<SEC-DOCUMENT>0000950103-21-019290.txt : 20211203
<SEC-HEADER>0000950103-21-019290.hdr.sgml : 20211203
<ACCEPTANCE-DATETIME>20211203172838
ACCESSION NUMBER:		0000950103-21-019290
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20211203
DATE AS OF CHANGE:		20211203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Silver Spike Investment Corp.
		CENTRAL INDEX KEY:			0001843162
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-257252
		FILM NUMBER:		211471254

	BUSINESS ADDRESS:	
		STREET 1:		660 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		(212) 905-4923

	MAIL ADDRESS:	
		STREET 1:		660 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
<IS-FILER-A-NEW-REGISTRANT>Y
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>dp163051_n2a-3.htm
<DESCRIPTION>FORM N-2/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and Exchange
Commission on December 3, 2021</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities Act File No.&nbsp;333-257252&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM N-2<BR>
REGISTRATION STATEMENT</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>UNDER<BR>
THE SECURITIES ACT OF 1933</I></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &#9746;&nbsp;Pre-Effective Amendment No.
3 </P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9744;&nbsp;Post-Effective Amendment No.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Silver Spike Investment Corp.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>660 Madison Avenue, Suite 1600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10065</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 905-4923</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address and telephone number, including area
code, of principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Scott Gordon</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gregory Gentile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Silver Spike Investment Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>660 Madison Avenue, Suite 1600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10065</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name and address of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Gregory S. Rowland,
                           Esq.</B> </P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Derek J. Dostal,
                           Esq.&nbsp;</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Davis Polk &amp; Wardwell LLP</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>450 Lexington Avenue</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>New York, NY 10017</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Tel: (212)&nbsp;450-4930</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Fax: (212)&nbsp;701-5930</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Paul D. Tropp</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Michael G. Doherty</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Ropes &amp; Gray LLP</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>1211 Avenue of the Americas</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>New York, NY 10036</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Tel: (212) 596-9000</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Approximate date of proposed public offering:</B>&nbsp;As
soon as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Check box if any 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 (&ldquo;Securities Act&rdquo;), other than securities offered in connection with a dividend reinvestment plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will
become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>It is proposed that this filing will become
effective (check appropriate box):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;when declared
effective pursuant to Section&nbsp;8(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>If appropriate, check the following box:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities
Act registration statement number of the earlier effective registration statement for the same offering is: &numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement
number of the earlier effective registration statement for the same offering is: &numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;
&numsp;&numsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement
number of the earlier effective registration statement for the same offering is: &numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;
&numsp;&numsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Check each box that appropriately characterizes
the Registrant:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&ldquo;Investment Company
Act&rdquo;)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;
Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under
the Investment Company Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under
the Investment Company Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;
Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (&ldquo;Exchange Act&rdquo;)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
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 7(a)(2)(B) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;
New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; text-align: center; font-weight: bold"> <FONT STYLE="font-size: 10pt">Title
    of Securities Being Registered</FONT> </TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; text-align: center; font-weight: bold"> <FONT STYLE="font-size: 10pt">Amount
    Being Registered(1)</FONT> </TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; text-align: center; font-weight: bold"> <FONT STYLE="font-size: 10pt">Proposed
    Maximum Offering Price Per Unit</FONT> </TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; text-align: center; font-weight: bold"> <FONT STYLE="font-size: 10pt">Proposed
    Maximum<BR>
    &nbsp;Aggregate Offering Price(1)(2)</FONT> </TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; text-align: center; font-weight: bold"> <FONT STYLE="font-size: 10pt">Amount
    of Registration&nbsp;Fee(3)</FONT> </TD>
    <TD STYLE="vertical-align: top; width: 1%; border-top: Black 1pt solid; text-align: center; font-weight: bold"> &nbsp; </TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1.5pt double"> <FONT STYLE="font-size: 10pt">Common Stock,
    $0.01&nbsp;par value per share</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt double; vertical-align: top; width: 16%; text-align: center"> <FONT STYLE="font-size: 10pt">10,267,858</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt double; vertical-align: top; width: 15%; text-align: center"> <FONT STYLE="font-size: 10pt">$14.00</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt double; vertical-align: bottom; width: 13%; text-align: center"> <FONT STYLE="font-size: 10pt">$143,750,012</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt double; vertical-align: bottom; width: 17%; text-align: center"> <FONT STYLE="font-size: 10pt">$13,325.63&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: Black 1.5pt double; text-align: right; text-indent: 46pt"> &nbsp; </TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Includes the underwriters&rsquo; option to purchase up to 1,339,286
                                            additional shares of our common stock. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (2) </TD><TD> Estimated pursuant to Rule 457(a) under the Securities Act of 1933
                                            solely for the purpose of determining the registration fee. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (3) </TD><TD> The Registrant previously paid a registration fee of $18,820 in connection
                                            with the prior filings of this Registration Statement. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities
Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section&nbsp;8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><B>The information in this prospectus
is not complete and may be changed. The securities may not be sold until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt"> <FONT STYLE="font-size: 10pt; color: red"><B>PRELIMINARY PROSPECTUS</B></FONT> </TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt"> <FONT STYLE="font-size: 10pt; color: red"><B>SUBJECT TO COMPLETION,
    DATED DECEMBER 3, 2021</B></FONT> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Silver Spike Investment Corp.</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> 8,928,572&nbsp;Shares </P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a newly organized specialty finance company
formed to invest across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately
held cannabis companies. We were formed in January 2021 as a Maryland corporation and structured as an externally managed, closed-end,
non-diversified management investment company. We have elected to be treated as a business development company under the Investment Company
Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of our investments are designed to be compliant
with all applicable laws and regulations within the jurisdictions in which they are made or to which we are otherwise subject, including
U.S. federal laws. We will make equity investments only in companies that are compliant with all applicable laws and regulations within
the jurisdictions in which they are located or operate, including U.S. federal laws. We may make loans to companies that we determine
based on our due diligence are licensed in, and complying with, state-regulated cannabis programs, regardless of their status under U.S.
federal law, so long as the investment itself is designed to be compliant with all applicable laws and regulations in the jurisdiction
in which the investment is made or to which we are otherwise subject, including U.S. federal law. We are externally managed by Silver
Spike Capital, LLC (&ldquo;SSC&rdquo; or the &ldquo;Adviser&rdquo;) and seek to expand the compliant cannabis investment activities of
SSC&rsquo;s leading investment platform in the cannabis industry. SSC will also provide the administrative services necessary for us
to operate. We primarily seek to partner with private equity firms, entrepreneurs, business owners and management teams to provide credit
and equity financing alternatives to support buyouts, recapitalizations, growth initiatives, refinancings and acquisitions across cannabis
companies, including cannabis-enabling technology companies, cannabis-related health and wellness companies, and hemp and cannabidiol
(&ldquo;CBD&rdquo;) distribution companies. Under normal circumstances, each such cannabis company derives at least 50% of its revenues
or profits from, or commits at least 50% of its assets to, activities related to cannabis at the time of our investment in the cannabis
company. We are not required to invest a specific percentage of our assets in such cannabis companies, and we may make debt and equity
investments in other companies in the health and wellness sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our investment objective is to maximize risk-adjusted
returns on equity for our shareholders. We will seek to capitalize on what we believe to be nascent cannabis industry growth and drive
return on equity by generating current income from our debt investments and capital appreciation from our equity and equity-related investments.
We intend to achieve our investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity
investments in privately held businesses. We intend that our debt investments will often be secured by either a first or second priority
lien on the assets of the portfolio company, can include either fixed or floating rate terms and will generally have a term of between
three and six years from the original investment date. In some of our portfolio investments, we expect to receive nominally priced equity
warrants and/or make direct equity investments in connection with a debt investment. In addition, a portion of our portfolio may be comprised
of derivatives, including total return swaps. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The companies in which we intend to invest will
typically be highly leveraged, and, in most cases, our investments in such companies will not be rated by any rating agency. If such
investments were rated, we believe that they would likely receive a rating from a nationally recognized statistical rating organization
of below investment grade (i.e., below BBB- or Baa), which is often referred to as &ldquo;junk.&rdquo; Exposure to below investment grade
securities involves certain risks, and those securities are viewed as having predominately speculative characteristics with respect to
the issuer&rsquo;s capacity to pay interest and repay principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &ldquo;emerging growth company&rdquo;
under the federal securities laws and will be subject to reduced public company reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>An investment in our common stock is very
risky and highly speculative. Shares of closed-end investment companies, including business development companies, frequently trade at
a discount to their net asset value. If our shares trade at a discount to our net asset value, it may increase the risk of loss for purchasers
in this offering. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>In addition, the companies in which we invest
are subject to special risks, including risks associated with investing in cannabis companies and the cannabis industry generally, such
as:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Cannabis,
                                            except for hemp, is currently illegal under U.S. federal law and in other jurisdictions,
                                            and strict enforcement of federal laws would likely result in our inability to execute our
                                            business plan.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Our investment
                                            opportunities are limited by the current illegality of cannabis under U.S. federal law, and
                                            change in the laws, regulations and guidelines that impact the cannabis industry may cause
                                            adverse effects on our ability to make investments.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Strict enforcement
                                            of U.S. federal laws regarding cannabis would likely result in our portfolio companies&rsquo;
                                            inability to execute a business plan in the cannabis industry, and could result in the loss
                                            of all or part of any of our loans.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Certain
                                            assets of our borrowers may not be used as collateral or transferred to us due to applicable
                                            state laws and regulations governing the cannabis industry, and such restrictions could negatively
                                            impact our profitability.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>See &ldquo;<A HREF="#a_004">Risk Factors</A>&rdquo;
to read about factors you should consider, including the risk of leverage, before investing in our common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A substantial portion of our debt investments
will have variable interest rates that reset periodically based on benchmarks such as London-Interbank Offered Rate (or successors thereto)
and the prime rate. As a result, our portfolio should be partially insulated from significant increases in such benchmarks in the future.
However, such increases would make it more difficult for the borrowers to service their obligations under the debt investments that we
will hold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to elect to be treated, and intend
to qualify annually to be treated, as a regulated investment company under Subchapter&nbsp;M of the Internal Revenue Code for U.S. federal
income tax purposes, commencing with our first taxable year ending after the completion of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>This is our initial public offering and our
shares of common stock have no history of public trading.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We expect that the initial public offering
price per share of our common stock will be $14.00 per share. Our common stock has been approved for listing on the Nasdaq Stock Market
under the symbol &ldquo;SSIC.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus contains important information
about us that a prospective investor should know before investing in our common stock. Please read this prospectus before investing,
and keep it for future reference. Upon the completion of this offering, we will file annual, quarterly and current reports, proxy statements
and other information about us with the Securities and Exchange Commission. This information will be available free of charge by contacting
us by mail at 660 Madison Avenue, Suite 1600, New York, NY 10065 or by telephone at (212) 905-4923 or on our website at&nbsp;ssic.silverspikecap.com.&nbsp;The
Securities and Exchange Commission also maintains a website at&nbsp;www.sec.gov&nbsp;that contains such information. Information contained
on our website is not incorporated by reference into this prospectus, and you should not consider that information to be part of this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%"> &nbsp; </TD>
    <TD STYLE="padding-right: 6pt; width: 17%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Per
    Share </P></TD>
    <TD STYLE="padding-right: 6pt; width: 17%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Total(1) </P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif"> Public Offering Price </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp;&nbsp;&nbsp;$14.00 </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $125,000,008 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif"> Sales Load (Underwriting Discounts and Commissions)(2) </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $0.84 </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $5,500,000 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif"> Proceeds to us, before expenses(3) </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $13.16 </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $119,500,008 </TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> We have granted the underwriters a 30-day option, which we refer to
                                            as the over-allotment option, to purchase up to an additional 1,339,286 shares of our common
                                            stock at the public offering price, less sales load (underwriting discounts and commissions).
                                            If the over-allotment option is exercised in full, the total public offering price will be
                                            approximately $143.75 million, the total sales load (underwriting discounts and commissions)
                                            will be approximately $6.325 million, and the total proceeds to us, before expenses, will
                                            be approximately $137.425 million. See &ldquo;Underwriting.&rdquo; </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (2) </TD><TD> <FONT STYLE="background-color: white">A sales load (underwriting discount
                                            and commission) of 2.00% will be paid on 3,571,429 shares sold to the Adviser. See &ldquo;Control
                                            Persons and Principal Stockholders.&rdquo;</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (3) </TD><TD> We estimate that we will incur offering expenses of approximately
                                            $1.45 million, or approximately $0.16 per share, in connection with this offering. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">The underwriters expect to deliver
the shares on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"> <FONT STYLE="font-size: 12pt"><B>Stifel</B></FONT> </TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-size: 10pt; text-align: center"> <FONT STYLE="font-size: 12pt"><B>Canaccord Genuity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT> </TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"> <FONT STYLE="font-size: 12pt"><B>Cantor
    </B></FONT> </TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>You should rely only on the information contained
in this prospectus. We have not, and the underwriters have not, authorized any other person to provide you with different information
or to make representations as to matters not stated in this prospectus. If anyone provides you with different or inconsistent information,
you should not rely on it. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where
the offer or sale is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the date
on the front cover of this prospectus. Our business, financial condition, results of operations and prospects may have changed since
that date. We will update these documents to reflect material changes only as required by law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_002">11</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FEES
    AND EXPENSES</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE
    OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISTRIBUTIONS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCUSSION
    OF MANAGEMENT&rsquo;S OPERATING PLANS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUSINESS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">PORTFOLIO
    MANAGEMENT</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">102</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_013">INVESTMENT
    ADVISORY AGREEMENT</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_013">104</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_014">ADMINISTRATION
    AGREEMENT</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_014">112</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_015">LICENSE
    AGREEMENT</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_015">113</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_016">CERTAIN
    RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_016">114</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_017">CONTROL
    PERSONS AND PRINCIPAL STOCKHOLDERS</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_017">116</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_018">DIVIDEND
    REINVESTMENT PLAN</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_018">117</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_019">DESCRIPTION
    OF OUR CAPITAL STOCK</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_019">119</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_020">MATERIAL
    U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_020">127</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_021">REGULATION</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_021">132</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_022">UNDERWRITING</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_022">137</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_023">CUSTODIAN,
    TRANSFER AND DISTRIBUTION PAYING AGENT AND REGISTRAR</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_023">140</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_024">BROKERAGE
    ALLOCATION AND OTHER PRACTICES</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_024">141</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_025">LEGAL
    MATTERS</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_025">142</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_026">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_026">143</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_027">AVAILABLE
    INFORMATION</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_027">144</A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_028">PRIVACY
    NOTICE</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_028">145
    </FONT></A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_029"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX
    TO FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_029"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;F-1</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>Prospectus
Summary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>This summary highlights some of the information
in this prospectus. It is not complete and may not contain all of the information that you may want to consider. You should read the
entire prospectus carefully, including the section entitled &ldquo;Risk Factors&rdquo; before making a decision to invest in our common
stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Unless otherwise noted, the terms &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company&rdquo; and &ldquo;SSIC&rdquo; refer to Silver Spike Investment Corp. In addition,
the terms &ldquo;SSC,&rdquo; &ldquo;Adviser,&rdquo; &ldquo;investment adviser&rdquo; and &ldquo;administrator&rdquo; refer to Silver
Spike Capital, LLC, our external investment adviser and administrator.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Unless indicated otherwise or the context
requires, all information in this prospectus assumes (i)&nbsp;an initial public offering price of $14.00 per share and (ii)&nbsp;no exercise
of the underwriters&rsquo; over-allotment option to purchase additional shares of our common stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Silver Spike Investment Corp.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a newly organized specialty finance company
formed to invest across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately
held cannabis companies. All of our investments are designed to be compliant with all applicable laws and regulations within the jurisdictions
in which they are made or to which we are otherwise subject, including U.S. federal laws. We will make equity investments only in companies
that are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate, including
U.S. federal laws. We may make loans to companies that we determine based on our due diligence are licensed in, and complying with, state-regulated
cannabis programs, regardless of their status under U.S. federal law, so long as the investment itself is designed to be compliant with
all applicable laws and regulations in the jurisdiction in which the investment is made or to which we are otherwise subject, including
U.S. federal law. We are externally managed by Spike Capital, LLC (&ldquo;SSC&rdquo; or the &ldquo;Adviser&rdquo;) and seek to expand
the compliant cannabis investment activities of SSC&rsquo;s leading investment platform in the cannabis industry. We primarily seek to
partner with private equity firms, entrepreneurs, business owners and management teams to provide credit and equity financing alternatives
to support buyouts, recapitalizations, growth initiatives, refinancings and acquisitions across cannabis companies, including cannabis-enabling
technology companies, cannabis-related health and wellness companies, and hemp and cannabidiol (&ldquo;CBD&rdquo;) distribution companies.
Under normal circumstances, each such cannabis company derives at least 50% of its revenues or profits from, or commits at least 50%
of its assets to, activities related to cannabis at the time of our investment in the cannabis company. We are not required to invest
a specific percentage of our assets in such cannabis companies, and we may make debt and equity investments in other companies in the
health and wellness sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our investment objective is to maximize risk-adjusted returns on
equity for our shareholders. We will seek to capitalize on what we believe to be nascent cannabis industry growth and drive return on
equity by generating current income from our debt investments and capital appreciation from our equity and equity-related investments.
We intend to achieve our investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity
investments in privately held businesses. We intend that our debt investments will often be secured by either a first or second priority
lien on the assets of the portfolio company, can include either fixed or floating rate terms and will generally have a term of between
three and six years from the original investment date. We expect our secured loans to be secured by various types of assets of our borrowers.
While the types of collateral securing any given secured loan will depend on the nature of the borrower&rsquo;s business, common types
of collateral we expect to secure our loans include real property and certain personal property, including equipment, inventory, receivables,
cash, intellectual property rights and other assets to the extent permitted by applicable laws and the regulations governing our borrowers.
Certain attractive assets of our borrowers, such as cannabis licenses and cannabis inventory, may not be able to be used as collateral
or transferred to us. See &ldquo;Risk Factors&mdash;Risks Relating to Our Investments&mdash;Certain assets of our borrowers may not be
used as collateral or transferred to us due to applicable state laws and regulations governing the cannabis industry, and such restrictions
could negatively impact our profitability.&rdquo; In some of our portfolio investments, we expect to receive nominally priced equity
warrants and/or make direct equity investments in connection with a debt investment. In addition, a portion of our portfolio may be comprised
of derivatives, including total return swaps. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Generally, the loans in which we expect to invest
will have a complete set of financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio
company&rsquo;s financial performance. However, to a lesser extent, we may invest in &ldquo;covenant-lite&rdquo; loans. We use the term
&ldquo;covenant-lite&rdquo; to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally,
&ldquo;covenant-lite&rdquo; loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based,
which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration
in the borrower&rsquo;s financial condition. Accordingly, to the extent we invest in &ldquo;covenant-lite&rdquo; loans, we may have fewer
rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans
with a complete set of financial maintenance covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The loans in which we tend to invest typically
pay interest at rates which are determined periodically on the basis of the London-Interbank Offered Rate, or &ldquo;LIBOR,&rdquo; plus
a premium. The loans in which we expect to invest are typically made to U.S. and, to a limited extent, non-U.S. (including emerging market)
corporations, partnerships and other business entities which operate in various industries and geographical regions. These loans typically
are rated below investment grade. Securities rated below investment grade are often referred to as &ldquo;high-yield&rdquo; or &ldquo;junk&rdquo;
securities, and may be considered a higher risk than debt instruments that are rated above investment grade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We expect to invest in loans made primarily
to private leveraged middle-market companies with approximately $5 million to $50 million of earnings before interest, taxes, depreciation
and amortization, or &ldquo;EBITDA.&rdquo; Our business model is focused primarily on the direct origination of investments through portfolio
companies or their financial sponsors. We expect that our investments will generally range between $5 million and $40 million each, although
we expect that this investment size will vary proportionately with the size of our capital base. We have an active pipeline of investments
and are currently reviewing over $1.1 billion of potential investments in varying stages of underwriting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be externally managed by Silver Spike
Capital, LLC. SSC will also provide the administrative services necessary for us to operate. We believe that our ability to leverage
the existing investment management platform of SSC will enable us to operate more efficiently and with lower overhead costs than other
newly formed funds of comparable size.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were formed in January 2021 as a Maryland
corporation and structured as an externally managed, closed-end, non-diversified management investment company. We have elected to be
treated as a business development company, or BDC, under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;).
In addition, for U.S. federal income tax purposes we intend to elect to be treated, and intend to qualify annually to be treated, as
a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, which we refer to as the
&ldquo;Code,&rdquo; commencing with our first taxable year ending after completion of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As a BDC, we will be required to comply with
regulatory requirements, including limitations on our use of debt. We will be permitted to, and expect to, finance our investments through
borrowings. However, as a BDC, we will only generally be allowed to borrow amounts such that our asset coverage, as defined in the 1940
Act, equals at least 150% after such borrowing. Under a 150% asset coverage ratio a BDC may borrow $2 for investment purposes for every
$1 of investor equity. The amount of leverage that we employ will depend on our assessment of market conditions and other factors at
the time of any proposed borrowing, such as the maturity, covenant package and rate structure of the proposed borrowings, our ability
to raise funds through the issuance of shares of our common stock and the risks of such borrowings within the context of our investment
outlook. Ultimately, we only intend to use leverage if the expected returns from borrowing to make investments will exceed the cost of
such borrowing. We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we aim to have one dollar of equity for each $0.50
of debt outstanding). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a RIC, we generally will not have to pay corporate-level
federal income taxes on any net ordinary income or realized net capital gains that we distribute to our stockholders if we meet certain
source-of-income, income distribution and asset diversification requirements.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Investment Adviser</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Silver Spike Capital, LLC will manage the company
and oversee all of its operations. SSC is registered as an investment adviser under the Investment Advisers Act of 1940, as amended,
or the &ldquo;Advisers Act.&rdquo; Our Adviser serves pursuant to the investment advisory agreement (the &ldquo;Investment Advisory Agreement&rdquo;)
in accordance with the Advisers Act, under which it receives a base management fee and an incentive fee from us. The base management
fee is calculated as a percentage of our gross assets (i.e., total assets held before deduction of any liabilities), which includes investments
acquired with the use of leverage and excludes cash and cash equivalents. The incentive fee is calculated as a percentage of our ordinary
income and capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We benefit from our Adviser&rsquo;s ability to
identify attractive investment opportunities, conduct diligence on and value prospective investments, negotiate investments and manage
a portfolio of those investments. The principals of our Adviser have broad investment backgrounds, with prior experience at investment
funds, investment banks and other financial services companies and have developed a broad network of contacts within the private equity
community. This network of contacts provides our principal source of investment opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The key principals and members of senior management
and the Investment Committee of our Adviser are Scott Gordon, our Chief Executive Officer and our Adviser&rsquo;s Partner and Chief Executive
Officer, Gregory Gentile, our Chief Financial Officer, Chief Compliance Officer and Secretary, and our Adviser&rsquo;s Partner, Chief
Financial Officer and Chief Compliance Officer, William Healy, our Adviser&rsquo;s Partner and Head of Capital Formation, Frank Kotsen,
CFA, our Adviser&rsquo;s Partner and Credit Portfolio Manager, Dino Colonna, CFA, our Adviser&rsquo;s Partner and Credit Portfolio Manager,
and Umesh Mahajan, our Adviser&rsquo;s Credit Portfolio Manager. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cannabis Market Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The cannabis industry has experienced significant
growth over the last several years. Canada legalized cannabis for adult use in 2018, and thirty-six states, the District of Columbia,
Puerto Rico, Guam and the U.S. Virgin Islands have legalized some form of whole-plant cannabis cultivation, sales and use for certain
medical purposes. Eighteen of those states, the District of Columbia, Guam and Northern Mariana have also legalized cannabis for adults
for non-medical purposes. Eleven additional states have legalized low-THC/high-CBD extracts for select medical conditions. The cannabis
industry is amongst the fastest growing industries in the world. 2020 estimated U.S. state-legal cannabis retail sales reached $18.0
billion, up 48% year-over-year and is expected to reach approximately $47.5 billion by 2026, a compound annual growth rate of over 17%.<SUP>1
</SUP>We believe continued legalization of cannabis and the normalization of cannabis and its many uses - therapeutic, recreational and
general health and wellness, are creating an attractive opportunity to invest in related businesses. At the same time, the cannabis industry
is highly fragmented and subject to a complex regulatory framework, creating significant barriers to entry. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The transition of the cannabis and derivative
products to a regulated and legal marketplace has been happening at a rapid pace over recent years, with full legalization in Canada
(2018) and legislative momentum continuing to expand the U.S. market (eleven states passing medical or recreational referenda or otherwise
legalizing or decriminalizing medical or recreational cannabis since the November 2020 elections). There have been hundreds of businesses
launched across various sub-sectors of the cannabis industry, many of which have raised significant amounts of capital, mainly from retail
and family office investors, in both public and private markets. In addition, large multinational alcohol and tobacco companies have
made strategic investments into the Canadian cannabis sector to diversify their core business while protecting against potential market
share loss to cannabis. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Broadly speaking, the cannabis industry is still
in its early stages, and we believe that businesses with strong management teams, deep operational expertise and financial acumen will
thrive in this large and growing market. As cannabis markets continue to grow, there will be increased demand for capital on behalf of
cannabis industry operators and ancillary companies serving the industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP></FONT>BDSA (July 2021) &ldquo;BDSA&rsquo;s detailed cannabis sales data from 2020 and predicted market growth by 2026&rdquo; </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #252525">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The cannabis capital markets, both credit and
equity, are still currently dominated by small funds and family offices, which we believe lack the experience and capital to navigate
such a dynamic and complex environment. Furthermore, the vast majority of banks and institutional investment funds are not lending to
the cannabis industry, given the current regulatory environment, creating a void in the market for credit-based solutions. Historically,
cannabis firms have funded operations with equity, but as the industry matures and companies become more sensitive to equity dilution,
we expect demand for credit-based solutions to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The lack of competition and financing options
for cannabis businesses has created an opportune environment for us to make attractive growth capital investments from an advantageous
position &ndash; the ability to drive terms and enhance structural protections while capturing above average risk-adjusted returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Potential Market Trends</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe the middle-market lending environment
provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns based on a combination
of the following factors, which continue to remain true in the current environment, even with the economic shutdown resulting from the
COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Limited Availability of Capital for Cannabis
Companies</I></B><I>. </I>We believe that regulatory and structural changes in the market have reduced the amount of capital available
generally to U.S. middle-market companies and specifically to cannabis companies. We believe that many commercial and investment banks
have, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate
clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold
bank loans and high-yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements.
We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans.
As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without
having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity
to invest in middle-market companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Robust Demand for Debt and Equity Capital</I></B><I>.
</I>We believe U.S.-based cannabis companies will continue to require access to debt capital to support growth, refinance existing debt,
and finance acquisitions. We expect that private equity sponsors and entrepreneurs will continue to pursue acquisitions and leverage
their equity investments with secured and unsecured loans provided by companies such as us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Attractive Investment Dynamics</I></B><I>.
</I>An imbalance between the supply of, and demand for, cannabis debt capital creates attractive pricing dynamics. We believe the directly
negotiated nature of direct lending also generally provides more favorable terms to the lender, including stronger covenant and reporting
packages, better call protection, and lender-protective change of control provisions. Additionally, we believe our expertise in credit
selection and in investing in the cannabis industry provides a strong basis for success.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"> <B><I>Conservative Capital Structures</I></B><I>.
</I>Given the lack of credit deployed in the federally legal cannabis industry, companies have been almost exclusively funded with equity
capital from entrepreneurs, family offices and, to a lesser extent, private equity firms. The significant amount of equity invested in
companies in the industry should provide us with opportunities to lend to companies that have a larger percentage of equity as a percentage
of their total capitalization than other middle-market companies. With more conservative capital structures, federally legal cannabis
companies can have higher levels of cash flows available to service their debt. In addition, we expect federally legal cannabis companies
to have simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring
process. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Attractive Opportunities in Investments
in Loans</I></B><I>. </I>We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, equity and equity-related
securities. We believe that opportunities in loans are significant because of the floating rate structure of most senior secured debt
issuances and because of the strong defensive characteristics of these types of investments. Given the current low interest rate environment,
we believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since
floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest
rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among
an issuer&rsquo;s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these
investments are secured by the issuer&rsquo;s assets, which may provide protection in the event of a default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Attractive Opportunities in Equity Investments</I></B><I>.
</I>We believe that opportunities to invest in the equity of federally legal cannabis businesses are significant. We expect that our
ability to identify emerging businesses and to provide credit to the industry will provide us with proprietary equity investment opportunities.
Our management team&rsquo;s experience investing in and operating businesses in the federally legal cannabis industry will help us identify
high-quality businesses, and our management team&rsquo;s expertise will be beneficial to our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Business Strategy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our investment objective is to maximize risk-adjusted
returns on equity for our shareholders. We will seek to capitalize on what we believe to be nascent cannabis industry growth and drive
return on equity by generating current income from our debt investments and capital appreciation from our equity and equity-related investments.
We have adopted the following business strategy to achieve our investment objective.&nbsp;<B>However, there can be no assurances that
we will be able to successfully implement our business strategy and, as a result, meet our investment objective</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business strategy is to identify investment
opportunities in businesses in the cannabis industry. All of our investments are designed to be compliant with all applicable laws and
regulations within the jurisdictions in which they are made or to which we are otherwise subject, including U.S. federal laws. We believe
that there is an opportunity to take advantage of a newly emerging industry, with a variety of established operators seeking access to
capital and managerial expertise. We intend to leverage our team&rsquo;s collective operating, technical, regulatory and legal expertise
to build a strong business with competitive advantages to emerge as a leading public company in the space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As the industry continues to transition to
a new legislative and regulatory framework, we believe that many companies will need a partner that can assist in providing a level of
operational and financial expertise to support their growth. Our team includes a variety of investment, operational and healthcare professionals
who will provide operating, technical, regulatory and legal expertise to evaluate investment opportunities. Our team includes Scott Gordon,
Gregory Gentile, Dino Colonna and Robert Josephson, all of whom have extensive expertise in cannabis-related industries. Our team consists
of professionals who have decades of experience in capital markets globally, have extensive scientific and medical knowledge of the plant
and its many compounds and includes entrepreneurs and founders of consumer facing businesses. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our plan is to leverage our management team&rsquo;s
networks of industry relationships, knowledge and experience to become the leading investor in the legal cannabis industry. Over the
course of their careers, the members of our management team have developed a broad network of contacts and corporate relationships that
we believe will serve as a useful source of acquisition opportunities. We plan to leverage relationships with management teams of public
and private companies, investment professionals at private equity firms and other financial sponsors, owners of private businesses, investment
bankers, restructuring advisers, consultants, attorneys and accountants, which we believe should provide us with a number of investment
opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Potential Competitive Advantages</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our Adviser is one of only a select
group of specialty lenders that has its depth of knowledge, experience, and track record in lending to businesses in the cannabis industry.
Our other potential competitive advantages include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Our Adviser has deep industry and operating
expertise on its management team and advisory board.</I></B>&nbsp;&nbsp;Our Adviser has the ability to tap into this expertise for each
of our target investment opportunities. The expertise, knowledge and experience of these individuals allows them to understand and evaluate
the business plans, products and financing needs of businesses in the cannabis industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Direct origination networks that benefit
from relationships with entrepreneurs, business brokers and private equity firms. </I></B>Our Adviser seeks to be the first contact for
professionals focused on raising capital for businesses in the cannabis industry. Given the history of our Adviser&rsquo;s management
team and advisory board as operators and investors in the industry, they have established relationships with the major investment banks
and business brokers in the industry. Our Adviser also focuses on sourcing investment opportunities from private equity and venture capital
firms that have been active in the industry. Given our Adviser&rsquo;s reputation in the industry, it also receives referrals directly
from executive officers of businesses in the cannabis industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>A dedicated staff of professionals covering
investment origination and underwriting, as well as portfolio management functions. </I></B>Our Adviser has a broad team of professionals
focused on every aspect of the cannabis industry and the investment lifecycle. Our Adviser has an investment team that manages and oversees
our investment process from identification of investment opportunity through negotiations of final term sheet and investment in a portfolio
company. The team members serving our investment management and oversight functions have significant industry and operating experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Summary Risk Factors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investing in our securities involves a high degree
of risk. You should consider carefully the information found in &ldquo;Risk Factors,&rdquo; including the following risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Economic recessions or downturns, such as the current
                                            recession, may have a material adverse effect on our business, financial condition and results
                                            of operations, and could impair the ability of our portfolio companies to repay debt or pay
                                            interest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Global economic, political and market conditions, including
                                            those caused by the current public health crisis, have (and in the future, could further)
                                            adversely affect our business, results of operations and financial condition and those of
                                            our portfolio companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We have no operating history and our Adviser is a newly
                                            registered investment adviser under the Advisers Act, with no history of managing BDCs and
                                            limited history of making credit investments in the nascent cannabis industry.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>You will not have the opportunity to evaluate the economic
                                            merits, transaction terms or other financial or&nbsp;&nbsp;operational data concerning our
                                            investments prior to purchasing shares of our common stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Investors may lose all or part of their investment in
                                            us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Changes in interest rates, changes in the method for determining
                                            LIBOR and the potential replacement of LIBOR may affect our cost of capital and net investment
                                            income.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>A general increase in interest rates will likely have
                                            the effect of increasing our net investment income, which would make it easier for our Adviser
                                            to receive incentive fees.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>A significant portion of our investment portfolio will
                                            be recorded at fair value as determined in good faith by our Board of Directors and, as a
                                            result, there will be uncertainty as to the value of our portfolio investments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our ability to achieve our investment objective depends
                                            on our Adviser&rsquo;s ability to support our investment process; if our Adviser were to
                                            lose key personnel or they were to resign, our ability to achieve our investment objective
                                            could be significantly harmed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our business model depends to a significant extent upon
                                            strong referral relationships, and the inability of the personnel associated with our Adviser
                                            to maintain or develop these relationships, or the failure of these relationships to generate
                                            investment opportunities, could adversely affect our business.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may face increasing competition for investment opportunities,
                                            which could reduce returns and result in losses.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>A failure on our part to maintain qualification as a BDC
                                            would significantly reduce our operating flexibility.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Regulations that will govern our operation as a BDC and
                                            RIC may affect our ability to raise, and the way in which we raise, additional capital or
                                            borrow for investment purposes, which may have a negative effect on our growth.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Changes in laws or regulations governing our operations,
                                            including laws and regulations governing cannabis, may adversely affect our business or cause
                                            us to alter our business strategy.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Provisions of the Maryland General Corporation Law and
                                            of our charter and bylaws could deter takeover attempts and have an adverse impact on the
                                            price of our common stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may be unable to invest a significant portion of the
                                            net proceeds from this initial public offering, or any follow-on offering of shares of our
                                            common stock, on acceptable terms within an attractive time frame.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We are an &ldquo;emerging growth company,&rdquo; as defined
                                            in the Jumpstart Our Business Startups Act of 2012, or the &ldquo;JOBS Act,&rdquo; and we
                                            cannot be certain if the reduced disclosure requirements applicable to emerging growth companies
                                            will make our shares of common stock less attractive to investors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>There are significant potential conflicts of interest
                                            that could adversely impact our investment returns.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>If we borrow money, the potential for loss on amounts
                                            invested in us will be magnified and may increase the risk of investing in us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Because we intend to distribute at least 90% of our taxable
                                            income each taxable year to our stockholders in connection with our election to be treated
                                            as a RIC, we will continue to need additional capital to finance our growth.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may not be able to pay you distributions, and if we
                                            are able to pay you distributions, our distributions may not grow over time and/or a portion
                                            of our distributions may be a return of capital. A return of capital generally is a return
                                            of a stockholder&rsquo;s investment rather than a return of earnings or gains derived from
                                            our investment activities. As a result, a return of capital will (i)&nbsp;lower your tax
                                            basis in your shares and thereby increase the amount of capital gain (or decrease the amount
                                            of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii)&nbsp;reduce
                                            the amount of funds we have for investment in portfolio companies. We have not established
                                            any limit on the extent to which we may use offering proceeds to fund distributions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We will be subject to corporate-level U.S. federal income
                                            tax if we are unable to obtain and maintain qualification as a RIC under Subchapter M of
                                            the Code or do not satisfy the annual distribution requirement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our investments in portfolio companies may be risky, and
                                            we could lose all or part of our investments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We intend to invest primarily in securities that are rated
                                            below investment grade by rating agencies or that would be rated below investment grade if
                                            they were rated. Below investment grade securities, which are often referred to as &ldquo;junk,&rdquo;
                                            have predominantly speculative characteristics with respect to the issuer&rsquo;s capacity
                                            to pay interest and return principal. They may also be illiquid and difficult to value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Some of the loans in which we may invest may be &ldquo;covenant-lite&rdquo;
                                            loans, which may have a greater risk of loss as compared to investments in or exposure to
                                            loans with a complete set of financial maintenance covenants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The lack of liquidity in our investments may adversely
                                            affect our business.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Defaults by our portfolio companies would harm our operating
                                            results.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may not realize gains from our equity investments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may expose ourselves to risks if we engage in hedging
                                            transactions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We have not yet identified most of the portfolio companies
                                            we will invest in using the proceeds of this offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may enter into total return swap agreements or other
                                            derivative transactions which expose us to certain risks, including market risk, liquidity
                                            risk and other risks similar to those associated with the use of leverage.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our ability to enter into transactions involving derivatives
                                            and financial commitment transactions may be limited, among other reasons, because of the
                                            unwillingness or inability of certain financial institutions to transact with cannabis-related
                                            companies such as ourselves.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Shares of closed-end investment companies, including BDCs,
                                            may trade at a discount to their net asset value (&ldquo;NAV&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The market price of our common stock may fluctuate significantly.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Prior to our initial public offering, there will be no
                                            public market for our common stock, and we cannot assure you that the market price of shares
                                            of our common stock will not decline following our initial public offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The health and wellness sector is highly regulated and
                                            competitive.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Risks related to the cannabis and hemp industries may
                                            directly or indirectly affect us or our portfolio companies engaged in the cannabis or hemp
                                            industries.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Cannabis,
                                            except for hemp, is currently illegal under U.S. federal law and in other jurisdictions,
                                            and strict enforcement of federal laws would likely result in our inability to execute our
                                            business plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Loans
                                            to relatively new and/or small companies and companies operating in the cannabis industry
                                            generally involve significant risks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Our
                                            investment opportunities are limited by the current illegality of cannabis under U.S. federal
                                            law, and change in the laws, regulations and guidelines that impact the cannabis industry
                                            may cause adverse effects on our ability to make investments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Strict
                                            enforcement of U.S. federal laws regarding cannabis would likely result in our portfolio
                                            companies&rsquo; inability to execute a business plan in the cannabis industry, and could
                                            result in the loss of all or part of any of our loans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o </FONT></TD><TD>The
                                            nascent status of the medical and recreational cannabis industry involves unique circumstances
                                            and there can be no assurance that the industry will continue to exist or grow as currently
                                            anticipated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Any
                                            potential growth in the cannabis industry continues to be subject to new and changing state
                                            and local laws and regulations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Change
                                            in the laws, regulations and guidelines that impact our portfolio companies&rsquo; businesses
                                            may cause adverse effects on operations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Portfolio
                                            companies operating in a highly regulated business will require significant resources.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Portfolio
                                            companies may become involved in regulatory or agency proceedings, investigations and audits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Research
                                            in the United States, Canada and internationally regarding the medical benefits, viability,
                                            safety, efficacy and dosing of cannabis or isolated cannabinoids remains in relatively early
                                            stages. There have been few clinical trials on the benefits of cannabis or isolated cannabinoids
                                            conducted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>With
                                            respect to portfolio companies operating in the medical and adult-use cannabis markets, the
                                            illicit supply of cannabis and cannabis-based products may reduce such sales and impede such
                                            company&rsquo;s ability to succeed in such markets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>The
                                            cannabis industry faces significant opposition, and any negative trends may adversely affect
                                            the business operations of our portfolio companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>The
                                            cannabis industry is highly competitive and evolving.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>The
                                            technologies, process and formulations a portfolio company uses may face competition or become
                                            obsolete.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>There
                                            is uncertainty in pricing and demand for cannabis-based products.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Portfolio
                                            companies may have difficulty borrowing from or otherwise accessing the service of banks,
                                            which may make it difficult to sell products and services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Portfolio
                                            companies may be subject to product liability claims.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>We,
                                            portfolio companies or the cannabis industry more generally may receive unfavorable publicity
                                            or become subject to negative consumer or investor perception.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Third-parties
                                            with whom we do business may perceive themselves as being exposed to reputational risk by
                                            virtue of their relationship with us and may ultimately elect not to do business with us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Portfolio
                                            companies may be subject to regulatory, legal or reputational risk associated with potential
                                            misuse of their products by their customers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Certain
                                            events or developments in the cannabis industry more generally may impact our reputation
                                            or the reputation of our portfolio companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>The
                                            cannabis industry is subject to the risks inherent in an agricultural business, including
                                            the risk of crop failure.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>There
                                            may be a lack of access to U.S. bankruptcy protections for portfolio companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>U.S.
                                            federal courts may refuse to recognize the enforceability of contracts pertaining to any
                                            business operations that are deemed illegal under U.S. federal law, including cannabis companies
                                            operating legally under state law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Risk Factors&rdquo; for a more complete discussion
of these and other risks you should carefully consider before deciding to invest in our securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Material Conflicts of Interest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive officers and directors, and certain
members of our Adviser, serve or may serve as officers, directors or principals of entities that may operate in the same or a related
line of business as us or as investment funds managed by our affiliates. For example, SSC presently serves as a manager to several special
purpose acquisition companies, or SPACs.&nbsp;&nbsp;These investment vehicles under management were formed for the purpose of investing
in specific private equity transactions, which differ from our mandate.&nbsp;&nbsp;SSC and its affiliates also manage private investment
funds, and may manage other funds in the future, that have investment mandates that are similar, in whole or in part, to ours. Accordingly,
they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders.
For example, the principals of our Adviser may face conflicts of interest in the allocation of investment opportunities to us and such
other funds. The fact that our investment advisory fees are lower than those of certain other funds, could amplify this conflict of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent an investment opportunity is appropriate
for us or any other investment fund managed by our affiliates, and co-investment is not possible, SSC will adhere to its investment allocation
policy in order to determine to which entity to allocate the opportunity.&nbsp;&nbsp;Any such opportunity will be allocated first to
the entity whose investment strategy is the most consistent with the opportunity being allocated, and second, if the terms of the opportunity
are consistent with more than one entity&rsquo;s investment strategy, on an alternating basis. Although our investment professionals
will endeavor to allocate investment opportunities in a fair and equitable manner, we and our common stockholders could be adversely
affected to the extent investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated
with, our executive officers, directors and members of our Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The 1940 Act prohibits us from making certain
negotiated co-investments with affiliates, unless we receive an order from the SEC permitting us to do so. SSC and certain of its affiliates
expect to submit an exemptive application to the SEC to permit us to co-invest with other funds managed by SSC or its affiliates in a
manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements
and other pertinent factors.&nbsp;There can be no assurance that any such exemptive order will be submitted or obtained. Prior to receiving
any such exemptive order from the SEC, SSC will offer us the right to participate in all investment opportunities that it determines
are appropriate for us in view of our investment objective, policies and strategies and other relevant factors. These offers will be
subject to the exception that, in accordance with SSC&rsquo;s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">investment allocation policy, we might not participate
in each individual opportunity, but will, on an overall basis, be entitled to participate equitably with other entities managed by SSC
and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">SSC&rsquo;s policies are also designed to manage
and mitigate the conflicts of interest associated with the allocation of investment opportunities if we are able to co-invest, either
pursuant to SEC interpretive positions or an exemptive order, with other accounts managed by our Adviser and its affiliates. Generally,
under the investment allocation policy, a portion of each opportunity that is appropriate for us and any affiliated fund, which may vary
based on asset class and liquidity, among other factors, will be offered to us and such other eligible accounts, as determined by SSC.
The investment allocation policy further provides that allocations among us and other eligible accounts will generally be made in accordance
with SEC interpretive positions or an exemptive order. SSC seeks to treat all clients fairly and equitably in a manner consistent with
its fiduciary duty to each of them; however, in some instances, especially in instances of limited liquidity, the factors may not result
in pro rata allocations or may result in situations where certain accounts receive allocations where others do not. See &ldquo;Certain
Relationships and Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our principal executive offices are located at
660 Madison Avenue, Suite 1600, New York, NY 10065 and our telephone number is (212) 905-4923. We maintain a website on the internet
at ssic.silverspikecap.com. Information contained on our website is not incorporated by reference into this prospectus, and you should
not consider that information to be part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>THE
OFFERING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 41%; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"> <B>Common Stock Offered by
    Us</B> </TD>
    <TD STYLE="padding-top: 6pt; width: 59%; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"> 8,928,572 shares, excluding
    1,339,286 shares issuable pursuant to the over-allotment option granted to the underwriters. </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"> <B>Common Stock to be Outstanding After
    this Offering</B> </TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"> 8,928,958 shares, excluding 1,339,286 shares
    issuable pursuant to the over-allotment option granted to the underwriters. </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"><B>Use of Proceeds</B></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt">We plan to use the net proceeds of this offering
    primarily for loans and equity investments in accordance with our investment objective and strategies described in this prospectus
    and for general working capital purposes. We will also pay operating expenses, including management and administrative fees, and
    may pay other expenses such as due diligence expenses of potential new investments, from the net proceeds of this offering. We anticipate
    that substantially all of the net proceeds of this offering will be used for the above purposes within three to nine months from
    the consummation of this offering, depending on the availability of appropriate investment opportunities consistent with our investment
    objective and market conditions. We cannot assure you that we will achieve our targeted investment pace. Pending such investments,
    we will invest the net proceeds primarily in high-quality, short-term debt securities consistent with our BDC election and our election
    to be taxed as a RIC. See &ldquo;Use of Proceeds.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"> <B>Nasdaq Stock Market Symbol</B> </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"> &ldquo;SSIC&rdquo; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"><B>Investment Advisory Fees</B></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">SSC
                                            will serve as our investment adviser. We will pay SSC a fee for its services under the Investment
                                            Advisory Agreement consisting of two components: a base management fee and an incentive fee.
                                            The base management fee is calculated at an annual rate of 1.75% of our gross assets (i.e.,
                                            total assets held before deduction of any liabilities), which includes investments acquired
                                            with the use of leverage and excludes cash and cash equivalents. The fact that our base management
                                            fee is payable based upon our gross assets may encourage SSC to use leverage to make additional
                                            investments. The fair value of derivatives and swaps, which will not necessarily equal the
                                            notional value of such derivatives and swaps, will be included in our calculation of gross
                                            assets.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The incentive fee
        consists of two parts. The first part of the incentive fee (the &ldquo;Incentive Fee on Income&rdquo;) is calculated and payable
        quarterly in arrears and equals 20% of our &ldquo;Pre-Incentive Fee Net Investment Income&rdquo; for the quarter, subject to
        a preferred return, or &ldquo;hurdle,&rdquo; of 1.75%&nbsp;per quarter (7% annualized), and a &ldquo;catch up&rdquo; feature.
        &ldquo;Pre-Incentive Fee Net Investment Income,&rdquo; expressed as a rate of return on the value of our net assets at the end
        of the immediately preceding quarter, means interest income, dividend income and any other income (including (i) any other fees
        (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting
        fees or other fees that we</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in"></P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 41%; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 59%; padding-right: 6pt; padding-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">receive
                                            from portfolio companies, (ii) any gain realized on the extinguishment of our own debt and
                                            (iii) any other income of any kind that we are required to distribute to our stockholders
                                            in order to maintain our RIC status) accrued during the quarter, minus our operating expenses
                                            for the quarter (including the base management fee, expenses payable under our administration
                                            agreement (the &ldquo;Administration Agreement&rdquo;), and any interest expense and dividends
                                            paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive
                                            Fee Net Investment Income includes, in the case of investments with a deferred interest feature
                                            (such as original issue discount (&ldquo;OID&rdquo;), debt instruments with payment-in-kind
                                            (&ldquo;PIK&rdquo;) interest and zero coupon securities), accrued income that we have not
                                            yet received and may never receive in cash if the portfolio company is unable to satisfy
                                            its payment obligations to us. The Adviser is not obligated to return the Incentive fee on
                                            Income it receives on accrued income that is later determined to be uncollectible in cash.
                                            While we may make Incentive Fee on Income payments on income accruals that we may not collect
                                            in the future and with respect to which we do not have a &ldquo;claw back&rdquo; right against
                                            our Adviser, the amount of accrued income written off in any period will reduce our income
                                            in the period in which such write-off was taken and thereby may reduce such period&rsquo;s
                                            Incentive Fee on Income payment. The operation of the Incentive Fee on Income for each quarter
                                            is as follows:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;</P>
        <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in; text-indent: 0in">No Incentive Fee on Income
        is payable to the Adviser in any quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the &ldquo;hurdle
        rate&rdquo; of 1.75%;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;</P>
        <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in; text-indent: 0in">100% of our Pre-Incentive
        Fee Net Investment Income, if any, that exceeds the &ldquo;hurdle rate,&rdquo; but is less than or equal to 2.19% in any quarter
        (8.76% annualized), will be payable to the Adviser. We refer to this portion of our Incentive Fee on Income as the catch up.
        It is intended to provide an Incentive Fee on Income of 20% on all of our Pre-Incentive Fee Net Investment Income when our Pre-Incentive
        Fee Net Investment Income exceeds 2.19% in any quarter; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;</P>
        <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in; text-indent: 0in">For any quarter in which our
        Pre-Incentive Fee Net Investment Income exceeds 2.19%, the Incentive Fee on Income shall equal 20% of the amount of our Pre-Incentive
        Fee Net Investment Income, because the preferred return and catch up will have been achieved.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The second part of
        the incentive fee (the &ldquo;Incentive Fee on Capital Gains&rdquo;) is determined and payable in arrears as of the end of each
        fiscal year (or upon termination of the Investment Advisory Agreement) and equals 20% of our realized capital gains on a cumulative
        basis from inception through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital
        depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fees on Capital Gains.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">For purposes of computing
        the Incentive Fee on Income and the</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 41%; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 59%; padding-right: 6pt; padding-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Incentive
                                            Fee on Capital Gains, the calculation methodology will look through derivatives or swaps
                                            as if we owned the reference assets directly.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">For our
first year of operations following consummation of this offering, the Adviser has irrevocably agreed to&nbsp;waive&nbsp;the Incentive
Fee on Income and the Incentive Fee on Capital Gains, without recourse against or reimbursement by the Company. The waiver of the Incentive
Fee on Capital Gains applies only to realized capital gains on assets sold during our first year of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">See &ldquo;Investment
        Advisory Agreement &mdash; Overview of Our Investment Adviser &mdash; Management Fee.&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"><B>Administration Agreement</B></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">SSC
                                            will serve as our administrator. We will reimburse our administrator the allocable portion
                                            of overhead and other expenses incurred by our administrator in performing its obligations
                                            under the Administration Agreement, including rent and our allocable portion of the costs
                                            of compensation and related expenses of our chief financial officer (&ldquo;CFO&rdquo;) and
                                            chief compliance officer (&ldquo;CCO&rdquo;), and their respective staffs. <FONT STYLE="background-color: white">The
                                            Company and SSC also have entered into an agreement with SS&amp;C Technologies, Inc. (&ldquo;SS&amp;C&rdquo;)
                                            to perform certain administrative functions subject to the supervision of SSC. </FONT>See
                                            &ldquo;Administration Agreement.&rdquo;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt; vertical-align: top"> <B>Lock-up
    Agreements</B> </TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"> We, our officers and directors, and the
    Adviser have agreed that, for a period of 180&nbsp;days from the date of this prospectus, we and they will not, without the prior
    written consent of Stifel, Nicolaus &amp; Company, Incorporated (&ldquo;Stifel&rdquo;), dispose of or hedge any shares or any securities
    convertible into or exchangeable for our common stock. Stifel, in its sole discretion, may release any of the securities subject
    to these lock-up agreements at any time without notice. </P>


<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"><B>Distributions</B></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt">Subsequent to the completion of this offering,
    and to the extent that we have income available, we intend to make quarterly distributions to our stockholders beginning after our
    first full quarter of operations. The amount of our distributions, if any, will be determined by our Board of Directors. Any distributions
    to our stockholders will be declared out of assets legally available for distribution. We anticipate that our distributions will
    be paid from taxable earnings, including interest and capital gains generated by our investment portfolio. However, if we do not
    generate sufficient taxable earnings during any fiscal year, a portion of our distributions for such year may constitute a return
    of capital. A return of capital is a return of a portion of your original investment in shares of our common stock. As a result,
    a return of capital will (i)&nbsp;lower your tax basis in your shares and thereby increase the amount of capital gain (or decrease
    the amount of capital loss) realized upon a subsequent sale or redemption of such shares and (ii)&nbsp;reduce the amount of funds
    we have for investment in portfolio companies.&nbsp;We have not established any limit on the extent to which we may use offering
    proceeds to fund distributions. However, our Board of Directors, including a majority of our independent directors, will be required
    to determine that making return of capital distributions from our offering proceeds is in the best interests of our stockholders
    based upon our then-current financial condition and our expected future growth prospects. The specific tax characteristics of our
    distributions will be reported to stockholders after the end of each calendar year.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt"><B>Taxation</B></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; padding-right: 6pt; padding-bottom: 6pt">We intend to elect to be treated for U.S.
    federal income tax purposes, and intend to qualify annually to be treated, as a RIC</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 41%; padding-right: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 59%; padding-right: 6pt; padding-bottom: 6pt">under Subchapter M of the Code commencing with
    our first taxable year after the completion of this offering. Assuming we so qualify, we generally will not pay corporate-level federal
    income taxes on any net ordinary income or realized net capital gains that we timely distribute to our stockholders as dividends.
    To obtain and maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and
    distribute annually at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term
    capital losses, if any. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income
    in excess of current year distributions into the next tax year and pay a 4% excise tax on such income. Any such carryover taxable
    income must be distributed through a dividend declared prior to filing the final tax return related to the year which generated such
    taxable income. See &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><B>Dividend Reinvestment Plan</B></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">We have adopted a dividend reinvestment plan for our stockholders.
    The dividend reinvestment plan is an &ldquo;opt out&rdquo; reinvestment plan. As a result, if we declare a distribution, then stockholders&rsquo;
    cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically &ldquo;opt
    out&rdquo; of the dividend reinvestment plan so as to receive cash distributions. Stockholders who receive distributions in the form
    of our stock will be subject to the same federal, state and local tax consequences as stockholders who elect to receive their distributions
    in cash; however, since their cash distributions will be reinvested, such stockholders will not receive cash with which to pay any
    applicable taxes on reinvested distributions. See &ldquo;Dividend Reinvestment Plan.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"> <B>Leverage</B> </TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"> We expect to enter into a credit facility in the near future.
