gold and Kristin Hester to execute the Registration Statement, and any amendments thereto, for the trustees of the Registrant on whose behalf this Amendment is filed have been executed and filed as an Exhibit to the Registration Statement.

## Ex-99.(N)(2)

**Exhibit (n)(2)** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in the Prospectus Supplement to Registration Statement No. 333-258155 on Form N-2 (the "Prospectus Supplement") of our report dated March 16, 2023, relating to the consolidated financial statements of Apollo Debt Solutions BDC and subsidiaries (the "Company') appearing in the Annual Report on Form 10-K of the Company for the year ended December 31, 2022 included in the Prospectus Supplement, and of our report dated March 21, 2023, relating to information of Apollo Debt Solutions BDC and subsidiaries set forth under the heading "Senior Securities" appearing in the Prospectus Supplement.

We also consent to the reference to us under the heading "Senior Securities" in such Prospectus Supplement.

/s/ Deloitte & Touche LLP

New York, New York

March 21, 2023

## Ex-99.(N)(3)

**Exhibit (n)(3)** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders and the Board of Trustees of Apollo Debt Solutions BDC:

We have audited the consolidated statement of assets and liabilities of Apollo Debt Solutions BDC and subsidiaries (the "Company") as of December 31, 2022 and 2021, including the consolidated schedule of investments as of December 31, 2022, and the related consolidated statement of operations, changes in net assets, cash flows, and the financial highlights for the year ended December 31, 2022, and the related notes (collectively referred to as the "financial statements") and our report dated March 16, 2023, expressed an unqualified opinion on those financial statements. Our audit of the Company includes the information as of December 31, 2022, appearing under the caption "Senior Securities". This information is the responsibility of the Company's management. Information about the Company's senior securities as of December 31, 2022, appearing under the caption "Senior Securities" has been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements from which it has been derived.

/s/ Deloitte & Touche LLP

New York, New York

March 21, 2023