Risk Factors Update Summary

• New or modified laws could adversely affect business. Economic downturns may impair portfolio companies.
• The company may issue shares below NAV, potentially diluting shareholder ownership.
• The company may bear more or less of the costs of soft dollar or other research than other clients. This change could impact financial performance significantly.
• Investments in unitranche secured loans and "covenant-lite" loans present specific risks related to debt structures and borrower actions.
• Investment Committee oversight added, comprised of representatives, may impact investment activities.
• Investing in middle market companies presents higher risk of loss than larger companies.
• Investments in leveraged companies involve significant risks, including potential losses and limited financial resources.
• Unfavorable economic conditions could lead to financial losses in the portfolio and decreased revenues.
• The company is subject to reporting requirements of the Exchange Act and Sarbanes-Oxley Act, which may strain systems and resources.
• The company may defer distributions due to various factors, potentially affecting shareholder returns.
• The company issued securitizations in 2022, now referred to as "debt securitizations" in 2023.
• The company may issue shares at a discount to NAV, posing a risk of dilution to shareholders.
• The company may be subject to U.S. federal tax on income retained, impacting distributions.
• Loss of any Investment Committee member could negatively impact investment objective achievement.
• Lack of liquidity in investments may adversely affect business.
• The company may experience conflicts of interest as a collateral manager in CLO transactions.
• Efforts to comply with Section 404 of the Sarbanes-Oxley Act may adversely affect financial performance.
• A prolonged market illiquidity period may reduce loan volume and adversely affect portfolio investments.
• The company may repurchase shares under the Company 10b5-1 Plan, impacting market price.
• Defaults by portfolio companies will harm operating results.
• Nuveen senior investment professionals' loss may adversely affect financial condition and results.
• Sales of substantial amounts of common stock may adversely affect market price.
• Increased draws by borrowers on revolving lines of credit may negatively impact investments.
• Failure of cybersecurity protection systems could impair business operations.