    The use of leverage may be considered a speculative investment technique, makes our NAV more volatile and magnifies the potential
    for gain and loss on amounts invested, thereby increasing the risks associated with investing in our securities. As a BDC, with certain
    limited exceptions, we are only allowed to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, equals
    at least 150% after such borrowing. We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we aim to have one dollar of
    equity for each $0.50 of debt outstanding). The fact that our base management fee is
    payable based upon our gross assets, which would include any investments acquired with the use of leverage, may encourage SSC to
    use leverage to make additional investments and discourage deleveraging when it would otherwise be advantageous to do so. </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><B>Anti-Takeover Provisions</B></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">Our charter and bylaws, as well as certain statutory and regulatory
    requirements, contain certain provisions that may have the effect of discouraging a third-party from attempting to acquire us. These
    anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity
    to realize a premium over the market price for our common stock. See &ldquo;Description of Our Capital Stock.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><B>Available Information</B></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">After
                                            the completion of this offering, we will be required to file periodic reports, current reports,
                                            proxy statements and other information with the SEC. This information is available on the
                                            SEC&rsquo;s website at&nbsp;<I>www.sec.gov</I>. This information is also available free of
                                            charge by contacting us at Silver Spike Investment Corp., 660 Madison Avenue, Suite 1600,
                                            New York, NY 10065, by telephone at (212) 905-4923, or on our website at&nbsp;<I>ssic.silverspikecap.com</I>&nbsp;The
                                            information on this website is not incorporated by reference into this prospectus.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></TD></TR>
</TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>FEES
AND EXPENSES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table is intended to assist you
in understanding the costs and expenses that an investor in this offering will bear directly or indirectly. We caution you that some
of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this
prospectus contains a reference to fees or expenses paid by &ldquo;you,&rdquo; &ldquo;us&rdquo; or &ldquo;Silver Spike Investment Corp.,&rdquo;
or that &ldquo;we&rdquo; will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> Stockholder transaction expenses: </TD><TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: right"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; text-align: left"> Sales load (as a percentage of offering price) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 6.00 </TD><TD STYLE="width: 1%; text-align: left"> %(1) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Offering expenses (as a percentage of offering price) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1.16 </TD><TD STYLE="text-align: left"> %(2) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> Dividend reinvestment plan fees </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> (3) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Total stockholder transaction expenses (as a percentage of offering price) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7.16 </TD><TD STYLE="text-align: left"> % </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left"> Annual expenses (as a percentage of net assets attributable to common stock): </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Management fees under Investment Advisory Agreement </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1.16 </TD><TD STYLE="text-align: left"> %(4) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> Incentive fees under Investment Advisory Agreement </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> (5) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Interest payments on borrowed funds </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> (6) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> Other expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1.24 </TD><TD STYLE="text-align: left"> %(7) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Total annual expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2.40 </TD><TD STYLE="text-align: left"> % </TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> The underwriting discounts and commissions with respect to the shares
                                            sold in this offering, which is a one-time fee, is the&nbsp;only sales load paid in connection
                                            with this offering. A sales load (underwriting discount and commission) of 2.00% will be
                                            paid on 3,571,429 shares sold to the Adviser. See &ldquo;Control Persons and Principal Stockholders.&rdquo; </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (2) </TD><TD> Amount reflects estimated offering expenses of approximately $1.45
                                            million. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The expenses of administering our dividend reinvestment plan are
                                            included in &ldquo;other expenses.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (4) </TD><TD> Reflects the aggregate amount of base management fees we estimate
                                            will be payable under our Investment Advisory Agreement during our first year of operations
                                            following consummation of this offering, or $1.36 million, which, as required by SEC rules,
                                            is calculated based on our projected net assets rather than our gross assets. Our base management
                                            fee under the Investment Advisory Agreement is calculated at an annual rate of 1.75% of our
                                            projected gross assets (i.e., total assets held before deduction of any liabilities), which
                                            includes investments acquired with the use of leverage and excludes cash and cash equivalents
                                            (as defined in the notes to our financial statements). See &ldquo;Investment Advisory Agreement
                                            &mdash; Overview of Our Investment Adviser &mdash; Management Fee.&rdquo; The fact that our
                                            base management fee is payable based upon our gross assets may encourage SSC to use leverage
                                            to make additional investments. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">The &ldquo;Management fees under Investment
Advisory Agreement&rdquo; rate in the table (the &ldquo;Table Rate&rdquo;) is lower than the base management fee rate under the Investment
Advisory Agreement (the &ldquo;Agreement Rate&rdquo;) because the Table Rate is calculated as a percentage of our projected net assets,
as required by SEC rules, whereas the Agreement Rate is a percentage of our gross assets (i.e., total assets held before deduction of
any liabilities) excluding cash and cash equivalents. We do not anticipate using leverage to make investments, but do anticipate holding
cash and cash equivalents, during our first year of operations. Accordingly, the Table Rate is calculated by dividing the estimated dollar
amount of base management fees that we will pay under the Investment Advisory Agreement during our first year of operations, which reflects
no fee paid on cash and cash equivalents, divided by our projected average net assets during our first year of operations, which include
cash and cash equivalents. The inclusion of cash and cash equivalents in the Table Rate denominator results in the Table Rate being lower
than the Agreement Rate, which reflects the division of the same numerator as for the Table Rate but by a smaller denominator because
it excludes cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Given that we have not yet commenced operations, we have not estimated
                                            the incentive fees under our Investment Advisory Agreement and have assumed this figure to
                                            be zero. Based on our current business plan, we anticipate that substantially all of the
                                            net proceeds of this offering will be invested within three to nine months depending on the
                                            availability of investment opportunities that are consistent with our investment objective
                                            and other market conditions. As a result, during our first year of operations following consummation
                                            of this offering we expect that we will not have any capital gains, but will have interest
                                            income that exceeds our quarterly hurdle rate discussed below during the second half of our
                                            first year of operations. However, for our first year of operations following consummation
                                            of this offering, the Adviser has irrevocably agreed to&nbsp;waive&nbsp;the Incentive Fee
                                            on Income and the Incentive Fee on Capital Gains, without recourse against or reimbursement
                                            by the Company. The waiver of the Incentive Fee on Capital Gains applies only to realized
                                            capital gains on assets sold during our first year of operations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0in">The incentive fee consists of two parts. The first
part of the incentive fee, the Incentive Fee on Income, which is payable quarterly in arrears, is equal to 20% of the excess, if any,
of our &ldquo;Pre-Incentive Fee Net Investment Income&rdquo; that exceeds a 1.75% quarterly (7% annualized) hurdle rate, subject to a
&ldquo;catch up&rdquo; provision measured at the end of each quarter. The Incentive Fee on Income is computed and paid on income that
may include interest that is accrued but not yet received, and may never be received, in cash. The second part of the incentive fee,
the Incentive Fee on Capital Gains, payable at the end of each fiscal year <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(or
upon termination of the Investment Advisory Agreement) in arrears, equals 20% of cumulative realized capital gains from inception to
the end of each fiscal year, less cumulative realized capital losses and unrealized capital depreciation from inception to the end of
each fiscal year, less the aggregate amount of any previously paid Incentive Fees on Capital Gains for prior periods. See &ldquo;Investment
Advisory Agreement &mdash; Overview of Our Investment Adviser &mdash; Management Fee.&rdquo;</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD><FONT STYLE="font-size: 10pt">We do not currently&nbsp;anticipate
                                            incurring indebtedness&nbsp;on our portfolio or paying any interest during the first year
                                            following completion of this offering. We also do not currently anticipate issuing any preferred
                                            stock.</FONT>&#9;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>&ldquo;Other expenses&rdquo; are based on estimated amounts for
                                            our first full year of operations and include organizational expenses of approximately $500,000.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Example</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following example demonstrates the projected
dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical $1,000 investment
in our common stock assuming (1) a 6.00% sales load (underwriting discounts and commissions) and offering expenses totaling 1.16%, (2)
total estimated annual expenses of 2.40% of net assets and (3) a 5% annual return. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 6pt; width: 11%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> 1&nbsp;Year </P></TD>
    <TD STYLE="padding-right: 6pt; width: 11%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> 3
    Years </P></TD>
    <TD STYLE="padding-right: 6pt; width: 11%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> 5
    Years </P></TD>
    <TD STYLE="padding-right: 6pt; width: 11%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> 10
    Years </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif"> You would pay the following expenses on a $1,000 investment,
    assuming a 5% annual return </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $94 </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $142 </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $192 </TD>
    <TD STYLE="padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> $329 </TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing example is intended to assist you
in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example
assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. The
incentive fee under the Investment Advisory Agreement, which, assuming a 5% annual return, would either not be payable or would have
an immaterial impact on the expense amounts shown above, is not included in the example. If we achieve sufficient returns on our investments
to trigger an incentive fee of a material amount, our expenses, and returns to our investors, would be higher. In addition, while the
example assumes reinvestment of all dividends and distributions at NAV, under certain circumstances, reinvestment of dividends and other
distributions under our dividend reinvestment plan may occur at a price per share that differs from NAV. See &ldquo;Dividend Reinvestment
Plan&rdquo; for additional information regarding our dividend reinvestment plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>This example should not be considered a representation
of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those
shown.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>RISK
FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Investing in our common stock involves a number
of significant risks. In addition to the other information contained in this prospectus, you should consider carefully the following
information before making an investment in our common stock. The risks set out below are not the only risks we face; however, they discuss
the presently known principal risks of investing in our common stock. Additional risks and uncertainties not presently known to us might
also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations
could be materially and adversely affected. In such case, our NAV and the trading price of our common stock could decline, and you may
lose part or all of your investment. The risk factors described below are the principal risk factors associated with an investment in
our common stock, as well as those factors generally associated with an investment company with investment objectives, investment policies,
capital structure or trading markets similar to ours.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Economic Conditions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Economic recessions or downturns, such as the
current recession, may have a material adverse effect on our business, financial condition and results of operations, and could impair
the ability of our portfolio companies to repay debt or pay interest.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Economic recessions or downturns may result in
a prolonged period of market illiquidity which could have a material adverse effect on our business, financial condition and results
of operations. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result
in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow
and negatively impact our operating results. In addition, uncertainty with regard to economic recovery from recessions or downturns could
also have a negative impact on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When recessionary conditions exist, such as the
current recession, the financial results of middle-market companies, like those in which we invest, typically experience deterioration,
which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Additionally, there can be
reduced demand for certain of our portfolio companies&rsquo; products and services and/or other economic consequences, such as decreased
margins or extended payment terms. Further, adverse economic conditions may decrease the value of collateral securing some of our loans
and the value of our equity investments. Such conditions may require us to modify the payment terms of our investments, including changes
in PIK interest provisions and/or cash interest rates. The performance of certain portfolio companies in the future may be negatively
impacted by these economic or other conditions, which may result in our receipt of reduced interest income from our portfolio companies
and/or realized and unrealized losses related to our investments, and, in turn, may adversely affect distributable income and have a
material adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Global economic, political and market conditions,
including downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The current global financial market situation,
as well as various social and political tensions in the United States and around the world, may contribute to increased market volatility,
may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration
in the United States and worldwide. The impact of downgrades by rating agencies to the U.S. government&rsquo;s sovereign credit rating
or its perceived creditworthiness as well as potential government shutdowns and uncertainty surrounding transfers of power could adversely
affect the U.S. and global financial markets and economic conditions. Since 2010, several European Union, or EU, countries have faced
budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. There is
concern about national-level support for the Euro and the accompanying coordination of fiscal and wage policy among European Economic
and Monetary Union member countries. In addition, the fiscal policy of foreign nations, such as Russia and China, may have a severe impact
on the worldwide and U.S. financial markets. The decision made in the United Kingdom referendum to leave the EU (the so-called &ldquo;Brexit&rdquo;)
has led to volatility in global financial markets and may lead to weakening in consumer, corporate and financial confidence in the United
Kingdom and Europe. While the United Kingdom commenced its withdrawal from the EU on January 31, 2020, the transition and its surrounding
negotiations are</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">ongoing, which creates uncertainty, which may lead
to continued volatility. Additionally, trade wars and volatility in the U.S. repo market, the U.S. high-yield bond markets, the Chinese
stock markets and global markets for commodities may affect other financial markets worldwide. In addition, while recent government stimulus
measures worldwide have reduced volatility in the financial markets, volatility may return as such measures are phased out, and the long-term
impacts of such stimulus on fiscal policy and inflation remain unknown. We cannot predict the effects of these or similar events in the
future on the U.S. and global economies and securities markets or on our investments. We monitor developments in economic, political
and market conditions and seek to manage our investments in a manner consistent with achieving our investment objective, but there can
be no assurance that we will be successful in doing so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Capital markets may experience periods of disruption
and instability. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and
abroad, which may have a negative impact on our business and operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> From time-to-time, capital markets may experience
periods of disruption and instability. During such periods of market disruption and instability, we and other companies in the financial
services sector may have limited access, if available, to alternative markets for debt and equity capital. Equity capital may be difficult
to raise because, subject to some limited exceptions which will apply to us as a BDC, we will generally not be able to issue additional
shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders
and our independent directors. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable
regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness.
We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we aim to have one dollar of equity for each $0.50 of debt outstanding). The debt capital that will be available, if at all, may be at a higher cost and on less favorable
terms and conditions in the future. Any inability to raise capital could have a negative effect on our business, financial condition
and results of operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Given the extreme volatility and dislocation
in the capital markets over the past several years, many BDCs have faced, and may in the future face, a challenging environment in which
to raise or access capital. In addition, significant changes in the capital markets, including the extreme volatility and disruption
over the past several years, has had, and may in the future have, a negative effect on the valuations of our investments and on the potential
for liquidity events involving these investments. While most of our investments are not publicly traded, applicable accounting standards
require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even
if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can adversely affect our investment
valuations. Further, the illiquidity of our investments may make it difficult for us to sell such investments if required and to value
such investments. Our use of leverage will amplify these risks, and we may be forced to liquidate our investments at inopportune times
or prices to repay debt. Consequently, we may realize significantly less than the value at which we carry our investments. An inability
to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business,
financial condition or results of operations. In addition, a prolonged period of market illiquidity may cause us to reduce the volume
of loans and debt securities we originate and/or fund and adversely affect the value of our portfolio investments, which could have a
material and adverse effect on our business, financial condition, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>There is uncertainty surrounding potential legal, regulatory
and policy changes by new presidential administrations in the United States that may directly affect financial institutions and the global
economy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of the United States presidential
election, which occurred on November 3, 2020, as of January 2021, the Democratic Party controls the executive branch of government. The
Democratic Party also currently controls both the Senate and House of Representatives portions of the legislative branch of government.
Changes in federal policy, including tax policies, and at regulatory agencies, occur over time through policy and personnel changes following
elections, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid
by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory
framework affecting financial institutions remain highly uncertain. Uncertainty surrounding future changes may adversely affect our operating
environment and therefore our business, financial condition, results of operations and growth prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to the COVID-19 Pandemic</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Global economic, political and market conditions
caused by the current public health crisis have (and in the future, could further) adversely affect our business, results of operations
and financial condition and those of our portfolio companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A novel strain of coronavirus initially appeared
in late 2019 and rapidly spread globally, including to the United States. In an attempt to slow the spread of the coronavirus, governments
around the world, including the United States, placed restrictions on travel, issued &ldquo;stay at home&rdquo; orders and ordered the
temporary closure of certain businesses, such as factories and retail stores. Such restrictions and closures impacted supply chains,
consumer demand and/or the operations of many businesses. As jurisdictions around the United States and the world continue to experience
surges in cases of COVID-19 and governments consider pausing the lifting of or re-imposing restrictions, there is considerable uncertainty
surrounding the full economic impact of the coronavirus pandemic and the long-term effects on the U.S. and global financial markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any disruptions in the capital markets, as a
result of the COVID-19 pandemic or otherwise, may increase the spread between the yields realized on risk-free and higher risk securities
and can result in illiquidity in parts of the capital markets, significant write-offs in the financial sector and re-pricing of credit
risk in the broadly syndicated market. These and any other unfavorable economic conditions could increase our funding costs, limit our
access to the capital markets or result in a decision by lenders not to extend credit to us. In addition, our success depends in substantial
part on the management, skill and acumen of our Adviser, whose operations may be adversely impacted, including through quarantine measures
and travel restrictions imposed on its investment professionals or service providers, or any related health issues of such investment
professionals or service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the restrictions and closures and
related market conditions resulted in, and if re-imposed in the future, could further result in certain portfolio companies halting or
significantly curtailing operations and negative impacts to the supply chains of certain of our portfolio companies. The financial results
of middle-market companies, like those in which we invest, experienced deterioration, which could ultimately lead to difficulty in meeting
debt service requirements and an increase in defaults, and further deterioration will further depress the outlook for those companies.
Further, adverse economic conditions may in the future decrease the value of collateral securing some of our loans and the value of our
equity investments. Such conditions may in the future require us to modify the payment terms of our investments, including changes in
PIK interest provisions and/or cash interest rates. The performance of certain of our portfolio companies in the future may be negatively
impacted by these economic or other conditions, which can result in our receipt of reduced interest income from our portfolio companies
and/or realized and unrealized losses related to our investments, and, in turn, may adversely affect distributable income and have a
material adverse effect on our results of operations. In addition, as governments ease COVID-19 related restrictions, certain of our
portfolio companies may experience increased health and safety expenses, payroll costs and other operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As the potential impact of the coronavirus remains
difficult to predict, the extent to which the coronavirus could negatively affect our and our portfolio companies&rsquo; operating results
or the duration or reoccurrence of any potential business or supply-chain disruption is uncertain. Any potential impact to our results
of operations will depend to a large extent on future developments regarding the duration and severity of the coronavirus and the actions
taken by governments (including stimulus measures or the lack thereof) and their citizens to contain the coronavirus or treat its impact,
all of which are beyond our control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>The COVID-19 pandemic has caused severe disruptions
in the global economy and has disrupted financial activity in the areas in which we or our portfolio companies operate. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The COVID-19 pandemic has resulted in widespread
outbreaks of illness and numerous deaths, adversely impacted global and U.S. commercial activity and contributed to significant volatility
in certain equity and debt markets. The global impact of the outbreak is rapidly evolving, and many countries and localities, including
the U.S. and states in which our portfolio companies operate, have reacted by instituting quarantines, prohibitions on travel and the
closure of offices, businesses, schools, retail stores and other public venues. Businesses are also implementing similar precautionary
measures. Such measures, as well as the general uncertainty surrounding the dangers and impact of the COVID-19 pandemic, have created
significant disruption in supply chains and economic activity and are having a particularly adverse impact on transportation, hospitality,
tourism, entertainment and other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">industries, including industries in which certain of our portfolio
companies operate. The impact of the COVID-19 pandemic has led to significant volatility and declines in the global public equity markets
and it is uncertain how long this volatility will continue. As the COVID-19 pandemic continues to spread, the potential impacts, including
a global, regional or other economic recession, are increasingly uncertain and difficult to assess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <FONT STYLE="background-color: white">While
countries have relaxed their public health restrictions relative to those imposed during the spring and summer of&nbsp;2020, they have
been forced to&nbsp;re-introduce&nbsp;such restrictions and business shutdowns at various points in time due to surges in the reported
number of cases, hospitalizations and deaths related to the&nbsp;COVID-19&nbsp;pandemic. Health advisors warn that recurring&nbsp;COVID-19&nbsp;outbreaks
will continue if reopening is pursued too soon or in the wrong manner, which may lead to the&nbsp;re-introduction&nbsp;or continuation
of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses,
schools, retail stores and other public venues). Additionally, as of December&nbsp;2021, travelers from certain countries were not allowed
to visit Australia or the majority of countries in Europe and Asia. These continued travel restrictions may prolong the global economic
downturn. In addition, although the Federal Food and Drug Administration authorized vaccines produced by&nbsp;Pfizer-BioNTech,</FONT>&nbsp;Moderna,
and&nbsp;Johnson<FONT STYLE="background-color: white">&nbsp;&amp; Johnson for emergency use starting in December&nbsp;2020, and over
70% of U.S. adults have been fully vaccinated as of November 2021, it remains unclear how quickly the vaccines will be distributed globally
or when &ldquo;herd immunity&rdquo; will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted
entirely. The delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at&nbsp;pre-pandemic&nbsp;levels
for a prolonged period of time. Even after the&nbsp;COVID-19&nbsp;pandemic subsides, the U.S.&nbsp;economy and most other major global
economies may continue to experience a recession, </FONT>and we anticipate our business and operations could be materially adversely
affected by a prolonged recession in the United States and other major markets<FONT STYLE="background-color: white">.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Business and Structure</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We have no operating history and our Adviser
is a newly registered investment adviser under the Advisers Act, with no history of managing BDCs and limited history of making credit
investments in the nascent cannabis industry.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were formed in January 2021 and have not yet
commenced operations. As a result of a lack of operating history, we are subject to many of the business risks and uncertainties associated
with recently formed businesses, including the risk that we will not achieve our investment objective and that the value of your investment
could decline substantially. Our team also has limited history working together in making credit investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, our Adviser is a newly registered
investment adviser under the Advisers Act, with no history of managing BDCs. The 1940 Act imposes numerous constraints on the operations
of BDCs that do not apply to the other types of investment vehicles. For example, under the 1940 Act, BDCs are generally required to
invest at least 70% of their total assets primarily in securities of qualifying U.S. private or thinly traded companies. The failure
to comply with these provisions in a timely manner could prevent us from qualifying as a BDC, which could be material. The Adviser&rsquo;s
lack of experience in managing a portfolio of assets under such constraints may hinder our ability to take advantage of attractive investment
opportunities and, as a result, achieve our investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>You will not have the opportunity to evaluate the economic
merits, transaction terms or other financial or operational data concerning our investments prior to purchasing shares of our common
stock. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You will not have the opportunity to evaluate
the economic merits, transaction terms or other financial or operational data concerning our investments prior to purchasing shares of
our common stock. You must rely on our investment professionals and the Board of Directors to implement our investment policies, to evaluate
our investment opportunities and to structure the terms of our investments. Because investors are not able to evaluate our investments
in advance of purchasing shares of our common stock, an investment in shares of our common stock may entail more risk than other types
of offerings. This additional risk may hinder your ability to achieve your own personal investment objective related to portfolio diversification,
risk-adjusted investment returns and other objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Changes in interest rates, changes in the method
for determining LIBOR and the potential replacement of LIBOR may affect our cost of capital and net investment income.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General interest rate fluctuations and changes
in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and,
accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income, our NAV and the
market price of our common stock. A substantial portion of our debt investments will have variable interest rates that reset periodically
based on benchmarks such as LIBOR (or successors thereto) and the prime rate. An increase in interest rates may make it more difficult
for our portfolio companies to service their obligations under the debt investments that we will hold and increase defaults even where
our investment income increases. Rising interest rates could also cause borrowers to shift cash from other productive uses to the payment
of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults.
Additionally, as interest rates increase and the corresponding risk of a default by borrowers increases, the liquidity of higher interest
rate loans may decrease as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk
of a default by the borrower and the heightened risk of a loss of an investment in such loans. Decreases in credit spreads on debt that
pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that
pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that
have longer maturities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Conversely, if interest rates decline, borrowers
may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns
on the investment, as well as require our Adviser and the investment professionals to incur management time and expense to re-deploy
such proceeds, including on terms that may not be as favorable as our existing loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, because we may borrow to fund our
investments, a portion of our net investment income is dependent upon the difference between the interest rate at which we borrow funds
and the interest rate at which we invest these funds. Portions of our investment portfolio and our borrowings may have floating rate
components. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income.
In periods of rising interest rates, our cost of funds could increase, which would reduce our net investment income. We may hedge against
interest rate fluctuations by using standard hedging instruments such as interest rate swap agreements, futures, options and forward
contracts, subject to applicable legal requirements, including all necessary registrations (or exemptions from registration) with the
Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;). These activities may limit our ability to participate in the benefits of lower
interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions
could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of concerns about the accuracy of
the calculation of LIBOR, a number of British Bankers&rsquo; Association, or BBA, member banks entered into settlements with certain
regulators and law enforcement agencies with respect to the alleged manipulation of LIBOR. Actions by the BBA, regulators or law enforcement
agencies as a result of these or future events, may result in changes to the manner in which LIBOR is determined or the establishment
of alternative reference rates. Potential changes, or uncertainty related to such potential changes may adversely affect the market for
LIBOR-based securities, including investments in any LIBOR-indexed, floating-rate debt securities and our borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In July 2017, the head of the United Kingdom
Financial Conduct Authority (the &ldquo;FCA&rdquo;) announced the desire to phase out the use of LIBOR by the end of 2021. On&nbsp;March
5, 2021, the FCA announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative
(a) immediately after December 31, 2021, in the case of the 1-week and 2-month U.S. dollar settings, and (b) immediately after&nbsp;June
30, 2023, in the case of the remaining U.S. dollar settings. The U.S. Federal Reserve, in conjunction with the Alternative Reference
Rates Committee, a steering committee composed of large U.S. financial institutions, is considering replacing U.S.-dollar LIBOR with
the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities.
Although there have been a few issuances utilizing SOFR or the Sterling Over Night Index Average, an alternative reference rate that
is based on transactions, it is unknown whether these alternative reference rates will attain market acceptance as replacements for LIBOR.
Any transition away from LIBOR to alternative reference rates is complex and could have a material adverse effect on our business, financial
condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation
for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective
loan documentation or modifications to processes and systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">A general increase in interest rates will likely
have the effect of increasing our net investment income, which would make it easier for our Adviser to receive Incentive Fees on Income.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any general increase in interest rates would
likely have the effect of increasing the interest rate that we receive on many of our debt investments. Accordingly, a general increase
in interest rates may make it easier for our Adviser to meet the quarterly hurdle rate for payment of Incentive Fees on Income under
the Investment Advisory Agreement and may result in a substantial increase in the amount of the Incentive Fees on Income payable to our
Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">A significant portion of our investment portfolio
will be recorded at fair value as determined in good faith by our Board of Directors and, as a result, there will be uncertainty as to
the value of our portfolio investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the 1940 Act, we are required to carry
our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in good faith
by our Board of Directors. Typically, there is not a public market for the securities of the privately held companies in which we will
invest. As a result, we value these securities quarterly at fair value as determined in good faith by our Board of Directors. The fair
value of such securities may change, potentially materially, between the date of the fair value determination by our Board of Directors
and the release of the financial results for the corresponding period or the next date at which fair value is determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain factors that may be considered in determining
the fair value of our investments include the nature and realizable value of any collateral, the portfolio company&rsquo;s earnings and
its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable
publicly traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private
securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our
determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed.
In addition, any investments that include OID or PIK interest may have unreliable valuations because their continuing accruals require
ongoing judgments about the collectability of their deferred payments and the value of their underlying collateral. Due to these uncertainties,
our fair value determinations may cause our NAV on a given date to materially understate or overstate the value that we may ultimately
realize upon the sale of one or more of our investments. As a result, investors purchasing our common stock based on an overstated NAV
would pay a higher price than the realizable value of our investments might warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the participation of the investment
professionals in the valuation process, and the indirect pecuniary interest of Scott Gordon, our Chief Executive Officer and an interested
member of our Board of Directors, and Gregory Gentile, our Chief Financial Officer and Chief Compliance Officer, in the Adviser could
result in a conflict of interest as the management fee payable to our Adviser is based on our gross assets and the Incentive Fees on
Capital Gains payable to the Adviser will be based, in part, on unrealized losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our ability to achieve our investment objective
will depend on our Adviser&rsquo;s ability to support our investment process; if our Adviser were to lose key personnel or they were
to resign, our ability to achieve our investment objective could be significantly harmed.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We depend on the investment expertise, skill
and network of business contacts of the senior personnel of our Adviser. Our Adviser evaluates, negotiates, structures, executes, monitors
and services our investments. Key personnel of our Adviser have departed in the past and current key personnel could depart at any time.
Our Adviser&rsquo;s capabilities in structuring the investment process, providing competent, attentive and efficient services to us,
and facilitating access to financing on acceptable terms depend on the employment of investment professionals in adequate number and
of adequate sophistication to match the corresponding flow of transactions. The departure of key personnel or of a significant number
of the investment professionals or partners of our Adviser could have a material adverse effect on our ability to achieve our investment
objective. Our Adviser may need to hire, train,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">supervise and manage new investment professionals
to participate in our investment selection and monitoring process and may not be able to find investment professionals in a timely manner
or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, without payment of any penalty,
the Adviser may generally terminate the Investment Advisory Agreement upon 60 days&rsquo; written notice. If we are unable to quickly
find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services
on acceptable terms, our operations are likely to experience a disruption and our ability to achieve our investment objective and pay
distributions would likely be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our business model depends to a significant
extent upon strong referral relationships, and the inability of the personnel associated with our Adviser to maintain or develop these
relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that personnel associated with our
Adviser will maintain and develop their relationships with intermediaries, banks and other sources, and we will rely to a significant
extent upon these relationships to provide us with potential investment opportunities. If these individuals fail to maintain their existing
relationships or develop new relationships with other sources of investment opportunities, we may not be able to grow or maintain our
investment portfolio. In addition, individuals with whom the personnel associated with our Adviser have relationships are not obligated
to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities
for us. The failure of the personnel associated with our Adviser to maintain existing relationships, grow new relationships, or for those
relationships to generate investment opportunities could have an adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may face increasing competition for investment
opportunities, which could reduce returns and result in losses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We compete for investments with other BDCs, public
and private funds (including hedge funds, mezzanine funds and CLOs) and private equity funds (to the extent they provide an alternative
form of financing), as well as traditional financial services companies such as commercial and investment banks, commercial financing
companies and other sources of financing. Many of our competitors are substantially larger and have considerably greater financial, technical
and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that
are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have.
These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer
better pricing and more flexible structuring than we are able to do. We may lose investment opportunities if we do not match our competitors&rsquo;
pricing, terms and structure. If we are forced to match our competitors&rsquo; pricing, terms and structure, we may not be able to achieve
acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size
of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors
are not subject to, the regulatory restrictions that the 1940 Act imposes on us as a BDC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our ability to enter into transactions with
our affiliates is restricted.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are prohibited under the 1940 Act from participating
in certain transactions with certain of our affiliates without the prior approval of our independent directors and, in some cases, the
SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the
1940 Act, and we are generally prohibited from buying or selling any securities (other than our securities) from or to such affiliate,
absent the prior approval of our independent directors. The 1940 Act also prohibits certain &ldquo;joint&rdquo; transactions with certain
of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior
approval of our independent directors and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will
be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to such person or certain
of that person&rsquo;s affiliates, or entering into prohibited joint transactions with such person, absent the prior approval of the
SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. As a result of these
restrictions, except in situations described below, we may be prohibited from buying or selling any security (other than any security
of which we are the issuer) from or to any portfolio company of a private fund managed by our Adviser without the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">prior approval of the SEC, which may limit the scope
of investment opportunities that would otherwise be available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may also invest alongside funds managed by
our Adviser and its affiliates in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations.
For example, we may invest alongside such accounts consistent with guidance promulgated by the staff of the SEC permitting us and such
other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including
that our Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price. See &ldquo;Certain Relationships
and Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">A failure on our part to maintain qualification
as a BDC would significantly reduce our operating flexibility.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to continuously qualify as a BDC,
we might be subject to regulation as a registered closed-end investment company under the 1940 Act, which would significantly decrease
our operating flexibility. In addition, failure to comply with the requirements imposed on Business Development Companies by the 1940
Act could cause the SEC to bring an enforcement action against us. For additional information on the qualification requirements of a
BDC, see the disclosure under the caption &ldquo;Regulation&nbsp;&mdash; Business Development Company Regulations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Regulations that will govern our operation
as a BDC and RIC may affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes,
which may have a negative effect on our growth.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to qualify for the tax benefits available
to RICs and to minimize corporate-level U.S. federal income taxes, we intend to distribute to our stockholders at least 90% of our taxable
income each taxable year, except that we may retain certain net capital gains for investment, and treat such amounts as deemed distributions
to our stockholders. If we elect to treat any amounts as deemed distributions, we would be subject to income taxes at the corporate rate
on such deemed distributions on behalf of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a BDC, we are required to invest at least
70% of our total assets primarily in securities of U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government
securities and other high-quality debt instruments that mature in one year or less from the date of investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As a BDC, we may issue &ldquo;senior securities,&rdquo;
including borrowing money from banks or other financial institutions only in amounts such that our asset coverage, as defined in the
1940 Act, equals at least 150% after such incurrence or issuance. We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we
aim to have one dollar of equity for each $0.50 of debt outstanding). These requirements limit
the amount that we may borrow, may unfavorably limit our investment opportunities and may reduce our ability in comparison to other companies
to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. If the value of our assets
declines, we may be unable to satisfy the asset coverage test, which could prohibit us from paying distributions and could prevent us
from being subject to tax as a RIC. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments
and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because we will continue to need capital to grow
our investment portfolio, these limitations may prevent us from incurring debt and require us to raise additional equity at a time when
it may be disadvantageous to do so. As a result of these requirements we need to periodically access the capital markets to raise cash
to fund new investments at a more frequent pace than our privately owned competitors. We generally are not able to issue or sell our
common stock at a price below NAV per share, which may be a disadvantage as compared with other public companies or private investment
funds. When our common stock trades at a discount to NAV, this restriction could adversely affect our ability to raise capital. We may,
however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current NAV of the common
stock if our Board of Directors and independent directors determine that such sale is in our best interests and the best interests of
our stockholders, and our stockholders as well as those stockholders that are not affiliated with us approve such sale in accordance
with the requirements of the 1940 Act. In any such case, the price at which our securities are to be issued and sold may not be less
than a price that, in the determination of our Board of Directors, closely approximates the market value of such securities (less any
underwriting commission or discount). We cannot assure you that equity financing will be available to us on favorable terms, or at all.&nbsp;&nbsp;If
additional funds are not available to us, we could be forced to curtail or cease new investment activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also may make rights offerings to our stockholders
at prices less than NAV, subject to applicable requirements of the 1940 Act. If we raise additional funds by issuing more shares of our
common stock or issuing senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders
may decline at that time and such stockholders may experience dilution. Moreover, we can offer no assurance that we will be able to issue
and sell additional equity securities in the future, on terms favorable to us or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we may in the future seek to securitize
our portfolio securities to generate cash for funding new investments. To securitize loans, we would likely create a wholly owned subsidiary
and contribute a pool of loans to the subsidiary. We would then sell interests in the subsidiary on a non-recourse basis to purchasers
and we would retain all or a portion of the equity in the subsidiary. An inability to successfully securitize our loan portfolio could
limit our ability to grow our business or fully execute our business strategy and may decrease our earnings, if any. The securitization
market is subject to changing market conditions and we may not be able to access this market when we would otherwise deem appropriate.
Moreover, the successful securitization of our portfolio might expose us to losses as the residual investments in which we do not sell
interests will tend to be those that are riskier and more apt to generate losses. The 1940 Act also may impose restrictions on the structure
of any securitization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Incentive Fee on Capital Gains may be effectively
greater than 20%.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of the operation of the cumulative
method of calculating the Incentive Fee on Capital Gains that we will pay to our Adviser, the cumulative aggregate capital gains fee
that will be received by our Adviser could be effectively greater than 20%, depending on the timing and extent of subsequent net realized
capital losses or net unrealized depreciation. For additional information on this calculation, see the disclosure in footnote 2 to Example
2 under the caption &ldquo;Investment Advisory Agreement&nbsp;&mdash; Management Fee&nbsp;&mdash; Incentive Fee.&rdquo; We cannot predict
whether, or to what extent, this anticipated payment calculation would affect your investment in shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our Board of Directors may change our investment
objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors has the authority to modify
or waive our current investment objective, operating policies and strategies without prior notice and without stockholder approval. We
cannot predict the effect any changes to our current investment objective, operating policies and strategies would have on our business,
NAV, operating results and value of our stock. However, the effects might be adverse, which could negatively impact our ability to pay
you distributions and cause you to lose part or all of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Changes in laws or regulations governing our
operations, including laws and regulations governing cannabis, may adversely affect our business or cause us to alter our business strategy.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and our anticipated portfolio companies will
be subject to regulation at the local, state and federal level, including laws and regulations governing cannabis by state and federal
governments. See &ldquo;&mdash; Risks Related to the Cannabis and Hemp Industries&rdquo; below. New legislation may be enacted or new
interpretations, rulings or regulations could be adopted, including those governing the types of investments we may be permitted to make
or that impose limits on our ability to pledge a significant amount of our assets to secure loans or that restrict the operations of
a portfolio company, any of which could harm us and our stockholders and the value of our investments, potentially with retroactive effect.
For example, certain provisions of the Dodd-Frank Act, which influences many aspects of the financial services industry, have been amended
or repealed and the Code has been substantially amended and reformed. Any amendment or repeal of legislation, or changes in regulations
or regulatory interpretations thereof, could create uncertainty in the near term, which could have a material adverse impact on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, any changes to the laws and regulations
governing our operations relating to permitted investments may cause us to alter our investment strategy in order to avail ourselves
of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth herein and
may result in our investment focus shifting from the areas of expertise of our Adviser to other types of investments in which our Adviser
may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our
results of operations and the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Provisions of the Maryland General Corporation Law and
of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.</I></B></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"> The Maryland General Corporation Law (&ldquo;MGCL&rdquo;),
our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control or the removal of
our directors. Under our charter, certain charter amendments and certain transactions such as a merger, conversion of the Company to
an open-end company, liquidation, or other transactions that may result in a change of control of us, must be approved by stockholders
entitled to cast at least 80% of the votes entitled to be cast on such matter, unless the matter has been approved by at least two-thirds
of our &ldquo;continuing directors,&rdquo; as defined in our charter. Also, we are subject to Subtitle 6 of Title 3 of the MGCL, the
Maryland Business Combination Act, subject to any applicable requirements of the 1940 Act. Our Board of Directors has adopted a resolution
exempting from the Maryland Business Combination Act any business combination between us and any other person, subject to prior approval
of such business combination by our Board of Directors, including approval by a majority of our directors who are not &ldquo;interested
persons,&rdquo; as defined in the 1940 Act. If the resolution exempting business combinations is repealed or our Board of Directors does
not approve a business combination, the Maryland Business Combination Act may discourage third parties from trying to acquire control
of us and increase the difficulty of consummating such a transaction. We are subject to Subtitle 7 of Title 3 of the MGCL, the Maryland
Control Share Acquisition Act. The Maryland Control Share Acquisition Act also may make it more difficult for a third party to obtain
control of us and increase the difficulty of consummating such a transaction. Our bylaws provide that the Maryland Control Share Acquisition
Act does not apply to shares acquired by our Adviser and/or our Adviser&rsquo;s affiliates. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have also adopted other measures that may make
it difficult for a third party to obtain control of us, including provisions of our charter classifying our Board of Directors in three
classes serving staggered three-year terms; majority voting for directors in contested elections; and provisions of our charter authorizing
our Board of Directors to classify or reclassify shares of our stock in one or more classes or series, including preferred shares, to
cause the issuance of additional shares of our stock of any class or series, and to amend our charter, without stockholder approval,
to increase or decrease the number of shares of stock of any class or series that we have authority to issue. These provisions, as well
as other provisions of our charter and bylaws, may delay, defer or prevent a transaction or a change in control that could give the holders
of our shares the opportunity to realize a premium over the value of our shares or otherwise be in their best interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Our Board of Directors is authorized to reclassify any
unissued shares of common stock into one or more classes or series of stock, including preferred stock, which could convey special rights
and privileges to its owners.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As noted above, under the MGCL and our charter,
our Board of Directors is authorized to classify and reclassify any authorized but unissued shares of stock&nbsp;into one or more classes
or series of stock, including preferred stock.&nbsp;The cost of any such reclassification would be borne by our existing stockholders.
Prior to issuance of shares of each class or series, our Board of Directors will be required by the MGCL and our charter to set the preferences,
conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms
or conditions of redemption for each class or series.&nbsp;Thus, our Board of Directors could authorize the issuance of shares of preferred
stock with terms and conditions that could have&nbsp;the effect of delaying, deferring or preventing a transaction or a change in control
that might involve a premium price for holders of our common stock or otherwise be in their best interest.&nbsp;Certain matters under
the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock.&nbsp;For example, holders of preferred
stock would vote as a separate class from the holders of common stock on a proposal to cease operations as a BDC.&nbsp;In addition, the
1940 Act provides that holders of preferred stock are entitled to vote separately from holders of common stock to elect two preferred
stock directors.&nbsp;The issuance of preferred shares convertible into shares of common stock may also reduce the net income and net
asset value per share of our common stock upon conversion; <FONT STYLE="background-color: white">provided, that we will only be permitted
to issue such convertible preferred stock to the extent we comply with the requirements of Section&nbsp;61 of the 1940 Act, including
obtaining common stockholder approval</FONT>.&nbsp;These effects, among others, could have an adverse effect on an investment in our
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Our bylaws include an exclusive forum selection provision,
which could limit our stockholders&rsquo; ability to obtain a favorable judicial forum for disputes with us or our directors, officers,
employees or other agents.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our bylaws require that, unless we consent in writing
to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that court does not have jurisdiction, the United
States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (a)&nbsp;any derivative
action or proceeding brought on our behalf, (b) any Internal Corporate Claim, as such term is defined in the MGCL,&nbsp;(c) any action
asserting a claim of breach of any duty owed by any of our directors, officers, employees or other agents to us or to our stockholders,
(d)&nbsp;any action asserting a claim against us or any of our directors, officers, employees or other agents arising pursuant to any
provision of the MGCL or our charter or bylaws, or (e)&nbsp;any other action asserting a claim against us or any of our directors, officers,
employees or other agents that is governed by the internal affairs doctrine. The exclusive forum selection provision will not apply to
claims arising under the federal securities laws, or any other claim for which the federal courts have exclusive jurisdiction. The exclusive
forum selection provision <FONT STYLE="background-color: white">may increase&nbsp;</FONT>costs&nbsp;for a shareholder to bring a claim
and may&nbsp;discourage&nbsp;claims or limit shareholders&rsquo; ability to bring a claim in a judicial forum that they find&nbsp;favorable.
It is also possible that a court could rule that the provision is inapplicable or unenforceable. If this occurred, we may incur additional
costs associated with resolving such action in another forum, and/or the other forum may incorrectly apply or interpret the applicable
Maryland law (in a manner that is adverse to us), which could materially adversely affect our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We are subject to risks associated with communications
and information systems.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We depend on the communications and information
systems of our Adviser and its affiliates as well as certain third-party service providers. As these systems became more important to
our business, the risks posed to these communications and information systems have continued to increase. Any failure or interruption
in these systems could cause disruptions in our activities, including because we do not maintain any such systems of our own. In addition,
these systems are subject to potential attacks, including through adverse events that threaten the confidentiality, integrity or availability
of our information resources. These attacks, which may include cyber incidents, may involve a third-party gaining unauthorized access
to our communications or information systems for purposes of misappropriating assets, stealing confidential information related to our
operations or portfolio companies, corrupting data or causing operational disruption. Any such attack could result in disruption to our
business, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and
insurance costs, litigation and damage to our business relationships, any of which could have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may be unable to invest a significant portion
of the net proceeds from this initial public offering, or any follow-on offering of shares of our common stock, on acceptable terms within
an attractive time frame.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Delays in investing the net proceeds raised in
this initial public offering or any follow-on offering of shares of our common stock may cause our performance to be worse than that
of other fully invested Business Development Companies or other lenders or investors pursuing comparable investment strategies. We cannot
assure you that we will be able to identify any investments that meet our investment objective or that any investment that we make will
produce a positive return. We may be unable to invest the net proceeds of this initial public offering or any follow-on offering on acceptable
terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We anticipate that, depending on market conditions,
it may take us a substantial period of time to invest substantially all of the net proceeds of this initial public offering, or any follow-on
offering, in securities meeting our investment objective. During this period, we will invest the net proceeds from this initial public
offering or any follow-on offering primarily in high-quality, short-term debt securities, consistent with our BDC election and our election
to be taxed as a RIC, at yields significantly below the returns which we expect to achieve when our portfolio is fully invested in securities
meeting our investment objective. As a result, any distributions that we pay during this period may be substantially lower than the distributions
that we may be able to pay when our portfolio is fully invested in securities meeting our investment objective. In addition, until such
time as the net proceeds of this initial public offering or any follow-on offering are invested in securities meeting our investment
objective, the market price for our common stock may decline. Thus, the return on your investment may be lower than when, if ever, our
portfolio is fully invested in securities meeting our investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may experience fluctuations in our quarterly
results.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may experience fluctuations in our quarterly
results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria,
the interest rate payable on the debt securities we may acquire, changes in accrual status of our portfolio company investments, distributions,
the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to
which we encounter competition in our market and general economic conditions. As a result of these factors, results for any period should
not be relied upon as being indicative of performance in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We are an &ldquo;emerging growth company&rdquo;
and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares of common
stock less attractive to investors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &ldquo;emerging growth company,&rdquo;
as defined in the Jumpstart Our Business Startups Act of 2012, or the &ldquo;JOBS Act.&rdquo; As a result, we intend to take advantage
of the exemption for emerging growth companies allowing us to temporarily forgo the auditor attestation requirements of Section&nbsp;404(b)
of the Sarbanes-Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley Act.&rdquo;). We cannot predict if investors will find shares of our common
stock less attractive because we will rely on this exemption. If some investors find our shares of common stock less attractive as a
result, there may be a less active trading market for our shares and our share price may be more volatile. We will remain an emerging
growth company until the earlier of (a)&nbsp;the last day of the fiscal year (i)&nbsp;following the fifth anniversary of the completion
of this offering, (ii)&nbsp;in which we have total annual gross revenue of at least $1.07 billion, or (iii)&nbsp;in which we are deemed
to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700 million
as of the end of our prior second fiscal quarter, and (b)&nbsp;the date on which we have issued more than $1 billion in non-convertible
debt during the prior three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Section 107 of the JOBS Act also
provides that an &ldquo;emerging growth company&rdquo; can take advantage of the extended transition period provided in Section 7(a)(2)(B)
of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) for complying with new or revised accounting standards.
In other words, an &ldquo;emerging growth company&rdquo; can delay the adoption of certain accounting standards until those standards
would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised
accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements
may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in"><B><I>Our status as an &ldquo;emerging growth
company&rdquo; under the JOBS Act may make it more difficult to raise capital as and when we need it.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Because of the exemptions
from various reporting requirements provided to us as an &ldquo;emerging growth company&rdquo; and because we will have an extended transition
period for complying with new or revised financial accounting standards, we may be less attractive to investors and it may be difficult
for us to raise additional capital as and when we need it. Investors may be unable to compare our business with other companies in our
industry if they believe that our financial accounting is not as transparent as other companies in our industry. If we are unable to
raise additional capital as and when we need it, our financial condition and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">If we fail to maintain an effective system of
internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result,
stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of
our common stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Effective internal controls over financial reporting
are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed
to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could
cause us to fail to meet our reporting obligations. We may identify deficiencies in our internal control over financial reporting in
the future, including significant deficiencies and material weaknesses. A &ldquo;significant deficiency&rdquo; is a deficiency, or a
combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important
enough to merit attention by those responsible for oversight of a company&rsquo;s financial reporting. A &ldquo;material weakness&rdquo;
is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility
that a material misstatement of the company&rsquo;s annual or interim financial statements will not be prevented or detected on a timely
basis. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, any testing by us conducted in connection
with Section&nbsp;404 of the Sarbanes-Oxley Act, or the subsequent testing by our independent registered public accounting firm (when
undertaken, as noted below), may reveal deficiencies in our internal control over financial reporting that are deemed to be material
weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention
or improvement. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which
could have a negative effect on the trading price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be required to disclose changes made
in our internal control on financial reporting on a quarterly basis and our management will be required to assess the effectiveness of
these controls annually. However, for as long as we are an &ldquo;emerging growth company&rdquo; under the JOBS Act, our independent
registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting
pursuant to Section&nbsp;404. We could be an emerging growth company for up to five years. An independent assessment of the effectiveness
of our internal controls could detect problems that our management&rsquo;s assessment might not detect. Undetected material weaknesses
in our internal controls could lead to financial statement restatements and require us to incur the expense of remediation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We will incur significant costs as a result
of being a publicly traded company.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a publicly traded company, we will incur legal,
accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities
are registered under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), as well as additional corporate
governance requirements, including requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC and the listing
standards of the Nasdaq Stock Market. Upon ceasing to qualify as an emerging growth company under the JOBS Act, our independent registered
public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section&nbsp;404
of the Sarbanes-Oxley Act, which will increase costs associated with our periodic reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Conflicts of Interests</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our incentive fee may induce our Adviser to
make speculative investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The incentive fee that will be payable by us
to our Adviser may create an incentive for our Adviser to make investments on our behalf that are risky or more speculative than would
be the case in the absence of such compensation arrangement, which could result in higher investment losses, particularly during cyclical
economic downturns. The Incentive Fee on Income is based on a percentage of our net investment income (subject to a hurdle rate), which
may encourage our Adviser to use leverage to increase the return on our investments or otherwise manipulate our income so as to recognize
income in quarters where the hurdle rate is exceeded and may result in an obligation for us to pay an Incentive Fee on Income to the
Adviser even if we have incurred a loss for an applicable period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Incentive Fee on Income that will be payable
by us to our Adviser also may create an incentive for our Adviser to invest on our behalf in instruments that have a deferred interest
feature. Under these investments, we would accrue the interest over the life of the investment but would not receive the cash income
from the investment until the end of the investment&rsquo;s term, if at all. Our net investment income used to calculate the Incentive
Fee on Income, however, will include accrued interest. Thus, a portion of the Incentive Fee on Income would be based on income that we
will have not yet received in cash and may never receive in cash if the portfolio company is unable to satisfy such interest payment
obligation to us. The Adviser is not obligated to return the Incentive Fee on Income it receives on accrued interest that is later determined
to be uncollectible in cash. While we may make Incentive Fee on Income payments on income accruals that we may not collect in the future
and with respect to which we do not have a &ldquo;claw back&rdquo; right against our Adviser, the amount of accrued income written off
in any period will reduce our income in the period in which such write-off was taken and thereby may reduce such period&rsquo;s Incentive
Fee on Income payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our Adviser may be entitled to receive
an Incentive Fee on Capital Gains based upon net capital gains realized on our investments. Unlike the Incentive Fee on Income, there
will be no performance threshold applicable to the Incentive Fee on Capital Gains. As a result, our Adviser may have a tendency to invest
more in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result
in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly
during economic downturns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Given the subjective nature of the investment
decisions made by our Adviser on our behalf, we will be unable to monitor these potential conflicts of interest between us and our Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our base management fee may induce our Adviser
to incur leverage.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our base management fee will be payable based
upon our gross assets, which would include any borrowings for investment purposes, and which may encourage our Adviser to use leverage
to make additional investments. Given the subjective nature of the investment decisions that our Adviser may make on our behalf and the
discretion related to incurring leverage in connection with any such investments, we will be unable to monitor this potential conflict
of interest between us and our Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">There are significant potential conflicts of
interest that could adversely impact our investment returns.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive officers and directors, and certain
members of our Adviser, serve or may serve as officers, directors or principals of entities that may operate in the same or a related
line of business as us or as investment funds managed by our affiliates. For example, SSC presently serves as a manager to several special
purpose acquisition companies, or SPACs.&nbsp;These investment vehicles under management were formed for the purpose of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">investing in specific private equity transactions,
which differ from our mandate.&nbsp;&nbsp;SSC and its affiliates also manage private investment funds, and may manage other funds in
the future, that have investment mandates that are similar, in whole or in part, to ours. Therefore, there may be certain investment
opportunities that satisfy the investment criteria for us as well as private investment funds advised by SSC or its affiliates. In addition,
SSC and its affiliates may have obligations to investors in other entities that they advise or sub-advise, the fulfillment of which might
not be in the best interests of us or our stockholders. An investment in us is not an investment in any of these other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For example, the personnel of our Adviser may
face conflicts of interest in the allocation of investment opportunities to us and such other funds and accounts. Moreover, the Adviser
and the investment professionals are engaged in other business activities which divert their time and attention. The investment professionals
will devote as much time to us as such professionals deem appropriate to perform their duties in accordance with the Investment Advisory
Agreement. However, such persons may be committed to providing investment advisory and other services for other clients, and engage in
other business ventures in which we have no interest. As a result of these separate business activities, the Adviser may have conflicts
of interest in allocating management time, services and functions among us, other advisory clients and other business ventures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">SSC has investment allocation guidelines that
govern the allocation of investment opportunities among the investment funds and accounts managed or sub-advised by SSC and its affiliates.
To the extent an investment opportunity is appropriate for us or any other investment fund or account managed or sub-advised by SSC or
its affiliates, SSC will adhere to its investment allocation guidelines in order to determine a fair and equitable allocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although SSC will endeavor to allocate investment
opportunities in a fair and equitable manner, we and our common stockholders could be adversely affected to the extent investment opportunities
are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and
members of our Adviser. We might not participate in each individual opportunity, but will, on an overall basis, be entitled to participate
equitably with other entities managed by SSC and its affiliates. SSC seeks to treat all clients fairly and equitably such that none receive
preferential treatment vis-&agrave;-vis the others over time, in a manner consistent with its fiduciary duty to each of them; however,
in some instances, especially in instances of limited liquidity, the factors may not result in pro rata allocations or may result in
situations where certain funds or accounts receive allocations where others do not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Investment Advisory Agreement,
our Adviser&rsquo;s liability is limited and we are required to indemnify our Adviser against certain liabilities. This may lead our
Adviser to act in a riskier manner in performing its duties and obligations under the Investment Advisory Agreement than it would if
it were acting for its own account, and creates a potential conflict of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Administration Agreement, SSC
furnishes us with the facilities, including our principal executive office, and administrative services necessary to conduct our day-to-day
operations. We pay SSC its allocable portion of overhead and other expenses incurred by SSC in performing its obligations under the Administration
Agreement, including, without limitation, a portion of the rent at market rates and the compensation of our CFO and CCO and their respective
staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Use of Leverage and Credit Facilities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">If we borrow money, the potential for loss
on amounts invested in us will be magnified and may increase the risk of investing in us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Borrowings, also known as leverage, magnify the
potential for loss on invested equity capital. If we use leverage to partially finance our investments, through borrowings from banks
and other lenders, you will experience increased risks of investing in our common stock, including the likelihood of default. If the
value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged.
Similarly, any decrease in our income would cause our net income to decline more sharply than it would have had we not borrowed. To the
extent we incur additional leverage, these effects would be further magnified, increasing the risk of investing in us. Such a decline
could negatively affect our ability to make common stock distributions or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">scheduled debt payments. Leverage is generally considered
a speculative investment technique and we only intend to use leverage if expected returns will exceed the cost of borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As a BDC, under the 1940 Act we generally
are not permitted to incur indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at
least 150%. For example, under a 150% asset coverage ratio a BDC may borrow $2 for investment purposes of every $1 of investor equity.
We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we aim to have one dollar of equity for each $0.50 of debt outstanding. If we were to incur such leverage, our NAV will decline more sharply if the value of our
assets declines than if we had not incurred such leverage. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Any credit facility we may enter into in the
future would likely subject all or significant amounts of our assets to security interests and if we default on our obligations under
such a credit facility, we may suffer adverse consequences, including foreclosure on our assets.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we enter into a secured credit facility, all
or significant amounts of our assets would likely be pledged as collateral to secure borrowings thereunder. If we default on our obligations
under such a facility, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their
security interests or their superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding
borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover,
such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which we
intend to operate. As a result, we could be forced to curtail or cease new investment activities and lower or eliminate the dividends
that we intend to pay to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if the lenders exercise their right
to sell the assets pledged under a secured credit facility, such sales may be completed at distressed sale prices, thereby diminishing
or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under such facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>The current period of capital markets disruption and
economic uncertainty may make it difficult to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness
and any failure to do so could have a material adverse effect on our business, financial condition or results of operations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Current market conditions may make it difficult
to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do
so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may
be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in
rising rate environments. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for
increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing
commitments to our portfolio companies. An inability to extend the maturity of, or refinance, our existing indebtedness or obtain new
indebtedness could have a material adverse effect on our business, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to obtain new indebtedness or refinance
existing indebtedness may be limited because of the unwillingness or inability of certain financial institutions to transact with cannabis-related
companies such as ourselves, and we may be forced to liquidate our investments at inopportune times or prices to repay debt. See&ldquo;&mdash;
Risks Related to the Cannabis and Hemp Industries&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Distributions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Because we intend to distribute at least 90%
of our taxable income each taxable year to our stockholders in connection with our election to be treated as a RIC, we will continue
to need additional capital to finance our growth.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to qualify for the tax benefits available
to RICs and to minimize corporate-level U.S. federal income taxes, we intend to distribute to our stockholders at least 90% of our taxable
income each taxable year, except that we may retain certain net capital gains for investment, and treat such amounts as deemed distributions
to our stockholders. If we elect to treat any amounts as deemed distributions, we would be subject to income taxes at the corporate rate
applicable to net capital gains on such deemed distributions on behalf of our stockholders. As a result of these requirements, we will
likely need to raise capital from other sources to grow our business. Because we will</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">continue to need capital to grow our investment
portfolio, these limitations together with the asset coverage requirements applicable to us may prevent us from incurring debt and require
us to raise additional equity at a time when it may be disadvantageous to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may not be able to pay you distributions,
our distributions may not grow over time and/or a portion of our distributions may be a return of capital. A return of capital generally
is a return of a stockholder&rsquo;s investment rather than a return of earnings or gains derived from our investment activities. As
a result, a return of capital will (i)&nbsp;lower your tax basis in your shares and thereby increase the amount of capital gain (or decrease
the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii)&nbsp;reduce the amount of funds we
have for investment in portfolio companies. We have not established any limit on the extent to which we may use offering proceeds to
fund distributions.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to pay distributions to our stockholders
out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to
sustain a specified level of cash distributions or periodic increases in cash distributions. In addition, the inability to satisfy the
asset coverage test applicable to us as a BDC can limit our ability to pay distributions. All distributions will be paid at the discretion
of our Board of Directors and will depend on our earnings, our financial condition, maintenance of our ability to be subject to tax as
a RIC, compliance with applicable BDC regulations and such other factors as our Board of Directors may deem relevant from time to time.
We cannot assure you that we will pay distributions to our stockholders in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When we make distributions, our distributions
generally will be treated as dividends for U.S. federal income tax purposes to the extent such distributions are paid out of our current
or accumulated earnings and profits. Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable
return of capital to the extent of a stockholder&rsquo;s basis in our stock and, assuming that a stockholder holds our stock as a capital
asset, thereafter as a capital gain. A return of capital generally is a return of a stockholder&rsquo;s investment rather than a return
of earnings or gains derived from our investment activities. Moreover, we may pay all or a substantial portion of our distributions from
the proceeds of the sale of shares of our common stock or from borrowings in anticipation of future cash flow, which could constitute
a return of stockholders&rsquo; capital and will lower such stockholders&rsquo; tax basis in our shares, which may result in increased
tax liability to stockholders when they sell or otherwise dispose of such shares. The tax liability incurred by such stockholders upon
the sale or other disposition of shares of our common stock may increase even if such shares are sold at a loss. Distributions from offering
proceeds also could reduce the amount of capital we ultimately have available to invest in portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We will be subject to corporate-level U.S federal
income tax if we are unable to obtain and maintain our qualification as a RIC under Subchapter M of the Code or do not satisfy the annual
distribution requirement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To obtain and maintain our status as a RIC and
be relieved of U.S. federal taxes on income and gains distributed to our stockholders, we must meet the following annual distribution,
income source and asset diversification requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The annual
                                            distribution requirement will be satisfied if we distribute to our stockholders each taxable
                                            year an amount generally at least equal to 90% of the sum of our net taxable income plus
                                            realized net short-term capital gains in excess of realized net long-term capital losses,
                                            if any. Because we may use debt financing, we are subject to an asset coverage ratio requirement
                                            under the 1940 Act and we may be subject to certain financial covenants under our debt arrangements
                                            that could, under certain circumstances, restrict us from making distributions necessary
                                            to satisfy the annual distribution requirement. If we are unable to obtain cash from other
                                            sources, we could fail to qualify for RIC tax treatment and thus could become subject to
                                            corporate-level income tax.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The 90% gross
                                            income test will be satisfied if we earn at least 90% of our gross income for each taxable
                                            year from dividends, interest, gains from the sale of stock or securities or similar sources.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The diversification
                                            test will be satisfied if, at the end of each quarter of our taxable year, at least 50% of
                                            the value of our assets consist of cash, cash equivalents, U.S.&nbsp;government securities,
                                            securities of other RICs, and other acceptable securities; and no more than 25% of the value
                                            of our assets can be invested in the securities, other than U.S.&nbsp;government securities
                                            or securities of other RICs, of one issuer, of two or more issuers that are controlled, as
                                            determined under applicable Code rules, by us and that are engaged in the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">same or similar or related trades or businesses
or of certain &ldquo;qualified publicly traded partnerships.&rdquo; Failure to meet these requirements may result in our having to dispose
of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies,
and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could cause us to incur
substantial losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to be treated as a RIC and are subject
to entity-level U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount
of income available for distribution and the amount of our distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may have difficulty paying our required
distributions if we are required to recognize income for U.S. federal income tax purposes before or without receiving cash representing
such income.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For U.S. federal income tax purposes, we generally
may be required to include in income certain amounts that we will have not yet received in cash, such as OID or certain income accruals
on contingent payment debt instruments, which may occur if we receive warrants in connection with the origination of a loan or possibly
in other circumstances. Such OID is generally required to be included in income before we receive any corresponding cash payments. In
addition, our loans may contain PIK interest provisions. Any PIK interest, computed at the contractual rate specified in each loan agreement,
is generally required to be added to the principal balance of the loan and recorded as interest income. We also may be required to include
in income certain other amounts that we do not receive, and may never receive, in cash. To avoid the imposition of corporate-level tax
on us, this non-cash source of income may need to be distributed to our stockholders in cash or, in the event we determine to do so,
in shares of our common stock, even though we may have not yet collected and may never collect the cash relating to such income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Since, in certain cases, we may recognize income
before or without receiving cash representing such income, we may have difficulty meeting the annual distribution requirement necessary
to be relieved of entity-level U.S. federal taxes on income and gains distributed to our stockholders. Accordingly, we may have to sell
or otherwise dispose of some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or
equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail
to satisfy the annual distribution requirement and thus become subject to corporate-level U.S. federal income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may in the future choose to pay distributions
partly in our own stock, in which case you may be subject to tax in excess of the cash you receive.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may distribute taxable distributions that
are payable in part in our stock. In accordance with certain applicable U.S. Treasury regulations and other related administrative pronouncements
issued by the Internal Revenue Service, or the IRS, a RIC may be eligible to treat a distribution of its own stock as fulfilling its
RIC distribution requirements if each stockholder is permitted to elect to receive his or her entire distribution in either cash or stock
of the RIC, subject to the satisfaction of certain guidelines. If too many stockholders elect to receive cash (which generally may not
be less than 20% of the value of the overall distribution), each stockholder electing to receive cash must receive a pro rata amount
of cash (with the balance of the distribution paid in stock). If these and certain other requirements are met, for U.S. federal income
tax purposes, the amount of the distribution paid in stock generally will be equal to the amount of cash that could have been received
instead of stock. Taxable stockholders receiving such distributions will be required to include the full amount of the distribution as
ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the
extent of their share of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S.&nbsp;stockholder
may be subject to tax with respect to such distributions in excess of any cash received. If a U.S.&nbsp;stockholder sells the stock it
receives as a distribution in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to
the distribution, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S.&nbsp;stockholders,
we may be required to withhold U.S.&nbsp;tax with respect to such distributions, including in respect of all or a portion of such distribution
that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares of our stock in order to
pay taxes owed on distributions, such sales may put downward pressure on the trading price of our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Investments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our investments in portfolio companies may
be risky, and we could lose all or parts of our investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="text-indent: 0.25in; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
companies in which we intend to invest will typically be highly leveraged, and, in most cases, our investments in such companies will
not be rated by any rating agency. If such investments were rated, we believe that they would likely receive a rating from a nationally
recognized statistical rating organization of below investment grade (i.e., below BBB- or Baa), which is often referred to as &ldquo;high-yield&rdquo;
and &ldquo;junk.&rdquo; Exposure to below investment grade securities involves certain risks, and those securities are viewed as having
predominately speculative characteristics with respect to the issuer&rsquo;s capacity to pay interest and repay principal. In addition,
some of the loans in which we may invest may be &ldquo;covenant-lite&rdquo; loans. We use the term &ldquo;covenant-lite&rdquo; loans
to refer generally to loans that do not have a complete set of financial maintenance covenants.&nbsp;Generally, &ldquo;covenant-lite&rdquo;
loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means
they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the
borrower&rsquo;s financial condition.&nbsp;Accordingly, to the extent we invest in &ldquo;covenant-lite&rdquo; loans, we may have fewer
rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans
with a complete set of financial maintenance covenants. Investing in middle-market companies involves a number of significant risks.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of our debt investments may consist of
debt securities for which issuers are not required to make principal payments until the maturity of such debt securities, which could
result in a substantial loss to us if such issuers are unable to refinance or repay their debt at maturity. Increases in interest rates
may affect the ability of our portfolio companies to repay debt or pay interest, which may in turn affect the value of our portfolio
investments, and our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Among other things, portfolio companies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may have limited
                                            financial resources, may have limited or negative EBITDA and may be unable to meet their
                                            obligations under their debt instruments that we hold, which may be accompanied by a deterioration
                                            in the value of any collateral and a reduction in the likelihood of us realizing any guarantees
                                            from subsidiaries or affiliates of our portfolio companies that we may have obtained in connection
                                            with our investments, as well as a corresponding decrease in the value of the equity components
                                            of our investments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may have shorter
                                            operating histories, narrower product lines, smaller market shares and/or significant customer
                                            concentrations than larger businesses, which tend to render them more vulnerable to competitors&rsquo;
                                            actions and market conditions, as well as general economic downturns;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may operate
                                            in regulated industries and/or provide services to federal, state or local governments, or
                                            operate in industries that provide services to regulated industries or federal, state or
                                            local governments, any of which could lead to delayed payments for services or subject the
                                            company to changing payment and reimbursement rates or other terms;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may not have
                                            collateral sufficient to pay any outstanding interest or principal due to us in the event
                                            of a default by these companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are more likely
                                            to depend on the management talents and efforts of a small group of people; therefore, the
                                            death, disability, resignation or termination of one or more of these persons could have
                                            a material adverse impact on our portfolio company and, in turn, on us;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may have difficulty
                                            borrowing or otherwise accessing the capital markets to fund capital needs, which may be
                                            more acute because such companies are operating in the cannabis industry, and which limit
                                            their ability to grow or repay outstanding indebtedness at maturity (see &ldquo;&mdash; Risks
                                            Related to the Cannabis and Hemp Industries&rdquo; below);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may not have
                                            audited financial statements or be subject to the Sarbanes-Oxley Act and other rules that
                                            govern public companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>generally have
                                            less predictable operating results, may from time to time be parties to litigation, may be
                                            engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence,
                                            and may require substantial additional capital to support their operations, finance expansion
                                            or maintain their competitive position;&nbsp;and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>generally have
                                            less publicly available information about their businesses, operations and financial condition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These factors may make certain of our portfolio
companies more susceptible to the adverse effects of the COVID-19 pandemic and resulting government regulations. As a result of the limitations
associated with certain portfolio companies, we must therefore rely on the ability of our Adviser to obtain adequate information through
due diligence to evaluate the creditworthiness and potential returns from investing in these companies. In addition, certain of our officers
and directors may serve as directors on the boards of such companies. To the extent that litigation arises out of our investments in
these companies, our officers and directors may be named as defendants in such litigation, which could result in an expenditure of funds
(through our indemnification of such officers and directors) and the diversion of management time and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finally, as noted above, little public information
generally exists about privately owned companies, and these companies may not have third-party debt ratings or audited financial statements.
We must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness
and potential returns from investing in these companies. Additionally, these companies and their financial information will not generally
be subject to the Sarbanes-Oxley Act and other rules that govern public companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">To the extent OID and PIK interest constitute
a portion of our income, we may be exposed to higher risks with respect to such investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our investments may include OID and contractual
PIK interest, which typically represents contractual interest added to a loan balance and due at the end of such loan&rsquo;s term. To
the extent OID or PIK interest constitute a portion of our income, we will be exposed to typical risks associated with such income being
required to be included in taxable and accounting income prior to receipt of cash, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>OID and PIK
                                            instruments may have higher yields, which reflect the payment deferral and credit risk associated
                                            with these instruments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>OID and PIK
                                            accruals may create uncertainty about the source of our distributions to stockholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>OID and PIK
                                            instruments may have unreliable valuations because their continuing accruals require continuing
                                            judgments about the collectability of the deferred payments and the value of the collateral;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>OID and PIK
                                            instruments may represent a higher credit risk than coupon loans; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our net investment
                                            income used to calculate the Incentive Fee on Income will include OID and PIK interest, and
                                            the Adviser is not obligated to return the Incentive Fee on Income it receives on OID and
                                            PIK interest that is later determined to be uncollectible in cash.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">If we acquire the securities and obligations
of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses,
uncertainty with respect to satisfaction of debt, lower-than-expected investment values or income potentials and resale restrictions.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may acquire the securities and other obligations
of distressed or bankrupt companies. At times, distressed debt obligations may not produce income and may require us to bear certain
extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment.
Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished,
particularly where the portfolio company has negative EBITDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also will be subject to significant uncertainty
as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied, whether through liquidation,
an exchange offer or a plan of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">reorganization involving the distressed debt securities
or a payment of some amount in satisfaction of the obligation. In addition, even if an exchange offer is made or plan of reorganization
is adopted with respect to distressed debt held by us, there can be no assurance that the securities or other assets received by us in
connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated
when the investment was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, any securities received by us upon
completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations
with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from
disposing of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our portfolio companies may prepay loans, which
may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The loans we anticipate holding in our investment
portfolio may be prepaid at any time, generally with little advance notice. Whether a loan is prepaid will depend both on the continued
positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the
ability to replace existing financing with less expensive capital. As market conditions change, we do not know when, and if, prepayment
may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce our achievable yield if the capital returned
cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The lack of liquidity in our investments may
adversely affect our business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to invest in companies whose securities
are not publicly traded, and whose securities are subject to legal and other restrictions on resale or are otherwise less liquid than
publicly traded securities. In fact, all of our assets may be invested in illiquid securities. The illiquidity of these investments may
make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our
portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments and suffer
losses. Our investments are usually subject to contractual or legal restrictions on resale or are otherwise illiquid because there is
usually no established trading market for such investments. In addition, we may also face restrictions on our ability to liquidate our
investments if our Adviser or any of its affiliates have material nonpublic information regarding the portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may not have the funds or ability to make
additional investments in our portfolio companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After our initial investment in a portfolio company,
we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment
through a follow-on investment. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments.
Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on
a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful
operation, may reduce the expected yield on the investment or may impair the value of our investment in any such portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Portfolio companies may be highly leveraged.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We invest primarily in first lien loans issued
by middle-market companies. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior
to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payments of interest or principal
on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in
the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking
senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution.
After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to
us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions
with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant
portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our portfolio companies may incur debt that
ranks equally with, or senior to, some of our investments in such companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will invest primarily in senior secured loans,
including unitranche and second lien debt instruments, as well as unsecured debt instruments, issued by our portfolio companies. If we
invest in unitranche, second lien, or unsecured debt instruments, our portfolio companies typically may be permitted to incur other debt
that ranks equally with, or senior to, such debt instruments. By their terms, such debt instruments may provide that the holders are
entitled to receive payment of interest or principal on or before the dates on which we will be entitled to receive payments in respect
of the debt securities in which we will invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy
of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled
to receive payment in full before we receive any distribution in respect of our investment. In such cases, after repaying such senior
creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking
equally with debt securities in which we will invest, we would have to share on an equal basis any distributions with other creditors
holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The disposition of our investments may result
in contingent liabilities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the disposition of an investment
in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical
of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the
extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may
result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions
previously made to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">There may be circumstances where our debt investments
could be subordinated to claims of other creditors or we could be subject to lender liability claims.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even though we may structure some of our investments
as senior loans, if one of our portfolio companies were to enter bankruptcy proceedings, a bankruptcy court might re-characterize our
debt investment and subordinate all or a portion of our claim to that of other creditors, depending on the facts and circumstances, including
the extent to which we actually provide managerial assistance to that portfolio company. We may also be subject to lender liability claims
for actions taken by us with respect to a borrower&rsquo;s business or instances where we exercise control over the borrower. It is possible
that we could become subject to a lender&rsquo;s liability claim, including as a result of actions taken in rendering significant managerial
assistance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Second priority liens on collateral securing
loans that we may make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is
a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain loans that we make to portfolio companies
may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens
on the collateral secure the portfolio company&rsquo;s obligations under any outstanding senior debt and may secure certain other future
debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured
by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any
realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of
liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that
the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by
the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds
are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent
not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company&rsquo;s remaining assets,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The rights we may have with respect to the collateral
securing the loans we may make to portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or
more inter-creditor agreements that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">we enter into with the holders of senior debt. Under
such an inter-creditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any
of the following actions may be taken with respect to the collateral and will be at the direction of the holders of the obligations secured
by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to
control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and
waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights
are adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">If we make unsecured debt investments, we may
lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery
than more senior debtholders in the event such portfolio companies default on their indebtedness.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may make unsecured debt investments in portfolio
companies. Unsecured debt investments are unsecured and junior to other indebtedness of the portfolio company. As a consequence, the
holder of an unsecured debt investment may lack adequate protection in the event the portfolio company becomes distressed or insolvent
and will likely experience a lower recovery than more senior debtholders in the event the portfolio company defaults on its indebtedness.
In addition, unsecured debt investments of middle-market companies are often highly illiquid and in adverse market conditions may experience
steep declines in valuation even if they are fully performing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>We may need to foreclose on loans that are
in default, which could result in losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may find it necessary to foreclose on loans
that are in default. Foreclosure processes are often lengthy and expensive, and state court foreclosure processes and other creditors&rsquo;
remedies with respect to cannabis companies are largely untested. Results of foreclosure processes or other exercises of creditors&rsquo;
rights may be uncertain, as claims may be asserted by the relevant borrower or by other creditors or investors in such borrower that
interfere with enforcement of our rights, such as claims that challenge the validity or enforceability of our loan or the priority or
perfection of our security interests. Our borrowers may resist foreclosure actions or other remedies by asserting numerous claims, counterclaims
and defenses against us, including, without limitation, lender liability claims and defenses, even when the assertions may have no merit,
in an effort to prolong the foreclosure action or other remedy and seek to force us into a modification or buy-out of our loan for less
than we are owed. Additionally, the transfer of certain collateral to us may be limited or prohibited by applicable laws and regulations.
See &ldquo;&mdash;The loans that we expect to make may be secured by collateral that is, and will be, subject to extensive regulations,
such that if such collateral was foreclosed upon those regulations may result in significant costs and materially and adversely affect
our business, financial condition, liquidity and results of operations.&rdquo; For transferable collateral, foreclosure or other remedies
available may be subject to certain laws and regulations, including the need for regulatory disclosure and/or approval of such transfer.
If federal law were to change to permit cannabis companies to seek federal bankruptcy protection, the applicable borrower could file
for bankruptcy, which would have the effect of staying the foreclosure actions and delaying the foreclosure processes and potentially
result in reductions or discharges of debt owed to us. Foreclosure may create a negative public perception of the collateral, resulting
in a diminution of its value. Even if we are successful in foreclosing on collateral securing our loan, the liquidation proceeds upon
sale of the collateral may not be sufficient to recover our loan. Any costs or delays involved in the foreclosure or a liquidation of
the collateral will reduce the net proceeds realized and, thus, increase the potential for loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event a borrower defaults on any of its
obligations to us and such debt obligations are equitized, we may not have the ability to hold such equity interests legally under federal
law, which may result in additional losses on our loans to such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>The loans that we expect to make may be secured by collateral
that is, and will be, subject to extensive regulations, such that if such collateral was foreclosed upon those regulations may result
in significant costs and materially and adversely affect our business, financial condition, liquidity and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The loans that we expect to make may be secured
by collateral that is, and will be, subject to various legal and regulatory requirements, and we would be subject to such requirements
if such collateral was foreclosed upon. Due to current legal requirements, we will not own equity securities in companies that are not
compliant with all applicable laws and regulations within the jurisdiction in which they are located or operate, including federal laws,
nor will we own any real estate used in cannabis-related operations in violation of state or federal law. While our loan agreements and
related mortgages provide for foreclosure remedies, receivership remedies and/or other remedies that would allow us to cause the sale
or other realization of collateral, the regulatory requirements and statutory prohibitions related to equity investments in cannabis
companies and real property used in cannabis-related operations may cause significant delays or difficulties in realizing upon the expected
value of such collateral. In addition, applicable legal requirements may prevent us from possessing or realizing the value of other collateral
securing our loans, such as cannabis licenses, cannabis inventory or cannabis merchandise. Our inability to realize the full value of
such collateral could have a material adverse effect on our business, financial condition, liquidity and results of operations. We may
also be disadvantaged in a foreclosure process or other exercise of creditors&rsquo; rights relative to other creditors that are able
to hold such collateral. We make no assurance that existing regulatory policies will not materially and adversely affect the value or
availability to us of all such collateral, or our standing relative to other creditors that are able to hold such collateral, or that
additional regulations will not be adopted that would increase such potential material adverse effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Certain assets of our borrowers may not be used as collateral
or transferred to us due to applicable state laws and regulations governing the cannabis industry, and such restrictions could negatively
impact our profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each state that has legalized cannabis in some
form has adopted its own set of laws and regulations that differ from one another. In particular, laws and regulations differ among states
regarding the collateralization or transferability of cannabis-related assets, such as cannabis licenses, cannabis inventory, and ownership
interests in licensed cannabis companies. Some state laws and regulations where our borrowers operate may prohibit the collateralization
or transferability of certain cannabis-related assets. Other states may allow the collateralization or transferability of cannabis-related
assets, but with restrictions, such as meeting certain eligibility requirements, utilization of state receiverships, and/or upon approval
by the applicable regulatory authority. Prohibitions or restrictions on our or others&rsquo; ability to acquire, own or hold certain
cannabis-related assets securing the loans of our borrowers could have a material adverse effect on our business, financial condition,
liquidity and results of operations. In addition, because the sales of such assets may be forced upon the borrower when time may be of
the essence and available to a limited number of potential purchasers, the sales prices may be less than the prices that could be obtained
with more time and/or in a larger market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>The market value of properties and equipment securing
our loans may decrease upon foreclosure if they cannot be used for cannabis related operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Properties and equipment used for cannabis operations,
particularly cultivation and manufacturing facilities and equipment, are generally more valuable than if used for other purposes. If
we foreclose on any properties or equipment securing our loans, the inability to sell the property or equipment to a licensed cannabis
company for a similar use may significantly decrease the market value of the foreclosed property or equipment, thereby having a material
adverse effect on our business, financial condition, liquidity and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may incur greater risk with respect to investments
we acquire through assignments or participations of interests.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we intend to originate a substantial
portion of our loans, we may acquire loans through assignments or participations of interests in such loans. The purchaser of an assignment
typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with
respect to such debt obligation. However, the purchaser&rsquo;s rights can be more restricted than those of the assigning institution,
and we may not be able to unilaterally enforce all rights and remedies under an assigned debt obligation and with regard to any associated
collateral. A participation typically results in a contractual relationship only with the institution participating out the interest
and not directly with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and
lending institutions. In purchasing participations, we generally will have no right to enforce compliance by the borrower with the terms
of the loan agreement against the borrower, and we may not directly benefit from the collateral supporting the debt obligation in which
we have purchased the participation. As a result, we will be exposed to the credit risk of both the borrower and the institution selling
the participation. Further, in purchasing participations in lending syndicates, we will not be able to conduct the same level of due
diligence on a borrower or the quality of the loan with respect to which we are buying a participation as we would conduct if we were
investing directly in the loan. This difference may result in us being exposed to greater credit or fraud risk with respect to such loans
than we expected when initially purchasing the participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We generally do not expect to control our portfolio
companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We generally do not expect to control our portfolio
companies. As a result, we may be subject to the risk that a portfolio company may make business decisions with which we disagree and
the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that
do not serve our interests as a debt investor, including actions that could decrease the value of our investment. Due to the lack of
liquidity for our anticipated investments, we may not be able to dispose of our interests in our portfolio companies as readily as we
would like or at an appropriate valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Defaults by our portfolio companies would harm
our operating results.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A portfolio company&rsquo;s failure to satisfy
financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and
foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company&rsquo;s
ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek
recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio
company. <FONT STYLE="background-color: white">In addition, some of the loans in which we may invest may be &ldquo;covenant-lite&rdquo;
loans. We use the term &ldquo;covenant-lite&rdquo; loans to refer generally to loans that do not have a complete set of financial maintenance
covenants. Generally, &ldquo;covenant-lite&rdquo; loans provide borrower companies more freedom to negatively impact lenders because
their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the
borrower, rather than by a deterioration in the borrower&rsquo;s financial condition. Accordingly, to the extent we invest in &ldquo;covenant-lite&rdquo;
loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments
in or exposure to loans with </FONT>a complete set of <FONT STYLE="background-color: white">financial maintenance covenants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may write down the value of a portfolio company
investment upon the worsening of the financial condition of the portfolio company or in anticipation of a default, which could also have
a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our portfolio companies may experience financial
distress and our investments in such companies may be restricted.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our portfolio companies may experience financial
distress from time to time. Debt investments in such companies may cease to be income-producing, may require us to bear certain expenses
to protect our investment and may subject us to uncertainty as to when, in what manner and for what value such distressed debt will eventually
be satisfied, including through liquidation, reorganization or bankruptcy. Any restructuring can fundamentally alter the nature of the
related investment, and restructurings may not be subject to the same underwriting standards that our Adviser employs in connection with
the origination of an investment. In addition, we may write down the value of our investment in any such company to reflect the status
of financial distress and future prospects of the business. Any restructuring could alter, reduce or delay the payment of interest or
principal on any investment, which could delay the timing and reduce the amount of payments made to us. For example, if an exchange offer
is made or plan of reorganization is adopted with respect to the debt securities we currently hold, there can be no assurance that the
securities or other assets received by us in connection with such exchange offer or plan of reorganization will have a value or income
potential similar to what we anticipated when our original investment was made or even at the time of restructuring. Restructurings of
investments might also result in extensions of the term thereof, which could delay the timing of payments made to us, or we may receive
equity securities, which may require significantly more of our management&rsquo;s time and attention or carry restrictions on their disposition.
We cannot assure you that any particular restructuring strategy pursued by our Adviser will maximize the value of or recovery on any
investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may not realize gains from our equity investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain investments we may make may include warrants
or other equity securities. In addition, we may make direct equity investments in companies. Our goal is ultimately to realize gains
upon our disposition of such equity interests. However, the equity interests we may receive may not appreciate in value and, in fact,
may decline in value. Accordingly, we may not be able to realize gains from the equity interests we may hold, and any gains that we do
realize on the disposition of any such equity interests may not be sufficient to offset any other losses we may experience. We also may
be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization
or public offering, which would allow us to sell the underlying equity interests. We may seek puts or similar rights to give us the right
to sell our equity securities back to the portfolio company issuer. We may be unable to exercise these put rights for the consideration
provided in our investment documents if the issuer is in financial distress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We are subject to certain risks associated
with foreign investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may make investments in foreign companies.
Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S.&nbsp;companies. These
risks include changes in foreign exchange rates, exchange control regulations, political and social instability, expropriation, imposition
of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs,
less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations,
lack of uniform accounting and auditing standards and greater price volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Foreign investment risk may be particularly high
to the extent that we invest in securities of issuers&nbsp;based in&nbsp;or securities denominated in the currencies of emerging market
countries. These securities&nbsp;may present market, credit, currency, liquidity, legal, political and other risks different from, and
greater than, the risks of investing in developed foreign countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, such foreign investments generally
do not constitute &ldquo;qualifying assets&rdquo; under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our success will depend, in part, on our ability
to anticipate and effectively manage these and other risks. We cannot assure you that these and other factors will not have a material
adverse effect on our business as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may expose ourselves to risks if we engage
in hedging transactions.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to applicable provisions of the 1940
Act and applicable regulations promulgated by the CFTC, we may enter into hedging transactions, which may expose us to risks associated
with such transactions. Such hedging may utilize instruments such as forward contracts, currency options and interest rate swaps, caps,
collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions and amounts due under any
credit facility from changes in currency and market interest rates. Use of these hedging instruments may include counterparty credit
risk. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values
of such positions and amounts due under any credit facility or prevent losses if the values of such positions decline. However, such
hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such
portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions
should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally
anticipated that we are not able to enter into a hedging transaction at an acceptable price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The success of any hedging transactions, if any,
will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions
to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in interest rates may result in poorer overall
investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price
movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover,
for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the
portfolio holdings or credit facilities being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge
and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting
the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of
factors not related to currency fluctuations. See also &ldquo;&mdash;&nbsp;Changes in interest rates, changes in the method for determining
LIBOR and the potential replacement of LIBOR may affect our cost of capital and net investment income.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We are a non-diversified investment company
within the meaning of the 1940 Act, and therefore have few restrictions with respect to the proportion of our assets that may be invested
in securities of a single industry or issuer.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are classified as a non-diversified investment
company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our
assets that we may invest in securities of a single industry or issuer, excluding limitations on investments in other investment companies.
To the extent that we assume large positions in the securities of a small number of industries or issuers, our NAV may fluctuate to a
greater extent than that of a diversified investment company as a result of changes in the financial condition or the market&rsquo;s
assessment of the security, industry or issuer. We may also be more susceptible to any single economic or regulatory occurrence than
a diversified investment company. Beyond RIC diversification requirements, we will not have fixed guidelines for diversification, and
our investments could be concentrated in relatively few industries or issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We have not yet identified most of the portfolio
companies we will invest in using the proceeds of this offering.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not yet identified most of the portfolio
investments that we will acquire with the proceeds of this offering. We have significant flexibility in investing the net proceeds of
this offering and any future offering, and may do so in a way with which you may not agree. Additionally, our Adviser will select our
investments subsequent to the closing of this offering, and our stockholders will have no input with respect to such investment decisions.
Further, other than general limitations that may be included in a future credit facility, the holders of our debt securities will generally
not have veto power or a vote in approving any changes to our investment or operational policies. These factors increase the uncertainty,
and thus the risk, of investing in our common stock. In addition, pending such investments, we will invest the net proceeds from this
offering primarily in high-quality, short-term debt securities, consistent with our BDC election and our election to be taxed as a RIC,
at yields significantly below the returns which we expect to achieve when our portfolio is fully invested in securities meeting our investment
objective. If we are not able to identify or gain access to suitable investments, our income may be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><B><I>We may enter into total return
swap agreements which expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with
the use of leverage.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may enter into a total return swap (&ldquo;TRS&rdquo;)
directly or through a wholly-owned financing subsidiary. A TRS is a contract in which one party agrees to make periodic payments to another
party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities
or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively
adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such
security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than
are offered through more traditional borrowing arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A TRS may enable us to obtain the economic benefit
of owning assets subject to the TRS, without actually owning them, in return for an interest type payment to the counterparty. As such,
the TRS would be analogous to us borrowing funds to acquire assets and incurring interest expense to a lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A TRS is subject to market risk, liquidity risk
and risk of imperfect correlation between the value of the TRS and the assets underlying the TRS. In addition, we may incur certain costs
in connection with a TRS that could in the aggregate be significant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A TRS is also subject to the risk that a counterparty
will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. We may be
required to post cash collateral amounts to secure our obligations to the counterparty under a TRS. The counterparty, however, may not
be required to collateralize any of its obligations to us under a TRS. We would bear the risk of depreciation with respect to the value
of the assets underlying a TRS and may be required under the terms of a TRS to post additional collateral on a dollar-for-dollar basis
in the event of depreciation in the value of the underlying assets after such value decreases below a specified amount. The amount of
collateral required to be posted by us would be determined primarily on the basis of the aggregate value of the underlying assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the counterparty chooses to exercise its termination
rights under a TRS, it is possible that, because of adverse market conditions existing at the time of such termination, we will owe more
to the counterparty (or will be entitled to receive less from the counterparty) than we would otherwise have if we controlled the timing
of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, because a TRS is a form of synthetic
leverage, such arrangements are subject to risks similar to those associated with the use of leverage. See &ldquo;&mdash;&thinsp;Risks
Related to Our Use of Leverage and Credit Facilities&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The fair value of a TRS, which will not necessarily
equal the notional value of such TRS, will be included in our calculation of gross assets for purposes of computing the base management
fee. For purposes of computing the Incentive Fee on Income and the Incentive Fee on Capital Gains, the calculation methodology will look
through any TRS as if we owned the reference assets directly. See &ldquo;Investment Advisory Agreement &mdash; Overview of Our Investment
Adviser &mdash; Management Fee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of the asset coverage ratio test
applicable to the Company as a BDC, the Company treats the outstanding notional amount of a TRS, less the initial amount of any cash
collateral required to be posted by the Company or its wholly-owned financing subsidiary under the TRS, as a senior security for the
life of that instrument. The Company may, however, accord different treatment to a TRS in the future in accordance with any applicable
new rules or interpretations adopted by the SEC or its staff. In particular, the Company&rsquo;s treatment of a TRS may be impacted by
the recently adopted SEC rule regarding derivatives use by a BDC, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, for purposes of Section&nbsp;55(a) under
the 1940 Act, the Company treats each loan underlying a&nbsp;TRS&nbsp;as a qualifying asset if the obligor on such loan is an eligible
portfolio company and as a non-qualifying asset if the obligor is not an eligible portfolio company. The Company may, however, accord
different treatment to a TRS in the future in accordance with any applicable new rules or interpretations adopted by the SEC or its staff.
In particular, the Company&rsquo;s treatment of a TRS may be impacted by the recently adopted SEC rule regarding derivatives use by a
BDC, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Our ability to enter into transactions involving derivatives
and financial commitment transactions may be limited, among other reasons, because of the unwillingness or inability of certain financial
institutions to transact with cannabis-related companies such as ourselves.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In November&nbsp;2020, the SEC adopted a rulemaking
regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment
or delivery obligations. Under the newly adopted rules, BDCs that use derivatives will be subject to a value-at-risk leverage limit,
a derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements will
apply unless the BDC qualifies as a &ldquo;limited derivatives user,&rdquo; as defined under the adopted rules. Under the new rule, a
BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing
to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it
will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in
each case as it becomes due. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other
financial contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to enter into derivatives transactions
may be limited because of the unwillingness or inability of certain financial institutions to transact with cannabis-related companies
such as ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; background-color: white"><B><I>The health and wellness sector
is highly regulated and competitive.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">The health and wellness
sector is highly regulated, and the production, packaging, labeling, advertising, distribution, licensing and/or sale of health and wellness
products and services may be subject to regulation by several U.S. federal agencies, including the <FONT STYLE="background-color: white">U.S.
Food and Drug Administration (the &ldquo;FDA&rdquo;)</FONT>, the Federal Trade Commission, the Consumer Product Safety Commission, and
the Environmental Protection Agency, as well as various state, local and international laws and agencies of the localities in which such
products and services are offered or are sold. Government regulations may prevent or delay the introduction or require design modifications
of these products. Regulatory authorities may not accept the evidence of safety presented for existing or new products or services that
a health and wellness company may wish to market, or they may determine that a particular product or service presents an unacceptable
health risk. If health and wellness companies are unable to obtain regulatory approval or fail to comply with these regulatory requirements,
the financial condition of such companies could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">There can be no assurance
that future changes in government regulation will not adversely affect health and wellness companies. The health and wellness sector
is highly competitive and an emerging health and wellness company may be unable to compete effectively. Health and wellness companies
are particularly susceptible to unfavorable publicity or client rejection of products, which could reduce sales of products or services.
Safety, quality and efficacy standards are extremely important for health and wellness companies. If a health and wellness company fails
to meet these standards, its reputation could be damaged, it could lose customers, and its revenue and results of operations could decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to the Cannabis and Hemp Industries</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Risks related to the cannabis industry may
directly or indirectly affect us or our portfolio companies engaged in the cannabis industry.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investing in portfolio companies involved in
the cannabis industry subjects us to the following risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The cannabis
                                            industry is extremely speculative and raises a host of legality issues, making it subject
                                            to inherent risk;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The manufacture,
                                            distribution, sale, or possession of cannabis that is not in compliance with the U.S. Controlled
                                            Substances Act is illegal under U.S. federal law. Strict enforcement of U.S. federal laws
                                            regarding cannabis would likely result in our portfolio companies&rsquo; inability to execute
                                            a business plan in the cannabis industry, and could result in the loss of all or part of
                                            any of our loans;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Biden Administration&rsquo;s
                                            or specifically the U.S. Department of Justice&rsquo;s change in policies or enforcement
                                            with respect to U.S. federal cannabis laws could negatively impact our portfolio companies&rsquo;
                                            ability to pursue their prospective business operations and/or generate revenues;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>U.S. federal
                                            courts may refuse to recognize the enforceability of contracts pertaining to any business
                                            operations that are deemed illegal under U.S. federal law, including cannabis companies operating
                                            legally under state law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Consumer complaints
                                            and negative publicity regarding cannabis-related products and services could lead to political
                                            pressure on states to implement new laws and regulations that are adverse to the cannabis
                                            industry, to not modify existing, restrictive laws and regulations, or to reverse current
                                            favorable laws and regulations relating to cannabis;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Assets collateralizing
                                            loans to cannabis businesses may be forfeited to the U.S. federal government in connection
                                            with government enforcement actions under U.S. federal law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>U.S. Food and
                                            Drug Administration regulation of cannabis and the possible registration of facilities where
                                            cannabis is grown could negatively affect the cannabis industry, which could directly affect
                                            our financial condition and the financial condition of our portfolio companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Due to our proposed
                                            strategy of investing in portfolio companies engaged in the regulated cannabis industry,
                                            our portfolio companies may have a difficult time obtaining the various insurance policies
                                            that are needed to operate such businesses, which may expose us and our portfolio companies
                                            to additional risks and financial liabilities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The cannabis
                                            industry may face significant opposition from other industries that perceive cannabis products
                                            and services as competitive with their own, including but not limited to the pharmaceutical
                                            industry, adult beverage industry and tobacco industry, all of which have powerful lobbying
                                            and financial resources;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Many national
                                            and regional banks have been resistant to doing business with cannabis companies because
                                            of the uncertainties presented by federal law and, as a result, we or our portfolio companies
                                            may have difficulty borrowing from or otherwise accessing the service of banks, which may
                                            inhibit our ability to open bank accounts or otherwise utilize traditional banking services;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Due to our proposed
                                            strategy of investing in portfolio companies engaged in the regulated cannabis industry,
                                            we or our portfolio companies may have a difficult time obtaining financing in connection
                                            with our investment strategy; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Laws and regulations
                                            affecting the regulated cannabis industry are varied, broad in scope and subject to evolving
                                            interpretations, and may restrict the use of the properties our portfolio companies acquire
                                            or require certain additional regulatory approvals, which could materially adversely affect
                                            our investments in such portfolio companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of the foregoing could have an adverse impact
on our and our portfolio companies&rsquo; businesses, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cannabis, except for hemp, is currently illegal under U.S. federal
law and in other jurisdictions, and strict enforcement of federal laws would likely result in our inability to execute our business plan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ability of our portfolio companies to achieve
their business objectives will be contingent, in part, upon the legality of the cannabis industry, their compliance with regulatory requirements
enacted by various governmental authorities, and their obtaining all necessary regulatory approvals. The laws and regulations governing
cannabis are still developing, including in ways that we or our portfolio companies may not foresee. Any amendment to or replacement
of existing laws to make them more onerous, or delays in amending or replacing existing laws to liberalize the legal possession and use
of cannabis, or delays in obtaining, or the failure to obtain, any necessary regulatory approvals may significantly delay or impact negatively
the markets in which our portfolio companies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">operate, products and sales initiatives, and could
have a material adverse effect on their and our business, liquidity, financial condition and/or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Legal status of cannabis, other than hemp</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> All but three U.S. states have legalized,
to some extent, cannabis for medical purposes. Thirty-six states, the District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands
have legalized some form of whole-plant cannabis cultivation, sales and use for certain medical purposes (medical states). Eighteen of
those states and the District of Columbia, Guam and Northern Mariana have also legalized cannabis for adults for non-medical purposes
(sometimes referred to as recreational use). Eleven additional states have legalized low-tetrahydrocannabinol (&ldquo;THC&rdquo;)/high-CBD
extracts for select medical conditions (CBD states). </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under U.S. federal law, however, those activities
are illegal. The Controlled Substances Act (the &ldquo;CSA&rdquo;) continues to list cannabis (marijuana, but not including hemp) as
a Schedule I controlled substance (i.e., deemed to have no medical value), and accordingly, the manufacture (growth), sale or possession
of cannabis is federally illegal, even for personal medical purposes. It also remains federally illegal to advertise the sale of cannabis
or to sell paraphernalia designed or intended primarily for use with cannabis, unless the paraphernalia is traditionally used with tobacco
or authorized by federal, state or local law. Entities or persons who knowingly lease or rent a property for the purposes of manufacturing,
distributing or using any controlled substances, or merely know that any of those activities are occurring on land that they control,
can also be found liable under the CSA. Additionally, violating the CSA is a predicate specified unlawful activity under U.S. anti-money
laundering laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Violations of any U.S. federal laws and regulations
can result in arrests, criminal charges, forfeiture of property, significant fines and penalties, disgorgement of profits, administrative
sanctions, criminal convictions and cessation of business activities, as well as civil liabilities arising from proceedings initiated
by either the U.S. government or private citizens. The U.S. government could enforce the federal cannabis prohibition laws even against
companies complying with state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The likelihood of adverse enforcement against
companies complying with state cannabis laws remains uncertain. The U.S. government has not recently prosecuted any state law compliant
cannabis entity, although the risk of future enforcement cannot be dismissed entirely. In 2018, then-U.S. Attorney General Jefferson
Sessions rescinded the DOJ&rsquo;s previous guidance (the Cole Memo) that had given federal prosecutors discretion not to enforce federal
law in states that legalized cannabis, as long as the state&rsquo;s legal regime adequately addressed specified federal priorities, and
had authorized federal prosecutors to use their prosecutorial discretion to decide whether to prosecute state-legal adult-use cannabis
activities. Since that time, U.S. Attorneys have taken no legal action against state law compliant entities, and the Biden administration
is generally anticipated to formalize federal decriminalization of state legal cannabis activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to the Biden campaign website: &ldquo;A
Biden Administration will support the legalization of cannabis for medical purposes and reschedule cannabis as a CSA Schedule II drug
so researchers can study its positive and negative impacts. This will include allowing the VA to research the use of medical cannabis
to treat veteran-specific health needs.&rdquo; He has pledged to &ldquo;decriminalize&rdquo; cannabis, which may mean that the U.S. Attorney
General under his administration will order U.S. Attorneys not to enforce federal cannabis prohibition against state law compliant entities
and others legally transacting business with them, although there can be no assurance this will be the case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While President Biden&rsquo;s promise to decriminalize
may mean that the federal government would not criminally enforce the Schedule II status against state legal entities, the implications
are not entirely clear. Although the U.S. Attorney General could order federal prosecutors not to interfere with cannabis businesses
operating in compliance with states&rsquo; laws, the President alone cannot legalize medical cannabis, and as states have demonstrated,
legalizing medical cannabis can take many different forms. While rescheduling cannabis to CSA schedule II would ease certain research
restrictions, it would not make the state medical or adult use programs federally legal. Furthermore, while industry observers are hopeful
that changes in Congress, along with a Biden presidency, will increase the chances of banking reform, such as the SAFE Banking Act, we
cannot provide assurances that a bill legalizing cannabis would be approved by Congress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If it became law, the SAFE Banking Act would,
among other things, provide protection from federal prosecution to banks and other financial institutions that provide financial services
to state-licensed cannabis companies, which may include the provision of loans by financial institutions to such companies. If the SAFE
Banking Act became law, or cannabis became legal under federal law, there would be increased competition for lending to state-licensed
cannabis companies, and such companies would have greater access to financing sources with lower costs of capital. These factors may
result in us having to enter into loans at lower rates, which may significantly adversely impact our profitability and our distributions
to stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Since December 2014, companies strictly complying
with state medical cannabis laws have also been protected against enforcement by an amendment (originally called the Rohrabacher-Farr
amendment, now called the Joyce amendment) to the Omnibus Spending Bill, which prevents federal prosecutors from using federal funds
to impede the implementation of medical cannabis laws enacted at the state level. Courts have interpreted the provision to bar the DOJ
from prosecuting any person or entity in strict compliance with state medical cannabis laws. While the Joyce provision prevents prosecutions,
it does not make cannabis legal. Accordingly, if the protection expired, prosecutors could prosecute illegal activity that occurred within
the statute of limitations even if the Joyce protection was in place when the federally illegal activity occurred. The Joyce protection
depends on its continued inclusion in the federal omnibus spending bill, or in some other legislation, and entities&rsquo; strict compliance
with the state medical cannabis laws. Furthermore, how the DOJ would enforce against an entity complying with a state&rsquo;s medical
and adult use laws has not been resolved and is open to debate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Legal status of hemp and hemp derivatives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Until recently, hemp (defined by the U.S. government
as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis) and hemp&rsquo;s extracts (except mature
stalks, fiber produced from the stalks, oil or cake made from the seeds and any other compound, manufacture, salt derivative, mixture
or preparation of such parts) were illegal Schedule I controlled substances under the CSA. The Agricultural Act of 2014, Pub.L. 113-79
(the &ldquo;2014 Farm Bill&rdquo;) authorized states to establish industrial hemp research programs. The majority of states established
programs purportedly in compliance with the 2014 Farm Bill. Many industry participants and even states interpreted the law to include
&ldquo;research&rdquo; into the commercialization of, and commercial markets for, CBD from hemp, including products containing CBD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In December 2018, the U.S. government changed
hemp&rsquo;s legal status. The Agriculture Improvement Act of 2018, Pub.L. 115-334 (the &ldquo;2018 Farm Bill&rdquo;), removed hemp and
extracts of hemp, including CBD, from the CSA schedules. Accordingly, the production, sale and possession of hemp or extracts of hemp,
including CBD, no longer violate the CSA. The 2018 Farm Bill did not create a system in which individuals or businesses can grow hemp
whenever and wherever they want. There are numerous restrictions. The 2018 Farm Bill allows hemp cultivation under state plans approved
by the U.S. Department of Agriculture (&ldquo;USDA&rdquo;) or under USDA regulations in states that have legalized hemp but not implemented
their own regulations. It also allows the transfer of hemp and hemp-derived products across state lines for commercial or other purposes,
even through states that have not legalized hemp or hemp-derived products. Nonetheless, states can still prohibit hemp or limit hemp
more stringently than the federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Despite the passage of the 2018 Farm Bill, hemp
products&rsquo; legal status is complicated further by state and other federal law. The states are a patchwork of different laws on hemp
and its extracts, including CBD. Additionally, the FDA claims that the Food, Drugs &amp; Cosmetics Act (the &ldquo;FDCA&rdquo;) significantly
limits the legality of hemp-derived CBD products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The section of the 2018 Farm Bill establishing
a framework for hemp production also states explicitly that it does not affect or modify the FDCA, Section 351 of the Public Health Service
Act, or the authority of the Commissioner of the FDA under those laws. Within hours of President Trump signing the 2018 Farm Bill, the
FDA issued a statement reminding the public of the FDA&rsquo;s continued authority &ldquo;to regulate products containing cannabis or
cannabis-derived compounds under the [FDCA] and Section 351 of the Public Health Service Act.&rdquo; First, the FDA noted that &ldquo;it&rsquo;s
unlawful under the [FDCA] to introduce food containing added CBD or THC into interstate commerce, or to market CBD or THC products, as,
or in, dietary supplements, regardless of whether the substances are hemp-derived,&rdquo; and regardless of whether health claims are
made, because CBD (and THC) are active ingredients in FDA-approved drugs and became the subject of public substantial clinical investigations
when GW Pharmaceuticals submitted investigational new drug (&ldquo;IND&rdquo;) applications for Sativex and Epidiolex, both containing
CBD as an active ingredient. The FDA then warned against health claims: prior to introduction into interstate commerce, any cannabis
product, whether derived from hemp or otherwise, marketed with a disease claim (e.g., therapeutic benefit, disease prevention) must first
be approved by the FDA for its intended use through one of the drug approval pathways. Notably, the FDA can look beyond the product&rsquo;s
express claims to find that a product is a &ldquo;drug.&rdquo; The definition of &ldquo;drug&rdquo; under the FDCA includes, in relevant
part, &ldquo;articles intended for use in the diagnosis, cure, mitigation, treatment, or prevention of disease in man or other animals&rdquo;
as well as &ldquo;articles intended for use as a component of [a drug as defined in the other sections of the definition].&rdquo; In
determining &ldquo;intended use,&rdquo; the FDA has traditionally looked beyond a product&rsquo;s label to statements made on websites,
on social media or orally by the company&rsquo;s representatives. The FDA did acknowledge that hemp foods not containing CBD or THC (e.g.,
hulled hemp seeds, hemp seed protein, hemp seed oil) are legal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some CBD products are arguably federally legal
today, notwithstanding the FDA&rsquo;s position. To the extent that a CBD product is outside the FDA&rsquo;s jurisdiction, the product
is likely federally legal because CBD, unlike many drugs that the FDA regulates, is no longer listed on the CSA&rsquo;s schedules. CBD
products other than food, beverages and supplements and not marketed as a drug, including making health claims, may fall outside of the
FDA&rsquo;s authority. If so, some products that may be legal today include topical products such as cosmetics, massage oils, lotions
and creams. Additionally, the FDA lacks authority, except in limited circumstances, to enforce against companies selling CBD products
that do not enter into &ldquo;interstate commerce,&rdquo; although the definition of interstate commerce is amorphous and may include
sources of ingredients, components or even investments that in some way impact more than one state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Enforcement under the FDCA may be criminal or
civil in nature and can include those who aid and abet a violation, or conspire to violate, the FDCA. Violations of the FDCA are for
first violations misdemeanors punishable by imprisonment up to one year or a fine, or both, and for second violations or violations committed
with an &ldquo;intent to defraud or mislead&rdquo; felonies punishable by fines and imprisonment up to three years. The fines provided
for are low ($1000 and $3000), but under the Criminal Fine Improvements Act of 1987, the criminal fines can be increased significantly
(approximately $100,000 to $500,000). Civil remedies under the FDCA include civil money penalties, injunctions and seizures. The FDA
also has a number of administrative remedies (e.g., warning letters, recalls, debarment). With respect to CBD products, the FDA so far
has limited its enforcement to sending cease-and-desist letters to companies selling CBD products and making &ldquo;egregious, over-the-line&rdquo;
claims, such as &ldquo;cures cancer,&rdquo; &ldquo;treats Alzheimer&rsquo;s Disease&rdquo; and &ldquo;treats chronic pain.&rdquo; Additionally,
plaintiff lawyers have brought putative class actions against several companies selling CBD product, claiming that the marketing of them
as legal products violates California law, although most of the cases have been stayed pending the FDA issuing promised guidelines to
the industry. Since issuing the initial guidance following the 2018 Farm Bill, the FDA has sent cease-and-desist warning letters to more
than twenty companies making health claims about CBD products. The Federal Trade Commission (&ldquo;FTC&rdquo;) has also sent warning
letters to companies making unsubstantiated health claims about CBD products and has even filed a lawsuit against one. The FDA&rsquo;s
additional guidance on CBD, titled, &ldquo;Cannabidiol Enforcement Policy; Draft Guidance for Industry,&rdquo; which the FDA has described
as a &ldquo;risk-based enforcement policy&rdquo; to prioritize enforcement decisions, was submitted to the White House on July 22, 2020,
was not formally approved by the Trump administration, and has been pulled back by the Biden Administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Loans to relatively new and/or small companies and companies
operating in the cannabis industry generally involve significant risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We primarily provide loans to established companies
operating in the cannabis industry, but because the cannabis industry is relatively new and rapidly evolving, some of these companies
may be relatively new and/or small companies. Loans to relatively new and/or small companies and companies operating in the cannabis
industry generally involve a number of significant risks, including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>these companies
                                            may have limited financial resources and may be unable to meet their obligations, which may
                                            be accompanied by a deterioration in the value of any collateral securing our loan and a
                                            reduction in the likelihood of us realizing a return on our loan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>they typically
                                            have shorter operating histories, narrower product lines and smaller market shares than larger
                                            and more established businesses, which tend to render them more vulnerable to competitors&rsquo;
                                            actions and market conditions (including conditions in the cannabis industry), as well as
                                            general economic downturns;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>they typically
                                            depend on the management talents and efforts of a small group of persons; therefore, the
                                            death, disability, resignation or termination of one or more of these persons could have
                                            a material adverse effect on such borrower and, in turn, on us;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there is generally
                                            less public information about these companies. Unless publicly traded, these companies and
                                            their financial information are generally not subject to the regulations that govern public
                                            companies, and we may be unable to uncover all material information about these companies,
                                            which may prevent us from making a fully informed lending decision and cause us to lose money
                                            on our loans;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>they generally
                                            have less predictable operating results and may require substantial additional capital to
                                            support their operations, finance expansion or maintain their competitive position;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we, our executive
                                            officers and directors and our Adviser may, in the ordinary course of business, be named
                                            as defendants in litigation arising from our loans to such borrowers and may, as a result,
                                            incur significant costs and expenses in connection with such litigation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in
                                            laws and regulations, as well as their interpretations, may have a disproportionate adverse
                                            effect on their business, financial structure or prospects compared to those of larger and
                                            more established companies; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>they may have
                                            difficulty accessing capital from other providers on favorable terms or at all.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Our investment opportunities are limited by the current
illegality of cannabis under U.S. federal law; changes in the laws, regulations and guidelines that impact the cannabis industry may
cause adverse effects on our ability to make investments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently, we intend to make equity investments
only in portfolio companies that are compliant with all applicable laws and regulations within the jurisdictions in which they are located
or operate and, in particular, we will not make an equity investment in a portfolio company that we determine has been operating, or
whose business plan is to operate, in violation of U.S. federal laws, including the U.S. Controlled Substances Act. This limitation may
adversely affect us by limiting the scope of our equity investment opportunities.&nbsp;&nbsp;Additionally, changes to such laws, regulations
and guidelines may cause further adverse effects on our ability to identify and make an equity investment in a portfolio company that
meets these legal and regulatory requirements at the time of acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On the other hand, we may make a loan to a portfolio
company regardless of its status under U.S. federal law, so long as we determine based on our due diligence that the portfolio company
is licensed in, and complying with, state-regulated cannabis programs. Any such loans will be designed to be compliant with all applicable
laws and regulations to which we are subject, including U.S. federal law, although the law in this area is not fully settled and there
can be no assurances that federal authorities will consider such loans to be compliant with applicable law and regulations. In that regard,
we have received an opinion of counsel (a copy of which has been filed as an exhibit to the registration statement of which this prospectus
is a part) that the proposed investment activities as described in this prospectus do not violate the U.S. Controlled Substances Act
(21 U.S.C. &sect; 801, et seq.)(the &ldquo;CSA&rdquo;), the U.S. Money Laundering Control Act (18 U.S.C. &sect; 1956), or the Drug Paraphernalia
law contained in the CSA, 21 U.S.C. &sect; 863, subject to certain assumptions, qualifications and exceptions stated in the opinion.
However, there can be no assurances that a court or federal authorities would agree with the conclusions reached in the opinion. Additionally,
if federal legislation is enacted that provides protections from liability under U.S. federal law for other types of investments in portfolio
companies that are compliant with state, but not U.S. federal, laws and is determined to apply to us (or we otherwise determine that
the investment is not prohibited), we may make other types of investments in portfolio companies that do not comply with U.S. federal
laws.&nbsp;&nbsp;There can be no assurance, however, that such type of legislation will be enacted or that we will otherwise be able
to invest in portfolio companies that do not comply with U.S. federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The nascent status of the medical and recreational
cannabis industry involves unique circumstances and there can be no assurance that the industry will continue to exist or grow as currently
anticipated.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cannabis industry businesses operate under a
relatively new medical and adult-use recreational market. In addition to being subject to general business risks, a business involving
an agricultural product and a regulated consumer product needs to continue to build brand, product awareness and operations through significant
investments in strategy, production capacity, quality assurance and compliance with regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Competitive conditions, consumer tastes, patient
requirements and spending patterns in this new industry and market are not well understood and may have unique circumstances that differ
from existing industries and markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There can be no assurance that this industry
and market will continue to exist or grow as currently estimated or anticipated, or function and evolve in a manner consistent with our
expectations and assumptions. Any event or circumstance that affects the medical or recreational cannabis industry and market could have
a material adverse effect on our business, financial condition and results of operations, as well as the business, financial condition
and results of operations of portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Any potential growth in the cannabis industry
continues to be subject to new and changing state and local laws and regulations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Continued development of the cannabis industry
is dependent upon continued legislative legalization of cannabis at the state level, and a number of factors could slow or halt progress
in this area, even where there is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">public support for legislative action. Any delay
or halt in the passing or implementation of legislation legalizing cannabis use, or its cultivation, manufacturing, processing, transportation,
distribution, storage and/or sale, or the re-criminalization or restriction of cannabis at the state level, could negatively impact our
business and the business of our portfolio companies. Additionally, changes in applicable state and local laws or regulations, including
zoning restrictions, permitting requirements and fees, could restrict the products and services our portfolio companies may offer or
impose additional compliance costs on such portfolio companies. Violations of applicable laws, or allegations of such violations, could
disrupt our portfolio companies&rsquo; businesses and result in a material adverse effect on their operations. We cannot predict the
nature of any future laws, regulations, interpretations or applications, and it is possible that regulations may be enacted in the future
that will be materially adverse to the business of our portfolio companies, as well as our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Change in the laws, regulations and guidelines
that impact our portfolio companies&rsquo; businesses may cause adverse effects on operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A cannabis products business will be subject
to a variety of laws, regulations and guidelines relating to the marketing, acquisition, manufacture, management, transportation, storage,
sale, labeling and disposal of cannabis as well as laws and regulations relating to health and safety, the conduct of operations and
the protection of the environment. Changes to such laws, regulations and guidelines may cause adverse effects on the operations of our
portfolio companies, which could cause adverse effects on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Portfolio companies operating in a highly
regulated business will require significant resources.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event we invest in a portfolio company
involved in the production, distribution or sale of cannabis products, such portfolio company will be operating in a highly regulated
business. In such a case, we would expect a significant amount of such portfolio company&rsquo;s management&rsquo;s time and external
resources to be used to comply with the laws, regulations and guidelines that impact their business, and changes thereto, and such compliance
may place a significant burden on such management and other resources of a portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Differing regulatory environments may cause
adverse effects on our or our portfolio companies&rsquo; operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A cannabis products business will be subject
to a variety of laws, regulations and guidelines in each of the jurisdictions in which it operates. Complying with multiple regulatory
regimes will require additional resources and may limit a portfolio company&rsquo;s ability to expand into certain jurisdictions, even
where cannabis may be legal. For example, even if cannabis were to become legal under U.S. federal law, companies operating in the cannabis
industry would have to comply with applicable state and local laws, which may vary greatly between jurisdictions, increasing costs for
companies that operate in multiple jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may invest in a portfolio company that is
involved in a highly regulated business and any failure or significant delay in obtaining regulatory approvals could adversely affect
the ability of portfolio companies to conduct their businesses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event we invest in a portfolio company
involved in the production, distribution or sale of cannabis products, achievement of such portfolio company&rsquo;s business objectives
will be contingent, in part, upon compliance with the regulatory requirements enacted by applicable government authorities and obtaining
all regulatory approvals, where necessary, for the sale of their products. We cannot predict the time required to secure all appropriate
regulatory approvals for such products, additional restrictions that may be placed on our portfolio company&rsquo;s business or the extent
of testing and documentation that may be required by government authorities. Any delays in obtaining, or failure to obtain, regulatory
approvals would significantly delay the development of markets and products and could have a material adverse effect on the business,
results of operation and financial condition of any such portfolio company, or on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ability of our portfolio companies to access
financing or engage in derivatives transactions may be limited because of the unwillingness or inability of certain financial institutions
to transact with companies that operate in the cannabis industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>U.S. regulations and enforcement relating
to hemp-derived CBD products are rapidly evolving.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may invest in a business involved in the production,
distribution or sale of hemp-derived CBD products. Although the passage of the 2018 Farm Bill legalized the cultivation of hemp in the
United States to produce products containing CBD and other non-THC cannabinoids, it is unclear how the FDA will respond to the approach
taken by a portfolio company, or whether the FDA will propose or implement new or additional regulations. In addition, such products
may be subject to regulation at the state or local levels. Unforeseen regulatory obstacles may hinder such portfolio company&rsquo;s
ability to successfully compete in the market for such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Marketing constraints under regulatory frameworks
may limit a portfolio company&rsquo;s ability to compete for market share in a manner similar to that of companies in other industries.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The development of a portfolio company&rsquo;s
business and operating results may be hindered by applicable restrictions on sales and marketing activities imposed by regulations applicable
to the cannabis industry. For example, the regulatory environment in Canada would limit a portfolio company&rsquo;s ability to compete
for market share in a manner similar to that of companies in other industries. Additionally, Canadian regulations impose further packaging,
labeling and advertising restrictions on producers in the adult-use recreational cannabis market. If a portfolio company is unable to
effectively market its products and compete for market share, or if the costs of compliance with government legislation and regulation
cannot be absorbed through increased selling prices for its products, its sales and operating results could be adversely affected, which
could impact our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Portfolio companies may become involved in
regulatory or agency proceedings, investigations and audits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Businesses in the cannabis industry, and the
business of the suppliers from which portfolio companies may acquire the products they may sell, require compliance with many laws and
regulations. Failure to comply with these laws and regulations could subject our portfolio companies or such suppliers to regulatory
or agency proceedings or investigations and could also lead to damage awards, fines and penalties. Our portfolio companies or such suppliers
may become involved in a number of government or agency proceedings, investigations and audits. The outcome of any regulatory or agency
proceedings, investigations, audits and other contingencies could harm our reputation, the reputations of our portfolio companies or
the reputations of the brands that they may sell, require the portfolio companies to take, or refrain from taking, actions that could
harm their operations, or require them to pay substantial amounts of money, harming their and our financial condition. There can be no
assurance that any pending or future regulatory or agency proceedings, investigations and audits will not result in substantial costs
or a diversion of portfolio company management&rsquo;s attention and resources or have a material adverse impact on their and our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Research in the United States, Canada and internationally
regarding the medical benefits, viability, safety, efficacy and dosing of cannabis or isolated cannabinoids remains in relatively early
stages. There have been few clinical trials on the benefits of cannabis or isolated cannabinoids conducted.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Research in the United States, Canada and internationally
regarding the medical benefits, viability, safety, efficacy and dosing of cannabis or isolated cannabinoids (such as CBD and THC) remains
in relatively early stages. Historically stringent regulations related to cannabis have made conducting medical and academic studies
challenging, and there have been relatively few clinical trials on the benefits of cannabis or isolated cannabinoids to date. Many statements
concerning the potential medical benefits of cannabinoids are based on published articles and reports, and as a result, such statements
are subject to the experimental parameters, qualifications and limitations in the studies that have been completed. In the event we invest
in a portfolio company involving medical cannabis, future research and clinical trials may draw different or negative conclusions regarding
the medical benefits, viability, safety, efficacy, dosing or other facts and perceptions related to medical cannabis, which could adversely
affect social acceptance of cannabis and the demand for their products. Such portfolio companies may be subject to liability for risks
against which they cannot insure or against which they may elect not to insure due to the high cost of insurance premiums or other factors.
Payment of liabilities for which such portfolio companies do not carry insurance may have a material adverse effect on their financial
position and operations. The payment of any such liabilities would reduce the funds available for their normal business activities, which
could affect our business, financial condition and results of operations.</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">With respect to portfolio companies operating
in the medical and adult-use cannabis markets, the illicit supply of&nbsp;cannabis and cannabis-based products may reduce such sales
and impede such company&rsquo;s ability to succeed in such&nbsp;markets.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event we invest in a portfolio company
operating in the medical and adult-use cannabis markets, such portfolio company may face competition from unlicensed and unregulated
market participants, including illegal dispensaries and black market suppliers selling cannabis and cannabis-based products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even with the legalization of medical and adult-use
cannabis in certain jurisdictions, black market operations remain abundant and are a substantial competitor to cannabis-related businesses.
In addition, illegal dispensaries and black market participants may be able to (i) offer products with higher concentrations of active
ingredients that are either expressly prohibited or impracticable to produce under applicable regulations, (ii) use delivery methods,
including edibles, concentrates and extract vaporizers, that may be prohibited from being offered to individuals in such jurisdictions,
(iii) brand products more explicitly, and (iv) describe/discuss intended effects of products. As these illicit market participants do
not comply with the regulations governing the medical and adult-use cannabis industry in such jurisdictions, their operations may also
have significantly lower costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of the competition presented by the
black market for cannabis, any unwillingness by consumers currently utilizing these unlicensed distribution channels to begin purchasing
from legal producers for any reason or any inability or unwillingness of law enforcement authorities to enforce laws prohibiting the
unlicensed cultivation and sale of cannabis and cannabis-based products could (i) result in the perpetuation of the black market for
cannabis, (ii) adversely affect our portfolio companies&rsquo; market share and (iii) adversely impact the public perception of cannabis
use and licensed cannabis producers and dealers, all of which would have a materially adverse effect on our and our portfolio companies&rsquo;
business, operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">If recreational or medical-use consumers elect
to produce cannabis for their own purposes, it could reduce the addressable market for a portfolio company&rsquo;s products.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cannabis regulations may permit the end user
to produce cannabis for their own purposes. For example, under cannabis regulations in Canada, three options are available for an individual
to obtain cannabis for medical purposes: (i) registering with a holder of a license to sell for medical purposes and purchasing products
from that entity; (ii) register with Health Canada to produce a limited amount of cannabis for their own medical purposes; or (iii) designate
someone else to produce cannabis for them. It is possible that the ability of an end user to produce cannabis for their own purposes,
such as under (ii) and (iii) above, could significantly reduce the addressable market for a portfolio company&rsquo;s products and could
materially and adversely affect the business, financial condition and results of operations of a portfolio company, which in turn, could
adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The cannabis industry faces significant opposition,
and any negative trends may adversely affect the business operations of our portfolio companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we invest in portfolio companies in the cannabis
industry, we will be substantially dependent on the continued market acceptance, and the proliferation of consumers, of cannabis. We
believe that with further legalization, cannabis will become more accepted, resulting in growth in consumer demand. However, we cannot
predict the future growth rate or future market potential, and any negative outlook on the cannabis industry may adversely affect our
business operations and the operations of our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Large, well-funded industries that perceive cannabis
products and services as competitive with their own, including but not limited to the pharmaceutical industry, adult beverage industry
and tobacco industry, all of which have powerful lobbying and financial resources, may have strong economic reasons to oppose the development
of the cannabis industry. For example, should cannabis displace other drugs or products, the medical cannabis industry could face a material
threat from the pharmaceutical industry, which is well-funded and possesses a strong and experienced lobby. Any inroads the pharmaceutical,
or any other potentially displaced, industry or sector could make in halting or impeding the cannabis industry could have a detrimental
impact on our business and the business of our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Competition from synthetic products may adversely
affect the business, financial condition or results of operations of a portfolio company.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The pharmaceutical industry may attempt to dominate
the cannabis industry, and in particular, legal cannabis, through the development and distribution of synthetic products which emulate
the effects of cannabis. If they are successful, the widespread popularity of such synthetic products could change the demand, volume
and profitability of the cannabis industry. This could adversely affect the ability of a portfolio company to secure long-term profitability
and success through the sustainable and profitable operation of the anticipated businesses and investment targets, and could have a material
adverse effect on a portfolio company&rsquo;s business, financial condition or results of operations, which in turn, could adversely
affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">An initial surge in demand for cannabis may
result in supply shortages in the short term, while in the longer term, supply of cannabis could exceed demand, which may cause a fluctuation
in revenue.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Changes in the legal status of cannabis may result
in an initial surge in demand. As a result of such initial surge, cannabis companies operating under such changed legal regime may not
be able to produce enough cannabis to meet demand of the adult-use recreational and medical markets, as applicable. This may result in
lower than expected sales and revenues and increased competition for sales and sources of supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, in the future, cannabis producers may
produce more cannabis than is needed to satisfy the collective demand of the adult-use recreational and medical markets, as applicable,
and they may be unable to export that oversupply into other markets where cannabis use is fully legal under all applicable jurisdictional
laws. As a result, the available supply of cannabis could exceed demand, resulting in a significant decline in the market price for cannabis.
If such supply or price fluctuations were to occur, companies operating in the cannabis industry may see revenue and profitability fluctuate
materially and their business, financial condition, results of operations and prospects may be adversely affected, as could our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Consumer preferences may change, and the portfolio
company may be unsuccessful in acquiring or&nbsp;retaining consumers and keeping pace with changing market developments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of changing consumer preferences,
many consumer products attain financial success for a limited period of time. Even if a portfolio company&rsquo;s products find success
at retail, there can be no assurance that such products will continue to be profitable. A portfolio company&rsquo;s success will be significantly
dependent upon its ability to develop new and improved product lines and adapt to consumer preferences. Even if a portfolio company is
successful in introducing new products or developing its current products, a failure to gain consumer acceptance or to update products
could cause a decline in the products&rsquo; popularity and impair the brands. In addition, a portfolio company may be required to invest
significant capital in the creation of new product lines, strains, brands, marketing campaigns, packaging and other product features,
none of which are guaranteed to be successful. Failure to introduce new features and product lines and to achieve and sustain market
acceptance could result in the portfolio company being unable to satisfy consumer preferences and generate revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A portfolio company&rsquo;s success depends on
its ability to attract and retain consumers. There are many factors which could impact its ability to attract and retain consumers, including
its ability to continually produce desirable and effective products, the successful implementation of its consumer acquisition plan and
the continued growth in the aggregate number of potential consumers. A portfolio company may not be successful in developing effective
and safe new products, anticipating shifts in social trends and consumer demands, bringing such products to market in time to be effectively
commercialized, or obtaining any required regulatory approvals. A portfolio company&rsquo;s failure to acquire and retain consumers could
have a material adverse effect on the business of the portfolio company and us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the patterns of cannabis consumption
may shift over time due to a variety of factors, including changes in demographics, social trends, public health policies and other leisure
or consumption behaviors. If consumer preferences for a portfolio company&rsquo;s products or cannabis products in general do not develop,
or if once developed, they were to move away from its products or cannabis products in general, or if a portfolio company is unable to
anticipate and respond effectively to shifts in consumer behaviors, it may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>The cannabis industry is highly competitive
and evolving. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The market for businesses in the cannabis industry
is highly competitive and evolving. There may be no material aspect of our portfolio companies&rsquo; businesses that is protected by
patents, copyrights, trademarks or trade names, and they may face strong competition from larger companies, including those that may
offer similar products and services to our portfolio companies. Potential competitors may have longer operating histories, significantly
greater financial, marketing or other resources, and larger client bases than our portfolio companies, and there can be no assurance
that they will be able to successfully compete against these or other competitors. Additionally, because the cannabis industry is at
an early stage, a portfolio company may face additional competition from new entrants, including as a result of an increased number of
licenses granted under any applicable regulatory regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the number of users of medical cannabis increases,
and/or if the national demand for recreational cannabis increases, the demand for products will increase and we expect that competition
will become more intense, as current and future competitors begin to offer an increasing number of diversified products. To remain competitive,
a portfolio company may require a continued high level of investment in research and development, marketing, sales and client support.
However, a portfolio company may not have sufficient resources to maintain research and development, marketing, sales and client support
efforts on a competitive basis, which could materially and adversely affect the business, financial condition and results of operations
of such portfolio company, as well as our business, financial condition and results of operations. Additionally, as new technologies
related to the cultivation, processing, manufacturing, and research and development of cannabis are being explored, there is potential
for third-party competitors to be in possession of superior technology that would reduce any relative competitiveness a portfolio company
may have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As the legal landscape for cannabis continues
to evolve, it is possible that the cannabis industry will undergo consolidation, creating larger companies with greater financial resources,
manufacturing and marketing capabilities, and product offerings. Given the rapid changes affecting the global, national and regional
economies generally, and the cannabis industry in particular, our portfolio companies may not be able to create and maintain a competitive
advantage in the marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The success of any such portfolio company will
depend on its ability to keep pace with any changes in such markets, particularly legal and regulatory changes. For example, it is likely
that a portfolio company, and its competitors, will seek to introduce new products in the future. The success of such portfolio companies
will also depend on their ability to respond to, among other things, changes in the economy, market conditions and competitive pressures.
Any failure by them to anticipate or respond adequately to such changes could have a material adverse effect on the financial condition
and results of operations of us and our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The technologies, process and formulations
a portfolio company uses may face competition or become obsolete.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Many businesses in the cannabis industry face
rapidly changing markets, technology, emerging industry standards and frequent introduction of new products. The introduction of new
products embodying new technologies, including new manufacturing processes or formulations, and the emergence of new industry standards
may render a portfolio company&rsquo;s products obsolete, less competitive or less marketable. The process of developing their products
is complex and requires significant continuing costs, development efforts and third-party commitments, including licensees, researchers,
collaborators and lenders. A portfolio company&rsquo;s failure to develop new technologies and products and the obsolescence of existing
technologies or processes could adversely affect its and our business, financial condition and results of operations. A portfolio company
may be unable to anticipate changes in its customer requirements that could make its existing technology, processes or formulations obsolete.
Its success will depend in part on its ability to continue to enhance its existing technologies, develop new technology that addresses
the increasing sophistication and varied news of the market, and respond to technological advances and emerging industry standards and
practices on a timely and cost-effective basis. The development of its proprietary technology, processes and formulations may entail
significant technical and business risks. A portfolio company may not be successful in using its new technologies or exploiting its niche
markets effectively or adapting its business to evolving customer or medical requirements or preferences or emerging industry standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>There is uncertainty in pricing and demand
for cannabis-based products. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The anticipated pricing of cannabis products
may differ substantially from current levels given changes in the competitive and regulatory landscape. A portfolio company&rsquo;s business
model may be susceptible to erosion of profitability should cannabis and cannabis-related products experience secular pricing changes.
Potential sources of pricing changes include overproduction, regulatory action, increased competition or the emergence of new competitors.
Additionally, even if pricing of the broader cannabis and cannabis-related product market is sustained, there is no guarantee that a
portfolio company will be successful in creating and maintaining consumer demand and estimated pricing levels. To do this, the portfolio
company may be dependent upon, among other things, continually producing desirable and effective cannabis and cannabis-related products
and the continued growth in the aggregate number of cannabis consumers. Campaigns designed to enhance a portfolio company&rsquo;s brand
and attract consumers, subject to restrictions imposed by law, can be expensive and may not result in increased sales. If the portfolio
company is unable to attract new consumers, it may not be able to increase its sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>A portfolio company may have difficulty in
forecasting sales and other business metrics.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A portfolio company may rely largely on its own
market research to forecast sales as detailed forecasts are not generally obtainable from other sources at this early stage of the cannabis
industry. If the portfolio company underestimates the demand for its products, it may not be able to produce products that meet its stringent
requirements, and this could result in delays in the shipment of products and failure to satisfy demand, as well as damage to reputation
and partner relationships. If the portfolio company overestimates the demand for its products, it could face inventory levels in excess
of demand, which could result in inventory write-downs or write-offs and the sale of excess inventory at discounted prices, which would
harm the portfolio company&rsquo;s gross margins and brand management efforts, which could impact our business, results of operations
and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to the nascent nature of the market, it could
be difficult for the portfolio company to forecast demand. In particular, it could be difficult to forecast the rate of the illicit cannabis
market crossing over to the legal market. If the market does not develop as the portfolio company expects, it could have a material adverse
effect on its business, results of operations and financial condition, which could in turn have an adverse effect on our business, results
of operations and financial condition. In addition to inherent risks and difficulties forecasting sales, anticipated costs and yields
are also challenging to predict with certainty as the cannabis industry is in its relative infancy and rapidly evolving. If portfolio
companies make capital investments based on flawed sales, costs and yields forecasts, the portfolio company may not achieve its expected,
or any, return on invested capital. Failure to realize forecasted sales, costs and yields could have a material adverse effect on the
portfolio company&rsquo;s business, results of operations and financial condition, as well as our business, results of operations and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Portfolio companies may have difficulty borrowing
from or otherwise accessing the service of banks, which may make it difficult to sell products and services.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Financial transactions involving proceeds generated
by cannabis-related conduct can form the basis for prosecution under the federal money laundering statutes, the unlicensed money transmitter
statute and the U.S. Bank Secrecy Act. Guidance issued by the Financial Crimes Enforcement Network (&ldquo;FinCEN&rdquo;), a division
of the U.S. Department of the Treasury (the &ldquo;FinCEN Memo&rdquo;), clarifies how financial institutions can provide services to
cannabis-related businesses consistent with their obligations under the Bank Secrecy Act. Despite the rescission of memoranda that had
de-prioritized the enforcement of federal law against marijuana users and businesses that comply with state marijuana laws, FinCEN has
not rescinded the FinCEN Memo. While this memo appears to be a standalone document and is presumptively still in effect, FinCEN could
elect to rescind the FinCEN Memo at any time. Banks remain hesitant to offer banking services to cannabis-related businesses. Consequently,
those businesses involved in the cannabis industry continue to encounter difficulty in establishing banking relationships. The inability
of portfolio companies to maintain bank accounts would make it difficult for them to operate their business, would increase their operating
costs and pose additional operational, logistical and security challenges, and could result in their inability to implement their business
plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The development and operation of businesses
in the cannabis industry may require additional financing, which may not be available on favorable terms, if at all.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to the growth in the cannabis industry, the
continued development and operation of businesses in the cannabis industry may require additional financing. The failure of portfolio
companies to raise such capital could result in the delay or indefinite postponement of current business objectives or the cessation
of business. There can</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">be no assurance that additional capital or other types of financing
will be available if needed or that, if available, the terms of such financing will be favorable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Portfolio companies may be subject to product
liability claims.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we invest in a portfolio company operating
as a manufacturer and distributor of products utilizing cannabis for human consumption, such portfolio companies will face an inherent
risk of exposure to product liability claims, regulatory action and litigation if their products are alleged to have caused significant
loss or injury. In addition, the manufacture and sale of cannabis products involve the risk of injury to consumers due to tampering by
unauthorized third-parties or product contamination. Previously unknown adverse reactions resulting from human consumption of cannabis
products alone or in combination with other medications or substances could occur. Our portfolio companies may be subject to various
product liability claims, including, among others, that the products they produced caused injury or illness, include inadequate instructions
for use or include inadequate warnings concerning possible side effects or interactions with other substances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A product liability claim or regulatory action
against a portfolio company could result in increased costs, could adversely affect its reputation with its clients and consumers generally,
and could have a material adverse effect on its results of operations and financial condition, which in turn could adversely affect our
results of operations and financial condition. There can be no assurances that a portfolio company will be able to obtain or maintain
product liability insurance on acceptable terms or with adequate coverage against potential liabilities. Such insurance is expensive
and may not be available in the future on acceptable terms, or at all. The inability to obtain sufficient insurance coverage on reasonable
terms or to otherwise protect against potential product liability claims could prevent or inhibit the commercialization of products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Portfolio companies may not be able to obtain
adequate insurance coverage in respect of the risks such business faces, the premiums for such insurance may not continue to be commercially
justifiable or there may be coverage limitations and other exclusions which may result in such insurance not being sufficient to cover
potential liabilities that they face.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we expect our portfolio companies to
have insurance coverage with respect to the assets and operations of their businesses, such insurance coverage will be subject to coverage
limits and exclusions and may not be available for the risks and hazards to which they are exposed. In addition, no assurance can be
given that such insurance will be adequate to cover their liabilities, including potential product liability claims, or will be generally
available in the future or, if available, that premiums will be commercially justifiable. If a portfolio company were to incur substantial
liability and such damages were not covered by insurance or were in excess of policy limits, such portfolio company may be exposed to
material uninsured liabilities that could impede such company&rsquo;s liquidity, profitability or solvency, potentially impacting our
results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>Due to our involvement in the regulated cannabis industry,
we and our borrowers may have a difficult time obtaining or maintaining the various insurance policies that are desired to operate our
business, which may expose us to additional risk and financial liabilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Insurance that is otherwise readily available,
such as workers&rsquo; compensation, general liability, title insurance and directors&rsquo; and officers&rsquo; insurance, is more difficult
for us and our borrowers to find and more expensive, because of our borrowers&rsquo; involvement in the regulated cannabis industry.
There are no guarantees that we or our borrowers will be able to find such insurance now or in the future, or that such insurance will
be available on economically viable terms. If we or our borrowers are forced to go without such insurance, it may prevent us from entering
into certain business sectors, may inhibit our growth, may expose us to additional risk and financial liabilities and, in the case of
an uninsured loss, may result in the loss of anticipated cash flow or the value of our loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We, portfolio companies or the cannabis industry
more generally may receive unfavorable publicity or become subject to negative consumer or investor perception.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that the cannabis industry is highly
dependent upon positive consumer and investor perception regarding the benefits, safety, efficacy and quality of the cannabis distributed
to consumers. The perception of the cannabis industry and cannabis products, currently and in the future, may be significantly influenced
by scientific</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">research or findings, regulatory investigations,
litigation, political statements, media attention and other publicity (whether or not accurate or with merit) both in the United States
and in other countries, including Canada, relating to the consumption of cannabis products, including unexpected safety or efficacy concerns
arising with respect to cannabis products or the activities of industry participants. There can be no assurance that future scientific
research, findings, regulatory proceedings, litigation, media attention, or other research findings or publicity will be favorable to
the cannabis market or any particular cannabis product or will be consistent with earlier publicity. Adverse future scientific research
reports, findings and regulatory proceedings that are, or litigation, media attention or other publicity that is, perceived as less favorable
than, or that questions, earlier research reports, findings or publicity (whether or not accurate or with merit) could result in a significant
reduction in the demand for the cannabis products of a portfolio company. Further, adverse publicity reports or other media attention
regarding the safety, efficacy and quality of cannabis, or the products of a portfolio company specifically, or associating the consumption
of cannabis with illness or other negative effects or events, could adversely affect such portfolio company. This adverse publicity could
arise even if the adverse effects associated with cannabis products resulted from consumers&rsquo; failure to use such products legally,
appropriately or as directed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Third-parties with whom we do business may
perceive themselves as being exposed to reputational risk by virtue of their relationship with us and may ultimately elect not to do
business with us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we invest in a portfolio company in the cannabis
industry, the parties with which we do business may perceive that they are exposed to reputational risk as a result of our investment
in a cannabis business. Failure to establish or maintain business relationships could have a material adverse effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our reputation and ability to do business,
as well as the reputation of our portfolio companies and their ability to do business, may be negatively impacted by the improper conduct
of business partners, employees or agents.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot provide assurance that the internal
controls and compliance systems of our portfolio companies will always protect us from acts committed by such companies&rsquo; employees,
agents or business partners in violation of applicable laws and regulations in the jurisdictions in which they conduct operations, including
those applicable to businesses in the cannabis industry. Any improper acts or allegations could damage our reputation, the reputation
of our portfolio companies and subject us and our portfolio companies to civil or criminal investigations and related shareholder lawsuits,
could lead to substantial civil and criminal monetary and non-monetary penalties, and could cause us or our portfolio companies to incur
significant legal and investigatory fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Portfolio companies may be subject to regulatory,
legal or reputational risk associated with potential misuse of their products by their customers.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot provide assurance that a portfolio
company&rsquo;s customers will always use its products in the manner in which they intend. Any misuse of their products by their customers
could lead to substantial civil and criminal monetary and non-monetary penalties, and could cause them to incur significant legal and
investigatory fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">A portfolio company may not succeed in promoting
and sustaining its brands, which could have an adverse effect on its future growth and business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A critical component of a portfolio company&rsquo;s
future growth is its ability to promote and sustain its brands, often achieved by providing a high-quality user experience. An important
element of a portfolio company&rsquo;s brand promotion strategy is establishing a relationship of trust with its consumers. In order
to provide a high-quality user experience, a portfolio company may need to have invested and continue to invest substantial resources
in the development of products, infrastructure, fulfillment and customer service operations. Campaigns designed to enhance a portfolio
company&rsquo;s brand and attract consumers, subject to restrictions imposed by law, can be expensive and may not result in increased
sales. If a portfolio company is unable to attract new customers or its consumers are dissatisfied with the quality of the products sold
to them or the customer service they receive and their overall customer experience, it could see a decrease in sales, which could have
a material adverse effect on the portfolio company&rsquo;s business, financial condition and results of operations, which in turn, could
have an adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Certain events or developments in the cannabis
industry more generally may impact our reputation or the reputation of our portfolio companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Damage to our reputation or the reputation of
our portfolio companies can result from the actual or perceived occurrence of any number of events, including any negative publicity,
whether true or not. If we invest in a portfolio company in the cannabis industry, because cannabis has been commonly associated with
various other narcotics, violence and criminal activities, there is a risk that such business might attract negative publicity. There
is also a risk that the actions of other companies, service providers and customers in the cannabis industry may negatively affect the
reputation of the industry as a whole and thereby negatively impact our reputation or the reputation of our portfolio companies. The
increased usage of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect
with other users has made it increasingly easier for individuals and groups to communicate and share negative opinions and views in regards
to our and our portfolio companies&rsquo; activities and the cannabis industry in general, whether true or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not ultimately have direct control over
how we or the cannabis industry is perceived by others. Reputational issues may result in decreased investor confidence, increased challenges
in developing and maintaining community relations and present an impediment to our overall ability to advance our business strategy and
realize our investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The cannabis industry is subject to the risks
inherent in an agricultural business, including the risk of crop failure.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The growing of cannabis is an agricultural process.
As such, a portfolio company with operations in the cannabis industry is subject to the risks inherent in the agricultural business,
including risks of crop failure presented by weather, insects, plant diseases and similar agricultural risks. Although some cannabis
production is conducted indoors under climate controlled conditions, cannabis continues to be grown outdoors and there can be no assurance
that artificial or natural elements, such as insects and plant diseases, will not entirely interrupt production activities or have an
adverse effect on the production of cannabis and, accordingly, the operations of a portfolio company, which could have an adverse effect
on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The cannabis industry is subject to transportation
disruptions, including those related to an agricultural product.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a business revolving mainly around the growth
of an agricultural product, the ability to obtain speedy, cost-effective and efficient transport services will be essential to the prolonged
operations of a portfolio company&rsquo;s business. Should such transportation become unavailable for prolonged periods of time, it could
have a material adverse effect on the portfolio company&rsquo;s business, financial condition and results of operations, which could
also have an adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to the nature of a portfolio company&rsquo;s
products, security of the product during transportation to and from its facilities may be important. A breach of security during transport
or delivery could have a material adverse effect on a portfolio company&rsquo;s business, financial condition and results of operations,
which could also have an adverse effect on our business, financial condition and results of operations. Any breach of the security measures
during transport or delivery, including any failure to comply with recommendations or requirements of regulatory authorities, could also
have an impact on the portfolio company&rsquo;s ability to continue operating under its license or the prospect of renewing its licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Many cannabis businesses are subject to significant
environmental regulations and risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Participants in the cannabis industry are subject
to various environmental regulations in the jurisdictions in which they operate. These regulations may mandate, among other things, the
maintenance of air and water quality standards and land reclamation. These regulations may also set forth limitations on the generation,
transportation, storage and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner which will require
stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed
projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that
future changes in environmental regulation, if any, will not adversely affect a portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Many cannabis businesses are dependent on key
personnel with sufficient experience in the cannabis industry.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The success of businesses in the cannabis industry
is largely dependent on the performance of their respective management teams and key employees and their continuing ability to attract,
develop, motivate and retain highly qualified and skilled employees. Qualified individuals are in high demand, and significant costs
may be incurred to attract and retain them. The loss of the services of any key personnel, or an inability to attract other suitably
qualified persons when needed, could prevent a business from executing on its business plan and strategy, and the business may be unable
to find adequate replacements on a timely basis, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">There are a limited number of management teams
in the cannabis industry that are familiar with U.S. securities laws.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are a limited number of management teams
in the cannabis industry that have U.S. public company experience. As a result, management of a portfolio company, including any key
personnel that it hires in the future, may not be familiar with U.S. securities laws. If such management team is unfamiliar with U.S.
securities laws, they may have to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming
and could lead to various regulatory issues which may adversely affect our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">It may be difficult to continuously maintain
and retain a competitive talent pool with public company standards.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As we grow, our Adviser may need to hire additional
human resources to continue to develop our business. However, experienced talent, including senior management, with public company background
in the areas of cannabis research and development, growing cannabis and extraction are difficult to source, and there can be no assurance
that the appropriate individuals will be available or affordable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Without adequate personnel and expertise, the
growth of our business may suffer. There can be no assurance that our Adviser will be able to identify, attract, hire and retain qualified
personnel and expertise in the future, and any failure to do so could have a material adverse effect on our business, financial condition
or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>A portfolio company may be dependent on skilled
labor and suppliers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ability of a portfolio company to compete
and grow will be dependent on it having access, at a reasonable cost and in a timely manner, to skilled labor, equipment, parts and components.
No assurances can be given that a portfolio company will be successful in maintaining its required supply of skilled labor, equipment,
parts and components. Qualified individuals are in high demand, and the portfolio company may incur significant costs to attract and
retain them. It is also possible that the final costs of the major equipment and materials, including packaging materials, contemplated
by the portfolio company&rsquo;s capital expenditure program may be significantly greater than anticipated by the portfolio company&rsquo;s
management, and may be greater than funds available to the portfolio company, in which circumstance the portfolio company may curtail,
or extend the time frames for completing, its capital expenditure plans. This could have a material adverse effect on the portfolio company&rsquo;s
business, financial condition and results of operations, which could also have an adverse effect on our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Fraudulent or illegal activity by employees,
contractors and consultants may adversely affect our portfolio companies&rsquo; business, financial condition or results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A portfolio company may be exposed to the risk
that any of its employees, independent contractors or consultants may engage in fraudulent or other illegal activity. Misconduct by these
parties could include intentional, reckless and/or negligent conduct or disclosure of unauthorized activities that violate (i) government
regulations, (ii) manufacturing standards, (iii) federal, state and provincial healthcare fraud and abuse laws and regulations, or (iv)
laws that require the true, complete and accurate reporting of financial information or data. It may not always be possible for the portfolio
company to identify and deter misconduct by its employees and other third-parties, and the precautions taken by the portfolio company
to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting the portfolio
company from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws or regulations.
If any such actions are instituted against the portfolio company, and it is not successful in defending itself or asserting its rights,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">those actions could have a significant impact on
the business of the portfolio company, including the imposition of civil, criminal and administrative penalties, damages, monetary fines,
contractual damages, reputational harm, diminished profits and future earnings, and curtailment of the operations of the portfolio company,
any of which could have a material adverse effect on the portfolio company&rsquo;s business, financial condition and results of operations,
as well as our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">A portfolio company may be reliant on key inputs
and may not be able to realize its cannabis production or capacity targets. The price of production of cannabis will also vary based
on a number of factors outside of our portfolio companies&rsquo; control.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A portfolio company&rsquo;s ability to produce
and process cannabis, and the price of production, may be affected by a number of factors, including available space, raw materials,
plant design errors, non-performance by third-party contractors, increases in materials or labor costs, construction performance falling
below expected levels of output or efficiency, environmental pollution, contractor or operator errors, breakdowns, processing bottlenecks,
aging or failure of equipment or processes, labor disputes, as well as factors specifically related to indoor agricultural practices,
such as reliance on provision of energy and utilities to the facility, and potential impacts of major incidents or catastrophic events
on the facility, such as fires, explosions, earthquakes or storms. Any significant interruption or negative change in the availability
or economics of the supply chain for key inputs could materially impact the business, financial condition and operating results of a
portfolio company. Some of these inputs may only be available from a single supplier or a limited group of suppliers, including access
to the electricity grid. If a sole source supplier was to go out of business, the portfolio company might be unable to find a replacement
for such source in a timely manner or at all. If a sole source supplier were to be acquired by a competitor, that competitor may elect
not to sell to the portfolio company in the future. Any inability to secure required supplies and services or to do so on appropriate
terms could have a materially adverse impact on the business, financial condition, results of operations and prospects of such businesses,
as well as an adverse impact on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the price of production, sale and
distribution of cannabis will fluctuate widely due to, among other factors, how young the cannabis industry is and the impact of numerous
factors beyond the control of such businesses, including international, economic and political trends, expectations of inflation, currency
exchange fluctuations, interest rates, global or regional consumptive patterns, speculative activities and increased production due to
new production and distribution developments and improved production and distribution methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>A portfolio company may be vulnerable to rising
energy costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cannabis growing operations consume considerable
energy, which makes a portfolio company vulnerable to rising energy costs and/or the availability of stable energy sources. Accordingly,
rising or volatile energy costs or the inability to access stable energy sources may have a material adverse effect on the portfolio
company&rsquo;s business, financial condition and results of operations, which could also adversely affect our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>There may be a lack of access to U.S. bankruptcy
protections for portfolio companies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because cannabis is illegal under U.S. federal
law, many courts have denied cannabis businesses bankruptcy protections, thus making it very difficult for lenders to recoup their investments
in the cannabis industry in the event of a bankruptcy. If a portfolio company were to experience a bankruptcy, there is no guarantee
that U.S. federal bankruptcy protections would be available, which could have a material adverse effect on the financial condition and
prospects of such business and on our rights as lenders and security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Shares of closed-end investment companies,
including BDCs, may trade at a discount to their NAV.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Shares of closed-end investment companies, including
BDCs, may trade at a discount to their NAV. This characteristic of closed-end investment companies and BDCs is separate and distinct
from the risk that our NAV per share may decline. We cannot predict whether our common stock will trade at, above or below NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Investing in our common stock may involve an
above-average degree of risk.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The investments we intend to make in accordance
with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility
or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our shares
may not be suitable for someone with lower risk tolerance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The market price of our common stock may fluctuate
significantly.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The market price and liquidity of the expected
market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may
not be directly related to our operating performance. These factors include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>significant
                                            volatility in the market price and trading volume of securities of BDCs or other companies
                                            in our sector, which are not necessarily related to the operating performance of these companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>inability to
                                            obtain any exemptive relief that may be required by us from the SEC, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in
                                            regulatory policies, accounting pronouncements or tax guidelines, particularly with respect
                                            to RICs and BDCs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>loss of our
                                            BDC or RIC status;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in
                                            earnings or variations in operating results or distributions that exceed our net investment
                                            income;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increases in
                                            expenses associated with defense of litigation and responding to SEC inquiries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in
                                            accounting guidelines governing valuation of our investments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in
                                            the value of our portfolio of investments and any derivative instruments, including as a
                                            result of general economic conditions, interest rate shifts and changes in the performance
                                            of our portfolio companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any shortfall
                                            in investment income or net investment income or any increase in losses from levels expected
                                            by investors or securities analysts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&#183;</FONT> </TD><TD> sales of our common
                                            stock by the Seed Investor (as defined below); </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>departure of
                                            our Adviser&rsquo;s key personnel; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general economic
                                            trends and other external factors, including those related to the COVID-19 pandemic.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"> Sales of substantial amounts of our common
stock in the public market, including by the Seed Investor, may have an adverse effect on the market price of our common stock. </P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Adviser will be the seed investor of the
Company (the &ldquo;Seed Investor&rdquo;) and will provide initial funding to the Company by purchasing approximately $50 million of
our common stock in this offering. <FONT STYLE="background-color: white">See &ldquo;Control Persons and Principal Stockholders.&rdquo;
</FONT>The Seed Investor is providing this &ldquo;seed capital&rdquo; to the Company for the purpose of facilitating the launch and initial
operation of the Company, as opposed to for long term investment purposes. Although the Seed Investor is subject to a 180-day lock-up
agreement (see &ldquo;Underwriting&mdash;Lock-Up Agreements&rdquo;), the Seed Investor does not expect to hold our common stock indefinitely,
and may sell our common stock at a future point in time. In order for the Seed Investor&rsquo;s sales of the shares of the Company not
to be deemed to have been made &ldquo;on the basis of&rdquo; material nonpublic information, such sales may be made pursuant to a&nbsp;pre-approved&nbsp;trading
plan that complies with Rule&nbsp;10b5-1&nbsp;under the Exchange Act and that may obligate the Seed Investor to make recurring sales
of our common stock on a periodic basis. Sales of substantial amounts of our common stock, including by the Seed Investor or other large
stockholders, or the availability of such common stock for sale, could adversely affect the prevailing market prices for our common stock.
If this occurs and continues for a sustained period of time, it could impair our ability to raise additional capital through the sale
of securities should we desire to do so. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"> The Seed Investor will have significant
influence over us after this offering, including having a 40% vote for matters that require the approval of stockholders, which could
limit your ability to influence the outcome of matters submitted to stockholders for a vote. </P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <FONT STYLE="font-style: normal; font-weight: normal">The
Seed Investor will hold 40% of our voting stock (assuming no exercise of the over-allotment option) and have the ability to exercise
substantial control over all corporate actions requiring stockholder approval, including the election and removal of directors, certain
amendments of our charter, our ability to issue our common stock at a price below NAV per share, and the approval of any merger or other
extraordinary corporate action.</FONT> </P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Certain provisions of our charter and bylaws
and actions of our Board of Directors could deter takeover attempts and have an adverse impact on the value of shares of our common stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter, as well as certain statutory and
regulatory requirements, contain certain provisions that may have the effect of discouraging a third-party from attempting to acquire
us. Our Board of Directors is divided into three classes of directors serving staggered three-year terms. Our Board of Directors may,
without stockholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred stock; and
our Board of Directors may, without stockholder action, amend our charter to increase the number of shares of our common stock, of any
class or series, that we will have authority to issue. These anti-takeover provisions may inhibit a change of control in circumstances
that could give the holders of shares of our common stock the opportunity to realize a premium over the value of shares of our common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Our common stockholders will bear the expenses
associated with our borrowings, and the holders of our debt securities will have certain rights senior to our common stockholders.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If in the future we issue debt securities, all
of the costs of offering and servicing such debt, including interest thereon, will be borne by our common stockholders. The interests
of the holders of any debt we may issue will not necessarily be aligned with the interests of our common stockholders. In particular,
the rights of holders of our debt to receive interest or principal repayment will be senior to those of our common stockholders. In addition,
we may grant a lender a security interest in a significant portion or all of our assets, even if the total amount we may borrow from
such lender is less than the amount of such lender&rsquo;s security interest in our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Prior to our initial public offering, there
will be no public market for our common stock, and we cannot assure you that the market price of shares of our common stock will not
decline following our initial public offering.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before our initial public offering, there will
be no public trading market for our common stock, and we cannot assure you that one will develop or be sustained after our initial public
offering. We cannot predict the prices at which our common stock will trade. The initial public offering price for our common stock may
not bear any relationship to the market price at which it may trade after our initial public offering. We cannot assure you that the
market price of shares of our common stock will not decline following our initial public offering. In addition, if our common stock trades
below its NAV, we will generally not be able to sell additional shares of our common stock to the public at its market price without
first obtaining the approval of our stockholders (including our unaffiliated stockholders) and our independent directors for such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Stockholders may incur dilution if we issue
securities to subscribe to, convert to or purchase shares of our common stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The 1940 Act prohibits us from selling shares
of our common stock at a price below the current NAV per share of such stock with certain exceptions. One such exception is prior stockholder
approval of issuances of securities to subscribe to, convert to or purchase shares of our common stock even if the subscription, conversion
or purchase price per share of our common stock is below the NAV per share of our common stock at the time of any such subscription,
conversion or purchase. Any decision to sell securities to subscribe to, convert to or purchase shares of our common stock will be subject
to the determination by our Board of Directors that such issuance is in our and our stockholders&rsquo; best interests. If we issue securities
to subscribe to, convert to or purchase shares of common stock, the exercise or conversion of such securities would increase the number
of outstanding shares of our common stock. Any such exercise or conversion would be dilutive on the voting power of existing stockholders,
and could be dilutive with regard to distributions and our NAV, and other economic aspects of the common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B><I>Members of our management team
and our board of directors and affiliated companies have been, and may from time to time be, involved in legal proceedings or governmental
investigations unrelated to our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Members of our management team and our board
of directors have been involved in a wide variety of businesses. Such involvement has, and may lead to, media coverage and public awareness.
As a result of such involvement, members of our management team and our board of directors and affiliated companies have been, and may
from time to time be, involved in legal proceedings or governmental investigations unrelated to our business. Any such proceedings or
investigations may be detrimental to our reputation and could negatively affect our ability to operate our business and may have an adverse
effect on the price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some of the statements in this prospectus constitute
forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking
statements contained in this prospectus may include statements as to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our future
                                            operating results and distribution projections;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our business
                                            prospects and the prospects of our portfolio companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact
                                            of the investments that we expect to make;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the ability
                                            of our portfolio companies to achieve their objectives;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our expected
                                            financings and investments and the timing of our investments in our initial portfolio;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in
                                            regulation impacting the cannabis industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the adequacy
                                            of our cash resources and working capital; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the timing
                                            of cash flows, if any, from the operations of our portfolio companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, words such as &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;seek,&rdquo; &ldquo;plan,&rdquo; &ldquo;should,&rdquo; &ldquo;estimate&rdquo; and
&ldquo;intend&rdquo; indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking
statements contained in this prospectus involve risks and uncertainties. Our actual results could differ materially from those implied
or expressed in the forward-looking statements for any reason, including the factors set forth in &ldquo;Risk Factors&rdquo; and elsewhere
in this prospectus. Other factors that could cause actual results to differ materially include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in
                                            the economy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>risks associated
                                            with possible disruption in our operations or the economy generally due to terrorism or natural
                                            disasters; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>future changes
                                            in laws or regulations (including the interpretation of these laws and regulations by regulatory
                                            authorities) and conditions in our operating areas, particularly with respect to BDCs and
                                            RICs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have based the forward-looking statements
included in this prospectus on information available to us on the date of this prospectus and we assume no obligation to update any such
forward-looking statements, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements,
whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may
make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this prospectus are excluded from the
safe harbor protection provided by Section&nbsp;27A of the Securities Act, and the forward-looking statements that will be contained
in our periodic reports are excluded from the safe-harbor protection provided by Section&nbsp;21E of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>USE
OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <FONT STYLE="background-color: white">We estimate
that the net proceeds we will receive from the sale of 8,928,572 shares of our common stock in this offering will be approximately $117.6&nbsp;million,
or approximately $135.5 million if the underwriters fully exercise their over-allotment option, in each case based on an initial public
offering price of $14.00&nbsp;per share, after deducting the underwriting discounts and commissions paid by us and estimated organizational
and offering expenses of approximately $1.95 million payable by us. Such estimate is subject to change and no assurances can be given
that actual expenses will not exceed such amount.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We plan to use the net proceeds of this offering
primarily for loans and equity investments in accordance with our investment objective and strategies described in this prospectus and
for general working capital purposes. We will also pay operating expenses, including management and administrative fees, and may pay
other expenses such as due diligence expenses of potential new investments, from the net proceeds of this offering. We anticipate that
substantially all of the net proceeds of this offering will be used for the above purposes within three to nine months, depending on
the availability of appropriate investment opportunities consistent with our investment objective and market conditions. We cannot assure
you we will achieve our targeted investment pace. Pending such use, we will invest the net proceeds from this offering primarily in high-quality,
short-term debt securities, consistent with our BDC election and our election to be taxed as a RIC, at yields significantly below the
returns which we expect to achieve when our portfolio is fully invested in securities meeting our investment objective. See &ldquo;Regulation
&mdash; Business Development Company Regulations &mdash; Temporary Investments.&rdquo; Our ability to achieve our investment objective
may be limited to the extent that the net proceeds from this offering, pending full investment, are held in interest-bearing deposits
or other short-term instruments. See &ldquo;Risk Factors &mdash; Risks Relating to Our Business and Structure &mdash; We may be unable
to invest a significant portion of the net proceeds from this initial public offering, or any follow-on offering of shares of our common
stock, on acceptable terms within an attractive time frame&rdquo; for additional information regarding this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>DISTRIBUTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subsequent to the completion of this offering,
and to the extent that we have income available, we intend to make quarterly distributions to our stockholders beginning after our first
full quarter of operations. The amount of our distributions, if any, will be determined by our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to elect to be treated, and intend
to qualify annually to be treated, as a RIC under Subchapter M of the Code, for U.S.&nbsp;federal income tax purposes, commencing with
our first taxable year ending after completion of this offering. As long as we qualify as a RIC, we will not be taxed on our investment
company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be
distributed, to stockholders on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To obtain and maintain RIC tax treatment, we
must distribute (or be deemed to distribute) at least 90% of the sum of our:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>investment company
                                            taxable income (which is generally our ordinary income plus the excess of realized short-term
                                            capital gains over realized net long-term capital losses), determined without regard to the
                                            deduction for dividends paid, for such taxable year; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>net tax-exempt
                                            interest income (which is the excess of our gross tax-exempt interest income over certain
                                            disallowed deductions) for such taxable year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a RIC, we (but not our stockholders) generally
will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our stockholders.
The discussion below assumes that we will qualify to be treated as a RIC for U.S. federal tax purposes each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to distribute annually all or substantially
all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be
subject to corporate-level U.S. federal income tax. We can be expected to carry forward our net capital gains or any investment company
taxable income in excess of current-year dividend distributions, and pay the U.S. federal excise tax as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Depending on the level of taxable income earned
in a tax year, we may choose to carry forward taxable income in excess of current-year distributions into the next tax year. We will
be subject to a 4% excise tax on a certain portion of these undistributed amounts. Please refer to &ldquo;Material U.S. Federal Income
Tax Considerations&rdquo; for further information regarding the consequences of our retention of net capital gains. We may, in the future,
make actual distributions to our stockholders of our net capital gains. We can offer no assurance that we will achieve results that will
permit the payment of any cash distributions and, if we issue senior securities, we may be prohibited from making distributions if doing
so causes us to fail to maintain the asset coverage ratios stipulated by the 1940&nbsp;Act or if distributions are limited by the terms
of any of our borrowings. See &ldquo;Regulation&rdquo; and &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we intend to distribute any income and
capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income
and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be
liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to pay quarterly distributions to our
stockholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board of Directors
and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations
and such other factors as our Board of Directors may deem relevant from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent our current taxable earnings for
a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital
to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original
capital invested by the stockholder rather than our income or gains. Stockholders should read written disclosure carefully and should
not assume that the source of any distribution is our ordinary income or gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A return of capital is a return of a portion
of your original investment in shares of our common stock. As a result, a return of capital will (i)&nbsp;lower your tax basis in your
shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption
of such shares and (ii)&nbsp;reduce the amount of funds we have for investment in portfolio companies.&nbsp;We have not established any
limit on the extent to which we may use offering proceeds to fund distributions. However, our Board of Directors, including a majority
of our independent directors, will be required to determine that making return of capital distributions from our offering proceeds is
in the best interests of our stockholders based upon our then-current financial condition and our expected future growth prospects.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted an &ldquo;opt out&rdquo; dividend
reinvestment plan for our common stockholders. As a result, if we make a cash distribution, then stockholders&rsquo; cash distributions
will be automatically reinvested in additional shares of our common stock, unless they specifically &ldquo;opt out&rdquo; of the dividend
reinvestment plan so as to receive cash distributions. Stockholders who receive distributions in the form of our shares of common stock
will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Shares of BDCs may trade at a market price that
is less than the value of the net assets attributable to those shares. The possibilities that our shares of common stock will trade at
a discount from NAV or at premiums that are unsustainable over the long term are separate and distinct from the risk that our NAV will
decrease. It is not possible to predict whether the common stock offered hereby will trade at, above or below NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>CAPITALIZATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the actual
                                            capitalization of Silver Spike Investment Corp. at June 16, 2021; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&#183;</FONT> </TD><TD> the capitalization
                                            of Silver Spike Investment Corp. as adjusted to reflect the sale of 8,928,572 shares of our
                                            common stock in this offering at an expected initial public offering price of $14.00 per
                                            share, <FONT STYLE="background-color: white">after deducting the underwriting discounts and
                                            commissions paid by us and estimated organizational and offering expenses of approximately
                                            $1.95 million payable by us</FONT>. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="background-color: white">You
should read this table together with &ldquo;Use of Proceeds&rdquo; and the financial statements and the related notes thereto included
elsewhere in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> As of June 16, 2021 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Actual </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> As&nbsp;Adjusted(1) </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> Assets: </TD><TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: right"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%"> Cash </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 5,400 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 117,555,400 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 23.75pt"> Total assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5,400 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 117,555,400 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left"> Stockholders&rsquo; equity: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"> Common stock, par value $0.01 per share; 100,000,000 shares authorized;
    386 shares outstanding, actual; 8,928,958&nbsp;shares outstanding, as adjusted </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 89,290 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> Additional paid-in capital </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5,396 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 117,466,110 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 23.75pt"> Total stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5,400 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 117,555,400 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Does not include the underwriters&rsquo; over-allotment option of
                                            1,339,286 shares of our common stock. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>DISCUSSION
OF MANAGEMENT&rsquo;S OPERATING PLANS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following discussion and other parts of
this prospectus contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially
from those anticipated by such forward-looking information due to factors discussed under &ldquo;Risk Factors&rdquo; appearing elsewhere
in the prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a newly organized specialty finance company
formed to invest across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately
held cannabis companies. All of our investments are designed to be compliant with all applicable laws and regulations within the jurisdictions
in which they are made or to which we are otherwise subject, including U.S. federal laws. We will make equity investments only in companies
that are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate, including
U.S. federal laws. We may make loans to companies that we determine based on our due diligence are licensed in, and complying with, state-regulated
cannabis programs, regardless of their status under U.S. federal law, so long as the investment itself is designed to be compliant with
all applicable laws and regulations in the jurisdiction in which the investment is made or to which we are otherwise subject, including
U.S. federal law. We are externally managed by SSC and seek to expand the compliant cannabis investment activities of SSC&rsquo;s leading
investment platform in the cannabis industry. We primarily seek to partner with private equity firms, entrepreneurs, business owners
and management teams to provide credit and equity financing alternatives to support buyouts, recapitalizations, growth initiatives, refinancings
and acquisitions across cannabis companies, including cannabis-enabling technology companies, cannabis-related health and wellness companies,
and hemp and CBD distribution companies. Under normal circumstances, each such cannabis company derives at least 50% of its revenues
or profits from, or commits at least 50% of its assets to, activities related to cannabis at the time of our investment in the cannabis
company. We are not required to invest a specific percentage of our assets in such cannabis companies, and we may make debt and equity
investments in other companies in the health and wellness sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our investment objective is to maximize risk-adjusted
returns on equity for our shareholders. We will seek to capitalize on what we believe to be nascent cannabis industry growth and drive
return on equity by generating current income from our debt investments and capital appreciation from our equity and equity-related investments.
We intend to achieve our investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity
investments in privately held businesses. We intend that our debt investments will often be secured by either a first or second priority
lien on the assets of the portfolio company, can include either fixed or floating rate terms and will generally have a term of between
three and six years from the original investment date. We expect our secured loans to be secured by various types of assets of our borrowers.
While the types of collateral securing any given secured loan will depend on the nature of the borrower&rsquo;s business, common types
of collateral we expect to secure our loans include real property and certain personal property, including equipment, inventory, receivables,
cash, intellectual property rights and other assets to the extent permitted by applicable laws and the regulations governing our borrowers.
Certain attractive assets of our borrowers, such as cannabis licenses and cannabis inventory, may not be able to be used as collateral
or transferred to us. See &ldquo;Risk Factors&mdash;Risks Relating to Our Investments&mdash;Certain assets of our borrowers may not be
used as collateral or transferred to us due to applicable state laws and regulations governing the cannabis industry, and such restrictions
could negatively impact our profitability.&rdquo; In some of our portfolio investments, we expect to receive nominally priced equity
warrants and/or make direct equity investments in connection with a debt investment. In addition, a portion of our portfolio may be comprised
of derivatives, including total return swaps. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Generally, the loans in which we expect to invest
will have a complete set of financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio
company&rsquo;s financial performance. However, to a lesser extent, we may invest in &ldquo;covenant-lite&rdquo; loans. We use the term
&ldquo;covenant-lite&rdquo; to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally,
&ldquo;covenant-lite&rdquo; loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based,
which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration
in the borrower&rsquo;s financial condition. Accordingly, to the extent we invest in &ldquo;covenant-lite&rdquo; loans, we may have fewer
rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans
with a complete set of financial maintenance covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The loans in which we tend to invest typically
pay interest at rates which are determined periodically on the basis of the London-Interbank Offered Rate, or &ldquo;LIBOR,&rdquo; plus
a premium. The loans in which we expect to invest are typically made to U.S. and, to a limited extent, non-U.S. (including emerging market)
corporations, partnerships and other business entities which operate in various industries and geographical regions. These loans typically
are rated below investment grade. Securities rated below investment grade are often referred to as &ldquo;high-yield&rdquo; or &ldquo;junk&rdquo;
securities, and may be considered a higher risk than debt instruments that are rated above investment grade. &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We expect to invest in loans made primarily
to private leveraged middle-market companies with approximately $5 million to $50 million of earnings before interest, taxes, depreciation
and amortization, or &ldquo;EBITDA.&rdquo; Our business model is focused primarily on the direct origination of investments through portfolio
companies or their financial sponsors. We expect that our investments will generally range between $5 million and $40 million each, although
we expect that this investment size will vary proportionately with the size of our capital base. We have an active pipeline of investments
and are currently reviewing over $1.1 billion of potential investments in varying stages of underwriting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be externally managed by Silver Spike
Capital, LLC. SSC will also provide the administrative services necessary for us to operate. We believe that our ability to leverage
the existing investment management platform of SSC will enable us to operate more efficiently and with lower overhead costs than other
newly formed funds of comparable size.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were formed in January 2021 as a Maryland
corporation and structured as an externally managed, closed-end, non-diversified management investment company. We have elected to be
treated as a business development company, or BDC, under the 1940 Act. In addition, for U.S. federal income tax purposes we intend to
elect to be treated, and intend to qualify annually to be treated, as a regulated investment company, or RIC, under Subchapter M of the
Code, commencing with our first taxable year ending after completion of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Revenues</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">We intend to generate revenues primarily in
the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity
investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt
investments typically have a term of three to six years. We expect that the majority of our loan portfolio will bear interest at a floating
rate, subject to interest rate floors in certain cases. Interest on our debt investments will generally be payable either monthly or
quarterly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Our investment portfolio will consist primarily
of floating rate loans, and our credit facilities will bear interest at floating rates. Macro trends in base interest rates like LIBOR
may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio
companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments
that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are idiosyncratic,
and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily
any trends in our business or macro trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Loan origination fees, OID and market discount
or premium are capitalized, and we accrete or amortize such amounts under accounting principles generally accepted in the United States
of America (&ldquo;U.S. GAAP&rdquo;) as interest income using the effective yield method for term instruments and the straight-line method
for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency
or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income.&nbsp;We may also
generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance
to our portfolio companies and possibly consulting fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Dividend income on equity investments is recorded
on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Our portfolio activity will also reflect the
proceeds from sales of investments. We recognize realized gains or losses on investments based on the difference between the net proceeds
from the disposition and the amortized cost</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">basis of the investment without regard to unrealized gains or losses
previously recognized. We record current-period changes in fair value of investments that are measured at fair value as a component of
the net change in unrealized gains (losses) on investments in the consolidated statement of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our primary operating expenses are the payment
of a base management fee and any incentive fees under the Investment Advisory Agreement and the allocable portion of overhead and other
expenses incurred by SSC in performing its obligations under the Administration Agreement. Our investment management fee compensates
our Adviser for its work in identifying, evaluating, negotiating, executing, monitoring, servicing and realizing our investments. See
&ldquo;Investment Advisory Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as specifically provided below, all investment
professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us,
the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided
and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our CFO and
CCO and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs).
We bear all other expenses of our operations and transactions, including (without limitation) fees and expenses relating to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            our organization and offerings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            calculating our NAV, including the cost of any third-party valuation services;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            effecting sales and repurchases of shares of our common stock and other securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees and expenses
                                            payable under any underwriting agreements, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>debt service
                                            and other costs of borrowings or other financing arrangements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs of hedging;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expenses, including
                                            travel expenses, incurred by the Adviser, or members of the investment team, or payable to
                                            third-parties, performing due diligence on prospective portfolio companies and, if necessary,
                                            enforcing our rights;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>management
                                            and incentive fees payable pursuant to the Investment Advisory Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees payable
                                            to third-parties relating to, or associated with, making investments and valuing investments
                                            (including third-party valuation firms);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs, including
                                            legal fees, associated with compliance under cannabis laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>transfer agent
                                            and custodial fees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees and expenses
                                            associated with marketing efforts (including attendance at industry and investor conferences
                                            and similar events);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>federal and
                                            state registration fees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any exchange
                                            listing fees and fees payable to rating agencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>federal, state
                                            and local taxes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>independent
                                            directors&rsquo; fees and expenses, including travel expenses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cost of preparing
                                            financial statements and maintaining books and records and filing reports or other documents
                                            with the SEC (or other regulatory bodies) and other reporting and compliance costs, and the
                                            compensation of professionals responsible for the preparation of the foregoing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            any reports, proxy statements or other notices to our stockholders (including printing and
                                            mailing costs), the costs of any stockholder or director meetings and the compensation of
                                            investor relations personnel responsible for the preparation of the foregoing and related
                                            matters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>brokerage commissions
                                            and other compensation payable to brokers or dealers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>research and
                                            market data;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fidelity bond,
                                            directors&rsquo; and officers&rsquo; errors and omissions liability insurance and other insurance
                                            premiums;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>direct costs
                                            and expenses of administration, including printing, mailing and staff;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees and expenses
                                            associated with independent audits, and outside legal and consulting costs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs of winding
                                            up;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs incurred
                                            in connection with the formation or maintenance of entities or vehicles to hold our assets
                                            for tax or other purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extraordinary
                                            expenses (such as litigation or indemnification); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs associated
                                            with reporting and compliance obligations under the 1940 Act and applicable federal and state
                                            securities laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect, but cannot assure, that our general
and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets
during such periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Hedging</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that any of our loans and other
investments are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure
to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will
be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs
incurred in entering into such contracts or in connection with settling them will be borne by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Financial Condition, Liquidity and Capital
Resources</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will generate cash primarily from the net
proceeds of this offering and any future offerings of securities and cash flows from operations, including interest earned from the temporary
investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> In addition, we expect to enter into a credit
facility in the near future. The amount of leverage that we employ will depend on our assessment of market conditions and other factors
at the time of any proposed borrowing, such as the maturity, covenant package and rate structure of the proposed borrowings, our ability
to raise funds through the issuance of shares of our common stock and the risks of such borrowings within the context of our investment
outlook. Ultimately, we only intend to use leverage if the expected returns from borrowing to make investments will exceed the cost of
such borrowing. We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we aim to have one dollar of equity for each $0.50
of debt outstanding). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our primary use of funds will be investments
in portfolio companies, cash distributions to holders of our common stock, and the payment of operating expenses. Immediately after this
offering, assuming an initial offering of 8,928,572 shares of our common stock at a price of $14.00 per share, we expect to have cash
resources of approximately $<FONT STYLE="background-color: white">117.6</FONT> million and no indebtedness. This amount does not take
into account the exercise of the underwriters&rsquo; over-allotment option. See &ldquo;Use of Proceeds.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical Accounting Policies</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Basis of Presentation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The preparation of financial statements in accordance
with U.S. GAAP requires management to make certain estimates and assumptions affecting amounts reported in our financial statements.
We identify investment valuation and revenue recognition as our most critical accounting estimates. We will continuously evaluate our
estimates, including those related to the matters described below. These estimates will be based on the information that is currently
available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ
materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Investment Valuation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Investment transactions are recorded on the
trade date at fair value. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment
fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains
or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized
gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or
losses with respect to investments realized during the period. We record current-period changes in fair value of investments that are
measured at fair value as a component of the net change in unrealized gains (losses) on investments in the consolidated statement of
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Investments for which market quotations are
readily available are typically valued at the bid price of those market quotations. 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. Debt and
equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all
of our investments, are valued at fair value as determined in good faith by our Board of Directors, based on, among other things, the
input of the Adviser, our Audit Committee and independent third-party valuation firm(s) engaged at the direction of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">As part of the valuation process, the Board
of Directors takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise
value of a portfolio company (i.e., the total fair value of the portfolio company&rsquo;s debt and equity), the nature and realizable
value of any collateral, the portfolio company&rsquo;s ability to make payments based on its earnings and cash flow, the markets in which
the portfolio company does business, a comparison of the portfolio company&rsquo;s securities to any similar publicly traded securities,
and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may
be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board
of Directors considers whether the pricing indicated by the external event corroborates its valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">The Board of Directors undertakes a multi-step
valuation process, which includes, among other procedures, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>With respect
                                            to investments for which market quotations are readily available, those investments will
                                            typically be valued at the bid price of those market quotations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>With respect
                                            to investments for which market quotations are not readily available, the valuation process
                                            begins with the independent valuation firm(s) providing a preliminary valuation of each investment
                                            to the Adviser&rsquo;s valuation committee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Preliminary
                                            valuation conclusions are documented and discussed with the Adviser&rsquo;s valuation committee.
                                            Agreed-upon valuation recommendations are presented to the Audit Committee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Audit Committee
                                            reviews the valuation recommendations and recommends values for each investment to the Board
                                            of Directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Board of
                                            Directors reviews the recommended valuations and determines the fair value of each investment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We conduct this valuation process on a quarterly
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We apply Financial Accounting Standards Board
Accounting Standards Codification 820, Fair Value Measurements (&ldquo;ASC 820&rdquo;), as amended, which establishes a framework for
measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value
to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants
on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may
be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider
the principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that
prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels
are summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level 1 &ndash;
                                            Valuations based on quoted prices in active markets for identical assets or liabilities that
                                            we have the ability to access;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level 2 &ndash;
                                            Valuations based on quoted prices in markets that are not active or for which all significant
                                            inputs are observable, either directly or indirectly; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level 3 &ndash;
                                            Valuations based on inputs that are unobservable and significant to the overall fair value
                                            measurement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Transfers between levels, if any, are recognized
at the beginning of the quarter in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply
the valuation policy approved by our Board of Directors that is consistent with ASC 820. Consistent with the valuation policy, we evaluate
the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar
attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing
services (that is, broker quotes), we subject those prices to various criteria in making the determination as to whether a particular
investment would qualify for treatment as a Level 2 or Level 3 investment. For example, we, or the independent valuation firm(s), review
pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus
unobservable inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to the inherent uncertainty of determining
the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from
period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used
had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such
investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale.
If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different
from the amounts presented and such differences could be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, changes in the market environment
and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments
to be different than the unrealized gains or losses reflected previously.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In December 2020, the SEC adopted&nbsp;Rule 2a-5&nbsp;under
the 1940 Act, which is intended to address valuation practices and the role of the board of&nbsp;directors with respect to the fair value
of the investments of a registered investment company or business development company. Among other things,&nbsp;Rule&nbsp;2a-5&nbsp;will
permit a fund&rsquo;s board to designate the fund&rsquo;s primary investment adviser to perform the fund&rsquo;s fair value determinations,
which will be subject to&nbsp;board oversight and certain reporting and other requirements intended to ensure that the board receives
the information it needs to oversee the investment&nbsp;adviser&rsquo;s fair value determinations. Compliance with&nbsp;Rule 2a-5&nbsp;will
not be required until September 2022. We continue to review&nbsp;Rule 2a-5&nbsp;and its&nbsp;impact on our valuation policies and related
practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The NAV per share of our outstanding shares of
common stock is determined quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Revenue Recognition</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Interest and Dividend Income</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Interest income is recorded on the accrual basis
and includes amortization of discounts or premiums. Certain investments may have contractual PIK interest or dividends. PIK interest
represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than
being paid in cash and generally becomes due at maturity. Discounts and premiums to par value on securities purchased are amortized into
interest income over the contractual life of the respective security using the effective yield method.&nbsp;The amortized cost of investments
represents the original cost adjusted for the amortization of discounts or premiums, if any. Upon prepayment of a loan or debt security,
any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Loans are generally placed on non-accrual status
when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan
is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal
depending upon management&rsquo;s judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized,
the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the
accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual
status when past-due principal and interest are paid current and, in management&rsquo;s judgment, are likely to remain current. Management
may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value
and is in the process of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to structure loans with PIK interest
when, after considering the applicable interest rate and other fees that we may recognize, we expect that such loans will provide an
attractive risk-adjusted return. For a discussion of risks we are subject to as a result of our use of PIK interest in connection with
our investments, see &ldquo;Risk Factors &mdash; Risks Relating Distributions &mdash; We may have difficulty paying our required distributions
if we are required to recognize income for U.S. federal income tax purposes before or without receiving cash representing such income,&rdquo;
&ldquo;&mdash; We may in the future choose to pay distributions partly in our own stock, in which case you may be required to pay tax
in excess of the cash you receive&rdquo; and &ldquo;Risk factors &mdash; Risks Relating to Conflicts of Interest &mdash; Our incentive
fee may induce our Adviser to make speculative investments.&rdquo; The accrual of PIK interest on our debt investments will increase
the recorded cost basis of these investments in our financial statements and, as a result, will increase the cost basis of these investments
for purposes of computing the Incentive Fee on Capital Gains payable by us to our Adviser. To maintain our status as a RIC, PIK income
must be paid out to our stockholders in the form of dividends even though we have not yet collected the cash and may never collect the
cash relating to the PIK interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Fee Income</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, we may receive fees for services
provided to portfolio companies. These fees are generally only available to us as a result of closing investments, are normally paid
at the closing of the investments, are generally non-recurring, and are recognized as revenue when earned upon closing of the investment.
The services that the Adviser provides vary by investment, but can include closing, work, diligence, or other similar fees and fees for
providing managerial assistance to the our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Organization and Offering Expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Costs associated with our organization will be
expensed as incurred. We will record expenses related to public equity offerings as a reduction of capital upon completion of an offering
of registered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Federal Income Taxes</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to elect to be treated for federal
income tax purposes, and intend to qualify annually thereafter to be treated, as a RIC under Subchapter M of the Code. As a RIC, we generally
will not have to pay corporate-level federal income taxes on any ordinary income or capital gains that we distribute to our stockholders
from our tax earnings and profits. To obtain and maintain our RIC tax treatment, we must, among other things, meet specified source-of-income
and asset diversification requirements and distribute annually at least 90% of our ordinary income and realized net short-term capital
gains in excess of realized net long-term capital losses, if any. See &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distribution Policy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subsequent to the completion of this offering,
and to the extent that we have income available, we intend to make quarterly distributions to our stockholders beginning after our first
full quarter of operations. The amount of our distributions, if any, will be determined by our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to elect to be treated, and intend
to qualify annually to be treated, as a RIC under Subchapter M of the Code, for U.S.&nbsp;federal income tax purposes, commencing with
our first taxable year ending after completion of this offering. As long as we qualify as a RIC, we will not be taxed on our investment
company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be
distributed, to stockholders on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To obtain and maintain RIC tax treatment, we
must distribute (or be deemed to distribute) at least 90% of the sum of our:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>investment company
                                            taxable income (which is generally our ordinary income plus the excess of realized short-term
                                            capital gains over realized net long-term capital losses), determined without regard to the
                                            deduction for dividends paid, for such taxable year; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>net tax-exempt
                                            interest income (which is the excess of our gross tax-exempt interest income over certain
                                            disallowed deductions) for such taxable year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a RIC, we (but not our stockholders) generally
will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our stockholders.
The discussion below assumes that we will qualify to be treated as a RIC for U.S. federal tax purposes each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to distribute annually all or substantially
all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be
subject to corporate-level U.S. federal income tax. We can be expected to carry forward our net capital gains or any investment company
taxable income in excess of current-year dividend distributions, and pay the U.S. federal excise tax as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Depending on the level of taxable income earned
in a tax year, we may choose to carry forward taxable income in excess of current-year distributions into the next tax year. We will
be subject to a 4% excise tax on a certain portion of these undistributed amounts. Please refer to &ldquo;Material U.S. Federal Income
Tax Considerations&rdquo; for further information regarding the consequences of our retention of net capital gains. We may, in the future,
make actual distributions to our stockholders of our net capital gains. We can offer no assurance that we will achieve results that will
permit the payment of any cash distributions and, if we issue senior securities, we may be prohibited from making distributions if doing
so causes us to fail to maintain the asset coverage ratios stipulated by the 1940&nbsp;Act or if distributions are limited by the terms
of any of our borrowings. See &ldquo;Regulation&rdquo; and &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we intend to distribute any income and
capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income
and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be
liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to pay quarterly distributions to our
stockholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board of Directors
and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations
and such other factors as our Board of Directors may deem relevant from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent our current taxable earnings for
a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital
to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original
capital invested by the stockholder rather than our income or gains. Stockholders should read written disclosure carefully and should
not assume that the source of any distribution is our ordinary income or gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A return of capital is a return of a portion
of your original investment in shares of our common stock. As a result, a return of capital will (i)&nbsp;lower your tax basis in your
shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption
of such shares and (ii)&nbsp;reduce the amount of funds we have for investment in portfolio companies.&nbsp;We have not established any
limit on the extent to which we may use offering proceeds to fund distributions. However, our Board of Directors, including a majority
of our independent directors, will be required to determine that making return of capital distributions from our offering proceeds is
in the best interests of our stockholders based upon our then-current financial condition and our expected future growth prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted an &ldquo;opt out&rdquo; dividend
reinvestment plan for our common stockholders. As a result, if we make a cash distribution, then stockholders&rsquo; cash distributions
will be automatically reinvested in additional shares of our common stock, unless they specifically &ldquo;opt out&rdquo; of the dividend
reinvestment plan so as to receive cash distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Contractual Obligations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will have certain commitments pursuant to
our Investment Advisory Agreement that we have entered into with SSC. We have agreed to pay a fee for investment advisory services consisting
of two components: a base management fee and an incentive fee. Payments under the Investment Advisory Agreement will be equal to (1)&nbsp;a
percentage of the value of our average gross assets and (2)&nbsp;a two-part incentive fee, as described in more detail below. See &ldquo;Investment
Advisory Agreement.&rdquo; We have also entered into a contract with SSC to serve as our administrator. Payments under the Administration
Agreement will equal an amount based upon our allocable portion of our administrator&rsquo;s overhead in performing its obligation under
the agreement, including rent, fees and other expenses inclusive of our allocable portion of the compensation of our CFO and CCO and
their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). See
&ldquo;Administration Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>BUSINESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a newly organized specialty finance company
formed to invest across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately
held cannabis companies. All of our investments are designed to be compliant with all applicable laws and regulations within the jurisdictions
in which they are made or to which we are otherwise subject, including U.S. federal laws. We will make equity investments only in companies
that are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate, including
U.S. federal laws. We may make loans to companies that we determine based on our due diligence are licensed in, and complying with, state-regulated
cannabis programs, regardless of their status under U.S. federal law, so long as the investment itself is designed to be compliant with
all applicable laws and regulations in the jurisdiction in which the investment is made or to which we are otherwise subject, including
U.S. federal law. We are externally managed by SSC and seek to expand the compliant cannabis investment activities of SSC&rsquo;s leading
investment platform in the cannabis industry. We primarily seek to partner with private equity firms, entrepreneurs, business owners
and management teams to provide credit and equity financing alternatives to support buyouts, recapitalizations, growth initiatives, refinancings
and acquisitions across cannabis companies, including cannabis-enabling technology companies, cannabis-related health and wellness companies,
and hemp and CBD distribution companies. Under normal circumstances, each such cannabis company derives at least 50% of its revenues
or profits from, or commits at least 50% of its assets to, activities related to cannabis at the time of our investment in the cannabis
company. We are not required to invest a specific percentage of our assets in such cannabis companies, and we may make debt and equity
investments in other companies in the health and wellness sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our investment objective is to maximize risk-adjusted
returns on equity for our shareholders. We will seek to capitalize on what we believe to be nascent cannabis industry growth and drive
return on equity by generating current income from our debt investments and capital appreciation from our equity and equity-related investments.
We intend to achieve our investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity
investments in privately held businesses. We intend that our debt investments will often be secured by either a first or second priority
lien on the assets of the portfolio company, can include either fixed or floating rate terms and will generally have a term of between
three and six years from the original investment date. We expect our secured loans to be secured by various types of assets of our borrowers.
While the types of collateral securing any given secured loan will depend on the nature of the borrower&rsquo;s business, common types
of collateral we expect to secure our loans include real property and certain personal property, including equipment, inventory, receivables,
cash, intellectual property rights and other assets to the extent permitted by applicable laws and the regulations governing our borrowers.
Certain attractive assets of our borrowers, such as cannabis licenses and cannabis inventory, may not be able to be used as collateral
or transferred to us. See &ldquo;Risk Factors&mdash;Risks Relating to Our Investments&mdash;Certain assets of our borrowers may not be
used as collateral or transferred to us due to applicable state laws and regulations governing the cannabis industry, and such restrictions
could negatively impact our profitability.&rdquo; In some of our portfolio investments, we expect to receive nominally priced equity
warrants and/or make direct equity investments in connection with a debt investment. In addition, a portion of our portfolio may be comprised
of derivatives, including total return swaps. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Generally, the loans in which we expect to invest
will have a complete set of financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio
company&rsquo;s financial performance. However, to a lesser extent, we may invest in &ldquo;covenant-lite&rdquo; loans. We use the term
&ldquo;covenant-lite&rdquo; to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally,
&ldquo;covenant-lite&rdquo; loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based,
which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration
in the borrower&rsquo;s financial condition. Accordingly, to the extent we invest in &ldquo;covenant-lite&rdquo; loans, we may have fewer
rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans
with a complete set of financial maintenance covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The loans in which we tend to invest typically
pay interest at rates which are determined periodically on the basis of LIBOR plus a premium. The loans in which we expect to invest
are typically made to U.S. and, to a limited extent, non-U.S. (including emerging market) corporations, partnerships and other business
entities which operate in various industries and geographical regions. These loans typically are rated below investment grade. Securities
rated below investment grade are often referred to as &ldquo;high-yield&rdquo; or &ldquo;junk&rdquo; securities, and may be considered
a higher risk than debt instruments that are rated above investment grade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We expect to invest in loans made primarily
to private leveraged middle-market companies with approximately $5 million to $50 million of earnings before interest, taxes, depreciation
and amortization, or &ldquo;EBITDA.&rdquo; Our business model is focused primarily on the direct origination of investments through portfolio
companies or their financial sponsors. We expect that our investments will generally range between $5 million and $40 million each, although
we expect that this investment size will vary proportionately with the size of our capital base. We have an active pipeline of investments
and are currently reviewing over $1.1 billion of potential investments in varying stages of underwriting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be externally managed by Silver Spike
Capital, LLC. SSC will also provide the administrative services necessary for us to operate. We believe that our ability to leverage
the existing investment management platform of SSC will enable us to operate more efficiently and with lower overhead costs than other
newly formed funds of comparable size.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were formed in January 2021 as a Maryland
corporation and structured as an externally managed, closed-end, non-diversified management investment company. We have elected to be
treated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes we intend to elect to be treated, and intend to
qualify annually to be treated, as a RIC under Subchapter M of the Code, commencing with our first taxable year ending after completion
of this offering. Also, we are an &ldquo;emerging growth company,&rdquo; as defined in the JOBS Act, and intend to take advantage of
the exemption for emerging growth companies allowing us to temporarily forego the auditor attestation requirements of Section 404(b)
of the Sarbanes-Oxley Act of 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As a BDC, we will be required to comply with
regulatory requirements, including limitations on our use of debt. We will be permitted to, and expect to, finance our investments through
borrowings. However, as a BDC, we will only generally be allowed to borrow amounts such that our asset coverage, as defined in the 1940
Act, equals at least 150% after such borrowing. Under a 150% asset coverage ratio a BDC may borrow $2 for investment purposes of every
$1 of investor equity. The amount of leverage that we employ will depend on our assessment of market conditions and other factors at
the time of any proposed borrowing, such as the maturity, covenant package and rate structure of the proposed borrowings, our ability
to raise funds through the issuance of shares of our common stock and the risks of such borrowings within the context of our investment
outlook. Ultimately, we only intend to use leverage if the expected returns from borrowing to make investments will exceed the cost of
such borrowing. We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we aim to have one dollar of equity for each $0.50
of debt outstanding). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a RIC, we generally will not have to pay corporate-level
federal income taxes on any net ordinary income or realized net capital gains that we distribute to our stockholders if we meet certain
source-of-income, income distribution and asset diversification requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Investment Adviser</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Silver Spike Capital, LLC will manage the company
and oversee all of its operations. SSC is registered as an investment adviser under the Advisers Act. Our Adviser serves pursuant to
the Investment Advisory Agreement in accordance with the Advisers Act, under which it receives a management fee as a percentage of our
gross assets and incentive fees as a percentage of our ordinary income and capital gains from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Adviser also currently provides investment
management services to several investment vehicles which are primarily special opportunities related to one or more specific transactions.
In focusing on a broader sector-based credit and equity opportunity, our primary investment focus differs from that of other investments
made by SSC, as SSC's other managed vehicles do not have the mandate to make discretionary investments other than for the purpose of
the specific investments for which they were formed. However, there may be overlap in terms of our targeted investments. See &ldquo;Certain
Relationships And Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We benefit from our Adviser&rsquo;s ability to
identify attractive investment opportunities, conduct diligence on and value prospective investments, negotiate investments and manage
a portfolio of those investments. The principals of our Adviser have broad investment backgrounds, with prior experience at investment
funds, investment banks and other financial services companies, and have developed a broad network of contacts within the private equity
community. This network of contacts provides our principal source of investment opportunities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Adviser manages Silver Spike Sponsor, LLC,
which is the sponsor of Silver Spike Acquisition Corp., a special purpose acquisition company. Silver Spike Acquisition Corp. completed
its initial public offering in August 2019, and in June 2021 consummated a business combination with WM Holding Company, LLC, the leading
technology and software infrastructure provider to the cannabis industry. In connection with the transaction, Silver Spike Acquisition
Corp. changed its name to WM Technology, Inc. (&ldquo;WM Technology&rdquo;). The transaction provided $579 million of gross proceeds
to the combined company, implying a post-transaction equity value of approximately $1.5 billion, and was the largest single financing
in the cannabis sector to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to our management team&rsquo;s involvement
with WM Technology, our management team has a history of success in the cannabis industry, including, but not limited, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #222222; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Adviser&rsquo;s
                                            CEO and founder, Scott Gordon, began&nbsp;investing in the cannabis health and wellness industry
                                            in 2013, and soon thereafter co-founded Egg Rock Holdings, LLC (&ldquo;Egg Rock&rdquo;).&nbsp;&nbsp;Egg
                                            Rock is the parent company of Papa &amp; Barkley Essentials, LLC, a leading consumer-focused
                                            family of cannabis and CBD products.&nbsp;&nbsp;Mr. Gordon currently serves as a director
                                            of Egg Rock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #222222">&middot;</FONT></TD><TD>Our
                                            Adviser&rsquo;s Partner, Robert Josephson, has&nbsp;acted as a financial consultant to various
                                            companies in the cannabis industry since 2014, including Cronos Group Inc., WeedMd Inc.,
                                            Lord Jones, Lune Rouge, and DNA Genetics.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The key principals and members of senior management and the Investment
Committee of our Adviser are Scott Gordon, our Chief Executive Officer and our Adviser&rsquo;s Partner and Chief Executive Officer, Gregory
Gentile, our Chief Financial Officer, Chief Compliance Officer and Secretary, and our Adviser&rsquo;s Partner, Chief Financial Officer
and Chief Compliance Officer, William Healy, our Adviser&rsquo;s Partner and Head of Capital Formation, Frank Kotsen, CFA, our Adviser&rsquo;s
Partner and Credit Portfolio Manager, Dino Colonna, CFA, our Adviser&rsquo;s Partner and Credit Portfolio Manager, and Umesh Mahajan,
our Adviser&rsquo;s Credit Portfolio Manager. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cannabis Market Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The cannabis industry has experienced significant
growth over the last several years. Canada legalized cannabis for adult use in 2018, and thirty-six states, the District of Columbia,
Puerto Rico, Guam and the U.S. Virgin Islands have legalized some form of whole-plant cannabis cultivation, sales and use for certain
medical purposes. Eighteen of those states and the District of Columbia, Guam and Northern Mariana have also legalized cannabis for adults
for non-medical purposes. Eleven additional states have legalized low-THC/high-CBD extracts for select medical conditions. The cannabis
industry is amongst the fastest growing industries in the world. 2020 estimated U.S. state-legal cannabis retail sales reached $18.0
billion, up 48% year-over-year and is expected to reach approximately $47.5 billion by 2026, a compound annual growth rate of over 17%.<SUP>2
</SUP>We believe continued legalization of cannabis and the normalization of cannabis and its many uses - therapeutic, recreational and
general health and wellness, are creating an attractive opportunity to invest in related businesses. At the same time, the cannabis industry
is highly fragmented and subject to a complex regulatory framework, creating significant barriers to entry. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The transition of the cannabis and derivative
products to a regulated and legal marketplace has been happening at a rapid pace over recent years, with full legalization in Canada
(2018) and legislative momentum continuing to expand the U.S. market (eleven states passing medical or recreational referenda or otherwise
legalizing or decriminalizing medical or recreational cannabis since the November 2020 elections). There have been hundreds of businesses
launched across various sub-sectors of the cannabis industry, many of which have raised significant amounts of capital, mainly from retail
and family office investors, in both public and private markets. In addition, large multinational alcohol and tobacco companies have
made strategic investments into the Canadian cannabis sector to diversify their core business while protecting against potential market
share loss to cannabis. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The cannabis capital markets have been volatile
over recent years, much like other emerging industries in their early stages of growth.&nbsp;During the COVID-19 health and economic
crisis, cannabis retail sales showed surprising&nbsp;resiliency and cannabis behaved more like a mature consumer staple as opposed to
a consumer cyclical that is sensitive to the economic cycle. We witnessed two positive developments in the cannabis industry during early
2020: (1) most states deemed cannabis businesses essential businesses and (2) sales remained strong during this period, displaying resilient
consumer demand. This industry momentum continued throughout 2020, with significant growth in sales and renewed optimism of favorable
federal cannabis reforms after the Democrats won the presidency, maintained control of the House of Representatives and took narrow control
of the Senate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"> <SUP>2</SUP> BDSA (July 2021) &ldquo;BDSA&rsquo;s
detailed cannabis sales data from 2020 and predicted market growth by 2026&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Broadly speaking, the cannabis industry is still
in its early stages, and we believe that businesses with strong management teams, deep operational expertise and financial acumen will
thrive in this large and growing market. As cannabis markets continue to grow, there will be increased demand for capital on behalf of
cannabis industry operators and ancillary companies serving the industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The cannabis capital markets, both credit
and equity, are still currently dominated by small funds and family offices, which we believe lack the experience and capital to navigate
such a dynamic and complex environment. Furthermore, the vast majority of banks and institutional investment funds are not lending to
the cannabis industry, given the current regulatory environment, creating a void in the market for credit-based solutions. Historically,
cannabis firms have funded operations with equity, but as the industry matures and companies become more sensitive to equity dilution,
we expect demand for credit-based solutions to increase. Market turbulence also added to the significant decrease in both debt and equity
capital markets activity in 2020. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The cannabis industry entered 2021 with optimism
from a federal reform perspective, but these hopes started to fade by mid-February as progress seemed to stall among congressional leaders.
Even with lowered expectations of federal reform, activity in the cannabis capital markets continued to thrive, as evidenced by substantial
increases in equity and debt issuances, as well as merger and acquisition activity, in 2021.&nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Public and Private Cannabis Capital Raises:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; width: 46%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> <B>Year</B> </TD>
    <TD STYLE="padding: 2pt; width: 27%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <B>Equity</B> </TD>
    <TD STYLE="padding: 2pt; width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <B>Debt</B> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> 2018 </TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"> $11.6bn </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> $2.5bn </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> 2019 </TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"> $8.1bn </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> $3.2bn </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> 2020 </TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"> $2.3bn </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> $1.3bn </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> 2021 YTD (<I>11/5/2021</I>) </TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"> $6.7bn </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> $4.5bn </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><I>Source:
    Viridian Capital Advisors</I></FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Public and Private Cannabis Mergers and Acquisitions: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; width: 46%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> <B>Year</B> </TD>
    <TD STYLE="padding: 2pt; width: 27%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding: 2pt; width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <B>Deals</B> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> 2020 </TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> 74 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> 2021 YTD (<I>11/5/2021</I>) </TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> 272 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><I>Source:
    Viridian Capital Advisors</I></FONT> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect capital markets activity to continue
to expand off the lows of 2020, especially with demand for credit-based solutions, as companies prefer less dilutive forms of growth
capital. The lack of competition and financing options for cannabis businesses has created an opportune environment for us to make attractive
growth capital investments from an advantageous position &ndash; the ability to drive terms and enhance structural protections while
capturing above average risk-adjusted returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Potential Market Trends</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe the middle-market lending environment
provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns based on a combination
of the following factors, which continue to remain true in the current environment, even with the economic shutdown resulting from the
COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Limited Availability of Capital for Cannabis
Companies</I></B><I>. </I>We believe that regulatory and structural changes in the market have reduced the amount of capital available
generally to U.S. middle-market companies and specifically to cannabis companies. We believe that many commercial and investment banks
have, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate
clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold
bank loans and high-yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements.
We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans.
As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without
having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity
to invest in middle-market companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Robust Demand for Debt and Equity Capital</I></B><I>.
</I>We believe U.S.-based cannabis companies will continue to require access to debt capital to support growth, refinance existing debt,
and finance acquisitions. We expect that private equity sponsors and entrepreneurs will continue to pursue acquisitions and leverage
their equity investments with secured and unsecured loans provided by companies such as us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Attractive Investment Dynamics</I></B><I>.
</I>An imbalance between the supply of, and demand for, cannabis debt capital creates attractive pricing dynamics. We believe the directly
negotiated nature of direct lending also generally provides more favorable terms to the lender, including stronger covenant and reporting
packages, better call protection, and lender-protective change of control provisions. Additionally, we believe our expertise in credit
selection and in investing in the cannabis industry provides a strong basis for success.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"> <B><I>Conservative Capital Structures</I></B><I>.
</I>Given the lack of credit deployed in the federally legal cannabis industry, companies have been almost exclusively funded with equity
capital from entrepreneurs, family offices and, to a lesser extent, private equity firms. The significant amount of equity invested in
companies in the industry should provide us with opportunities to lend to companies that have a larger percentage of equity as a percentage
of their total capitalization than other middle-market companies. With more conservative capital structures, federally legal cannabis
companies can have higher levels of cash flows available to service their debt. In addition, we expect federally legal cannabis companies
to have simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring
process. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Attractive Opportunities in Investments
in Loans</I></B><I>. </I>We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, equity and equity-related
securities. We believe that opportunities in loans are significant because of the floating rate structure of most senior secured debt
issuances and because of the strong defensive characteristics of these types of investments. Given the current low interest rate environment,
we believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since
floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest
rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among
an issuer&rsquo;s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these
investments are secured by the issuer&rsquo;s assets, which may provide protection in the event of a default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"><B><I>Attractive Opportunities in Equity Investments</I></B><I>.
</I>We believe that opportunities to invest in the equity of federally legal cannabis businesses are significant. We expect that our
ability to identify emerging businesses and to provide credit to the industry will provide us with proprietary equity investment opportunities.
Our management team&rsquo;s experience investing in and operating businesses in the federally legal cannabis industry will help us identify
high-quality businesses, and our management team&rsquo;s expertise will be beneficial to our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Business Strategy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our investment objective is to maximize risk-adjusted
returns on equity for our shareholders. We will seek to capitalize on what we believe to be nascent cannabis industry growth and drive
return on equity by generating current income from our debt investments and capital appreciation from our equity and equity-related investments.
We have adopted the following business strategy to achieve our investment objective.&nbsp;<B>However, there can be no assurances that
we will be able to successfully implement our business strategy and, as a result, meet our investment objective</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business strategy is to identify investment
opportunities in businesses in the cannabis industry. All of our investments are designed to be compliant with all applicable laws and
regulations within the jurisdictions in which they are made or to which we are otherwise subject, including U.S. federal laws. We believe
that there is an opportunity to take advantage of a newly emerging industry, with a variety of established operators seeking access to
capital and managerial expertise. We intend to leverage our team&rsquo;s collective operating, technical, regulatory and legal expertise
to build a strong business with competitive advantages to emerge as a leading public company in the space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As the industry continues to transition to
a new legislative and regulatory framework, we believe that many companies will need a partner that can assist in providing a level of
operational and financial expertise to support their growth. Our team includes a variety of investment, operational and healthcare professionals
who will provide operating, technical, regulatory and legal expertise to evaluate investment opportunities. Our team includes Scott Gordon,
Gregory Gentile, Dino Colonna and Robert Josephson, all of whom have extensive expertise in cannabis-related industries. Our team consists
of professionals who have decades of experience in capital markets globally and have extensive scientific and medical knowledge of the
plant and its many compounds, and includes entrepreneurs and founders of consumer-facing businesses. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our plan is to leverage our management team&rsquo;s
networks of industry relationships, knowledge and experience to become the leading investor in the legal cannabis industry. Over the
course of their careers, the members of our management team have developed a broad network of contacts and corporate relationships that
we believe will serve as a useful source of acquisition opportunities. We plan to leverage relationships with management teams of public
and private companies, investment professionals at private equity firms and other financial sponsors, owners of private businesses, investment
bankers, restructuring advisers, consultants, attorneys and accountants, which we believe should provide us with a number of investment
opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Potential Competitive Advantages</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that our Adviser is one of only a
select group of specialty lenders that has its depth of knowledge, experience, and track record in lending to businesses in the cannabis
industry. Our other potential competitive advantages include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Our Adviser has deep industry and operating
expertise on its management team and advisory board.</I></B>&nbsp;&nbsp;Our Adviser has the ability to tap into this expertise for each
of our target investment opportunities. The expertise, knowledge and experience of these individuals allows them to understand and evaluate
the business plans, products and financing needs of businesses in the cannabis industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Direct origination networks that benefit
from relationships with entrepreneurs, business brokers and private equity firms. </I></B>Our Adviser seeks to be the first contact for
professionals focused on raising capital for businesses in the cannabis industry. Given the history of our Adviser&rsquo;s management
team and advisory board as operators and investors in the industry, they have established relationships with the major investment banks
and business brokers in the industry. Our Adviser also focuses on sourcing investment opportunities from private equity and venture capital
firms that have been active in the industry. Given our Adviser&rsquo;s reputation in the industry, it also receives referrals directly
from executive officers of businesses in the cannabis industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>A dedicated staff of professionals covering
investment origination and underwriting, as well as portfolio management functions. </I></B>Our Adviser has a broad team of professionals
focused on every aspect of the cannabis industry and the investment lifecycle. Our Adviser has an investment team that manages and oversees
our investment process from identification of investment opportunity through negotiations of final term sheet and investment in a portfolio
company. The team members serving our investment management and oversight functions have significant industry and operating experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Criteria</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consistent with our business strategy, our Adviser
has identified the following general, non-exclusive criteria and guidelines that we believe are important in evaluating prospective investment
opportunities. We intend to focus on businesses that we believe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>exhibit
                                            institutional-level operations and financial controls</I>.</B> We intend to identify businesses
                                            in the cannabis space that have leading competitive positions, and the underlying infrastructure
                                            and operations to survive and excel in this dynamic industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>have
                                            durable competitive advantages that are differentiated in the sector</I>.</B> We intend to
                                            invest in businesses that not only benefit from secular tailwinds in the industry, but also
                                            exhibit hard-to-replicate competitive advantages amongst their peers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>are fundamentally
                                            sound with consistent operational performance and free cash flow generation</I>.</B> We expect
                                            to identify businesses that have historically exhibited profitability and strong cash flow
                                            generation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Our management team has a proven track
record accelerating growth of companies with strong past performance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>are at
                                            an inflection point, such as requiring additional capital to achieve a growth strategy</I>.
                                            </B>We intend to look for businesses that have clear opportunities for long-term sustainable
                                            growth, but which require our capital or expertise to achieve a growth strategy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>have
                                            the potential to further improve their performance during our investment horizon</I>.</B>
                                            We intend to seek to identify businesses where we believe we can enhance results by leveraging
                                            our transactional, financial, managerial and investment experience as well as our extensive
                                            networks and insights. We believe our management team has the right skills and capabilities
                                            to enhance companies&rsquo; results and consolidate competitive positions in their sectors;
                                            and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>exhibit
                                            unrecognized value and desirable returns on capital</I>.</B> We will look for businesses
                                            that we believe have been undervalued by the marketplace based on our analysis and due diligence
                                            review.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular investment opportunity may be based, to the extent relevant, on these general criteria
and guidelines as well as other considerations, factors and criteria that our management may deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We will seek to invest in portfolio companies
primarily in the form of loans (secured and unsecured), but may include equity warrants and direct equity investments. The loans typically
pay interest with some amortization of principal. Interest is generally paid on a floating rate basis, often with a floor, on the LIBOR
rate. We will generally seek to obtain security interests in the assets of our portfolio companies that serve as collateral in support
of the repayment of these loans. This collateral may take the form of first or second priority liens on the assets of a portfolio company.
In some of our portfolio investments, we expect to receive nominally priced equity warrants and/or make direct equity investments in
connection with a debt investment. In addition, a portion of our portfolio may be comprised of derivatives, including total return swaps. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that our loans will typically have
final maturities of three to six years. However, we expect that our portfolio companies often may repay these loans early, generally
within three years from the date of initial investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will seek to tailor the terms of the investment
to the facts and circumstances of the transaction and the prospective portfolio company, negotiating a structure that protects our rights
and manages our risk while creating incentives for the portfolio company to achieve its business plan and improve its profitability.
We will seek to limit the downside potential of our investments by negotiating covenants in connection with our investments that afford
our portfolio companies flexibility in managing their businesses, consistent with preservation of our capital. Such restrictions may
include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights, including
either observation or participation rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-indent: -51pt"><B>Investment Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-indent: -51pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Investment Originations; New Opportunities
Referred</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have a multi-channel sourcing strategy focused
on entrepreneurs, venture capital firms, private equity firms and investment banks, as well as brokers who focus on our industry. We
seek to interact directly with operating businesses owned and advised by these groups, and we typically negotiate investment terms directly
with potential portfolio companies. We focus on businesses with strong management teams who have a successful history managing their
companies. We have a nationwide network, and we have built relationships with these operators and investors. We have established SSC
as a leading provider of financial solutions for the cannabis industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When a new investment opportunity is identified,
a member of our investment team typically speaks with the prospective portfolio company to gather information about the business and
its financing and capital needs. If, following this call, we see an opportunity as a potential fit with our investment strategy and criteria,
we ask the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">prospective portfolio company to submit an information package, which
includes detailed information regarding the portfolio company&rsquo;s products or services, capitalization, customers, historical financial
performance, and forward looking financial projections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Once received, the portfolio company&rsquo;s
information package is then reviewed by our investment team and a summary investment memorandum is shared with our Adviser&rsquo;s Investment
Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Preliminary Due Diligence and Executive Summary</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The next phase of the due diligence process involves
a structured call with the management team of the prospective portfolio company. A detailed discussion including a discussion of the
prospective portfolio company&rsquo;s products or services, market dynamics, business model, historical financial performance and projections,
management team, existing investors and capital structure and debt. Following the management call, if the opportunity still appears to
be worthy of consideration, an executive summary memorandum is prepared by the due diligence team for consideration and voting by our
Adviser&rsquo;s Investment Committee. The executive summary memorandum is distributed to the Investment Committee, and the deal terms
for the investment are defined. If approved by the Investment Committee, we issue a term sheet to the prospective portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt"><B><I>Confirmatory Due Diligence
and On-Site Meeting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the term sheet offered by us is accepted by
the prospective portfolio company, the process of obtaining additional confirmatory due diligence begins. The confirmatory due diligence
process typically includes calls with the key constituents of the portfolio company, as well as key customers, suppliers, partners, or
other stakeholders as may be deemed relevant by the due diligence team. Additional financial analysis is performed, in order to confirm
the assumptions that were made prior to term sheet issuance. During this process, we will engage senior members of our investment team
and advisory board to discuss industry dynamics and evaluate the business model of the portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The final step in the confirmatory diligence
process involves one or more on-site meetings, at which members of our due diligence team meet with the management team of the prospective
portfolio company for a final review of the portfolio company&rsquo;s financial performance and forward-looking plans. These meetings
are typically held at the business offices of the portfolio company; however, occasionally the meeting will be held via video teleconference
if travel to the portfolio company is not possible. One or more members of our Adviser&rsquo;s Investment Committee will attend the on-site
meeting, if possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Underwriting Report and Investment Committee
Vote</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Assuming that the confirmatory due diligence
process reveals no issues that would cause the due diligence team to recommend against the proposed investment, the due diligence team
prepares a final Investment Committee Memorandum, which is distributed to our Adviser&rsquo;s Investment Committee. The Investment Committee
then meets to discuss and review the investment terms regarding the proposed investment. Unanimous agreement of the Investment Committee
is required to approve the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Investment Management and Oversight</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">One or two
members of the investment team will be responsible for monitoring the portfolio company. Beyond the dedicated portfolio management team,
all of our management team members and investment professionals are typically involved at various times with our portfolio companies
and investments. Our portfolio management team reviews our portfolio companies&rsquo; monthly or quarterly financial statements and compares
actual results to the portfolio companies&rsquo; projections. Additionally, the portfolio management team may initiate periodic calls
with the portfolio company&rsquo;s venture capital partners and its management team, and may obtain observer rights on the portfolio
company&rsquo;s board of directors. Our management team and investment professionals anticipate potential problems by monitoring reporting
requirements and having frequent calls with the management teams of our portfolio companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriting</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Underwriting Process and Investment Approval</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to make our investment decisions only
after consideration of a number of factors regarding the potential investment, including but not limited to: (i)&nbsp;historical and
projected financial performance; (ii)&nbsp;company- and industry-specific characteristics, such as strengths, weaknesses, opportunities
and threats; (iii)&nbsp;composition and experience of the management team; and (iv)&nbsp;track record of the private equity sponsor leading
the transaction. Our Adviser will use a proprietary scoring system to evaluate each opportunity. This methodology will be employed to
screen a high volume of potential investment opportunities on a consistent basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an investment is deemed appropriate to pursue,
a more detailed and rigorous evaluation is made along a variety of investment parameters, not all of which may be relevant or considered
in evaluating a potential investment opportunity. The following outlines the general parameters and areas of evaluation and due diligence
we intend to utilize for investment decisions, although not all factors will necessarily be considered or given equal weighting in the
evaluation process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Management Assessment</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Adviser makes an in-depth assessment of the
management team, including evaluation along several key metrics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The number
                                            of years in their current positions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Track record;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Industry experience;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Management
                                            incentive, including the level of direct investment in the enterprise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Background
                                            investigations; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Completeness
                                            of the management team (lack of positions that need to be filled).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Industry Dynamics</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An evaluation of the industry is undertaken by
our Adviser that considers several factors. If considered appropriate, industry experts will be consulted or retained. The following
factors are analyzed by our Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Sensitivity
                                            to economic cycles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Competitive
                                            environment, including number of competitors, threat of new entrants or substitutes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Fragmentation
                                            and relative market share of industry leaders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Growth potential;
                                            and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Regulatory
                                            and legal environment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Business Model and Financial Assessment</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to making an investment decision, our Adviser
will undertake a review and analysis of the financial and strategic plans for the potential investment. There is significant evaluation
of and reliance upon the due diligence performed by the private equity sponsor and third-party experts including accountants and consultants.
Areas of evaluation include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Historical
                                            and projected financial performance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quality of
                                            earnings, including source and predictability of cash flows;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Customer and
                                            vendor interviews and assessments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Potential exit
                                            scenarios, including probability of a liquidity event;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Internal controls
                                            and accounting systems; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Assets, liabilities
                                            and contingent liabilities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Private Equity Sponsor</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Among the most critical due diligence investigations
is the evaluation of the private equity sponsor making the investment. A private equity sponsor is typically the controlling stockholder
upon completion of an investment and as such is considered critical to the success of the investment. The private equity sponsor is evaluated
along several key criteria, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investment
                                            track record;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Industry experience;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Capacity and
                                            willingness to provide additional financial support to the company through additional capital
                                            contributions, if necessary; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Reference checks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio Management</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Involvement in our Portfolio Companies</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a BDC, we will be obligated to offer to provide
managerial assistance to our portfolio companies and to provide it if requested. In fact, we seek investments where such assistance is
appropriate. We will, however, limit the offered (and any provided) assistance to services that would generally help any business operate
in legal compliance and with good corporate governance.&nbsp;We will not offer any services that could be construed as assisting a borrower
to grow, manufacture, or sell cannabis. The services will be limited to:&nbsp;assistance relating to accounting and financial reporting
best practices; assistance relating to tax planning and preparation; recommendations on accounting and financial reporting technology
and operating systems, and assistance in negotiating with vendors and licensors of such technology; providing analyses of existing financing
arrangements, assistance in negotiating additional debt financing or restructuring existing debt financing, and introductions to banks
and other sources of capital; advice with respect to corporate best practices and corporate governance, including advice with respect
to board structure and governance and implementing corporate codes of ethics and guidelines for transactions with related parties; assistance
in preparing a portfolio company to become a public company, including guidance on public company accounting and financial reporting
standards; assistance in corporate insurance planning, including analyses of appropriate coverage levels and insurance terms, and negotiating
with insurance providers; assistance with human resources best practices; legal counsel referrals; and guidance on cash management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also monitor the financial trends of each
portfolio company to assess the appropriate course of action for each company and to evaluate overall portfolio quality. We have several
methods of evaluating and monitoring the performance of our investments, including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Review of monthly
                                            and quarterly financial statements and financial projections for portfolio companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Periodic and
                                            regular contact with portfolio company management to discuss financial position requirements
                                            and accomplishments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Attendance
                                            at board meetings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Periodic formal
                                            update interviews with portfolio company management and, if appropriate, the private equity
                                            sponsor; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Assessment
                                            of business development success, including product development, profitability and the portfolio
                                            company&rsquo;s overall adherence to its business plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Rating Criteria</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to various risk management and monitoring
tools, we will use an investment rating system to characterize and monitor the credit profile and our expected level of returns on each
investment in our portfolio. We will use a five-level numeric rating scale. This system is intended primarily to reflect the underlying
risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination
or acquisition), although it may also take into account the performance of the portfolio company&rsquo;s business, the collateral coverage
of the investment and other relevant factors. The rating system is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investments
                                            rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing
                                            above expectations, and the trends and risk factors for this investment since origination
                                            or acquisition are generally favorable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investments
                                            rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination
                                            or acquisition. The borrower is generally performing as expected and the risk factors are
                                            neutral to favorable. All investments or acquired investments in new portfolio companies
                                            are initially assessed a rating of 2.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investments
                                            rated 3 involve a borrower performing below expectations and indicates that the loan&rsquo;s
                                            risk has increased somewhat since origination or acquisition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investments
                                            rated 4 involve a borrower performing materially below expectations and indicates that the
                                            loan&rsquo;s risk has increased materially since origination or acquisition. In addition
                                            to the borrower being generally out of compliance with debt covenants, loan payments may
                                            be past due (but generally not more than 120 days past due).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investments
                                            rated 5 involve a borrower performing substantially below expectations and indicates that
                                            the loan&rsquo;s risk has increased substantially since origination or acquisition. Most
                                            or all of the debt covenants are out of compliance and payments are substantially delinquent.
                                            Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market
                                            value of the loan to the amount we anticipate will be recovered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that we determine that an investment
is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, we will
undertake more aggressive monitoring of the affected portfolio company. While our investment rating system will identify the relative
risk for each investment, the rating alone does not dictate the scope and/or frequency of any monitoring that we perform. The frequency
of our monitoring of an investment will be determined by a number of factors, including but not limited to the trends in the financial
performance of the portfolio company, the investment structure and the type of collateral securing our investment, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Valuation of Portfolio Investments and NAV Determinations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will generally invest in illiquid loans issued
by private middle-market companies. All of our investments are recorded at fair value as determined in good faith by our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Authoritative accounting guidance defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or
parameters. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques
involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments
or market and the investments&rsquo; complexity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Investment transactions are recorded on the
trade date at fair value. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment
fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains
or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized
gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or
losses with respect to investments realized during the period. We record current-period changes in fair value of investments that are
measured at fair value as a component of the net change in unrealized gains (losses) on investments in the consolidated statement of
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">Investments for which market quotations are
readily available are typically valued at the bid price of those market quotations. 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. Debt and
equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all
of our investments, are valued at fair value as determined in good faith by our Board of Directors, based on, among other things, the
input of the Adviser, our Audit Committee and independent third-party valuation firm(s) engaged at the direction of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">As part of the valuation process, the Board
of Directors takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise
value of a portfolio company (i.e., the total fair value of the portfolio company&rsquo;s debt and equity), the nature and realizable
value of any collateral, the portfolio company&rsquo;s ability to make payments based on its earnings and cash flow, the markets in which
the portfolio company does business, a comparison of the portfolio company&rsquo;s securities to any similar publicly traded securities,
and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may
be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board
of Directors considers whether the pricing indicated by the external event corroborates its valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">The Board of Directors undertakes a multi-step
valuation process, which includes, among other procedures, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>With respect
                                            to investments for which market quotations are readily available, those investments will
                                            typically be valued at the bid price of those market quotations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>With respect
                                            to investments for which market quotations are not readily available, the valuation process
                                            begins with the independent valuation firm(s) providing a preliminary valuation of each investment
                                            to the Adviser&rsquo;s valuation committee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Preliminary
                                            valuation conclusions are documented and discussed with the Adviser&rsquo;s valuation committee.
                                            Agreed upon valuation recommendations are presented to the Audit Committee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Audit Committee
                                            reviews the valuation recommendations and recommends values for each investment to the Board
                                            of Directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Board of
                                            Directors reviews the recommended valuations and determines the fair value of each investment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We conduct this valuation process on a quarterly
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We apply Financial Accounting Standards Board
Accounting Standards Codification 820, Fair Value Measurements (&ldquo;ASC 820&rdquo;), as amended, which establishes a framework for
measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value
to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants
on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may
be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider
the principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that
prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels
are summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level 1 &ndash;
                                            Valuations based on quoted prices in active markets for identical assets or liabilities that
                                            we have the ability to access;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level 2 &ndash;
                                            Valuations based on quoted prices in markets that are not active or for which all significant
                                            inputs are observable, either directly or indirectly; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level 3 &ndash;
                                            Valuations based on inputs that are unobservable and significant to the overall fair value
                                            measurement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Transfers between levels, if any, are recognized
at the beginning of the quarter in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply
the valuation policy approved by our Board of Directors that is consistent with ASC 820. Consistent with the valuation policy, we evaluate
the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar
attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing
services (that is, broker quotes), we subject those prices to various criteria in making the determination as to whether a particular
investment would qualify for treatment as a Level 2 or Level 3 investment. For example, we, or the independent valuation firm(s), review
pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus
unobservable inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to the inherent uncertainty of determining
the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from
period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used
had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such
investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale.
If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different
from the amounts presented and such differences could be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, changes in the market environment
and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments
to be different than the unrealized gains or losses reflected previously.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">In December 2020, the
SEC adopted&nbsp;Rule 2a-5&nbsp;under the 1940 Act, which is intended to address valuation practices and the role of the board of&nbsp;directors
with respect to the fair value of the investments of a registered investment company or business development company. Among other things,&nbsp;Rule&nbsp;2a-5&nbsp;will
permit a fund&rsquo;s board to designate the fund&rsquo;s primary investment adviser to perform the fund&rsquo;s fair value determinations,
which will be subject to&nbsp;board oversight and certain reporting and other requirements intended to ensure that the board receives
the information it needs to oversee the investment&nbsp;adviser&rsquo;s fair value determinations. Compliance with&nbsp;Rule 2a-5&nbsp;will
not be required until September 2022. We continue to review&nbsp;Rule 2a-5&nbsp;and its&nbsp;impact on our valuation policies and related
practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Quarterly NAV Determination</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will determine the NAV per share of our common
stock on a quarterly basis. The NAV per share of our common stock is equal to the value of our total assets minus liabilities divided
by the total number of shares of common stock outstanding. Our liabilities will include amounts which we have accrued under our Investment
Advisory Agreement, including the management fee, Incentive Fee on Income and Incentive Fee on Capital Gains, the latter of which will
be accrued based upon the cumulative realized and unrealized capital appreciation in our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Determinations in Connection with Certain Offerings</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with certain future offerings of
shares of our common stock, our Board of Directors will be required to make the determination that we are not selling shares of our common
stock at a price below the then current net asset value of our common stock, exclusive of any distributing commission or discount (which
net asset value shall be determined as of a time within 48 hours, excluding Sundays and holidays, next preceding the time of such determination).
Our Board of Directors will consider the following factors, among others, in making such determination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the net asset value
                                            of our common stock disclosed in the most recent periodic report that we filed with the SEC;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our management&rsquo;s
                                            assessment of whether any material change in the net asset value of our common stock has
                                            occurred (including through the realization of gains on the sale of our portfolio securities)
                                            during the period beginning on the date of the most recently disclosed net asset value</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt">of our common stock and ending as of a time within 48 hours
(excluding Sundays and holidays) of the sale of our common stock; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the magnitude of
                                            the difference between (i)&nbsp;a value that our Board of Directors has determined reflects
                                            the current (as of a time within 48 hours, excluding Sundays and holidays) net asset value
                                            of our common stock, which is based upon the net asset value of our common stock disclosed
                                            in the most recent periodic report that we filed with the SEC, as adjusted to reflect our
                                            management&rsquo;s assessment of any material change in the net asset value of our common
                                            stock since the date of the most recently disclosed net asset value of our common stock,
                                            and (ii)&nbsp;the offering price of the shares of our common stock in the proposed offering.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, to the extent that there is a possibility
that we may (i)&nbsp;issue share of common stock at a price per share below the then current net asset value per share at the time at
which the sale is made or (ii)&nbsp;trigger the undertaking (which we provide in certain registration statements we file with the SEC)
to suspend the offering of shares of our common stock if the net asset value per share fluctuates by certain amounts in certain circumstances
until the prospectus is amended, our Board of Directors will elect, in the case of clause (i)&nbsp;above, either to postpone the offering
until such time that there is no longer the possibility of the occurrence of such event or to undertake to determine the net asset value
per share of common stock within two days prior to any such sale to ensure that such sale will not be below our then current net asset
value per share, and, in the case of clause (ii)&nbsp;above, to comply with such undertaking or to undertake to determine the net asset
value per share to ensure that such undertaking has not been triggered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These processes and procedures are part of our
compliance policies and procedures. Records will be made contemporaneously with all determinations described in this section and these
records will be maintained with other records that we are required to maintain under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Competition</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will compete for investments with a number
of investment funds (including private equity funds), as well as traditional financial services companies such as commercial banks and
other sources of financing. Many of these entities have greater financial and managerial resources than we do. We believe we are able
to be competitive with these entities primarily on the basis of the experience and contacts of our management team, our responsive and
efficient investment analysis and decision-making processes, the investment terms we offer, and our willingness to make smaller investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that some of our competitors make
loans with interest rates and returns that are comparable to or lower than the rates and returns that we target. Therefore, we do not
seek to compete solely on the interest rates that we offer to potential portfolio companies. For additional information concerning the
competitive risks we face, see &ldquo;Risk Factors &mdash; Risks Relating to Our Business and Structure &mdash; We may face increasing
competition for investment opportunities, which could reduce returns and result in losses.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employees</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not have any employees. Our day-to-day
investment operations will be managed by our Adviser. See &ldquo;Investment Advisory Agreement.&rdquo; Our Adviser utilizes a team of
six investment professionals. We will reimburse our administrator, SSC, for the allocable portion of overhead and other expenses incurred
by it in performing its obligations under an Administration Agreement, including our allocable portion of the costs of compensation of
our CFO and CCO and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business
affairs). See &ldquo;Administration Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Properties</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not own any real estate or other physical
properties material to our operations. We will utilize office space that is leased by our affiliates for our principal executive office
at 660 Madison Avenue, Suite 1600, New York, NY&nbsp;10065. We believe that our office facilities are adequate for our business as presently
conducted, although we periodically evaluate alternative options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal Proceedings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we may, from time to time, be involved
in litigation arising out of our operations in the normal course of business or otherwise, we are currently not a party to any pending
material legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>MANAGEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business and affairs are managed under the
direction of our Board of Directors. Our Board of Directors appoints our officers, who serve at the discretion of the Board of Directors.
The responsibilities of the Board of Directors include, among other things, the oversight of our investment activities, the quarterly
valuation of our assets, oversight of our financing arrangements, and corporate governance activities. The Board of Directors has an
Audit Committee, a Nominating and Corporate Governance Committee and a Compensation Committee, and may establish additional committees
from time to time as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors and Executive Officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our Board of Directors consists of five members,
three of whom are classified under applicable Nasdaq Stock Market corporate governance regulations by our Board of Directors as &ldquo;independent&rdquo;
directors and under Section&nbsp;2(a)(19) of the 1940 Act as non-interested persons. Pursuant to our charter, our Board of Directors
is divided into three classes. Each class of directors will hold office for a three-year term. At each annual meeting of our stockholders,
the successors to the class of directors whose terms expire at such meeting will be elected to hold office for a term expiring at the
annual meeting of stockholders held in the third year following the year of their election. Each director will hold office for the term
to which he or she is elected and until his or her successor is duly elected and qualifies. Our charter also gives our Board of Directors
sole authority to appoint directors to fill vacancies that are created either through an increase in the number of directors or due to
the resignation, removal or death of any director. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Information regarding our Board of Directors
is set forth below. We have divided the directors into two groups&nbsp;&mdash; independent directors and interested directors. Interested
directors are &ldquo;interested persons&rdquo; of SSIC as defined in Section&nbsp;2(a)(19) of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The address for each director is c/o Silver Spike
Investment Corp., 660 Madison Avenue, Suite 1600, New York, NY 10065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; width: 25%; border: Black 1pt solid; text-indent: 0in"> <FONT STYLE="font-size: 10pt"><B>Name</B></FONT> </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> <FONT STYLE="font-size: 10pt"><B>Year
    of Birth</B></FONT> </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> <FONT STYLE="font-size: 10pt"><B>Director
    Since</B></FONT> </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> <FONT STYLE="font-size: 10pt"><B>Expiration
    of Term</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"> <I>Independent
    Directors</I> </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"> &nbsp; </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"> &nbsp; </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"> Vivek
    Bunty Bohra </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 1974 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2021 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2022 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"> Americo
    Da Corte </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 1950 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> 2021 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"> Tracey
    Brophy Warson </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 1962 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> 2021 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"> <I>Interested
    Directors</I> </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"> &nbsp; </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"> &nbsp; </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"> Michael
    W. Chorske(1) </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 1968 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2021 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2024 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"> Scott
    Gordon(2) </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 1961 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2021 </TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"> 2024 </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
Chorske may be deemed to be an &ldquo;interested person,&rdquo; as defined in Section&nbsp;2(a)(19) of the 1940 Act, of SSIC by virtue
of the affiliation of a member of his immediate family with a principal underwriter of SSIC. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
Gordon may be deemed to be an &ldquo;interested person,&rdquo; as defined in Section&nbsp;2(a)(19) of the 1940 Act, of SSIC by virtue
of his affiliation with our Adviser. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Executive Officers</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following persons serve as our executive
officers in the following capacities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; width: 25%; border: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding: 1pt 6pt 6pt; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Year
    of Birth</B></FONT></TD>
    <TD STYLE="padding: 1pt 6pt 6pt; width: 58%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Position(s)
    Held</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in">Scott
    Gordon</TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in">1961</TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">Chief Executive
    Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in">Gregory
    Gentile</TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in">1976</TD>
    <TD STYLE="padding: 1pt 6pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">Chief Financial
    Officer, Chief Compliance Officer and Secretary</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The address for each executive officer is c/o
Silver Spike Investment Corp., 660 Madison Avenue, Suite 1600, New York, NY 10065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Biographical Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Independent Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Vivek Bunty
                                            Bohra.</I>&nbsp;Mr. Bohra is chief executive officer of Biologic Pte, an advisory and investment
                                            firm based in Singapore. Mr. Bohra previously served as the CEO of Goldman Sachs Services
                                            in India and was responsible for all functions present in the firm&rsquo;s second largest
                                            office as well as integrating functions in Bengaluru and Singapore, in line with the firm&rsquo;s
                                            global location strategy. Mr. Bohra was a member of several committees at the firm, including
                                            the Partnership Committee, Asia Pacific Management Committee, Asia Pacific Capital Committee,
                                            Global Recruiting Council, and ASEAN Leadership Group, and served on the Pine Street Board
                                            of Directors. Prior to that, Mr. Bohra was global head of the Structured Product Syndicate
                                            desk in the Fixed Income, Currency and Commodities Division in New York. He was also co-head
                                            of the Structured Finance Group in the Americas, ran warehouse financing, and was a member
                                            of the Structured Finance Capital Committee. Mr. Bohra joined Goldman Sachs in 1996 in the
                                            J. Aron Currency and Commodities Division, where he traded commodities for four years in
                                            New York and London. He spent one year working on the development and launch of Intercontinental
                                            Exchange (NYSE: ICE), before becoming franchise manager of the Commodities and Futures Services
                                            business units. He was named managing director in 2005 and partner in 2010. Mr. Bohra is
                                            a fellow of Aspen Institute&rsquo;s India Leadership Initiative, a World Economic Forum Young
                                            Global Leader, serves on the Advisory Board of the MIT Sloan Finance Group, is a member of
                                            the Young Presidents&rsquo; Organization, and previously served on the Asia Society Corporate
                                            Diversity Council. He earned dual SB degrees in Chemical Engineering and Management Science
                                            from MIT in 1996 and was awarded a certificate of completion for the Global Leadership and
                                            Public Policy for the 21st Century Program at Harvard Kennedy School in 2016. Additionally,
                                            he has completed executive education programs at Oxford University and the Lee Kuan Yew School
                                            of Public Policy at National University of Singapore.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">We believe Mr. Bohra&rsquo;s experience
in and knowledge of the financial services industry make him qualified to serve as a member of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="background-color: white">Mr.
Bohra&nbsp;resides outside&nbsp;of the United States and all or a significant portion of his assets are located outside the United States.
Mr.&nbsp;Bohra&nbsp;does not have an authorized agent in the United States to&nbsp;</FONT>receive service of process<FONT STYLE="background-color: white">.
As a result, it may not be possible for investors to effect service of process within the United States or to enforce against him in
U.S. court judgments predicated upon the civil liability provisions of U.S. securities laws. It may also not be possible to enforce against
Mr.&nbsp;Bohra&nbsp;in foreign courts judgments of U.S. courts or liabilities in original actions predicated upon civil liability provisions
of the United States. Further, it is not certain that such courts would enforce, in an original action, liabilities against Mr.&nbsp;Bohra&nbsp;predicated
solely on U.S. federal securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&#183;</FONT> </TD><TD> <I>Americo Da Corte.
                                            </I>Mr. Da Corte has over four decades of experience in asset management and lending, with
                                            a focus on risk management and investments in emerging markets. From 2013 to present, Mr.
                                            Da Corte has been the Chief Operating Officer and Risk Manager for Waypoint Asset Management
                                            LLC, a boutique asset manager focused on distressed and special situations in emerging markets.
                                            Prior to joining Waypoint, Mr. Da Corte co-founded Forum Asset Management in 2001, where
                                            he was a Principal until 2012. From 1999 to 2001, Mr. Da Corte was a Managing Director of
                                            Darby Overseas Investments, and from 1990 to 1999 Mr. Da Corte was a Managing Director at
                                            ING. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"> We believe Mr. Da Corte&rsquo;s experience
in and knowledge of the financial services industry, and his experience in risk management and emerging markets, make him qualified to
serve as a member of our Board of Directors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Tracey Brophy
                                            Warson.</I>&nbsp;Ms. Warson is a strategic advisor and director to companies in Clean Energy,
                                            AgTech, FinTech and Cannabis, and she is a private investor in a diverse portfolio of early
                                            state businesses. Ms. Warson has more than 30 years of experience building financial services
                                            businesses. Ms. Warson was CEO of Citi Private Bank from 2014-2019, and she served as Chairperson
                                            of Citi Private Bank North America from 2019-2020. As CEO of Citi Private Bank in North America,
                                            Ms. Warson grew the business in revenues substantially, and oversaw over $230&nbsp;billion
                                            in client business volume. Under her leadership and vision, Citi Private Bank North America
                                            received numerous industry recognitions and awards. Prior to her role as CEO, she was Global
                                            Market Manager for the Western U.S. from 2010 to 2014. From 2014-2018, Ms. Warson was the
                                            co-chair&nbsp;of Citi Women, Citi&rsquo;s global strategy to focus on the advancement of
                                            women as leaders and business drivers. In this role she led the firm&rsquo;s progress in
                                            pay equity, representation goal setting and in having Citi sign the Women&rsquo;s Empowerment
                                            Principles of the United Nations. Before joining Citi in 2009, Ms. Warson served as a Division
                                            Executive for US Trust, Bank of America Private Wealth Management where she built and ran
                                            the Western Region. Prior to joining US Trust, she was Executive Vice President and Regional
                                            Managing Director of Private Client Services at Wells Fargo Private Bank. In this role, she
                                            was responsible for Wells Fargo&rsquo;s investment management, trust, private banking, wealth
                                            planning and brokerage businesses in the Bay Area. Previously, Ms. Warson served as an Executive
                                            Vice President and Head of Sales and Distribution for Wells Fargo&rsquo;s trading and sales
                                            business. Ms. Warson earned her B.A. in Business Administration and French from the University
                                            of Minnesota. She also completed a fellowship at the Universit&eacute; de Tours in Tours,
                                            France.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Ms. Warson is an independent director
of InterPrivate II Acquisition Corp., a blank check company. Ms. Warson also serves on the board of the non-profit Sky&rsquo;s the Limit,
a global mentoring platform which serves the under resourced and underrepresented, and chairs the Bay Area Committee for CARE, the global
humanitarian organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">We believe Ms. Warson&rsquo;s experience
in and knowledge of the financial services industry, her experience in the cannabis sector and the experience she has gained serving
on other boards, make her qualified to serve as a member of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"> Interested Directors </P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&#183;</FONT> </TD><TD> <I>Michael W. Chorske.</I>&nbsp;Mr.
                                            Chorske is a senior investment and operating executive with a record of building entrepreneurial
                                            enterprises and managing alternatives funds and portfolios. From 2014 to 2019, Mr. Chorske
                                            was a founder and executive managing director of Emergent Holdings, LLC, an investor in and
                                            developer of aquaculture businesses. In this capacity, Mr. Chorske was a founder and co-president
                                            of Whole Oceans, LLC, which is developing a 20,000 metric ton, land-based aquaculture facility
                                            in Bucksport, ME to cultivate Atlantic salmon. In addition to his executive leadership roles,
                                            Mr. Chorske was appointed or acted as the chief financial and corporate development lead,
                                            and managed capital formation and stakeholder reporting, for each of the above companies.
                                            Mr. Chorske has served as a director of Healthy Business Group, LLC (a health and wellness
                                            service) since 2011, and as director of Riff, LLC (a sun-protective apparel company) since
                                            2019. From 2005 to 2008, Mr. Chorske was a partner of GCM Capital LP, where he managed an
                                            investment fund pursuing a public and private structured convertible debt and private investment
                                            in public equity (&ldquo;PIPE&rdquo;) strategy. Mr. Chorske was also a Vice President of
                                            Finance of InterTrust Technologies Corp., where he managed corporate finance activities,
                                            and gained ten years of venture capital, growth equity and leveraged buyout (&ldquo;LBO&rdquo;)
                                            experience with Victory Capital/East River Ventures, where he invested across the capital
                                            structure in technology, healthcare services, biotechnology, consumer packaged goods (&ldquo;CPG&rdquo;)
                                            and natural resources. Mr. Chorske earned his MBA from Columbia University. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"> We believe Mr. Chorske&rsquo;s management
and investment experience, and the experience he has gained serving on other boards, make him qualified to serve as a member of our Board
of Directors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Scott Gordon.</I>&nbsp;Mr.
                                            Gordon has served as the Chairperson of our Board of Directors and our Chief Executive Officer
                                            since our inception. Mr. Gordon is the founder and Chief Executive Officer of Silver Spike
                                            Capital, an investment platform dedicated to the cannabis industry that includes our Adviser.
                                            Prior to founding Silver Spike Capital, Mr. Gordon had been the co-founder and chairman of
                                            Egg Rock Holdings, LLC (&ldquo;Egg Rock&rdquo;), the parent company of the Papa &amp; Barkley
                                            family of cannabis products, with related subsidiary assets in manufacturing, processing,
                                            and logistics. Egg Rock also is the parent company of Papa &amp; Barkley Essentials, a hemp-derived
                                            CBD business based in Colorado. From 2016 to 2018, Mr. Gordon was also President of Fintech
                                            Advisory Inc., the investment manager for a multi-billion dollar family office fund focused
                                            on long-term and opportunistic investments in emerging markets. From late 2013 to 2016, Mr.
                                            Gordon served as a Portfolio Manager at Taconic Capital Advisors, a multi-strategy investment
                                            firm. Prior to joining Taconic, Mr. Gordon was a Partner and Portfolio Manager at Caxton
                                            Associates from 2009 to 2012. He was also a Senior Managing Director and Head of Emerging
                                            Markets at Marathon Asset Management from 2007 to 2009. Earlier in his career, Mr. Gordon
                                            held leadership positions at Bank of America and ING Capital. Mr. Gordon was a founding member
                                            of the Emerging Markets business at JP Morgan where he worked upon graduating from Bowdoin
                                            College in 1983.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Mr. Gordon is Chairperson of the Board
of Directors and Chief Executive Officer of Silver Spike Acquisition Corp. and Silver Spike Acquisition Corp. II, each a blank check
company whose sponsor is an affiliate of our Adviser. On June 16, 2021, Silver Spike Acquisition Corp. consummated a business combination
with WM Holding Company, LLC, which operates Weedmaps, a leading online listings marketplace for cannabis consumers and businesses, and
WM Business, a comprehensive SaaS subscription offering sold to cannabis retailers and brands. In connection with the transaction, Silver
Spike Acquisition Corp. changed its name to WM Technology, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">We believe Mr. Gordon&rsquo;s experience
in emerging markets and in the cannabis sector make him qualified to serve as a member of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Executive Officer Who is Not a Director</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <I>Gregory Gentile.</I>&nbsp;Mr.
                                            Gentile has served as our Chief Financial Officer, Chief Compliance Officer and Secretary
                                            since our inception. Mr. Gentile also serves as Partner, Chief Financial Officer and Chief
                                            Compliance Officer of our Adviser, and Chief Financial Officer of Silver Spike Acquisition
                                            Corp. II. From 2019 to June 2021, Mr. Gentile also served as Chief Financial Officer of Silver
                                            Spike Acquisition Corp. Prior to joining our Adviser, Mr. Gentile was Chief Executive Officer
                                            of GMG Investment Advisors, LLC, an investment management company, from 2010 to 2018. From
                                            2008 to 2009, Mr. Gentile served as Managing Director of Barclays Capital, an investment
                                            bank. Prior to joining Barclays Capital, Mr. Gentile was a Managing Director at Lehman Brothers,
                                            where he was employed from 1997 until 2008. Mr. Gentile received a bachelor&rsquo;s degree
                                            in management from the Massachusetts Institute of Technology, where he graduated in 1997. </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors Leadership Structure</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors monitors and performs
an oversight role with respect to our business and affairs, including with respect to investment practices and performance, compliance
with regulatory requirements and the services, expenses and performance of service providers to us. Among other things, our Board of
Directors approves the appointment of our Adviser and our officers, reviews and monitors the services and activities performed by our
Adviser and our executive officers, and approves the engagement, and reviews the performance of, our independent registered public accounting
firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our bylaws, our Board of Directors may
designate a chairperson to preside over the meetings of the Board of Directors and meetings of the stockholders and to perform such other
duties as may be assigned to him by the Board of Directors. We do not have a fixed policy as to whether the chairperson of the Board
of Directors should be an independent director and believe that we should maintain the flexibility to select the chairperson and reorganize
the leadership structure, from time to time, based on the criteria that is in our best interests and the best interests of our stockholders
at such times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr. Gordon serves as the Chairperson of our Board
of Directors and he is also our Chief Executive Officer. We believe that Mr. Gordon&rsquo;s history with our company, familiarity with
its investment platform, and extensive knowledge of the financial services industry qualify him to serve as the Chairperson of our Board
of Directors. We believe that we are best served through this existing leadership structure, as Mr. Gordon&rsquo;s relationship with
our Adviser provides an effective bridge and encourages an open dialogue between management and our Board of Directors, ensuring that
these groups act with a common purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Ms. Warson serves as the lead independent
director of our Board of Directors. In his role as lead independent director, Ms. Warson, among other things: (i) presides over Board
of Director meetings in the absence of the Chairperson of the Board of Directors; (ii) presides over executive sessions of the independent
directors; (iii) along with the Chairperson of the Board of Directors, oversees the development of agendas for Board of Directors meetings;
(iv) facilitates communication between the independent directors and management, and among the independent directors; (v) serves as a
key point person for dealings between the independent directors and management; and (vi) has such other responsibilities as the Board
of Directors or independent directors determine from time to time. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our corporate governance practices include regular
meetings of the independent directors in executive session without the presence of interested directors and management, the establishment
of Audit, Nominating and Corporate Governance, and Compensation Committees comprised solely of independent directors and the appointment
of a CCO, with whom the independent directors meet without the presence of interested directors and other members of management within
executive session, for administering our compliance policies and procedures. While certain members of our Board of Directors may participate
on the boards of directors of other public companies, we do not believe their participation will be excessive or interfere with their
duties on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors&rsquo; Role in Risk Oversight</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors performs its risk oversight
function primarily through (i)&nbsp;its three committees, which report to the entire Board of Directors and are comprised solely of independent
directors, and (ii)&nbsp;active monitoring of our CCO and our compliance policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As described below in more detail, the Audit
Committee, the Nominating and Corporate Governance Committee and the Compensation Committee assist the Board of Directors in fulfilling
its risk oversight responsibilities. The Audit Committee&rsquo;s risk oversight responsibilities include overseeing the company&rsquo;s
accounting and financial reporting processes, the company&rsquo;s systems of internal controls regarding finance and accounting, and
audits of the company&rsquo;s financial statements, as well as the establishment of guidelines and making recommendations to our Board
of Directors regarding the valuation of our loans and investments. The Nominating and Corporate Governance Committee&rsquo;s risk oversight
responsibilities include selecting, researching and nominating directors for election by our stockholders, planning for the succession
of our executive officers, and overseeing the evaluation of the Board of Directors and our management. The Compensation Committee&rsquo;s
risk oversight responsibilities include reviewing and approving the reimbursement by the Company of the compensation of the Company&rsquo;s
CFO and CCO and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business
affairs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors also performs its risk
oversight responsibilities with the assistance of our CCO. The Board of Directors annually reviews a written report from the CCO discussing
the adequacy and effectiveness of the compliance policies and procedures of the company and its service providers. The CCO&rsquo;s annual
report addresses at a minimum (i)&nbsp;the operation of the compliance policies and procedures of the company since the last report;
(ii)&nbsp;any material changes to such policies and procedures since the last report; (iii)&nbsp;any recommendations for material changes
to such policies and procedures as a result of the CCO&rsquo;s annual review; and (iv)&nbsp;any compliance matter that has occurred since
the date of the last report about which the Board of Directors would reasonably need to know to oversee our compliance activities and
risks. In addition, the CCO meets in executive session with the independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that the role of our Board of Directors
in risk oversight is effective and appropriate given the extensive regulation applicable to BDCs. As a BDC, we will be required to comply
with certain regulatory requirements that control the levels of risk in our business and operations. For example, we are limited in our
ability to enter into transactions with our affiliates, including investing in any portfolio company in which one of our affiliates currently
has an investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Committees of the Board of Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors has established the committees
described below. Our Code of Business Conduct and Ethics, our and our Adviser&rsquo;s Code of Ethics as required by the 1940 Act and
our Board Committee charters are available at our corporate governance webpage at ssic.silverspikecap.com and are also available to any
stockholder who requests them by writing to our secretary, Gregory Gentile, at Silver Spike Investment Corp., 660 Madison Avenue, Suite
1600, New York, NY 10065, Attention: Corporate Secretary. Our directors are invited and encouraged to attend each Annual Meeting of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Audit Committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Audit Committee is responsible for selecting,
engaging and discharging our independent accountants, reviewing the plans, scope and results of the audit engagement with our independent
accountants, approving professional services provided by our independent accountants (including compensation therefore), reviewing the
independence of our independent accountants and reviewing the adequacy of our internal control over financial reporting, as well as establishing
guidelines and making recommendations to our Board of Directors regarding the valuation of our loans and investments. The members of
the Audit Committee are Mr. Bohra, Mr. Da Corte and Ms. Warson, each of whom is not an interested person of us for purposes of the 1940
Act and is independent for purposes of the Nasdaq Stock Market corporate governance regulations. Mr. Da Corte serves as the Chairperson
of the Audit Committee. Our Board of Directors has determined that Mr. Bohra is an &ldquo;audit committee financial expert&rdquo; as
defined under SEC rules. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Nominating and Corporate Governance Committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Nominating and Corporate Governance Committee
is responsible for determining criteria for service on the Board of Directors, identifying, researching and nominating directors for
election by our stockholders, selecting nominees to fill vacancies on our Board of Directors or a committee of the Board of Directors,
planning for the succession of our executive officers, overseeing the self-evaluation of the Board of Directors and its committees and
evaluation of our management, and recommending to the Board of Directors the compensation to be paid to the independent directors. The
Nominating and Corporate Governance Committee considers nominees properly recommended by our stockholders. The members of the Nominating
and Corporate Governance Committee are Mr. Bohra, Mr. Da Corte and Ms. Warson, each of whom is not an interested person of us for purposes
of the 1940 Act and is independent for purposes of the Nasdaq Stock Market corporate governance regulations. Ms. Warson serves as the
Chairperson of the Nominating and Corporate Governance Committee. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The Nominating and Corporate
Governance Committee will consider qualified director nominees recommended by stockholders when such recommendations are submitted in
accordance with our bylaws and any other applicable law, rule or regulation regarding director nominations. Our bylaws require that the
nomination must be delivered to our Corporate Secretary at our principal executive offices not earlier than the 150<SUP>th</SUP>&nbsp;day
prior to the first anniversary of the date of our proxy statement for the preceding year&rsquo;s annual meeting, or later than the 120<SUP>th</SUP>&nbsp;day
prior to the first anniversary of the date of our proxy statement for the preceding year&rsquo;s annual meeting. In connection with our
first annual meeting, or if the date of the annual meeting has changed by more than 30 days from the first anniversary of the date of
the preceding year&rsquo;s annual meeting, the nomination must be delivered not earlier than the 150<SUP>th</SUP>&nbsp;day prior to the
date of such annual meeting, and not later than the 120<SUP>th</SUP>&nbsp;day prior to the date of such annual meeting or the tenth day
following the day on which public announcement of the date of such meeting is first made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">In evaluating
director nominees, the Nominating and Corporate Governance Committee considers, among others, the following factors:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the
                                            individual possesses high standards of character and integrity, relevant experience, a willingness
                                            to ask hard questions and the ability to work well with others;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the
                                            individual is free of conflicts of interest that would violate applicable law or regulation
                                            or interfere with the proper performance of the responsibilities of a director;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the
                                            individual is willing and able to devote sufficient time to the affairs of the Company, and
                                            be diligent in fulfilling the responsibilities of a director and Board committee member;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the
                                            individual has the capacity and desire to represent the balanced, best interests of the shareholders
                                            as a whole, and not a special interest group or constituency; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the
                                            individual possesses the skills, experiences (such as current business experience or other
                                            such current involvement in public service, academia or scientific communities), particular
                                            areas of expertise, particular backgrounds, and other characteristics that help ensure the
                                            effectiveness of the Board of Directors and Board committees.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Nominating and Corporate Governance Committee&rsquo;s
goal is to assemble a Board of Directors that brings us a variety of perspectives and skills derived from high-quality business and professional
experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than the foregoing, there are no stated
minimum criteria for director nominees, although the Nominating and Corporate Governance Committee may also consider such other factors
as it may deem are in our best interests and those of our stockholders. The Nominating and Corporate Governance Committee also believes
it appropriate for certain key members of our management to participate as members of the Board of Directors. The Nominating and Corporate
Governance Committee does not assign specific weights to particular criteria and no particular criterion is necessarily applicable to
all prospective nominees. We believe that the backgrounds and qualifications of the directors, considered as a group, should provide
a significant composite mix of experience, knowledge and abilities that will allow the Board of Directors to fulfill its responsibilities.
Our Board of Directors does not have a specific diversity policy, but considers diversity of race, religion, national origin, gender,
sexual orientation, disability, cultural background and professional experiences in evaluating candidates for Board membership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Nominating and Corporate Governance Committee
identifies nominees by first evaluating the current members of the Board of Directors willing to continue in service. Current members
of the Board of Directors with skills and experience that are relevant to our business and who are willing to continue in service are
considered for re-nomination, balancing the value of continuity of service by existing members of the Board of Directors with that of
obtaining a new perspective. If any member of the Board of Directors does not wish to continue in service or if the Nominating and Corporate
Governance Committee or the Board of Directors decides not to re-nominate a member for re-election, the Nominating and Corporate Governance
Committee identifies the desired skills and experience of a new nominee in light of the criteria above. Current members of the Nominating
and Corporate Governance Committee and Board of Directors are polled for suggestions as to individuals meeting the criteria of the Nominating
and Corporate Governance Committee. Research may also be performed to identify qualified individuals. <FONT STYLE="background-color: white">To
date, we have not engaged third-parties to identify or evaluate or assist in identifying potential nominees to the Board of Directors,
although we reserve the right in the future to retain a third-party search firm, if necessary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Compensation Committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Compensation Committee is responsible
for reviewing and approving the reimbursement by us of the compensation of our CFO and CCO and their respective staffs (based on a percentage
of time such individuals devote, on an estimated basis, to our business affairs). The current members of the Compensation Committee are
Mr. Bohra, Mr. Da Corte and Ms. Warson, each of whom is not an interested person of us for purposes of the 1940 Act and is independent
for purposes of the Nasdaq Stock Market corporate governance regulations. Ms. Warson serves as the Chairperson of the Compensation Committee.
As discussed below, currently, none of our executive officers are directly compensated by us. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director Compensation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to pay our independent directors an
annual retainer fee of $25,000, payable once per year to independent directors that attended at least 75% of the meetings held the previous
year. In addition, the independent directors will receive $2,000 for each Board of Directors meeting in which the director attended in
person and $1,000 for each Board of Directors meeting in which the director participated other than in person, and reimbursement of reasonable
out-of-pocket expenses incurred in connection with attending each Board of Directors meeting. The independent directors will also receive
$1,000 for each Board of Directors committee meeting in which they attended in person and $500 for each Board of Directors committee
meeting in which they participated other than in person, plus reimbursement of reasonable out-of-pocket expenses incurred in connection
with attending each committee meeting not held concurrently with a Board of Directors meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the Chairperson of the Audit Committee,
the Nominating and Corporate Governance Committee and the Compensation Committee will each receive an annual retainer of $3,500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No compensation will be paid to directors who
are interested persons of us as defined in the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Officer Compensation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of our executive officers will receive direct
compensation from us. The compensation of the principals and other investment professionals of our Adviser are paid by our Adviser. Compensation
paid to our CFO and CCO and their respective staffs is set by our administrator, SSC, and is subject to reimbursement by us of an allocable
portion of such compensation based on a percentage of time such individuals devote, on an estimated basis, to our business affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>PORTFOLIO
MANAGEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The day-to-day management of our investment
portfolio is primarily the responsibility of our Adviser and its Investment Committee, which currently consists of Scott Gordon, our
Chief Executive Officer and our Adviser&rsquo;s Partner and Chief Executive Officer, Gregory Gentile, our Chief Financial Officer, Chief
Compliance Officer and Secretary, and our Adviser&rsquo;s Partner, Chief Financial Officer and Chief Compliance Officer, William Healy,
our Adviser&rsquo;s Partner and Head of Capital Formation, Frank Kotsen, CFA, our Adviser&rsquo;s Partner and Credit Portfolio Manager,
Dino Colonna, CFA, our Adviser&rsquo;s Partner and Credit Portfolio Manager, and Umesh Mahajan, our Adviser&rsquo;s Credit Portfolio
Manager. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Personnel</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The members of our Adviser&rsquo;s Investment
Committee will not be employed by us, and will receive no compensation from us in connection with their portfolio management activities.
The Investment Committee members receive compensation that includes an annual base salary, an annual individual performance bonus, and
a portion of the incentive fee or carried interest earned in connection with their services. Certain Investment Committee members, through
their financial interests in the Adviser, are entitled to a portion of the profits earned by the Adviser, which includes any fees payable
to the Adviser under the terms of the Investment Advisory Agreement, <FONT STYLE="background-color: white">less expenses incurred by
the Adviser in performing its services under the Investment Advisory Agreement</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain investments may be appropriate for us
and affiliates of our Adviser, and the members of our Adviser&rsquo;s Investment Committee could face conflicts of interest in the allocation
of investment opportunities between such entities. See &ldquo;Certain Relationships And Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Below are the biographies for the Investment
Committee members whose biographies are not included elsewhere in this prospectus. For more information regarding the business experience
of Messrs. Gordon and Gentile, see &ldquo;Management &mdash; Biographical Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <I>Dino Colonna,
                                            CFA</I>. Mr. Colonna, our Adviser&rsquo;s Partner and Credit Portfolio Manager, will be primarily
                                            responsible for the day-to-day management of our investment portfolio. Since 2001, Mr. Colonna
                                            has managed traditional and alternative investment portfolios, and advised corporations and
                                            institutional investors across the global capital markets. Prior to joining the Adviser,
                                            Mr. Colonna was managing partner at Madison Capital Advisors, a middle-market asset-backed
                                            lending and advisory firm focused on emerging growth companies in the cannabis, life sciences
                                            and tech sectors. Prior to Madison Capital Advisors, Mr. Colonna spent four years as an investment
                                            banker at the top-ranked Equity Capital Markets team at Barclays in London, and six years
                                            as a senior research analyst at Forest Investment Management, a global multi-strategy hedge
                                            fund. With Barclays, he advised on and structured over $8 billion of equity, derivative and
                                            debt transactions, and while at Forest Investment Management, he specialized in credit and
                                            equity research, and was part of the portfolio management team managing an over $500 million
                                            multi-strategy portfolio. Mr. Colonna holds a CFA Charter, a B.S.B.A. from the University
                                            of Delaware and an international M.B.A. from ESADE Business School (Spain). </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>William
                                            Healy.&nbsp;</I>Mr. Healy, our Adviser&rsquo;s Partner and Head of Capital Formation, will
                                            be primarily responsible for the day-to-day management of our investment portfolio. Since
                                            1986, Mr. Healy has advised and covered institutional clients in a variety of roles spanning
                                            corporate finance, investment management, and investment banking in London, Brazil, and New
                                            York. Prior to joining the Adviser, he was President of Pantera Capital Management, a blockchain
                                            venture capital manager, from 2018 to May 2019. From 1998 to 2016, Mr. Healy managed several
                                            hedge fund and private equity dedicated institutional sales teams at Deutsche Bank and the
                                            firm&rsquo;s wealth and asset management division. He began his career with The Chase Manhattan
                                            Bank based in London, Brazil, and New York where he advised multinational corporations on
                                            cross-border funding of their Latin America-domiciled operations. From 1993 to 1998, he formed
                                            and managed the ING Barings emerging markets institutional debt sales team where he covered
                                            clients and often traveled to Latin America, Europe, and Asia to structure, price, and pre-market
                                            many of the firm&rsquo;s capital markets transactions. Mr. Healy received a BA, International
                                            Business from The George Washington University, Washington DC. He is multi-lingual (English,
                                            Spanish, and Portuguese) and a Chartered Alternative Investment Analyst Association (CAIA)
                                            member. Mr. Healy also serves as a member of the board of directors and president of Silver
                                            Spike Acquisition Corp. II and, from 2019 to June 2021, served as a member of the board of
                                            directors and president of Silver Spike Acquisition Corp.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&#183;</FONT> </TD><TD> <I>Frank Kotsen,
                                            CFA.&nbsp;</I>Mr. Kotsen, our Adviser&rsquo;s Partner and Credit Portfolio Manager, will
                                            be primarily responsible for the day-to-day management of our investment portfolio. Prior
                                            to joining the Adviser, Mr. Kotsen spent nearly 24 years at Merrill Lynch and Bank of America
                                            Securities in various roles in credit trading and management. Most recently, Mr. Kotsen ran
                                            Global Credit and Special Situations at Bank of America Securities, the largest global sell-side
                                            credit trading business, from 2014 to January 2020, where he, in addition to other initiatives,
                                            helped build a multi-billion dollar credit asset lending business. Prior to his work on Wall
                                            Street and earning an MBA, Mr. Kotsen worked as a senior consultant in Oracle Corporation&rsquo;s
                                            Consulting Group, providing large-scale technology solutions to various industries with a
                                            focus on the pharmaceutical industry.&nbsp; Prior to his role at Oracle, Mr. Kotsen worked
                                            as a management consulting analyst where he provided strategic analysis and advice to several
                                            Fortune 100 corporations. Mr. Kotsen earned an undergraduate Bachelor of Science in Engineering
                                            in Civil Engineering and Operations Research from Princeton University, and earned an MBA
                                            from The Wharton School of the University of Pennsylvania where he graduated as a Palmer
                                            Scholar. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&#183;</FONT> </TD><TD> <I>Umesh Mahajan</I>.
                                            Mr. Mahajan, our Adviser&rsquo;s Credit Portfolio Manager, will be primarily responsible
                                            for the day-to-day management of our investment portfolio. Prior to joining the Adviser,
                                            Mr. Mahajan was a Managing Director for four years at Ascribe Capital, a credit fund focused
                                            on value investing in middle market companies.&nbsp; From September 2003 to August 2016,
                                            Mr. Mahajan worked at Merrill Lynch and Bank of America in various roles in their Global
                                            Markets and Investment Banking divisions in New York.&nbsp; He specialized in credit and
                                            special situation investing as a Managing Director in the Global Credit and Special Situations
                                            group at Bank of America Securities and as a Vice President in the Principal Credit Group
                                            at Merrill Lynch.&nbsp; Mr. Mahajan also worked in Merrill Lynch&rsquo;s energy and power
                                            investment banking group for two years.&nbsp; From 1994 to 2001, Mr. Mahajan worked in J.P.
                                            Morgan&rsquo;s investment banking team in Asia.&nbsp; Mr. Mahajan holds a Bachelor of Technology
                                            in Electrical Engineering from the Indian Institute of Technology, Bombay and an MBA from
                                            The Wharton School of the University of Pennsylvania where he graduated as a Palmer Scholar.&nbsp;
                                            Mr. Mahajan also holds a Certificate in ESG Investing from the CFA Institute. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The table below shows the dollar range of shares
of common stock that will be beneficially owned by each of the members of our Adviser&rsquo;s Investment Committee immediately after
this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 73%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Name
    of Investment Committee Member </P></TD>
    <TD STYLE="padding-right: 6pt; width: 27%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Dollar&nbsp;Range&nbsp;of&nbsp;Equity
    Securities in Silver Spike Investment Corp.(1)(2)(3) </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"> Dino Colonna, CFA </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> $10,000-$50,000 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"> Gregory Gentile </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> $50,001-$100,000 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"> Scott Gordon </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> Over $1,000,000(4) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"> William Healy </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> $50,001-$100,000 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"> Frank Kotsen, CFA </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> $500,001-$1,000,000 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"> Umesh Mahajan </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> None </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Beneficial ownership has been determined in accordance with Rule
                                            16a-1(a)(2) of the Exchange Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The dollar range of equity securities beneficially owned is based
                                            on a stock price of $14.00 per share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The dollar range of equity securities beneficially owned are:
                                            none, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000,
                                            or over $1,000,000.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (4) </TD><TD> Includes shares held by our Adviser. Mr. Gordon may be deemed to beneficially
                                            own the shares held by our Adviser by virtue of his indirect control of our Adviser. Mr.
                                            Gordon disclaims beneficial ownership of the shares held by our Adviser except to the extent
                                            of his pecuniary interest in the shares. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>INVESTMENT
ADVISORY AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview of Our Investment Adviser</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Management Services</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Silver Spike Capital, LLC will manage the company
and oversee all of its operations. SSC is registered as an investment adviser under the Advisers Act. Our Adviser serves pursuant to
the Investment Advisory Agreement in accordance with the Advisers Act. Subject to the overall supervision of our Board of Directors,
our Adviser manages our day-to-day operations and provides us with investment advisory services. Under the terms of the Investment Advisory
Agreement, our Adviser will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>determine the
                                            composition of our portfolio, the nature and timing of the changes to our portfolio and the
                                            manner of implementing such changes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>determine what
                                            securities and other assets we purchase, retain or sell;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>identify, evaluate
                                            and negotiate the structure of the investments we make;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>execute, monitor
                                            and service the investments we make;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>perform due
                                            diligence on prospective portfolio companies; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide us
                                            with such other investment advisory, research and related services as we may, from time to
                                            time, reasonably require for the investment of our funds, including providing operating and
                                            managerial assistance to us and our portfolio companies as required.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, the Adviser may pay amounts
owed by us to third-party providers of goods or services, including the Board of Directors, and we 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Adviser&rsquo;s services under the Investment
Advisory Agreement are not exclusive and it is free to furnish similar services to other entities so long as its services to us are not
impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Management Fee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will pay our Adviser a fee for its services
under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the
base management fee payable to our Adviser and any incentive fees payable to our Adviser will ultimately be borne by our common stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Base Management Fee</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The base management fee is calculated at an annual
rate of 1.75% of our gross assets (i.e., total assets held before deduction of any liabilities), which includes any investments acquired
with the use of leverage and excludes any cash and cash equivalents (as defined in the notes to our financial statements). The fair value
of derivatives and swaps, which will not necessarily equal the notional value of such derivatives and swaps, will be included in our
calculation of gross assets. The base management fee is calculated based on the average value of our gross assets at the end of the two
most recently completed quarters. For example, the average value of our gross assets used for calculating the third quarter base management
fee will be equal to our gross assets at the end of the second quarter plus our gross assets at the end of the third quarter, divided
by two. The base management fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted for
any share issuances or repurchases during the relevant month or quarter, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Incentive Fee</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The incentive fee has two parts. The first part
of the incentive fee, the Incentive Fee on Income, is calculated and payable quarterly in arrears based on our &ldquo;Pre-Incentive Fee
Net Investment Income&rdquo; for the immediately preceding quarter. For this purpose, &ldquo;Pre-Incentive Fee Net Investment Income&rdquo;
means interest income, dividend income and any other income (including (i)&nbsp;any other fees (other than fees for providing managerial
assistance), such as commitment, origination, structuring, advisory, diligence and consulting fees or other fees that we receive from
portfolio companies, (ii)&nbsp;any gain realized on the extinguishment of our own debt and (iii)&nbsp;any other income of any kind that
we are required to distribute to our stockholders in order to maintain our RIC status) accrued during the quarter, minus our operating
expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement with SSC, and any interest
expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment
Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero
coupon securities), accrued income that we have not yet received and may never receive in cash. Pre-Incentive Fee Net Investment Income
does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive
Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter,
will be compared to a &ldquo;hurdle rate&rdquo; of 1.75%&nbsp;per quarter (7% annualized), subject to a &ldquo;catch-up&rdquo; provision
measured as of the end of each quarter. Our net investment income used to calculate the Incentive Fee on Income is also included in the
amount of our gross assets used to calculate the 1.75% base management fee. The operation of the Incentive Fee on Income with respect
to our Pre-Incentive Fee Net Investment Income for each quarter is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>No Incentive
                                            Fee on Income is payable to the Adviser in any quarter in which our Pre-Incentive Fee Net
                                            Investment Income does not exceed the &ldquo;hurdle rate&rdquo; of 1.75%;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>100% of our
                                            Pre-Incentive Fee Net Investment Income, if any, that exceeds the &ldquo;hurdle rate,&rdquo;
                                            but is less than or equal to 2.19% in any quarter (8.76% annualized), will be payable to
                                            the Adviser. We refer to this portion of our Incentive Fee on Income as the catch up. It
                                            is intended to provide an Incentive Fee on Income of 20% on all of our Pre-Incentive Fee
                                            Net Investment Income when our Pre-Incentive Fee Net Investment Income exceeds 2.19% in any
                                            quarter;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>For any quarter
                                            in which our Pre-Incentive Fee Net Investment Income exceeds 2.19%, the Incentive Fee on
                                            Income shall equal 20% of the amount of our Pre-Incentive Fee Net Investment Income, because
                                            the preferred return and catch up will have been achieved; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>For purposes
                                            of computing the Incentive Fee on Income, the calculation methodology will look through derivatives
                                            or swaps as if we owned the reference assets directly. Therefore, net interest income, if
                                            any, associated with a derivative or swap (which is defined as the difference between (i)&nbsp;the
                                            interest income and transaction fees received in respect of the reference assets of the derivative
                                            or swap and (ii)&nbsp;all interest and other expenses paid by us to the derivative or swap
                                            counterparty) will be included in the calculation of Pre-Incentive Fee Net Investment Income
                                            for purposes of the Incentive Fee on Income.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a graphical representation of
the calculation of the Incentive Fee on Income:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Quarterly Incentive Fee on Income Based on
Pre-Incentive Fee Net Investment Income</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(expressed as a percentage of the value of
net assets)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 79px; width: 374px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Percentage of Pre-Incentive Fee Net Investment
Income Allocated to SSC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The second part of the incentive fee, the Incentive
Fee on Capital Gains, payable at the end of each fiscal year (or upon termination of the Investment Advisory Agreement) in arrears, equals
20% of cumulative realized capital gains from inception to the end of each fiscal year, less cumulative realized capital losses and unrealized
capital depreciation from inception to the end of each fiscal year, less the aggregate amount of any previously paid Incentive Fees on
Capital Gains for prior periods. In no event will the Incentive Fee on Capital Gains payable pursuant to the Investment Advisory Agreement
be in excess of the amount permitted by the Advisers Act, including Section 205 thereof. The Incentive Fee on Capital Gains determined
at the end of our first fiscal year will be calculated for a period shorter than 12 months to take into account any realized capital
gains computed net of all realized capital losses and unrealized capital depreciation from inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of computing the Incentive Fee on
Capital Gains, the calculation methodology will look through derivatives or swaps as if we owned the reference assets directly. Therefore,
realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets
retained in the derivative or swap, will be included on a cumulative basis in the calculation of the Incentive Fee on Capital Gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While the Investment Advisory Agreement neither
includes nor contemplates the inclusion of unrealized gains in the calculation of the Incentive Fee on Capital Gains, as required by
U.S. GAAP, we accrue Incentive Fees on Capital Gains on unrealized gains. This accrual reflects the Incentive Fees on Capital Gains that
would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even
though the Adviser is not entitled to an Incentive Fee on Capital Gains with respect to unrealized gains unless and until such gains
are actually realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For our first year of operations following consummation
of this offering, the Adviser has irrevocably agreed to&nbsp;waive&nbsp;the Incentive Fee on Income and the Incentive Fee on Capital
Gains, without recourse against or reimbursement by the Company. The waiver of the Incentive Fee on Capital Gains applies only to realized
capital gains on assets sold during our first year of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Example 1: Incentive Fee on Income for Each Quarter</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Scenario 1</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Assumptions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investment income (including interest, dividends,
fees, etc.) = 1.25%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Hurdle rate(1) = 1.75%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Management fee(2) = 0.4375%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other expenses (legal, accounting, custodian,
transfer agent, etc.) = 0.2%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pre-Incentive Fee Net Investment Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(investment income &ndash; (management fee +
other expenses)) = 0.6125%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pre-Incentive Fee Net Investment Income does
not exceed hurdle rate; therefore, there is no Incentive Fee on &#9;Income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Scenario 2</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Assumptions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investment income (including interest, dividends,
fees, etc.) = 2.65%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Hurdle rate(1) = 1.75%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Management fee(2) = 0.4375%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other expenses (legal, accounting, custodian,
transfer agent, etc.) = 0.2%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pre-Incentive Fee Net Investment Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(investment income &ndash; (management fee +
other expenses)) = 2.0125%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Incentive Fee on Income = 100% &times; Pre-Incentive
Fee Net Investment Income (subject to hurdle rate and &ldquo;catch &#9;up&rdquo;)(3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">= 100% &times; (2.0125% &ndash; 1.75%)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">= 0.2625%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pre-Incentive Fee Net Investment Income exceeds
the hurdle rate, but does not fully satisfy the &ldquo;catch-up&rdquo; &#9;provision; therefore, the Incentive Fee on Income is 0.2625%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Scenario 3</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Assumptions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investment income (including interest, dividends,
fees, etc.) = 3.25%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Hurdle rate(1) = 1.75%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Management fee(2) = 0.4375%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other expenses (legal, accounting, custodian,
transfer agent, etc.) = 0.2%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pre-Incentive Fee Net Investment Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(investment income &ndash; (management fee +
other expenses)) = 2.6125%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Incentive Fee on Income = 100% &times; Pre-Incentive
Fee Net Investment Income (subject to hurdle rate and &ldquo;catch-&#9;up&rdquo;)(3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Incentive Fee on Income = 100% &times; &ldquo;catch-up&rdquo;
+ (20% &times; (Pre-Incentive Fee Net Investment Income &ndash; 2.19%))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Catch-up = 2.19% &ndash; 1.75%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">= 0.44%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Incentive Fee on Income = (100% &times; 0.44%)
+ (20% &times; (2.6125% &ndash; 2.19%))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">= 0.44% + (20% &times; 0.4225%)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">= 0.44% + 0.0845%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">= 0.5245%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pre-Incentive Fee Net Investment Income exceeds
the hurdle rate, and fully satisfies the &ldquo;catch-up&rdquo; provision; &#9;therefore, the Incentive Fee on Income is 0.5245%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD>Represents 7% annualized hurdle rate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD>Represents 1.75% annualized base management fee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(3)</TD><TD>The &ldquo;catch-up&rdquo; provision is intended to provide our
                                            Adviser with an Incentive Fee on Income of 20% on all Pre-Incentive Fee Net Investment Income
                                            as if a hurdle rate did not apply when our Pre-Incentive Fee Net Investment Income exceeds
                                            2.19% in any quarter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Example 2: Incentive Fee on Capital Gains(*):</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Scenario 1</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Assumptions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 1:</TD><TD>$20 million investment made in Company
                                            A (&ldquo;Investment A&rdquo;) and $30 million investment made in Company B (&ldquo;Investment
                                            B&rdquo;)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 2:</TD><TD>Investment A sold for $50 million and
                                            fair market value (&ldquo;FMV&rdquo;) of Investment B determined to be $32 million</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 3:</TD><TD>FMV of Investment B determined to be
                                            $25 million</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 4:</TD><TD>Investment B sold for $31 million</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">The Incentive Fee on Capital Gains would
be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 1:</TD><TD>None</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 2:</TD><TD>Incentive Fee on Capital Gains of $6
                                            million &mdash; ($30 million realized capital gains on sale of Investment A multiplied by
                                            20%)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 3:</TD><TD>None &mdash; $5 million (20% multiplied
                                            by ($30 million cumulative capital gains less $5 million cumulative capital depreciation))
                                            less $6 million (Incentive Fee on Capital Gains paid in Year 2)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 4:</TD><TD>Incentive Fee on Capital Gains of $200,000
                                            &mdash; $6.2 million ($31 million cumulative realized capital gains multiplied by 20%) less
                                            $6 million (Incentive Fee on Capital Gains paid in Year 2)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Scenario 2</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Assumptions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 1:</TD><TD>$20 million investment made in Company
                                            A (&ldquo;Investment A&rdquo;), $30 million investment made in Company B (&ldquo;Investment
                                            B&rdquo;) and $25 million investment made in Company C (&ldquo;Investment C&rdquo;)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 2:</TD><TD>Investment A sold for $50 million,
                                            FMV of Investment B determined to be $25 million and FMV of Investment C determined to be
                                            $25 million</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 3:</TD><TD>FMV of Investment B determined to be
                                            $27 million and Investment C sold for $30 million</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 4:</TD><TD>FMV of Investment B determined to be
                                            $24 million</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 5:</TD><TD>Investment B sold for $20 million</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -40.5pt">The Incentive Fee on Capital Gains,
if any, would be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -40.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 1:</TD><TD>None</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 2:</TD><TD>$5 million Incentive Fee on Capital
                                            Gains &mdash; 20% multiplied by $25 million ($30 million realized capital gains on Investment
                                            A less $5 million unrealized capital depreciation on Investment B)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 3:</TD><TD>$1.4 million Incentive Fee on Capital
                                            Gains(1) &mdash; $6.4 million (20% multiplied by $32 million ($35 million cumulative realized
                                            capital gains less $3 million unrealized capital depreciation on Investment B)) less $5 million
                                            (Incentive Fee on Capital Gains paid in Year 2)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 4:</TD><TD>None</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in; text-align: left">Year 5:</TD><TD>None &mdash; $5 million (20% multiplied
                                            by $25 million (cumulative realized capital gains of $35 million less realized capital losses
                                            of $10 million)) less $6.4 million (cumulative Incentive Fees on Capital Gains paid in Year
                                            2 and Year 3)(2)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">* The hypothetical amounts of returns
shown are based on a percentage of our total net assets and assume no leverage. There is no guarantee that positive returns will be realized
and actual returns may vary from those shown in this example.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD>As illustrated in Year 3 of Scenario 2 above, if we were to be
                                            wound up on a date other than our fiscal year end of any year, we may have paid aggregate
                                            Incentive Fees on Capital Gains that are more than the amount of such fees that would be
                                            payable if we had been wound up on our fiscal year end of such year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD>As noted above, it is possible that the cumulative aggregate
                                            Incentive Fees on Capital Gains received by our Adviser ($6.4 million) is effectively greater
                                            than $5 million (20% of cumulative aggregate realized capital gains less net realized capital
                                            losses or net unrealized depreciation ($25 million)).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Our Expenses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our primary operating expenses are the payment
of a base management fee and any incentive fees under the Investment Advisory Agreement and the allocable portion of overhead and other
expenses incurred by SSC in performing its obligations under the Administration Agreement. Our investment management fee compensates
our Adviser for its work in identifying, evaluating, negotiating, executing, monitoring, servicing and realizing our investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as specifically provided below, all investment
professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us,
the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided
and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our CFO and
CCO and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs).
We bear all other expenses of our operations and transactions, including (without limitation) fees and expenses relating to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            our organization and offerings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            calculating our NAV, including the cost of any third-party valuation services;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            effecting sales and repurchases of shares of our common stock and other securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees and expenses
                                            payable under any underwriting agreements, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>debt service
                                            and other costs of borrowings or other financing arrangements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs of hedging;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expenses, including
                                            travel expenses, incurred by the Adviser, or members of the investment team, or payable to
                                            third-parties, performing due diligence on prospective portfolio companies and, if necessary,
                                            enforcing our rights;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>management
                                            and incentive fees payable pursuant to the Investment Advisory Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees payable
                                            to third-parties relating to, or associated with, making investments and valuing investments
                                            (including third-party valuation firms);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs, including
                                            legal fees, associated with compliance under cannabis laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>transfer agent
                                            and custodial fees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees and expenses
                                            associated with marketing efforts (including attendance at industry and investor conferences
                                            and similar events);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>federal and
                                            state registration fees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any exchange
                                            listing fees and fees payable to rating agencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>federal, state
                                            and local taxes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>independent
                                            directors&rsquo; fees and expenses, including travel expenses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cost of preparing
                                            financial statements and maintaining books and records and filing reports or other documents
                                            with the SEC (or other regulatory bodies) and other reporting and compliance costs, and the
                                            compensation of professionals responsible for the preparation of the foregoing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of
                                            any reports, proxy statements or other notices to our stockholders (including printing and
                                            mailing costs), the costs of any stockholder or director meetings and the compensation of
                                            investor relations personnel responsible for the preparation of the foregoing and related
                                            matters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>brokerage commissions
                                            and other compensation payable to brokers or dealers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>research and
                                            market data;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fidelity bond,
                                            directors&rsquo; and officers&rsquo; errors and omissions liability insurance and other insurance
                                            premiums;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>direct costs
                                            and expenses of administration, including printing, mailing and staff;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fees and expenses
                                            associated with independent audits, and outside legal and consulting costs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs of winding
                                            up;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs incurred
                                            in connection with the formation or maintenance of entities or vehicles to hold our assets
                                            for tax or other purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extraordinary
                                            expenses (such as litigation or indemnification); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs associated
                                            with reporting and compliance obligations under the 1940 Act and applicable federal and state
                                            securities laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duration and Termination</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Investment Advisory Agreement was first approved
by our Board of Directors on July 7, 2021. Unless earlier terminated as described below, the Investment Advisory Agreement will remain
in effect for two years from its initial approval, and from year-to-year thereafter, if approved annually by the Board of Directors or
by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority
of our directors who are not interested persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Investment Advisory Agreement will automatically
terminate in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, we may terminate the Investment
Advisory Agreement with the Adviser upon 60 days&rsquo; written notice. The decision to terminate the Investment Advisory Agreement may
be made by a majority of the Board of Directors or the stockholders holding a majority (as defined under the 1940 Act) of the outstanding
shares of our common stock. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory
Agreement upon 60 days&rsquo; written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indemnification</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Investment Advisory Agreement provides that,
absent willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless
disregard of their respective duties and obligations, our Adviser and its officers, managers, partners, members (and their members, including
the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with it, are entitled
to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably
paid in settlement) arising from the rendering of our Adviser&rsquo;s services under the Investment Advisory Agreement or otherwise as
our investment adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Organization of Our Investment Adviser</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Adviser is a Delaware limited liability company
that registered as an investment adviser under the Advisers Act. The principal address of our Adviser is 660 Madison Avenue, Suite 1600,
New York, NY 10065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors&rsquo; Approval of the Investment Advisory
Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A discussion regarding the basis for our Board
of Directors&rsquo; approval of our Investment Advisory Agreement will be included in our first annual report on Form 10-K filed subsequent
to any such Board of Directors&rsquo; approval, or incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>ADMINISTRATION
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into an Administration Agreement
with SSC, under which SSC will provide administrative services for us, including office facilities and equipment and clerical, bookkeeping
and record-keeping services at such facilities. Under the Administration Agreement, SSC also will perform, or oversee the performance
of, our required administrative services, which includes being responsible for the financial records which we are required to maintain
and preparing reports to our stockholders and reports filed with the SEC. In addition, SSC will assist us in determining and publishing
our NAV, overseeing the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders,
and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by
others. In addition, pursuant to the terms of the Administration Agreement, SSC may delegate its obligations under the Administration
Agreement to an affiliate or to a third-party and we will reimburse SSC for any services performed for it by such affiliate or third-party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For providing these services, facilities and
personnel, we will reimburse SSC the allocable portion of overhead and other expenses incurred by SSC in performing its obligations under
the Administration Agreement, including our allocable portion of the costs of compensation and related expenses of our CFO and CCO and
their respective staffs (based on the percentage of time those individuals devote, on an estimated basis, to our business and affairs).
The Administration Agreement also provides that we shall reimburse SSC for certain organization costs incurred prior to the commencement
of our operations, and for certain offering costs. Such reimbursement is at cost, with no profit to, or markup by, SSC. Our allocable
portion of SSC&rsquo;s costs will be determined based upon costs attributable to our operations versus costs attributable to the operations
of other entities for which SSC provides administrative services. SSC may also provide on our behalf managerial assistance to our portfolio
companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Administration Agreement provides that, absent
willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless disregard
of their respective duties and obligations, SSC and its officers, managers, partners, members (and their members, including the owners
of their members), agents, employees, controlling persons and any other person or entity affiliated with it are entitled to indemnification
from us for any damages, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement)
arising from the rendering of services under the Administration Agreement or otherwise as our administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless earlier terminated as described below,
the Administration Agreement will remain in effect for two years from its initial approval, and from year-to-year thereafter, if approved
annually by the Board of Directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, including,
in either case, approval by a majority of our directors who are not interested persons. The Administration Agreement may be terminated
at any time, without the payment of any penalty, on 60 days&rsquo; written notice, by the vote of a majority of our outstanding voting
securities, or by the vote of the Board of Directors, or by SSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">In accordance
with the Administration Agreement, and with the approval of the Board of Directors, the Company and SSC have entered into a services
agreement with SS&amp;C as&nbsp;sub-administrator (the&nbsp;&ldquo;Services&nbsp;Agreement&rdquo;). Under the&nbsp;Services&nbsp;Agreement,
SS&amp;C&nbsp;has assumed responsibility for performing certain administrative services for us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>LICENSE
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have also entered into a license agreement
with SSC pursuant to which SSC has agreed to grant us a nonexclusive, royalty-free license to use the name &ldquo;Silver Spike.&rdquo;
Under this agreement, we will have a right to use the &ldquo;Silver Spike&rdquo; name, for so long as SSC or one of its affiliates remains
our investment adviser. Other than with respect to this limited license, we will have no legal right to the &ldquo;Silver Spike&rdquo;
name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_016"></A>CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into an Investment Advisory Agreement
with SSC, our Adviser. SSC is controlled by Scott Gordon, its Partner and Chief Executive Officer, and the Chairperson of our Board of
Directors and our Chief Executive Officer. In addition, Gregory Gentile, our Chief Financial Officer, Chief Compliance Officer and Secretary,
and each of the other members of our Adviser&rsquo;s Investment Committee, are partners of our Adviser. Pursuant to the Investment Advisory
Agreement, fees payable to our Adviser will be equal to (a)&nbsp;a base management fee of 1.75% of the value of our gross assets (i.e.,
total assets held before deduction of any liabilities), which includes investments acquired with the use of leverage and excludes cash
and cash equivalents and (b)&nbsp;an incentive fee based on our performance. The incentive fee consists of two parts. The first part
of the incentive fee, the Incentive Fee on Income, is calculated and payable quarterly in arrears and equals 20% of our &ldquo;Pre-Incentive
Fee Net Investment Income&rdquo; for the quarter, subject to a preferred return, or &ldquo;hurdle,&rdquo; and a &ldquo;catch-up&rdquo;
feature. The second part of the incentive fee, the Incentive Fee on Capital Gains, is determined and payable in arrears as of the end
of each fiscal year (or upon termination of the Investment Advisory Agreement) and equals 20% of our realized capital gains on a cumulative
basis from inception through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation
on a cumulative basis, less the aggregate amount of any previously paid Incentive Fees on Capital Gains. For our first year of operations
following consummation of this offering, the Adviser has irrevocably agreed to&nbsp;waive&nbsp;the Incentive Fee on Income and the Incentive
Fee on Capital Gains, without recourse against or reimbursement by the Company. The waiver of the Incentive Fee on Capital Gains applies
only to realized capital gains on assets sold during our first year of operations. See &ldquo;Investment Advisory Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have also entered into an Administration Agreement
with SSC, under which SSC will provide administrative services for us, including office facilities and equipment and clerical, bookkeeping
and record-keeping services at such facilities. Under the Administration Agreement, SSC also will perform, or oversee the performance
of, our required administrative services, which includes being responsible for the financial records which we are required to maintain
and preparing reports to our stockholders and reports filed with the SEC. In addition, SSC will assist us in determining and publishing
our NAV, overseeing the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders,
and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by
others. For providing these services, facilities and personnel, we will reimburse SSC the allocable portion of overhead and other expenses
incurred by SSC in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs
of compensation and related expenses of our CFO and CCO and their respective staffs (based on a percentage of time such individuals devote,
on an estimated basis, to our business affairs). Such reimbursement is at cost, with no profit to, or markup by, SSC. Our allocable portion
of SSC&rsquo;s costs will be determined based upon costs attributable to our operations versus costs attributable to the operations of
other entities for which SSC provides administrative services. The Administration Agreement also provides that we shall reimburse SSC
for certain organization costs incurred prior to the commencement of our operations, and for certain offering costs. SSC may also provide
on our behalf managerial assistance to our portfolio companies. The administration agreement may be terminated by either party without
penalty upon 60 days&rsquo; written notice to the other party. SSC may also provide on our behalf managerial assistance to our portfolio
companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have also entered into a license agreement
with SSC pursuant to which SSC has agreed to grant us a nonexclusive, royalty-free license to use the name &ldquo;Silver Spike.&rdquo;
Under this agreement, we will have a right to use the &ldquo;Silver Spike&rdquo; name for so long as SSC or one of its affiliates remains
our investment adviser. Other than with respect to this limited license, we will have no legal right to the &ldquo;Silver Spike&rdquo;
name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive officers and directors, and certain
members of our Adviser, serve or may serve as officers, directors or principals of entities that may operate in the same or a related
line of business as us or as investment funds managed by our affiliates. For example, SSC presently serves as a manager to several special
purpose acquisition companies, or SPACs.&nbsp;These investment vehicles under management were formed for the purpose of investing in
specific private equity transactions, which differ from our mandate.&nbsp;SSC and its affiliates also manage private investment funds,
and may manage other funds in the future, that have investment mandates that are similar, in whole or in part, to ours. Accordingly,
they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders.
For example, the principals of our Adviser may face conflicts of interest in the allocation of investment opportunities to us and such
other funds. The fact that our investment advisory fees are lower than those of certain other funds could amplify this conflict of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent an investment opportunity is appropriate
for us or any other investment fund managed by our affiliates, and co-investment is not possible, SSC will adhere to its investment allocation
policy in order to determine to which entity to allocate the opportunity.&nbsp;Any such opportunity will be allocated first to the entity
whose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">investment strategy is the most consistent with
the opportunity being allocated, and second, if the terms of the opportunity are consistent with more than one entity&rsquo;s investment
strategy, on an alternating basis. Although our investment professionals will endeavor to allocate investment opportunities in a fair
and equitable manner, we and our common stockholders could be adversely affected to the extent investment opportunities are allocated
among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and members of
our Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The 1940 Act prohibits us from making certain
negotiated co-investments with affiliates, unless we receive an order from the SEC permitting us to do so. SSC and certain of its affiliates
expect to submit an exemptive application to the SEC to permit us to co-invest with other funds managed by SSC or its affiliates in a
manner consistent with our investment objective, positions, policies, strategies and restrictions, as well as regulatory requirements
and other pertinent factors.&nbsp;There can be no assurance that any such exemptive order will be submitted or obtained. Prior to receiving
any such exemptive order from the SEC, SSC will offer us the right to participate in all investment opportunities that it determines
are appropriate for us in view of our investment objective, policies and strategies and other relevant factors. These offers will be
subject to the exception that, in accordance with SSC&rsquo;s investment allocation policy, we might not participate in each individual
opportunity, but will, on an overall basis, be entitled to participate equitably with other entities managed by SSC and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">SSC&rsquo;s policies are also designed to manage
and mitigate the conflicts of interest associated with the allocation of investment opportunities if we are able to co-invest, either
pursuant to SEC interpretive positions or an exemptive order, with other accounts managed by our Adviser and its affiliates. Generally,
under the investment allocation policy, a portion of each opportunity that is appropriate for us and any affiliated fund, which may vary
based on asset class and liquidity, among other factors, will be offered to us and such other eligible accounts, as determined by SSC.
The investment allocation policy further provides that allocations among us and other eligible accounts will generally be made in accordance
with SEC interpretive positions or an exemptive order. SSC seeks to treat all clients fairly and equitably in a manner consistent with
its fiduciary duty to each of them; however, in some instances, especially in instances of limited liquidity, the factors may not result
in pro rata allocations or may result in situations where certain accounts receive allocations where others do not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted a formal code of ethics that
governs the conduct of our officers and directors. Our officers and directors also remain subject to the duties imposed by both the 1940
Act and the Maryland General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_017"></A>CONTROL
PERSONS AND PRINCIPAL STOCKHOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Immediately prior to the completion of this
offering, there will be 386 shares of common stock outstanding and one stockholder of record. At that time, we will have no other shares
of capital stock outstanding. The following table sets out certain ownership information with respect to our common stock for those persons
who directly or indirectly own, control or hold with the power to vote 5% or more of our outstanding common stock and all officers and
directors as a group. <FONT STYLE="background-color: white">Shareholders who own 25% or more of the Company&rsquo;s shares&nbsp;may have
a significant impact on any shareholder vote of the Company. </FONT> The address of each individual and entity included below is 660
Madison Avenue, Suite 1600, New York, NY 10065. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; text-align: center; font-weight: bold"> &nbsp; </TD>
    <TD STYLE="padding-right: 6pt; text-align: center; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Immediately
    Prior to This Offering </P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Immediately
    After This Offering(1) </P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 48%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Name </P></TD>
    <TD STYLE="padding-right: 6pt; width: 11%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Type
    of Ownership </P></TD>
    <TD STYLE="padding-right: 6pt; width: 9%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Shares
    Owned </P></TD>
    <TD STYLE="padding-right: 6pt; width: 12%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Percentage </P></TD>
    <TD STYLE="padding-right: 6pt; width: 10%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Shares
    Owned </P></TD>
    <TD STYLE="padding-right: 6pt; width: 10%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Percentage </P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-right: 6pt"> Silver Spike Capital, LLC </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> Direct </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> 386 </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> 100% </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 3,571,815 </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 40% </TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 6pt"> Scott Gordon </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> Direct </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> <FONT STYLE="font-size: 11pt">&mdash;</FONT> </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> <FONT STYLE="font-size: 11pt">&mdash;</FONT> </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 48,215 </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> * </TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-right: 6pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> Indirect(2) </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> 386 </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> 100% </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 3,571,815 </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 40% </TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 6pt"> All officers and directors as a group (5 persons) </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> Direct </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> <FONT STYLE="font-size: 11pt">&mdash;</FONT> </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> <FONT STYLE="font-size: 11pt">&mdash;</FONT> </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 62,500 </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> * </TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-right: 6pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> Indirect </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> 386 </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"> 100% </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 3,571,815 </TD>
    <TD STYLE="padding-right: 6pt; text-align: right"> 40% </TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Assumes the issuance of 8,928,572 shares of common stock offered hereby.
                                            Does not reflect shares of common stock reserved for issuance upon exercise of the underwriters&rsquo;
                                            over-allotment option. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (2) </TD><TD> Represents shares held by our Adviser. Mr. Gordon
                                            may be deemed to beneficially own the shares held by our Adviser by virtue of his indirect
                                            control of our Adviser. Mr. Gordon disclaims beneficial ownership of the shares held by our
                                            Adviser except to the extent of his pecuniary interest in the shares. </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Less than 1%</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth the dollar range
of our equity securities that will be beneficially owned by each of our directors immediately after this offering. We are not part of
a &ldquo;family of investment companies,&rdquo; as that term is defined in the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; text-align: center; font-weight: bold"> &nbsp; </TD>
    <TD STYLE="width: 25%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Dollar&nbsp;Range&nbsp;of&nbsp;Equity
    Securities&nbsp;Beneficially Owned(1)(2)(3) </P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <B>Interested Directors:</B> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Michael W. Chorske </TD>
    <TD STYLE="text-align: center"> None </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Scott Gordon </TD>
    <TD STYLE="text-align: center"> Over $1,000,000(4) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> <B>Independent Directors:</B> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Vivek Bunty Bohra </TD>
    <TD STYLE="text-align: center"> $50,001 &mdash; $100,000 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Americo Da Corte </TD>
    <TD STYLE="text-align: center"> None </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Tracey Brophy Warson </TD>
    <TD STYLE="text-align: center"> None </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Beneficial ownership has been determined in accordance with Rule
                                            16a-1(a)(2) of the Exchange Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The dollar range of equity securities beneficially owned in us
                                            is based on a price for our common stock of $14.00.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The dollar range of equity securities beneficially owned are:
                                            none, $1 &mdash; $10,000, $10,001 &mdash; $50,000, $50,001 &mdash; $100,000, $100,001 &mdash;
                                            $500,000, $500,001 &mdash; $1,000,000, or over $1,000,000.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (4) </TD><TD> Includes shares held by our Adviser. Mr. Gordon may be deemed to beneficially
                                            own the shares held by our Adviser by virtue of his indirect control of our Adviser. Mr.
                                            Gordon disclaims beneficial ownership of the shares held by our Adviser except to the extent
                                            of his pecuniary interest in the shares. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_018"></A>DIVIDEND
REINVESTMENT PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted a dividend reinvestment plan
that provides for reinvestment of our distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided
below. As a result, if our Board of Directors authorizes, and we declare, a cash distribution, then our stockholders who have not &ldquo;opted
out&rdquo; of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our
common stock, rather than receiving the cash distributions. Any fractional share otherwise issuable to a participant in the dividend
reinvestment plan will instead be paid in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No action will be required on the part of a registered
stockholder to have their cash distributions reinvested in shares of our common stock. A registered stockholder may elect to receive
an entire distribution in cash by notifying ALPS Fund Services, Inc., the plan administrator and our transfer agent and registrar, in
writing so that such notice is received by the plan administrator no later than three days prior to the distribution payment date for
distributions to stockholders (the &ldquo;Payment Date&rdquo;). Those stockholders whose shares are held by a broker or other financial
intermediary may receive distributions in cash by notifying their broker or other financial intermediary of their election. If the stockholder
request is received less than three days prior to the Payment Date, then that distribution will be reinvested. However, all subsequent
distributions to the stockholder will be paid out in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With respect to each distribution, the Board
of Directors reserves the right to either issue new shares or purchase shares in the open market in connection with the implementation
of the dividend reinvestment plan. If newly issued shares are used to implement the plan and the most recently computed NAV per share
exceeds the market price per share on the Payment Date, the number of shares to be issued to a stockholder will be determined by dividing
the total dollar amount of the distribution payable to such stockholder by the market price per share of our common stock at the close
of regular trading on the Nasdaq Stock Market on the Payment Date, or if no sale is reported for such day, the average of the reported
bid and ask prices. If newly issued shares are used to implement the plan and the market price per share on the Payment Date exceeds
the most recently computed NAV per share, the number of shares to be issued to a stockholder will be determined by dividing the total
dollar amount of the distribution payable to such stockholder by the greater of (i) the most recently computed NAV per share and (ii)
95% of the market price per share (or such lesser discount to the market price per share that still exceeds the most recently computed
NAV per share) at the close of regular trading on the Nasdaq Stock Market on the Payment Date, or, if no sale is reported for such day,
the average of the reported bid and ask prices. For example, if the most recently computed NAV per share is $15.00 and the market price
per share on the Payment Date is $14.00, we will issue shares at $14.00 per share. If the most recently computed NAV per share is $15.00
and the market price per share on the Payment Date is $16.00, we will issue shares at $15.20 per share (95% of the market price per share
on the Payment Date). If the most recently computed NAV per share is $15.00 and the market price per share on the Payment Date is $15.50,
we will issue shares at $15.00 per share, as the most recently computed NAV per share is greater than 95% of the market price per share
on the Payment Date ($14.73 per share). If shares are purchased in the open market to implement the plan, the number of shares to be
issued to a stockholder shall be determined by dividing the total dollar amount of the distribution payable to such stockholder by the
weighted average price per share, excluding any brokerage charges or other charges, of all shares purchased by the plan administrator
in the open market in connection with the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Stockholders who receive distributions in the
form of our stock generally are subject to the same federal, state and local tax consequences as are stockholders who elect to receive
their distributions in cash; however, since their cash distributions will be reinvested, such stockholders will not receive cash with
which to pay any applicable taxes on reinvested distributions. A stockholder&rsquo;s basis for determining gain or loss upon the sale
of our stock received in a distribution from us will be equal to the fair market value of the stock so distributed to the stockholder
at the time of the distribution. Any stock received in a distribution will have a holding period for tax purposes commencing on the day
following the day on which the shares are credited to the stockholder&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There will be no brokerage charges or other charges
for dividend reinvestment to stockholders who participate in the plan. We will pay the plan administrator&rsquo;s fees under the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Participants may terminate their accounts under
the plan by notifying our administrator by mail at 660 Madison Avenue, Suite 1600, New York, NY 10065, or by calling our administrator
at (212) 905-4923.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may terminate the plan upon notice in writing
mailed to each participant at least 30 days prior to any record date for the payment of any distribution by us. All correspondence concerning
the plan should be directed to our administrator by mail at 660 Madison Avenue, Suite 1600, New York, NY 10065, or by telephone at (212)
905-4923.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_019"></A>DESCRIPTION
OF OUR CAPITAL STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following description summarizes material
provisions of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;) and our charter and bylaws. This summary is not necessarily
complete, and we refer you to the MGCL and our charter and bylaws for a more detailed description of the provisions summarized below.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capital Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the terms of our charter, our authorized
stock consists solely of 100,000,000 shares of stock, $0.01 par value per share, all of which are initially designated as common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As permitted by the MGCL, our charter provides
that a majority of the entire Board of Directors, without any action by our stockholders, may amend the charter from time to time to
increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority
to issue. Our charter also provides that the Board of Directors may classify or reclassify any unissued shares of stock into one or more
classes or series of stock, including preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of our shares of common stock are subject
to further calls or to assessments, sinking fund provisions, obligations or potential liabilities associated with ownership of the security
(not including investment risks).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our common stock has been approved for listing
on the Nasdaq Stock Market under the ticker symbol &ldquo;SSIC.&rdquo; No stock has been authorized for issuance under any equity compensation
plans. Under Maryland law, our stockholders generally will not be personally liable for our debts or obligations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All shares of our common stock have equal rights
as to earnings, assets, dividends and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable.
Distributions may be paid to the holders of our common stock if, as and when authorized by our Board of Directors and declared by us
out of assets legally available therefor. Shares of our common stock have no preemptive, exchange, conversion or redemption rights, generally
have no appraisal rights, and are freely transferable, except where their transfer is restricted by federal and state securities laws
or by contract. In the event of a liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably
in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential
rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled
to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect
to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting
in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors,
and holders of less than a majority of such shares will be unable to elect any director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Preferred Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter authorizes our Board of Directors
to classify and reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. The cost of
any such reclassification would be borne by our existing stockholders. Under the terms of our charter, our Board of Directors is authorized
to issue preferred stock in one or more classes or series without stockholder approval. Prior to issuance of any other class or series
of stock, the Board of Directors is required by the MGCL and our charter to set the preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption for each class
or series. Thus, the Board of Directors could authorize the issuance of shares of preferred stock with terms and conditions that could
have the effect of delaying, deferring, or preventing a transaction or a change in control that might involve a premium price for holders
of our common stock or otherwise be in their best interest. You should note, however, that any issuance of preferred stock must comply
with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (1) immediately after issuance and before any
dividend or other distribution is made with respect to our common stock and before any purchase of our common stock is made, the aggregate
involuntary liquidation preference of such preferred stock together with the aggregate involuntary liquidation preference or aggregate
value of all other senior securities must not exceed an amount equal to two-thirds of our gross assets after deducting the amount of
such dividend, distribution or purchase price, as the case may be, and (2) the holders of preferred stock, if any are issued, must be
entitled as a class to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock
are in arrears by two full years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and
outstanding preferred stock. For example, holders of preferred stock, if any, would vote as a separate class from the holders of common
stock on a proposal to cease operations as a BDC. We believe that the availability for issuance of preferred stock will provide us with
increased flexibility in structuring future financings and acquisitions. We do not, however, currently have any plans to issue preferred
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitation on Liability of Directors and Officers; Indemnification
and Advance of Expenses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Maryland law permits a Maryland corporation to
include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for
money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services
or (b) active and deliberate dishonesty established by a final judgment and that is material to the cause of action. Our charter contains
such a provision that eliminates directors&rsquo; and officers&rsquo; liability to the maximum extent permitted by Maryland law, subject
to the requirements of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Maryland law requires a corporation (unless its
charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or
otherwise, in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service
in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against
judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which
they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established
that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed
in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal
benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to
believe that the act or omission was unlawful. <FONT STYLE="background-color: white">Under Maryland law, a Maryland corporation may not
indemnify a director or officer in a suit by the corporation or in its right in which the director or officer was adjudged liable to
the corporation or in a suit in which the director or officer was adjudged liable on the basis that a personal benefit was improperly
received. Nevertheless, a court may order indemnification if it determines that the director or officer is fairly and reasonably entitled
to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the
basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by the corporation or
in its right, or for a judgment of liability on the basis that a personal benefit was improperly received, is limited to expenses.</FONT>
In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer in advance of final disposition
of a proceeding upon the corporation&rsquo;s receipt of (a) a written affirmation by the director or officer of his or her good faith
belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking
by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the
standard of conduct was not met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter obligates us, to the maximum extent
permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or
any individual who, while a director or officer and at our request, serves or has served another corporation, partnership, joint venture,
trust, limited liability company, employee benefit plan or other enterprise as a director, officer, partner, trustee, employee, or agent,
who is made, or threatened to be made, a party to, or witness in, a proceeding by reason of his or her service in such capacity&nbsp;from
and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her status
as such, and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws permit us to indemnify
and advance expenses to employees and agents who are not officers or directors to the extent permissible under the MGCL and the 1940
Act and as may be determined by our Board of Directors. In accordance with the 1940 Act, we will not indemnify any person for any liability
to which such person would be subject by reason of such person&rsquo;s willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of his or her office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Provisions of the Maryland General Corporation Law and Our Charter
and Bylaws</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">Provisions
of the MGCL and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
The MGCL, our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of us or
the removal of our directors. In addition to the matters described below, we have adopted other measures pursuant to the MGCL, some of
which are described above, that may make it difficult for a third-party to obtain control of us, including provisions of our charter
authorizing our Board of Directors to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance
of additional shares of our stock, and to amend our charter, without stockholder approval, to increase or decrease the number of shares
of stock that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may delay, defer or
prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These provisions are expected to discourage certain
coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first
with our Board of Directors. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any
such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Classified Board of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors is divided into three
classes of directors serving staggered three-year terms. At each annual meeting of our stockholders, the successors to the class of directors
whose terms expire at such meeting will be elected to hold office for a term expiring at the annual meeting of stockholders held in the
third year following the year of their election. Each director holds office for the term to which he or she is elected and until his
or her successor is duly elected and qualifies. A classified board of directors may render a change in control of us or removal of our
incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified board of
directors will help to ensure the continuity and stability of our management and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Election of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter provides that the affirmative vote
of the holders of a majority of the shares of stock outstanding and entitled to vote in the election of directors will be required to
elect a director, unless our bylaws provide otherwise. Our bylaws provide that the affirmative vote of a plurality of the votes cast
in the election of directors at a meeting of stockholders duly called and at which a quorum is present will be required to elect a director,
unless there is a contested election, in which case a director will be elected only if the director receives a majority of the votes
entitled to be cast for that director. Our Board of Directors has the exclusive right to amend the bylaws to alter the vote required
to elect directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Number of Directors; Vacancies; Removal</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter provides that the number of directors
will be set only by the Board of Directors in accordance with our bylaws. Our bylaws provide that a majority of our entire Board of Directors
may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never
be less than one nor more than 15. Pursuant to Section 3-802(b) of the MGCL, we have elected in our charter to be subject to Section
3-804(c) of the MGCL regarding the filling of vacancies on the Board of Directors. Accordingly, except as may be provided by the Board
of Directors in setting the terms of any class or series of preferred stock, any and all vacancies on the Board of Directors may be filled
only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a
quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy
occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter provides that, subject to the rights
of holders of preferred stock, a director may be removed only for cause, as defined in our charter, and then only by the affirmative
vote of at least 80% of the votes entitled to be cast generally in the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Action by Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the MGCL, unless a corporation&rsquo;s
charter provides otherwise (which our charter does not) stockholder action can be taken only at an annual or special meeting of stockholders
or by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of our bylaws regarding the calling
of a stockholder-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">requested special meeting of stockholders discussed below, may have
the effect of delaying consideration of a stockholder proposal until the next annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Advance Notice Provisions for Stockholder Nominations and Stockholder
Proposals</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our bylaws provide that with respect to an annual
meeting of stockholders, nominations of individuals for election to the Board of Directors and the proposal of other business to be considered
by stockholders may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of the Board of Directors or (3)
by any stockholder who was a stockholder of record at the record date set by our Board of Directors for the purpose of determining stockholders
entitled to vote at the meeting, at the time of giving notice as provided for in our bylaws and at the time of the meeting (and any postponement
or adjournment thereof), who is entitled to vote at the meeting in the election of each individual so nominated or on such other business
and who has complied with the advance notice procedures of the bylaws. With respect to special meetings of stockholders, only the business
specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election to the Board of Directors
at a special meeting may be made only (1) by or at the direction of the Board of Directors or (2) provided that the special meeting has
been properly called for the purpose of electing directors, by any stockholder who was a stockholder of record at the record date set
by our Board of Directors for the purpose of determining stockholders entitled to vote at the meeting, at the time of giving notice as
provided for in our bylaws and at the time of the meeting (and any postponement or adjournment thereof), who is entitled to vote at the
meeting in the election of each individual so nominated and who has complied with the advance notice provisions of the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The purpose of requiring stockholders to give
us advance notice of nominations and other business is to afford our Board of Directors a meaningful opportunity to consider the qualifications
of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our
Board of Directors, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more
orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board of Directors any power to disapprove
stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding
a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging
or deterring a third-party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal
without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Calling of Special Meetings of Stockholders</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our bylaws provide that special meetings of stockholders
may be called by our Board of Directors, the Chairperson of the Board of Directors, and certain of our officers. Additionally, our bylaws
provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting,
a special meeting of stockholders will be called by our secretary upon the written request of stockholders entitled to cast not less
than a majority of all the votes entitled to be cast at such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Approval of Extraordinary Corporate Action; Amendment of Charter
and Bylaws</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Maryland law, a Maryland corporation generally
cannot dissolve, amend its charter, merge, convert to another form of entity, sell all or substantially all of its assets, engage in
a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of
stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may
provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled
to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions by the stockholders
entitled to cast at least a majority of the votes entitled to be cast on the matter if such action is declared advisable by the Board
of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, our charter provides that approval of
the following matters requires the affirmative vote of stockholders entitled to cast at least 80% of the votes entitled to be cast on
the matter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 18pt">a)</TD><TD>amendments to the provisions of our charter relating to our purpose,
                                            the classification of our Board of Directors, the power of our Board of Directors to fix
                                            the number of directors and to fill vacancies on our Board of Directors, the vote required
                                            to elect or remove a director, amendments to our charter, extraordinary transactions, and
                                            our Board of Directors&rsquo; exclusive power to amend our bylaws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 18pt">b)</TD><TD>charter amendments that would convert us from a closed-end company
                                            to an open-end company or make our common stock a redeemable security (within the meaning
                                            of the 1940 Act);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 18pt">c)</TD><TD>our liquidation or dissolution or any amendment to our charter
                                            to effect any such liquidation or dissolution;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 18pt">d)</TD><TD>any merger, consolidation, conversion, share exchange, or sale
                                            or exchange of all or substantially all of our assets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 18pt">e)</TD><TD>transaction between us and any person or group of persons acting
                                            together that is entitled to exercise or direct the exercise, or acquire the right to exercise
                                            or direct the exercise, directly or indirectly (other than solely by virtue of a revocable
                                            proxy), of one-tenth or more of the voting power in the election of our directors generally,
                                            or any person controlling, controlled by, or under common control with, employed by or acting
                                            as an agent of, any such person or member of such group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 18pt">f)</TD><TD>issuance or transfer by the Company (in one transaction or a series
                                            of transactions in any 12-month period) of any securities of the Company to any other person
                                            in exchange for cash, securities or other property (or a combination thereof) having an aggregate
                                            fair market value (as determined by the Board of Directors) of $1,000,000 or more excluding
                                            (i) issuances or transfers of debt securities of the Company, (ii) sales of any securities
                                            of the Company in connection with a public offering, (iii) issuances of any securities of
                                            the Company pursuant to a dividend reinvestment plan and/or cash purchase plan adopted by
                                            the Company, (iv) issuances of any securities of the Company upon the exercise of any stock
                                            subscription rights distributed by the Company and (v) portfolio transactions effected by
                                            the Company in the ordinary course of business.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, if such amendment, proposal, or transaction
is approved by at least two-thirds of our continuing directors (in addition to approval by our Board of Directors), such amendment, proposal,
or transactions may be approved by a majority of the votes entitled to be cast on such a matter, except that any of the proposals or
transactions contemplated by paragraphs (d), (e) or (f) above that would not otherwise require stockholder approval under the MGCL will
not require further stockholder approval unless another provision of our charter requires such approval. In either event, in accordance
with the requirements of the 1940 Act, any such amendment, proposal, or transaction that would have the effect of changing the nature
of our business so as to cause us to cease to be, or to withdraw our election as, a BDC would be required to be approved by a majority
of our outstanding voting securities, as defined under the 1940 Act. The &ldquo;continuing directors&rdquo; are defined in our charter
as (1) our current directors as named therein, (2) those directors whose nomination for election by the stockholders or whose election
by the directors to fill vacancies is approved by a majority of such named directors then on the Board of Directors, or (3) any successor
directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority
of continuing directors or successor continuing directors then in office. The holders of any preferred stock outstanding would have a
separate class vote on any conversion to an open-end company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter and bylaws provide that the Board
of Directors shall have the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>No Appraisal Rights</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except with respect to appraisal rights arising
in connection with the Maryland Control Share Acquisition Act discussed below, as permitted by the MGCL, our charter provides that stockholders
will not be entitled to exercise appraisal rights unless the Board of Directors, upon the affirmative vote of a majority of the entire
Board of Directors, shall determine that such rights shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Control Share Acquisitions</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to Subtitle 7 of Title 3 of the
MGCL, the &ldquo;Maryland Control Share Acquisition Act.&rdquo; The Maryland Control Share Acquisition Act provides that control shares
of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by the affirmative
vote of stockholders entitled to cast two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquirer, by officers
or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting
shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able
to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise
voting power in electing directors within one of the following ranges of voting power:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>one-tenth or
                                            more but less than one-third;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>one-third or
                                            more but less than a majority; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a majority or
                                            more of all voting power.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> In general, the requisite stockholder approval
must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above or increases its ownership within
one of the tiers for which stockholder approval was previously obtained. Control shares do not include shares that the acquiring person
is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition
of issued and outstanding control shares, subject to certain exceptions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A person who has made or proposes to make a control
share acquisition may compel the board of directors of the corporation to call a special meeting of stockholders to be held within 50
days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction
of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation
may itself present the question at any stockholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If voting rights are not approved at the meeting
or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem
for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the
corporation to redeem control shares is subject to certain conditions and limitations, including, as provided in our bylaws, compliance
with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of
the last control share acquisition by the acquirer or, if a meeting of stockholders at which the voting rights of the shares are considered
and not approved is held, as of the date of such meeting. If voting rights for control shares are approved at a stockholders&rsquo; meeting
and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights.
The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by
the acquirer in the control share acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Maryland Control Share Acquisition Act
does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or
(b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws provide that the Maryland Control Share
Acquisition Act does not apply to shares acquired by our Adviser and/or our Adviser&rsquo;s affiliates. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Business Combinations</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to Subtitle 6 of Title 3 of the
MGCL, the &ldquo;Maryland Business Combination Act,&rdquo; subject to any applicable requirements of the 1940 Act. Pursuant to the Maryland
Business Combination Act, certain &ldquo;business combinations&rdquo; between a Maryland corporation and an interested stockholder or
an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder
becomes an interested stockholder. Such &ldquo;business combinations&rdquo; include a merger, consolidation, share exchange or, in circumstances
specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined
as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any person who
                                            beneficially owns 10% or more of the voting power of the corporation&rsquo;s outstanding
                                            voting stock; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an affiliate
                                            or associate of the corporation who, at any time within the two-year period prior to the
                                            date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding
                                            voting stock of the corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A person is not an interested stockholder under
this statute if the corporation&rsquo;s board of directors approves in advance the transaction by which the stockholder otherwise would
have become an interested stockholder. However, in approving a transaction, the board may provide that its approval is subject to compliance,
at or after the time of approval, with any terms and conditions determined by the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the five-year prohibition, any business
combination between the corporation and an interested stockholder generally must be recommended by the corporation&rsquo;s board of directors
and approved by the affirmative vote of at least:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>80% of the votes
                                            entitled to be cast by holders of outstanding shares of voting stock of the corporation;
                                            and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>two-thirds of
                                            the votes entitled to be cast by holders of voting stock of the corporation other than voting
                                            stock held by the interested stockholder with whom or with whose affiliate the business combination
                                            is to be effected or held by an affiliate or associate of the interested stockholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These super-majority vote requirements do not
apply if the corporation&rsquo;s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the
form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The statute permits various exemptions from
its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder
becomes an interested stockholder. Our Board of Directors has adopted a resolution that any business combination between us and any other
person is exempted from the provisions of the Business Combination Act, provided that the business combination is first approved by the
Board of Directors, including a majority of the directors who are not &ldquo;interested persons,&rdquo; as defined in the 1940 Act. This
resolution, however, may be altered or repealed in whole or in part at any time. If this resolution is repealed, or the Board of Directors
does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase
the difficulty of consummating such a transaction. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Subtitle 8 Title 3 of the Maryland General Corporation Law</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to Subtitle 8 of Title 3 of the
MGCL. Subtitle 8 permits Maryland corporations with a class of equity securities registered under the Exchange Act and at least three
independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors, without
stockholder approval, and notwithstanding any contrary provision in the charter or bylaws, to any or all of the following five provisions:
a classified board; a two-thirds stockholder vote requirement for removing a director; a requirement that the number of directors may
be fixed only by vote of the directors; a requirement that a vacancy on the board be filled only by the remaining directors and that
directors elected to fill a vacancy will serve for the remainder of the full term of the class of directors in which the vacancy occurred;
and that the request of stockholders entitled to cast at least a majority of all the votes entitled to be cast at the meeting is required
for the calling of a special meeting of stockholders. Through provisions in our charter and bylaws, some unrelated to Subtitle 8, we
already include provisions classifying our Board of Directors in three classes serving staggered three-year terms; require the affirmative
vote of the holders of not less than 80% of all of the votes entitled to be cast on the matter for the removal of any director from the
board, which removal is allowed only for cause; vest in the board the exclusive power to fix the number of directorships, subject to
limitations set forth in our charter and bylaws, and fill vacancies for the remainder of the full term of the class of directors in which
the vacancy occurred; and require the written request of stockholders entitled to cast not less than a majority of all votes entitled
to be cast at such meeting to call a stockholder-initiated special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Forum Selection Clause</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our bylaws provide that, unless we consent in
writing to the selection of an alternative forum, the sole and exclusive forum for (a)&nbsp;any derivative action or proceeding brought
on our behalf, (b) any Internal Corporate Claim, as such term is defined in the MGCL, (c) any action asserting a claim of breach of any
duty owed by any of our directors, officers, employees or other agents to us or to our stockholders, (d)&nbsp;any action asserting a
claim against us or any of our directors, officers, employees or other agents arising pursuant to any provision of the MGCL or our charter
or bylaws, or (e)&nbsp;any other action asserting a claim against us or any of our directors, officers, employees or other agents that
is governed by the internal affairs doctrine shall be, in each case, the Circuit Court for Baltimore City, Maryland, or, if that court
does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division. Notwithstanding the foregoing,
this provision does not apply to claims arising under the federal securities laws, or any other claim for which the federal courts have
exclusive jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any investor purchasing or otherwise acquiring
our shares is deemed to have notice of and consented to the exclusive forum selection provision. The provision <FONT STYLE="background-color: white">may
increase&nbsp;</FONT>costs&nbsp;for a shareholder to bring a claim and may&nbsp;discourage&nbsp;claims or limit shareholders&rsquo; ability
to bring a claim in a judicial forum that they find&nbsp;favorable. It is also possible that a court could rule that the provision is
inapplicable or unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Waiver of Corporate Opportunity Doctrine</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our charter provides
that we, by resolution of our Board of Directors, may renounce any interest or expectancy of ours in (or in being offered an opportunity
to participate in) business opportunities that are presented to us or developed by or presented to one of more of our directors or officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Conflict with the 1940 Act</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our bylaws provide that, if and to the extent
that any provision of the MGCL, including the Maryland Control Share Acquisition Act&nbsp;&nbsp;and the Maryland Business Combination
Act, or any provision of our charter or bylaws, conflicts with any provision of the 1940 Act, or the rules, regulations, or guidance
of the SEC or its staff thereunder, the applicable provision of the 1940 Act or the rules, regulations, or guidance of the SEC or its
staff thereunder will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_020"></A>MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a description of the material
U.S. federal income tax consequences of owning and disposing of shares of our common stock. The discussion below provides general tax
information relating to an investment in our shares, but it does not purport to be a comprehensive description of all the U.S. federal
income tax considerations that may be relevant to a particular person&rsquo;s decision to invest in our shares. This discussion does
not describe all of the tax consequences that may be relevant in light of the particular circumstances of a beneficial owner of shares,
including alternative minimum tax consequences, Medicare contribution tax consequences and tax consequences applicable to beneficial
owners subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>certain financial institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>regulated investment companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>real estate investment trusts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>dealers or traders in securities that use a mark-to-market
                                            method of tax accounting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>persons holding shares of our common stock as part of a
                                            straddle, wash sale, conversion transaction or integrated transaction or persons entering
                                            into a constructive sale with respect to the shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>U.S. Holders (as defined below) whose functional currency
                                            for U.S. federal income tax purposes is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>entities classified as partnerships or otherwise treated
                                            as pass-through entities for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>certain former U.S. citizens and residents and expatriated
                                            entities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>tax-exempt entities, including an &ldquo;individual retirement
                                            account&rdquo; or &ldquo;Roth IRA&rdquo;; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD>insurance companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an entity that is classified as a partnership
for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner will generally depend on the status
of the partner and the activities of the partnership. Partnerships holding shares and partners in such partnerships should consult their
tax advisers as to the particular U.S. federal income tax consequences of holding and disposing of our shares in light of their specific
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following discussion applies only to an owner
of shares that (i) is treated as the beneficial owner of such shares for U.S. federal income tax purposes and (ii) holds such shares
as capital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion is based on the Code, administrative
pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations all as of the date hereof, any of which is
subject to change, possibly with retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You are urged to consult your tax adviser with
regard to the application of the U.S. federal income and estate tax laws to their particular situations, as well as any tax consequences
arising under the laws of any state, local or non-U.S. taxing jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation as a Regulated Investment Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to qualify as a regulated investment
company under Subchapter M of the Code (a &ldquo;RIC&rdquo;) in the current and future taxable years. Assuming that we so qualify and
that we satisfy the distribution requirements described below, we generally will not be subject to U.S. federal income tax on income
distributed in a timely manner to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To qualify as a RIC for any taxable year, we
must, among other things, satisfy both an income test and an asset diversification test for such taxable year. Specifically, (i) at least
90% of our gross income for such taxable year must consist of dividends; interest; payments with respect to certain securities loans;
gains from the sale or other disposition of stock, securities or foreign currencies; other income (including, but not limited to, gains
from options, futures or forward contracts) derived with respect to our business of investing in such stock, securities or currencies;
and net income derived from interests in &ldquo;qualified publicly traded partnerships&rdquo; (such income, &ldquo;Qualifying RIC Income&rdquo;)
and (ii) our holdings must be diversified so that, at the end of each quarter of such taxable year, (a) at least 50% of the value of
our total assets is represented by cash and cash items, securities of other RICs, U.S. government securities and other securities, with
such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of our total assets and not
greater than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of our total assets is invested
(x) in the securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more issuers
that we control and that are engaged in the same, similar or related trades or businesses or (y) in the securities of one or more &ldquo;qualified
publicly traded partnerships.&rdquo; A &ldquo;qualified publicly traded partnership&rdquo; is generally defined as an entity that is
treated as a partnership for U.S. federal income tax purposes if (i) interests in such entity are traded on an established securities
market or are readily tradable on a secondary market or the substantial equivalent thereof and (ii) less than 90% of such entity&rsquo;s
gross income for the relevant taxable year consists of Qualifying RIC Income. Our share of income derived from a partnership other than
a &ldquo;qualified publicly traded partnership&rdquo; will be treated as Qualifying RIC Income only to the extent that such income would
have constituted Qualifying RIC Income if derived directly by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to be exempt from U.S. federal income
tax on our distributed income, we must distribute to our shareholders on a timely basis at least 90% of the sum of (i) our &ldquo;investment
company taxable income&rdquo; (determined prior to the deduction for dividends paid) and (ii) our net tax-exempt interest income for
each taxable year. In general, a RIC&rsquo;s &ldquo;investment company taxable income&rdquo; for any taxable year is its taxable income,
determined without regard to net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses)
and with certain other adjustments. Any taxable income, including any net capital gain, that we do not distribute to our shareholders
in a timely manner will be subject to U.S. federal income tax at regular corporate rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A RIC will be subject to a nondeductible 4% excise
tax on certain amounts that we fail to distribute during each calendar year. In order to avoid this excise tax, a RIC must distribute
during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary taxable income for the calendar year, (ii) 98.2%
of its capital gain net income for the one-year period ended on October 31 of the calendar year and (iii) any ordinary income and capital
gains for previous years that were not distributed during those years. For purposes of determining whether we have met this distribution
requirement, (i) certain ordinary gains and losses that would otherwise be taken into account for the portion of the calendar year after
October 31 will be treated as arising on January 1 of the following calendar year and (ii) we will be deemed to have distributed any
income or gains on which we have paid U.S. federal income tax. Amounts distributed and reinvested pursuant to our dividend reinvestment
plan will be treated as distributed for all U.S. tax purposes, including for purposes of the distribution requirement described above
and the excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to qualify as a RIC or fail to satisfy
the 90% distribution requirement in any taxable year, we will be subject to U.S. federal income tax at regular corporate rates on our
taxable income, including our net capital gain, even if such income is distributed to our shareholders, and all distributions out of
earnings and profits would be taxable as dividend income. Such distributions generally would be eligible for the dividends-received deduction
in the case of corporate U.S. Holders (defined below) and would constitute &ldquo;qualified dividend income&rdquo; for individual U.S.
Holders. See &ldquo;&mdash; Tax Consequences to U.S. Holders &mdash; Distributions.&rdquo; In addition, we could be required to recognize
unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a
RIC. If we fail to satisfy the income test or diversification test described above, however, we may be able to avoid losing our status
as a RIC by timely curing such failure, paying a tax and/or providing notice of such failure to the U.S. Internal Revenue Service (the
&ldquo;IRS&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to meet the distribution requirements
necessary to be exempt from U.S. federal income and excise tax, we may be required to make distributions in excess of the income we actually
receive in respect of our investments.&nbsp;&nbsp;In particular, we may be required to make distributions in respect of taxable income
we recognize as a result of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">investing in OID and PIK instruments, without having actually received
any amounts in respect of such taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax Consequences to U.S. Holders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The discussion in this section applies to you
only if you are a U.S. Holder. A &ldquo;U.S. Holder&rdquo; is (i) an individual who is a citizen or resident of the United States; (ii)
a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein
or the District of Columbia; or (iii) an estate or trust the income of which is subject to U.S. federal income taxation regardless of
its source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Distributions</I>.&nbsp;&nbsp;Distributions
of our ordinary income and net short-term capital gains will, except as described below with respect to distributions of &ldquo;qualified
dividend income,&rdquo; generally be taxable to you as ordinary income to the extent such distributions are paid out of our current or
accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described
below), if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time you have owned our
shares. A distribution of an amount in excess of our current and accumulated earnings and profits will be treated as a return of capital
that will be applied against and reduce your basis in our shares. If the amount of any such distribution exceeds your basis in our shares,
the excess will be treated as gain from a sale or exchange of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ultimate tax characterization of the distributions
that we make during any taxable year cannot be determined until after the end of the taxable year. As a result, it is possible that we
will make total distributions during a taxable year in an amount that exceeds our current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions of our &ldquo;qualified dividend
income&rdquo; to an individual or other non-corporate U.S. Holder will be treated as &ldquo;qualified dividend income&rdquo; and will
therefore be taxed at rates applicable to long-term capital gains, provided that the U.S. Holder meets certain holding period and other
requirements with respect to our shares and that we meet certain holding period and other requirements with respect to the underlying
shares of stock. &ldquo;Qualified dividend income&rdquo; generally includes dividends from domestic corporations and dividends from foreign
corporations that meet certain specified criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends distributed to a corporate U.S. Holder
will qualify for the dividends-received deduction only to the extent that the dividends consist of distributions of dividends eligible
for the dividends-received deduction received by us, we meet certain holding period requirements with respect to the underlying shares
of stock and the U.S. Holder meets certain holding period and other requirements with respect to the underlying shares of stock. Dividends
eligible for the dividends-received deduction generally are dividends from domestic corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to distribute our net capital gains
at least annually. If, however, we retain any net capital gains for reinvestment, we may elect to treat those net capital gains as having
been distributed to our shareholders. If we make this election, you will be required to report your share of our undistributed net capital
gain as long-term capital gain and will be entitled to claim your share of the U.S. federal income taxes paid by us on that undistributed
net capital gain as a credit against your own U.S. federal income tax liability, if any, and to claim a refund on a properly filed U.S.
federal income tax return to the extent that the credit exceeds your tax liability. In addition, you will be entitled to increase your
adjusted tax basis in our shares by the difference between your share of such undistributed net capital gain and the related credit and/or
refund. There can be no assurance that we will make this election if we retain all or a portion of our net capital gain for a taxable
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because the tax treatment of a distribution depends
upon our current and accumulated earnings and profits, a distribution received shortly after an acquisition of shares may be taxable,
even though, as an economic matter, the distribution represents a return of your initial investment. Distributions will be treated in
the manner described above regardless of whether paid in cash or invested in additional shares pursuant to our dividend reinvestment
plan.&nbsp;&nbsp;Although dividends generally will be treated as distributed when paid, dividends declared in October, November or December,
payable to shareholders of record on a specified date in one of those months, and paid during the following January, will be treated
for U.S. federal income tax purposes as having been distributed by us and received by shareholders on December 31 of the year in which
declared. Shareholders will be notified annually as to the U.S. federal tax status of distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Sales and Redemptions of Shares</I>.&nbsp;&nbsp;In
general, upon the sale or other disposition of shares, you will recognize capital gain or loss in an amount equal to the difference,
if any, between the amount realized on the sale or other disposition and your adjusted tax basis in the relevant shares. Such gain or
loss generally will be long-term capital gain or loss if your holding period for the relevant shares was more than one year on the date
of the sale or other disposition. Under current law, net capital gain (that is, the excess of net long-term capital gains over net short-term
capital losses) recognized by non-corporate U.S. Holders is generally subject to U.S. federal income tax at lower rates than the rates
applicable to ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Losses recognized by you on the sale or other
disposition of shares held for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term
capital gain received (or deemed received, as discussed above) with respect to such shares. In addition, no loss will be allowed on a
sale or other disposition of shares if you acquire shares (including pursuant to our dividend reinvestment plan), or enter into a contract
or option to acquire shares, within 30 days before or after such sale or other disposition. In such a case, the basis of the shares acquired
will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under U.S. Treasury regulations, if you recognize
losses with respect to shares of $2 million or more if you are an individual, or $10 million or more if you are a corporation, you must
file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from
this reporting requirement, but under current guidance, shareholders of a RIC are not exempted. The fact that a loss is reportable under
these regulations does not affect the legal determination of whether your treatment of the loss is proper. Certain states may have similar
disclosure requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Backup Withholding and Information Reporting</I>.&nbsp;&nbsp;Payments
on our shares (including of reinvested dividends) and proceeds from a sale or other disposition of shares will be subject to information
reporting unless you are an exempt recipient. You will be subject to backup withholding on all such amounts unless (i) you are an exempt
recipient or (ii) you provide your correct taxpayer identification number (generally, on IRS Form W-9) and certify that you are not subject
to backup withholding. Backup withholding is not an additional tax. Any amounts withheld pursuant to the backup withholding rules will
be allowed as a credit against your U.S. federal income tax liability and may entitle you to a refund, provided that the required information
is furnished to the IRS on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax Consequences to Non-U.S. Holders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The discussion in this section applies to you
only if you are a Non-U.S. Holder. A &ldquo;Non-U.S. Holder&rdquo; is a person that, for U.S. federal income tax purposes, is a beneficial
owner of shares and is a nonresident alien individual, a foreign corporation, a foreign trust or a foreign estate. The discussion below
does not apply to you if you are a nonresident alien individual and are present in the United States for 183 days or more during any
taxable year; a nonresident alien individual who is a former citizen or resident of the United States; an expatriated entity; a controlled
foreign corporation; a passive foreign investment company; a foreign government for purposes of Section 892 of the Code or a tax-exempt
organization for U.S. federal income tax purposes. You should consult your tax adviser with respect to the particular tax consequences
to you of an investment in shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the income that you derive from your investment
in our shares is not &ldquo;effectively connected&rdquo; with a U.S. trade or business conducted by you (or, if an applicable tax treaty
so provides, you do not maintain a permanent establishment in the United States to which such income is attributable), distributions
of &ldquo;investment company taxable income&rdquo; to you (including amounts reinvested pursuant to our dividend reinvestment plan) will
generally be subject to U.S. federal withholding tax at a rate of 30% (or lower rate under an applicable tax treaty). Provided that certain
requirements are satisfied, this withholding tax will not be imposed on dividends paid by us to the extent that the underlying income
out of which the dividends are paid consists of U.S.-source interest income or short-term capital gains that would not have been subject
to U.S. withholding tax if received directly by the Non-U.S. Holder (&ldquo;interest-related dividends&rdquo; and &ldquo;short-term capital
gain dividends,&rdquo; respectively).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the income you derive from your investment
in our shares is not &ldquo;effectively connected&rdquo; with a U.S. trade or business conducted by you (or, if an applicable tax treaty
so provides, you do not maintain a permanent establishment in the United States to which such income is attributable) you will generally
be exempt from U.S. federal income tax on capital gain dividends and any amounts we retain that are designated as undistributed capital
gains. In addition, you will generally be exempt from U.S. federal income tax on any gains realized upon the sale or exchange of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the income you derive from your investment
in our shares is &ldquo;effectively connected&rdquo; with a U.S. trade or business conducted by you (and, if required by an applicable
tax treaty, is attributable to a U.S. permanent establishment maintained by the Non-U.S. Holder), any distributions of &ldquo;investment
company taxable income,&rdquo; any capital gain dividends, any amounts we retain that are designated as undistributed capital gains and
any gains realized upon the sale or exchange of shares will be subject to U.S. federal income tax, on a net income basis, at the rates
applicable to U.S. Holders. If you are a corporation, you may also be subject to the U.S. branch profits tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to qualify for the exemption from U.S.
withholding on interest-related dividends, to qualify for an exemption from U.S. backup withholding (discussed below) and to qualify
for a reduced rate of U.S. withholding tax on our distributions pursuant to an income tax treaty, you must generally deliver to the withholding
agent a properly executed IRS form (generally, Form W-8BEN or Form W-8BEN-E, as applicable). In order to claim a refund of any Company-level
taxes imposed on undistributed net capital gain, any withholding taxes or any backup withholding, you must obtain a U.S. taxpayer identification
number and file a U.S. federal income tax return, even if you would not otherwise be required to obtain a U.S. taxpayer identification
number or file a U.S. income tax return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Backup Withholding and Information Reporting</I>.
Information returns will be filed with the IRS in connection with certain payments on the shares and may be filed in connection with
payments of the proceeds from a sale or other disposition of shares. You may be subject to backup withholding on distributions or on
the proceeds from a redemption or other disposition of shares if you do not certify your non-U.S. status under penalties of perjury or
otherwise establish an exemption. Backup withholding is not an additional tax. Any amounts withheld pursuant to the backup withholding
rules will be allowed as a credit against your U.S. federal income tax liability, if any, and may entitle you to a refund, provided that
the required information is furnished to the IRS on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>FATCA</I>.&nbsp;&nbsp;Under Sections 1471
through 1474 of the Code (&ldquo;FATCA&rdquo;), a withholding tax at the rate of 30% will generally be imposed on payments of dividends
on shares to certain foreign entities (including financial intermediaries) unless the foreign entity provides the withholding agent with
certifications and other information (which may include information relating to ownership by U.S. persons of interests in, or accounts
with, the foreign entity). Treasury and the IRS have issued proposed regulations that (i) provide that &ldquo;withholdable payments&rdquo;
will not include gross proceeds from the disposition of property that can produce U.S.-source dividends or interest, as otherwise would
have been the case after December 31, 2018, and (ii) state that taxpayers may rely on these provisions of the proposed regulations until
final regulations are issued.&nbsp;&nbsp;If FATCA withholding is imposed, a beneficial owner of shares that is not a foreign financial
institution generally may obtain a refund of any amounts withheld by filing a U.S. federal income tax return (which may entail significant
administrative burden). You should consult your tax adviser regarding the possible implications of FATCA on your investment in our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>All stockholders should consult their own
tax advisors with respect to the U.S. federal income and withholding tax consequences, and state, local and non-U.S. tax consequences,
of an investment in our common stock. We will not pay any additional amounts in respect to any amounts withheld.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_021"></A>REGULATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Business Development Company Regulations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have elected to be regulated as a BDC under
the 1940 Act. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates, principal
underwriters and affiliates of those affiliates or underwriters. The 1940 Act requires that a majority of the directors be persons other
than &ldquo;interested persons,&rdquo; as that term is defined in the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the 1940 Act provides that we may
not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our
outstanding voting securities. The 1940 Act defines &ldquo;a majority of the outstanding voting securities&rdquo; as the lesser of (i)&nbsp;67%
or more of the voting securities present at a meeting if the holders of more than 50% of our outstanding voting securities are present
or represented by proxy or (ii)&nbsp;50% of our voting securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a BDC, we will not generally be permitted
to invest in any portfolio company in which our Adviser or any of its affiliates currently have an investment or to make any co-investments
with our Adviser or its affiliates without an exemptive order from the SEC. SSC expects to submit an exemptive application to the SEC
to permit us to co-invest with other funds managed by SSC or its affiliates in a manner consistent with our investment objective, positions,
policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.&nbsp;There can be no assurance
that any such exemptive order will be obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Qualifying Assets</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the 1940 Act, a BDC may not acquire any
asset other than assets of the type listed in Section&nbsp;55(a) of the 1940 Act, which are referred to as qualifying assets, unless,
at the time the acquisition is made, qualifying assets represent at least 70% of the company&rsquo;s total assets. The principal categories
of qualifying assets relevant to our business are any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Securities purchased in transactions not
                                            involving any public offering from the issuer of such securities, which issuer (subject to
                                            certain limited exceptions) is an eligible portfolio company, or from any person who is,
                                            or has been during the preceding 13 months, an affiliated person of an eligible portfolio
                                            company, or from any other person, subject to such rules as may be prescribed by the SEC.
                                            An eligible portfolio company is defined in the 1940 Act as any issuer which:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD>is organized under the laws of, and has
                                            its principal place of business in, the United States;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD>is not an investment company (other than
                                            a small business investment company wholly owned by the BDC) or a company that would be an
                                            investment company but for certain exclusions under the 1940 Act; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD>satisfies any of the following:</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD>does not have any class of securities that
                                            is traded on a national securities exchange;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD>has a class of securities listed on a
                                            national securities exchange, but has an aggregate market value of outstanding voting and
                                            non-voting common equity of less than $250 million;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD>is controlled by a BDC or a group of
                                            companies including a BDC and the BDC has an affiliated person who is a director of the eligible
                                            portfolio company; or</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD>is a small and solvent company having
                                            total assets of not more than $4 million and capital and surplus of not less than $2 million.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Securities of any eligible portfolio company
                                            that we control.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Securities purchased in a private transaction
                                            from a U.S. issuer that is not an investment company or from an affiliated person of the
                                            issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to
                                            reorganization or if the issuer, immediately prior to the purchase of its securities was
                                            unable to meet its obligations as they came due without material assistance other than conventional
                                            lending or financing arrangements.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Securities of an eligible portfolio company
                                            purchased from any person in a private transaction if there is no ready market for such securities
                                            and we already own 60% of the outstanding equity of the eligible portfolio company.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD>Securities received in exchange for or
                                            distributed on or with respect to securities described in (1)&#9; through (4) above, or pursuant
                                            to the exercise of warrants or rights relating to such securities.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD>Cash, cash equivalents, U.S. government
                                            securities or high-quality debt securities maturing in one year or less from the time of
                                            investment.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, a BDC must be operated for the purpose
of making investments in the types of securities described in (1), (2)&nbsp;or (3)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Control, as defined by the 1940 Act, is presumed
to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company, but may exist in
other circumstances based on the facts and circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The regulations
defining qualifying assets may change over time. The Company may adjust its investment focus as needed to comply with and/or take advantage
of any regulatory, legislative, administrative or judicial actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Managerial Assistance to Portfolio Companies</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to count portfolio securities as qualifying
assets for the purpose of the 70% test, we must either control the issuer of the securities or must offer to make available to the issuer
of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where we purchase
such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available
such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through
its directors, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning
the management, operations or business objectives and policies of a portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Temporary Investments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pending investment in other types of &ldquo;qualifying
assets,&rdquo; as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality
debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments,
so that 70% of our assets are qualifying assets. Typically, we will invest in U.S. Treasury bills or in repurchase agreements, provided
that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement
(which is substantially similar to a secured loan) involves the purchase by an investor, such as us, of a specified security and the
simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase
price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that
may be invested in such repurchase agreements. However, if more than 25% of our total assets constitute repurchase agreements from a
single counterparty, we would not meet the diversification tests in order to qualify as a RIC for U.S. federal income tax purposes. Thus,
we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. Our Adviser will monitor the
creditworthiness of the counterparties with which we enter into repurchase agreement transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Senior Securities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We are permitted, under specified conditions,
to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act,
is at least equal to 150% immediately after each such issuance. Under a 150% asset coverage ratio a BDC may borrow $2 for investment
purposes of every $1 of investor equity. We are currently targeting a debt-to-equity ratio of 0.50x (i.e., we aim to have one dollar
of equity for each $0.50 of debt outstanding). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, while any senior securities remain
outstanding, we may be prohibited from making distributions to our stockholders or repurchasing such securities or shares unless we meet
the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value
of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with
leverage, see &ldquo;Risk Factors &mdash; Risks Relating to Our Business and Structure &mdash; Regulations that will govern our operation
as a BDC and RIC may affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes,
which may have a negative effect on our growth&rdquo; and &ldquo;Risk Factors &mdash; Risks Relating to Our Use of Leverage and Credit
Facilities &mdash; If we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of
investing in us.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: white"><B><I>Exclusion from CFTC
Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">CFTC Rule 4.5 permits
investment advisers to BDCs to claim an exclusion from the definition of &ldquo;commodity pool operator&rdquo; under the Commodity Exchange
Act (the &ldquo;CEA&rdquo;) with respect to a fund, provided certain requirements are met. In order to permit our Adviser to claim this
exclusion with respect to us, we must limit our transactions in certain futures, options on futures and swaps deemed &ldquo;commodity
interests&rdquo; under CFTC rules (excluding transactions entered into for &ldquo;bona fide hedging purposes,&rdquo; as defined under
CFTC regulations) such that either: (i)&nbsp;the aggregate initial margin and premiums required to establish such futures, options on
futures and swaps do not exceed 5% of the liquidation value of our portfolio, after taking into account unrealized profits and losses
on such positions; or (ii)&nbsp;the aggregate net notional value of such futures, options on futures and swaps does not exceed 100% of
the liquidation value of our portfolio, after taking into account unrealized profits and losses on such positions. In addition to meeting
one of the foregoing trading limitations, we may not market ourself as a commodity pool or otherwise as a vehicle for trading in the
futures, options or swaps markets. Accordingly, we are not subject to regulation under the CEA or otherwise regulated by the CFTC. If
the Adviser was unable to claim the exclusion with respect to us, the Adviser would become subject to registration and regulation as
a commodity pool operator, which would subject the Adviser and us to additional registration and regulatory requirements and increased
operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Common Stock</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not generally be able to issue and sell
our common stock at a price below NAV per share. We will, however, be able to sell our common stock, warrants, options or rights to acquire
our common stock, at a price below the current NAV of the common stock if our Board of Directors determines that such sale is in our
best interests and that of our stockholders, and our stockholders approve such sale. In any such case, the price at which our securities
are to be issued and sold may not be less than a price which, in the determination of our Board of Directors, closely approximates the
market value of such securities (less any distributing commission or discount). We may also make rights offerings to our stockholders
at prices per share less than the NAV per share, subject to applicable requirements of the 1940 Act. See &ldquo;Risk Factors &mdash;
Risks Relating to Our Business and Structure &mdash; Regulations that will govern our operation as a BDC and RIC may affect our ability
to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our
growth.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Code of Ethics</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted a code of ethics pursuant to
Rule 17j-1 under the 1940 Act and we have also approved the Adviser&rsquo;s code of ethics that was adopted by it under Rule 17j-1 under
the 1940 Act and Rule 204A-1 of the Advisers Act. These codes establish procedures for personal investments and restrict certain personal
securities transactions. Personnel subject to the code may invest in securities for their personal investment accounts, including securities
that may be purchased or held by us, so long as such investments are made in accordance with the code&rsquo;s requirements. The codes
of ethics are available on the EDGAR Database on the SEC&rsquo;s Internet site at&nbsp;www.sec.gov&nbsp;and are available at our corporate
governance webpage at&nbsp;<I>ssic.silverspikecap.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Compliance Policies and Procedures</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and our Adviser have adopted and implemented
written policies and procedures reasonably designed to prevent violation of the federal securities laws and are required to review these
compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. Our CCO is responsible
for administering these policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Proxy Voting Policies and Procedures</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have delegated our proxy voting responsibility
to our Adviser. The proxy voting policies and procedures of our Adviser are set forth below. The guidelines are reviewed periodically
by our Adviser and our non-interested directors, and, accordingly, are subject to change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Introduction</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As an investment adviser registered under the
Advisers Act, our Adviser has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, our Adviser
recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These policies and procedures for voting proxies
for the investment advisory clients of our Adviser are intended to comply with Section&nbsp;206 of, and Rule 206(4)-6 under, the Advisers
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proxy policies</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Adviser will vote proxies relating to our
portfolio securities in the best interest of our stockholders. Our Adviser will review on a case-by-case basis each proposal submitted
for a stockholder vote to determine its impact on the portfolio securities held by us. Although our Adviser will generally vote against
proposals that may have a negative impact on our portfolio securities, it may vote for such a proposal if there exists compelling long-term
reasons to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The proxy voting decisions of our Adviser will
be made by the officers who are responsible for monitoring each of our investments. To ensure that its vote is not the product of a conflict
of interest, our Adviser will require that: (a)&nbsp;anyone involved in the decision-making process disclose to our Adviser&rsquo;s CCO
any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy
vote; and (b)&nbsp;employees involved in the decision-making process or vote administration are prohibited from revealing how our Adviser
intends to vote on a proposal in order to reduce any attempted influence from interested parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proxy voting records</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may obtain information, without charge, regarding
how we voted proxies with respect to our portfolio securities by making a written request for proxy voting information to: Chief Compliance
Officer, Silver Spike Investment Corp., 660 Madison Avenue, Suite 1600, New York, NY 10065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be subject to periodic examination by
the SEC for compliance with the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">None of
our investment policies are fundamental, and thus may be changed without stockholder approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be required to provide and maintain a
bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we will
be prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person&rsquo;s office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities Exchange Act and Sarbanes-Oxley Act Compliance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be subject to the reporting and disclosure
requirements of the Exchange Act, including the filing of quarterly, annual and current reports, proxy statements and other required
items. In addition, we will be subject to the Sarbanes-Oxley Act, which imposes a wide variety of regulatory requirements on publicly
held companies and their insiders. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pursuant to
                                            Rule 13a-14 of the Exchange Act, our chief executive officer and chief financial officer
                                            will be required to certify the accuracy of the financial statements contained in our periodic
                                            reports;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pursuant to
                                            Item&nbsp;307 of Regulation S-K, our periodic reports will be required to disclose our conclusions
                                            about the effectiveness of our disclosure controls and procedures; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pursuant to
                                            Rule 13a-15 of the Exchange Act, our management will be required to prepare a report regarding
                                            its assessment of our internal control over financial reporting. When we are no longer an
                                            emerging growth company under the JOBS Act, our independent registered public accounting
                                            firm will be required to audit our internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Sarbanes-Oxley Act will require us to review
our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder.
We intend to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary
to ensure that we are in compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Nasdaq Stock Market Corporate Governance Regulations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Nasdaq Stock Market has adopted corporate
governance regulations that listed companies must comply with. We are in compliance with such corporate governance regulations applicable
to BDCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>UNDERWRITING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We are offering the shares of our common stock
described in this prospectus through the underwriters named below. Stifel, Nicolaus &amp; Company, Incorporated is the representative
of the underwriters. We will enter into an underwriting agreement with the representative. Subject to the terms and conditions of the
underwriting agreement, we expect each of the underwriters will severally agree to purchase the number of shares of common stock listed
next to its name in the following table. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 84%; text-align: center; font-size: 8pt; font-weight: bold"> <FONT STYLE="font-size: 10pt"><U>Underwriters</U></FONT> </TD>
    <TD STYLE="width: 16%; text-align: center; font-size: 8pt; font-weight: bold"> <FONT STYLE="font-size: 10pt"><U>Number of Shares</U></FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt">Stifel, Nicolaus &amp; Company, Incorporated</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt">Canaccord Genuity LLC</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt">Cantor Fitzgerald &amp; Co.</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt">Total</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriting agreement provides that the
underwriters must buy all of the shares if they buy any of them. However, the underwriters are not required to take or pay for the shares
covered by the underwriters&rsquo; over-allotment option described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common stock is offered subject to a number
of conditions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>receipt and
                                            acceptance of our common stock by the underwriters; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the underwriters&rsquo;
                                            right to reject orders in whole or in part.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We have been advised by the representative
that certain of the underwriters intend to make a market in our common stock, but that they are not obligated to do so and may discontinue
making a market at any time without notice. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering, certain of
the underwriters may distribute prospectuses electronically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Over-allotment Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We have granted the underwriters an over-allotment
option to buy up to an aggregate of 1,339,286 additional shares of our common stock. The underwriters may exercise this option solely
for the purpose of covering over-allotments, if any, made in connection with this offering. The underwriters have 30 days from the date
of this prospectus to exercise this option. If the underwriters exercise this option, they will each purchase additional shares approximately
in proportion to the amounts specified in the table above. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commissions and Discounts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Shares sold by the underwriters to the public
will initially be offered at the initial offering price set forth on the cover of this prospectus. Any shares sold by the underwriters
to securities dealers may be sold at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share from the initial public offering price. Sales of shares made
outside the United States may be made by affiliates of the underwriters. If all the shares are not sold at the initial public offering
price, the representative may change the offering price and the other selling terms. Upon execution of the underwriting agreement, the
underwriters will be obligated to purchase the shares at the prices and upon the terms stated therein and, as a result, will thereafter
bear any risk associated with changing the offering price to the public or other selling terms. The representative of the underwriters
has informed us that it does not expect to sell more than an aggregate of five percent of the total number of shares of common stock
offered by it to accounts over which such representative exercises discretionary authority. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following table shows the per share and
total underwriting discounts and commissions we will pay to the underwriters assuming both no exercise and full exercise of the underwriters&rsquo;
over-allotment option to purchase up to 1,339,286 additional shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 66%; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-right: 6pt; width: 16%"><P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> No
    exercise </P></TD>
    <TD STYLE="text-align: center; padding-right: 6pt; width: 18%"><P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> Full
    exercise </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt"> Per share(1) </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; text-align: center"> $0.84 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; text-align: center"> $0.84 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt"> Total(1) </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; text-align: center"> $5,500,000 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; text-align: center"> $6,325,000 </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> (1) <FONT STYLE="background-color: white">A sales
load (underwriting discount and commission) of 2.00% will be paid on 3,571,429 shares sold to the Adviser.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We estimate that the total expenses of this
offering (including up to $140,000 in reimbursement of certain underwriters&rsquo; expenses), not including the underwriting discounts
and commissions, will be approximately $1.45 million. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify the several underwriters
against certain liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Lock-up
Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We, our officers and directors, and the Adviser
have entered into lock-up agreements with the underwriters. Under these agreements, we and each of these persons may not, without the
prior written approval of Stifel offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or hedge our
common stock or securities convertible into or exchangeable or exercisable for our common stock. These restrictions will be in effect
for a period of 180 days after the date of this prospectus. At any time and without public notice, Stifel may, in its sole discretion,
release some or all of the securities from these lock-up agreements. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Directed Share Program</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">At our request, the underwriters have reserved
up to 10% of the common stock being offered by this prospectus for sale at the initial public offering price to our directors, officers,
employees and other individuals associated with us and members of their families. The sales will be made by Stifel through a directed
share program. We do not know if these persons will choose to purchase all or any portion of these reserved shares, but any purchases
they do make will reduce the number of shares available to the general public. Any shares sold in the directed share program to our directors
or officers shall be subject to the lock-up agreements described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Listing</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our
                                            common stock has been approved for listing on the Nasdaq Stock Market under the symbol &ldquo;SSIC.&rdquo; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Price Stabilizations and Short Positions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering, the underwriters
may engage in activities that stabilize, maintain or otherwise affect the price of our common stock, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>stabilizing
                                            transactions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>short sales;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchases to
                                            cover positions created by short sales;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>imposition
                                            of penalty bids; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>syndicate covering
                                            transactions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Stabilizing transactions consist of bids or purchases
made for the purpose of preventing or retarding a decline in the market price of our common stock while this offering is in progress.
These transactions may also include making short sales of our common stock, which involve the sale by the underwriters of a greater number
of shares of common stock than they are required to purchase in this offering and purchasing shares of common stock on the open market
to cover positions created by short sales. Short sales may be &ldquo;covered short sales,&rdquo; which are short positions in an amount
not greater than the underwriters&rsquo; over-allotment option referred to above, or may be &ldquo;naked short sales,&rdquo; which are
short positions in excess of that amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters may close out any covered short
position by either exercising their over-allotment option, in whole or in part, or by purchasing shares in the open market. In making
this determination, the underwriters will consider, among other things, the price of shares available for purchase in the open market
as compared to the price at which they may purchase shares through the over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Naked short sales are in excess of the over-allotment
option. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more
likely to be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open
market that could adversely affect investors who purchased in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The underwriters also may impose a penalty
bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because
the representative has repurchased shares sold by or for the account of that underwriter in stabilizing or short covering transactions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of these activities, the price of
our common stock may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they
may be discontinued by the underwriters at any time. The underwriters may carry out these transactions on the Nasdaq Stock Market, in
the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Determination of Offering Price</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Prior to this offering, there was no public
market for our common stock. The initial public offering price will be determined by negotiation by us and the representative of the
underwriters. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional Compensation to Underwriters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Certain of the underwriters and their affiliates
may from time to time in the future provide certain commercial banking, financial advisory, investment banking and other services for
us in the ordinary course of their business, for which they may receive customary fees and commissions. In addition, <FONT STYLE="background-color: white">Stifel</FONT> received customary fees and commissions for serving as placement agents and
financial advisors for Silver Spike Acquisition Corp., an affiliate of the Company, and Stifel received customary fees and commissions
for serving as an underwriter for Silver Spike Acquisition Corp. II, an affiliate of the Company. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delivery</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters may make prospectuses available
in electronic format. A prospectus in electronic format may be made available on the website maintained by any of the underwriters, and
underwriters may distribute such prospectuses electronically. The underwriters may agree with us to allocate a limited number of shares
for sale to their online brokerage customers. Any such allocation for online distributions will be made by the underwriters on the same
basis as other allocations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters do not expect sales to discretionary
accounts to exceed five percent of the total number of shares offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The address of the representative is: Stifel,
Nicolaus &amp; Company, Incorporated, 787 7th Avenue, Eleventh Floor, New York, New York 10019. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_023"></A>CUSTODIAN,
TRANSFER AND DISTRIBUTION PAYING AGENT AND REGISTRAR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our portfolio securities will be held under a
custody agreement by State Street Bank and Trust Company. The address of the custodian is: One Lincoln Street, Boston, MA 02111. ALPS
Fund Services, Inc. will act as our transfer agent, distribution paying agent and registrar for our common stock. The principal business
address of our transfer agent is 1290 Broadway, Suite 1100, Denver, CO 80203, telephone number: 303-623-2577.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_024"></A>BROKERAGE
ALLOCATION AND OTHER PRACTICES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Since we intend to generally acquire and dispose
of our investments in privately negotiated transactions, we expect to infrequently use brokers in the normal course of our business.
Subject to policies established by our Board of Directors, our Adviser is primarily responsible for the execution of the publicly traded
securities portion of our portfolio transactions and the allocation of brokerage commissions. Our Adviser does not execute transactions
through any particular broker or dealer, but seeks to obtain the best net results for us, taking into account such factors as price (including
the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm
and the firm&rsquo;s risk and skill in positioning blocks of securities. While our Adviser will generally seek reasonably competitive
trade execution costs, we will not necessarily pay the lowest spread or commission available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_025"></A>LEGAL
MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain legal matters in connection with the
securities offered by this prospectus will be passed upon for us by Davis Polk &amp; Wardwell LLP, New York, NY and Baker, Donelson,
Bearman, Caldwell &amp; Berkowitz, PC, Baltimore, MD. Certain legal matters related to the offering will be passed upon for the underwriters
by Ropes &amp; Gray LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_026"></A>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The financial statements as of June 16, 2021,
included in this Registration Statement, have been audited by BDO USA, LLP, an independent registered public accounting firm, as stated
in its report appearing herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_027"></A>AVAILABLE
INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have filed with the SEC a registration statement
on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to our securities offered by this
prospectus. The registration statement contains additional information about us and our securities being offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will file with or submit to the SEC annual,
quarterly and current reports, proxy statements and other information meeting the informational requirements of the Exchange Act. The
SEC maintains an internet site that contains reports, proxy and information statements and other information filed electronically by
us with the SEC, which are available on the SEC&rsquo;s website at&nbsp;<I>www.sec.gov</I>. Copies of these reports, proxy and information
statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address:
publicinfo@sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_028"></A>PRIVACY
NOTICE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are committed to protecting your privacy.
This privacy notice explains the privacy policies of Silver Spike Investment Corp. and its affiliated companies. This notice supersedes
any other privacy notice you may have received from Silver Spike Investment Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will safeguard, according to strict standards
of security and confidentiality, all information we receive about you. The only information we collect from you is your name, address,
number of shares you hold and your social security number. This information is used only so that we can send you annual reports and other
information about us, and send you proxy statements or other information required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not share this information with any non-affiliated
third-party except as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Authorized
                                            Employees of Our Adviser.&nbsp;</I>It is our policy that only authorized employees of our
                                            Adviser who need to know your personal information will have access to it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Service
                                            Providers.&nbsp;</I>We may disclose your personal information to companies that provide services
                                            on our behalf, such as recordkeeping, processing your trades, and mailing you information.
                                            These companies are required to protect your information and use it solely for the purpose
                                            for which they received it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Courts and
                                            Government Officials.&nbsp;</I>If required by law, we may disclose your personal information
                                            in accordance with a court order or at the request of government regulators. Only that information
                                            required by law, subpoena, or court order will be disclosed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_029"></A>INDEX TO FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; width: 66%; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; width: 34%; text-align: right; padding-bottom: 0pt"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt">Report of Independent Registered Public Accounting Firm</TD>
    <TD STYLE="padding-top: 0pt; text-align: right; padding-bottom: 0pt">F-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt">Financial Statements as of June 16, 2021</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="padding-top: 0pt; text-align: right; padding-bottom: 0pt">F-3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt">Notes to Financial Statements</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="padding-top: 0pt; text-align: right; padding-bottom: 0pt">F-7</TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Report of Independent Registered Public Accounting
Firm</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholder&nbsp;and&nbsp;Board of Directors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Silver Spike Investment Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York,&nbsp;New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Opinion on the Financial Statements&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying&nbsp;statement
of assets and liabilities&nbsp;of&nbsp;Silver Spike Investment Corp. (the &ldquo;Company&rdquo;)&nbsp;as of&nbsp;June 16, 2021,&nbsp;the
related statements of&nbsp;operations, changes in net assets (liabilities)&nbsp;and cash flows for&nbsp;the period from January 25, 2021
(inception) through&nbsp;June 16, 2021,&nbsp;and the related notes&nbsp;(collectively referred to as the&nbsp;&ldquo;financial statements&rdquo;).&nbsp;In
our opinion, the financial statements present fairly, in all material respects, the financial position of&nbsp;the&nbsp;Company as of&nbsp;June
16, 2021, and the results of&nbsp;its&nbsp;operations and&nbsp;its&nbsp;cash flows for&nbsp;the period&nbsp;from January 25, 2021 (inception)
through&nbsp;June 16, 2021<B>,</B>&nbsp;in conformity with accounting principles generally accepted in the United States of America.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis for Opinion</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These&nbsp;financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the&nbsp;Company&rsquo;s&nbsp;financial statements
based on our audit.&nbsp;We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&ldquo;PCAOB&rdquo;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the&nbsp;applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audit&nbsp;in accordance with
the standards of the&nbsp;PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether&nbsp;the
financial&nbsp;statements are free of material misstatement, whether due to error or fraud.&nbsp;The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting.&nbsp;As part of&nbsp;our&nbsp;audit,&nbsp;we
are required to obtain an understanding&nbsp;of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit&nbsp;included performing procedures
to assess the risks of material misstatement of&nbsp;the financial&nbsp;statements, whether due to error or fraud, and performing procedures
that respond&nbsp;to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the&nbsp;financial statements.&nbsp;We believe that our audit provides&nbsp;a reasonable
basis for our opinion.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/&nbsp;BDO&nbsp;USA, LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company's auditor since&nbsp;2021.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July 9, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2.25pt solid">Statement of Assets and Liabilities&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">June 16, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; padding-left: 7pt">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 7pt">Deferred offering costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">629,816</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 21pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">635,216</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 7pt">Accrued offering costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">523,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 7pt">Accrued organizational costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243,790</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 7pt">Due to affiliate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">106,658</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 21pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">873,606</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 21pt">Net Assets (Liabilities)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(238,390</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Assets (Liabilities):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 14pt">Common Stock, $.01 par value (100,000,000 shares authorized, 386 shares issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 14pt">and outstanding)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 14pt">Additional paid-in-capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 14pt">Accumulated losses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(243,790</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Net Assets (Liabilities)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(238,390</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Net asset (liability) value per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(617.59</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2.25pt solid">Statement of Operations&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>For
                                            the period January</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>25,
                                            2021 (Inception)</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>through
                                            June 16, 2021</U></B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; text-align: left; padding-bottom: 1pt; padding-left: 8pt">Organizational costs</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">243,790</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 22pt">Total expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">243,790</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net investment loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(243,790</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 8pt">Net decrease in net assets resulting from
    operations</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(243,790</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold">Per common share data</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net decrease in net assets resulting from operations per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(631.58</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2.25pt solid">Statement of Changes in Net Assets
(Liabilities)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common Stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Additional</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Total Net Assets</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Number of shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Par value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>paid-in-</B></FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<B>capital</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated losses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(Liabilities)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold">Balances at January 25, 2021 (Inception)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left">Net investment loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(243,790</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(243,790</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Issuance of common stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">386</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,396</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,400</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Balances at June 16, 2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">386</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,396</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(243,790</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(238,390</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2.25pt solid">Statement
                                            of Cash Flows</P>

</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold">For the period January</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">25, 2021 (Inception)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">through June 16, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from operating activites</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left; padding-left: 8pt">Net decrease in net assets resulting from operations</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(243,790</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 8pt">Adjustments to reconcile net decrease in net assets resulting from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8pt">to net cash provided by (used in) operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 15pt">Changes in operating assets and liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">Deferred offering costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(629,816</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 22pt">Accrued offering costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">523,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">Accrued organizational costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243,790</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Due to affiliate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">106,658</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 8pt">Net cash provided by (used in) operating
    activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 22pt">Proceeds from issuance of common shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,400</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by (used in) financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,400</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net increase in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Cash, January 25, 2021 (Inception)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Cash, June 16, 2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,400</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">6</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2.25pt solid">Notes to Financial Statements&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">NOTE 1 - ORGANIZATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Silver Spike Investment Corp. (an emerging growth
company) (the &ldquo;Company&rdquo;) was formed on January 25, 2021 as a Maryland corporation structured as an externally managed, closed-end,
non-diversified management investment company. The Company intends to elect to be treated as a business development company, or BDC,
under the Investment Company Act of 1940, as amended, or the 1940 Act, prior to the time that shares of its common stock are sold in
connection with an initial public offering. In addition, for U.S. federal income tax purposes, the Company intends to elect to be treated,
and intends to qualify annually, as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986,
as amended, commencing with its first taxable year ending after completion of its initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will be managed by Silver Spike Capital,
LLC (&quot;SSC&quot;), a registered investment advisor under the Investment Advisor Act of 1940 with the Securities and Exchange Commission.
SSC has engaged SS&amp;C Technologies, Inc and ALPS Fund Services, Inc. (&quot;SS&amp;C&quot;) to perform administrative services necessary
for the Company to operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's investment objective is to maximize
risk-adjusted returns on equity for its shareholders. The Company will seek to drive return on equity by generating current income from
its debt investments and capital appreciation from its equity and equity-related investments. The Company intends to achieve its investment
objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity investments in private leveraged
middle-market cannabis companies and other companies in the health and wellness sector. The debt investments will often be secured by
either a first or second priority lien on the assets of the portfolio company, can include either fixed or floating rate terms and will
generally have a term of between three and six years from the original investment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basis of Presentation: The Company's financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;)
and Article 6 of Regulation&nbsp;S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary
for the fair presentation of the financial statements have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Use of Estimates: The preparation of the financial
statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the financial
statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various
other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ materially from those
estimates under different assumptions and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash: Cash consists of demand deposits. The Company
places its cash with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation
insured limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income Taxes: As a RIC, the Company would not
be subject to federal income tax on the portion of its taxable income and gains distributed currently to its stockholders as a dividend.
The Company intends to distribute between 90% and 100% of its taxable income and gains, within the Subchapter M rules, and thus the Company
anticipates that it will not incur any federal or state income tax at the RIC level. As a RIC, the Company would also be subject to a
4% federal excise tax based on distribution requirements of its taxable income on a calendar year basis. The Company anticipates timely
distribution of its taxable income within the tax rules. However, the Company may incur a federal excise tax in future years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Organization Expenses
and Offering Costs:</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Organizational expenses&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs associated with the organization of the
Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Offering costs</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs associated with the offering of common
shares of the Company are capitalized as deferred&nbsp;offering and are included in deferred offering costs in the statement of assets
and liabilities. Costs will be charged to capital upon the completion of the <FONT STYLE="font-size: 10pt">proposed public offering.
Should the proposed public offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will
be charged to operations.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 2.25pt solid; font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Financial Statements (Continued)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 2 &ndash; SIGNIFICANT ACCOUNTING POLICIES
(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These costs consist primarily of legal fees and
other costs incurred in connection with the Company's share offerings, the preparation of the company's registration statement, and registration
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 16, 2021, the Company has incurred
organizational expenses of $243,790 and offering costs of $629,816, which are accrued on the statement of assets and liabilities as of
June 16, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New Accounting Standards: Management does not
believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 3 &ndash; RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to the expected investment
advisory agreement between the Company and SSC (the &ldquo;Investment Advisory Agreement&rdquo;), fees payable to SSC will be equal to
(a)&nbsp;a base management fee of 1.75% of the value of the Company&rsquo;s gross assets (i.e., total assets held before deduction of
any liabilities), which includes investments acquired with the use of leverage and excludes cash and cash equivalents and (b)&nbsp;an
incentive fee based on the Company&rsquo;s performance. The incentive fee consists of two parts. The first part is calculated and payable
quarterly in arrears and equals 20% of the Company&rsquo;s &ldquo;Pre-Incentive Fee Net Investment Income&rdquo; for the quarter, subject
to a preferred return, or &ldquo;hurdle,&rdquo; of 1.75% per quarter (7% annualized), and a &ldquo;catch-up&rdquo; feature. The second
part is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement)
and equals 20% of the Company&rsquo;s realized capital gains on a cumulative basis from inception through the end of the fiscal year,
if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount
of any previously paid capital gain incentive fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the expected administration agreement
between the Company and SSC (the &quot;Administration Agreement&quot;), SSC will be employed by the Company to arrange for the performance
of the administrative services necessary&nbsp;for the operation of the Company, including but not limited to a maintaining and keeping
all books and records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Due to affiliate in the accompanying statement of assets and liabilities
in the amount of $106,658 are due to SSC for legal expenses it incurred, on our behalf, in relation to the preparation of the Company&rsquo;s
registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 4 &ndash; SHARE DATA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with its formation, the Company
authorized 100,000,000 shares of its common stock with a par value of $0.01 per share. SSC holds 386 common stock shares in exchange
for $5,400 as of June 16, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Earnings Per Share: The following table sets
forth the computation of basic and diluted loss per common share:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><B>For the period <BR>January 25,2021 <BR>(Inception) through <BR>June 16,2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; text-align: left">Decrease in net assets resulting from opertations</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(243,790</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Weighted average shares of common stock outstanding - basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Net decrease in net assets resulting from opertations per share - basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(631.58</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 5 &ndash; INDEMNIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Company&rsquo;s organizational documents,
the Company&rsquo;s officers and directors are indemnified against certain liabilities arising out of the performance of their duties
to the Company. In addition, in the normal course of business the Company enters into contracts that contain a variety of representations
which provide general indemnifications. The Company's maximum exposure under these agreements cannot be known; however, the Company expects
any risk of loss to be remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2.25pt solid">Notes to Financial Statements (Continued)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 6 &ndash; SUBSEQUENT EVENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's management evaluated subsequent
events through the date of issuance of the financial statements and has determined there have been no subsequent events that occurred
during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of July 9,
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Silver Spike Investment Corp.</P>

<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> 8,928,572 Shares </P>

<P STYLE="font: bold 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1in"></P>

<P STYLE="font: bold 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRELIMINARY PROSPECTUS</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"> <FONT STYLE="font-size: 20pt"><B>Stifel</B></FONT> </TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"> <FONT STYLE="font-size: 20pt"><B>Canaccord Genuity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT> </TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"> <FONT STYLE="font-size: 20pt"><B>&nbsp;Cantor </B></FONT> </TD></TR>
  </TABLE>
<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2021 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating
in this offering, may be required to deliver a prospectus. This is in addition to a dealer&rsquo;s obligation to deliver a prospectus
when acting as an underwriter and with respect to an unsold allotment or subscription.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART C</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Other Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 25.</TD><TD><I>Financial Statements and Exhibits</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) <I>Financial Statements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following financial statements of Silver
Spike Investment Corp. (the &ldquo;Registrant&rdquo; or the &ldquo;Company&rdquo;) are included in Part A of this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; width: 50%; text-align: right; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; width: 50%; text-align: right; padding-bottom: 0pt"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-top: 0pt; text-indent: 0in; padding-bottom: 0pt">Report of Independent Registered Public Accounting Firm</TD>
    <TD STYLE="padding-top: 0pt; text-align: right; text-indent: 0in; padding-bottom: 0pt">F-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0pt; text-indent: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: right; text-indent: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-top: 0pt; text-indent: 0in; padding-bottom: 0pt">Financial Statements as of June 16, 2021</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="padding-top: 0pt; text-align: right; text-indent: 0in; padding-bottom: 0pt">F-3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0pt; text-indent: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: right; text-indent: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-top: 0pt; text-indent: 0in; padding-bottom: 0pt">Notes to Financial Statements</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="padding-top: 0pt; text-align: right; text-indent: 0in; padding-bottom: 0pt">F-7</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) <I>Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a.1.</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exa1.htm">Articles of Incorporation of the Registrant*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> a.2. </TD><TD> <A HREF="https://www.sec.gov/Archives/edgar/data/1843162/000095010321010606/dp154410_exa2.htm">Articles
                                            of Amendment and Restatement of the Registrant*</A> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b.</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exb.htm">Bylaws of the Registrant*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">e.</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exe.htm">Dividend Reinvestment Plan*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">g.</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321009101/dp152871_exg.htm">Form of Investment Advisory Agreement by and between Registrant
                                            and Silver Spike Capital, LLC*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">h.</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exh.htm">Form of Underwriting Agreement*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">j.</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exj.htm">Custody Agreement*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">k.1</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321009101/dp152871_exk1.htm">Form of Administration Agreement by and between Registrant and
                                            Silver Spike Capital, LLC*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">k.2</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321009101/dp152871_exk2.htm">Form of License Agreement by and between Registrant and Silver
                                            Spike Capital, LLC*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">k.3</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exk3.htm">Form of Incentive Fee Waiver Agreement*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">k.4</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exk4.htm">Services Agreement*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">l.</TD><TD><A HREF="dp163051_exl.htm">Opinion of Baker, Donelson, Bearman, Caldwell &amp; Berkowitz, PC</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">n.1</TD><TD><A HREF="dp163051_exl.htm">Consent of Baker, Donelson, Bearman, Caldwell &amp; Berkowitz,
                                            PC (Incorporated by reference to exhibit l hereto)</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">n.2</TD><TD><A HREF="dp163051_exn2.htm">Opinion and consent of Dentons US LLP</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">n.3</TD><TD><A HREF="dp163051_exn3.htm">Consent of Independent Registered Public Accounting Firm</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">p.</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exp.htm">Subscription Agreement*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">r.1</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exr1.htm">Code of Ethics of Registrant*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">r.2</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1843162/000095010321010311/dp154063_exr2.htm">Code of Ethics of Silver Spike Capital, LLC*</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> s </TD><TD> <A HREF="dp163051_exs.htm">Power of Attorney</A> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">* Previously filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 26.</TD><TD><I>Marketing Arrangements</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information contained under the heading &ldquo;Underwriting&rdquo;
on this Registration Statement is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 27.</TD><TD><I>Other Expenses of Issuance and Distribution</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; text-align: left"> SEC registration fee </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 18,820 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Nasdaq Stock Market listing fee </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 150,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> FINRA filing fee </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 26,375 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Accounting fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 22,200 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> Legal fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1,157,947 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Printing and engraving </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 20,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt"> Miscellaneous </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 54,658 </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Total </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1,450,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amounts set forth above, except for the SEC,
Nasdaq and FINRA fees, are in each case estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 28.</TD><TD><I>Persons Controlled By or Under Common Control</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Immediately prior to this offering, Silver
Spike Capital, LLC will own 100% of the Company&rsquo;s outstanding common stock. Immediately following the completion of this offering,
Silver Spike Capital, LLC&rsquo;s share ownership is expected to represent approximately 40% of the Company&rsquo;s outstanding common
stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> See &ldquo;Control Persons and Principal Stockholders&rdquo;
in the Prospectus contained herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 29.</TD><TD><I>Number of Holders of Securities</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The
                                            following table sets forth the number of record holders of the Registrant&rsquo;s capital
                                            stock at December 3, 2021. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 85%; text-align: left; font-weight: bold">Title of Class</TD>
    <TD STYLE="vertical-align: top; width: 15%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Number
                                            of<BR>
                                            Record Holders</P>
        </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Common stock, $0.01 par value</TD>
    <TD STYLE="text-align: center">1</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 30.</TD><TD><I>Indemnification</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Maryland law permits a Maryland corporation to
include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for
money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services
or (b) active and deliberate dishonesty established by a final judgment and that is material to the cause of action. Our charter contains
such a provision that eliminates directors&rsquo; and officers&rsquo; liability to the maximum extent permitted by Maryland law, subject
to the requirements of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Maryland law requires a corporation (unless its
charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or
otherwise, in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service
in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against
judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which
they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established
that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed
in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal
benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to
believe that the act or omission was unlawful. <FONT STYLE="background-color: white">Under Maryland law, a Maryland corporation may not
indemnify a director or officer in a suit by the corporation or in its right in which the director or officer was adjudged liable to
the corporation or in a suit in which the director or officer was adjudged liable on the basis that a personal benefit was improperly
received. Nevertheless, a court may order indemnification if it determines that the director or officer is fairly and reasonably entitled
to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the
basis that personal benefit was improperly received. However, indemnification for an </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="background-color: white">adverse judgment
in a suit by the corporation or in its right, or for a judgment of liability on the basis that a personal benefit was improperly received,
is limited to expenses.</FONT> In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer
in advance of final disposition of a proceeding upon the corporation&rsquo;s receipt of (a) a written affirmation by the director or
officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation
and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is
ultimately determined that the standard of conduct was not met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter obligates us, to the maximum extent
permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or
any individual who, while a director or officer and at our request, serves or has served another corporation, partnership, joint venture,
trust, limited liability company, employee benefit plan or other enterprise as a director, officer, partner, trustee, employee, or agent,
who is made, or threatened to be made, a party to, or witness in, a proceeding by reason of his or her service in such capacity&nbsp;from
and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her status
as such, and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws permit us to indemnify
and advance expenses to employees and agents who are not officers or directors to the extent permissible under the MGCL and the 1940
Act and as may be determined by our Board of Directors. In accordance with the 1940 Act, we will not indemnify any person for any liability
to which such person would be subject by reason of such person&rsquo;s willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of his or her office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Investment Advisory Agreement provides that,
absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of
its duties and obligations, Silver Spike Capital, LLC (&ldquo;SSC&rdquo;) and its officers, managers, partners, members (and their members,
including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with it are
entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and
amounts reasonably paid in settlement) arising from the rendering of the Adviser&rsquo;s services under the Investment Advisory Agreement
or otherwise as our investment adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Administration Agreement provides that, absent
willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties
and obligations, SSC and its officers, managers, partners, members (and their members, including the owners of their members), agents,
employees, controlling persons and any other person or entity affiliated with it are entitled to indemnification from us for any damages,
liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) arising from the
rendering of its services under the Administration Agreement or otherwise as our administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Insofar as indemnification for liability arising
under the Securities Act may be permitted to directors, officers and controlling persons of us pursuant to the foregoing provisions,
or otherwise, we have been advised that in the opinion of the SEC 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 us of expenses incurred or paid by a director, officer or controlling person of us in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we 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 against public policy as expressed in the Securities Act and will be governed by the
final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into indemnification agreements
with our directors. The indemnification agreements are intended to provide our directors the maximum indemnification permitted under
Maryland law and the 1940 Act.&nbsp;&nbsp;Each indemnification agreement provides that we shall indemnify the director who is a party
to the agreement (an &ldquo;Indemnitee&rdquo;), including the advancement of legal expenses, if, by reason of his or her corporate status,
the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum
extent permitted by Maryland law and the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 31.</TD><TD><I>Business and Other Connections of Investment Adviser</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A description of any other business, profession,
vocation, or employment of a substantial nature in which the Registrant&rsquo;s investment adviser, and each executive officer of the
investment adviser, 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 sections entitled &ldquo;Business
&mdash; The Investment Adviser,&rdquo; &ldquo;Management &mdash; Board of Directors and Executive Officers &mdash; Directors,&rdquo;
&ldquo;&mdash; Executive Officers,&rdquo; &ldquo;Portfolio Management&rdquo; and &ldquo;Investment Advisory Agreement.&rdquo; Additional
information regarding our investment adviser and its officers is set forth in its Form ADV, as filed with the Securities and Exchange
Commission (SEC File No. 801-120486), and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 32.</TD><TD><I>Location of Accounts and Records</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All accounts, books and other documents required
to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) the Registrant, Silver Spike Investment Corp.,
660 Madison Avenue, Suite 1600, New York, NY 10065;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) the Transfer Agent, ALPS Fund Services, Inc.,
1290 Broadway, Suite 1100, Denver, CO 80203;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3) the Custodian, State Street Bank and Trust
Company, One Lincoln Street, Boston, MA 02111;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(4) the investment adviser and administrator,
Silver Spike Capital, LLC, 660 Madison Avenue, Suite 1600, New York, NY 10065; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(5) the sub-administrator, SS&amp;C Technologies,
Inc., 50 Milk Street, Boston, MA 02110.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 33.</TD><TD><I>Management Services</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 34.</TD><TD><I>Undertakings</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) Registrant undertakes to suspend the offering
of the shares of common stock covered hereby until it amends its prospectus contained herein if (a) subsequent to the effective date
of this Registration Statement, its NAV per share of common stock declines more than 10% from its NAV per share of common stock as of
the effective date of this Registration Statement, or (b) its NAV per share of common stock increases to an amount greater than its net
proceeds as stated in the prospectus contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(4) Registrant undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.7pt">(a) For purposes of determining any liability
under the Securities Act, the information omitted from the form of prospectus filed as part of the Registration Statement in reliance
upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) under the Securities Act shall
be deemed to be part of this Registration Statement as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.7pt">(b) For purposes of determining any liability
under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement
relating to the securities at that time and shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(5) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(6) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(7)&nbsp;&nbsp;We hereby undertake to send by
first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral
request, any prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Pursuant to the requirements of the Securities
Act of 1933, the Registrant has duly caused this Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on December 3, 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">SILVER SPIKE INVESTMENT CORP.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Scott Gordon*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">Name:</TD>
    <TD STYLE="width: 40%">Scott Gordon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Pursuant to the requirements of the Securities
Act of 1933, this Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 has been signed below by the following persons
in the capacities and on the dates indicated: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; text-align: center"> <B>Signature</B> </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif; text-align: center"> <B>Title</B> </TD>
    <TD STYLE="width: 3%"> &nbsp; </TD>
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: center"> <B>Date</B> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> /s/
    Scott Gordon* </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Chief&nbsp;Executive&nbsp;Officer </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> (Principal Executive Officer) </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> and Chairman of the Board </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> December 3, 2021 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Scott Gordon </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> /s/ Gregory Gentile </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Chief Financial Officer (Principal
    Financial and Accounting Officer) </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> December 3, 2021 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Gregory Gentile </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> /s/ Vivek Bunty Bohra* </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Director </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> December 3, 2021 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Vivek Bunty Bohra </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> /s/ Michael W. Chorske* </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Director </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> December 3, 2021 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Michael W. Chorske </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> /s/ Americo Da Corte* </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Director </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> December 3, 2021 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Americo Da Corte </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> /s/ Tracey Brophy Warson* </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Director </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> December 3, 2021 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> Tracey Brophy Warson </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">*By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 26%"><FONT STYLE="font-size: 10pt">/s/ Gregory Gentile</FONT></TD>
    <TD STYLE="width: 69%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Gregory Gentile</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">**Attorney-in-Fact</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> ** </TD><TD> <FONT STYLE="font-weight: normal">Signed by Gregory
                                            Gentile pursuant to powers of attorney signed by each individual and filed with this Registration
                                            Statement on July 12, 2021 and December 3, 2021.</FONT> </TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

































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<FILENAME>dp163051_exl.htm
<DESCRIPTION>EXHIBIT L
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit L</B></FONT></P>

<P STYLE="margin: 0; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 55%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><IMG SRC="image_004.jpg" ALT="Description: bdbcblOGO" STYLE="height: 40px; width: 312px"></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 21%; border-right: Black 1pt dotted; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; text-transform: uppercase">100
Light Street</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Baltimore,
    Maryland 21202</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; text-transform: uppercase">phone:&#9;410-685-1120</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; text-transform: uppercase">fax:&#9;410-547-0699</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">www.bakerdonelson.com</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 186.45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 186.45pt"><FONT STYLE="font-size: 10pt">December
3, 2021</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 186.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Silver Spike Investment Corp.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">660 Madison Avenue, Suite 1600</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">New York, NY 10065</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver
Spike Investment Corp. &ndash; Registration Statement on Form N-2</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><U>(File
No: 333-257252 (the &ldquo;Registration Statement&rdquo;)</U>&#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We have acted as special Maryland counsel
to Silver Spike Investment Corp., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with the issuance of up to $143,750.012.00
worth of shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;),
in an initial public offering (the &ldquo;Offering&rdquo;) pursuant to the above-referenced Registration Statement filed by the Company
with the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), and the regulations promulgated thereunder. The Shares are to be sold pursuant to an Underwriting Agreement substantially
in the form filed as an exhibit to the Registration Statement between Stifel, Nicolaus &amp; Company, Incorporated as representative
of the several underwriters named in Schedule A thereto, and the Company (the &ldquo;Underwriting Agreement&rdquo;). The Registration
Statement includes a prospectus dated December 3, 2021 (the &ldquo;Prospectus&rdquo;), to be furnished to potential purchasers in the
Offering. We understand that our opinion is required to be filed as an exhibit to the Registration Statement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
our capacity as special Maryland counsel to the Company and for purposes of this opinion, we have reviewed the originals, or copies certified
or otherwise identified to our satisfaction, of the following documents:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement, including the Prospectus;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
charter of the Company, certified on the date hereof as being a true, correct, and complete copy thereof by the Secretary of the Company
(the &ldquo;Charter Documents&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Bylaws of the Company, certified on the date hereof as being a true, correct, and complete copy thereof by the Secretary of the Company
(the &ldquo;Bylaws&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of Underwriting Agreement filed as an exhibit to the Registration Statement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;certain
resolutions adopted by the Board of Directors of the Company regarding the Offering and the Underwriting Agreement (the &ldquo;Resolutions&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 3, 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate of the Company regarding certain matters related to the Underwriting Agreement, the issuance and sale of the Shares in the
Offering, and the Prospectus (the &ldquo;Certificate&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate of the Maryland State Department of Assessments and Taxation dated December 1, 2021, to the effect that the Company is duly
incorporated and existing under the laws of the State of Maryland and is in good standing and duly authorized to transact business in
the State of Maryland; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other documents, corporate records, and instruments as we have deemed necessary or appropriate, in our professional judgment, in connection
with providing this opinion letter, subject to the limitations, assumptions, and qualifications contained herein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
rendering the opinion set forth below, we have assumed: (i) the genuineness of all signatures and the legal capacity of all individuals
who have executed any of the documents we have reviewed; (ii) the authenticity of all documents submitted to us as originals, the conformity
with originals of all documents submitted to us as certified, photostatic, or facsimile copies or portable document file (&ldquo;pdf&rdquo;)
or other electronic image format copies (and the authenticity of the originals of such copies), and that the form and content of all
documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such
documents as executed and delivered; (iii) that there has been no oral or written modification of or amendment to any of the documents
we have reviewed, and that there has been no waiver of any provision of any of the documents we have reviewed in connection with this
opinion, by action or omission of the parties or otherwise; (iv) that all documents submitted to us and public records we have reviewed
or relied upon are accurate and complete; (v) that the persons identified as officers of the Company are actually serving as such and
that any certificates representing the Shares are properly executed by one or more such persons; (vi) as to all acts undertaken by any
governmental authority, and of those persons purporting to act in any governmental capacity, that the persons acting on behalf of the
governmental authority have the power and authority to do so, and that all actions taken by such persons on behalf of such governmental
authority are valid, legal, and sufficient; and (vii) all representations, warranties, certifications, and statements with respect to
matters of fact and other factual information (a) made by public officers, (b) made by officers or representatives of the Company, including
certifications made in the Certificate, and (c) made or contained in any documents we have reviewed, are accurate, true, correct, and
complete in all material respects.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
have also assumed that: (i) the Resolutions and the actions reflected therein authorizing the Company to issue, offer, and sell the Shares
are, and will be, in full force and effect at all times at which any Shares are offered or sold by the Company, and the Shares will be
sold at a price established by the Board of Directors of the Company in accordance with Section 2-203(a) of the Maryland General Corporation
Law, and we have undertaken no independent verification with respect thereto; (ii) the Charter Documents and the Bylaws have not been
amended or rescinded; (iii) the Registration Statement and any amendment thereto will remain effective at the time of the issuance of
the Shares thereunder; (iv) at the time of the issuance of the Shares, the Company or its transfer agent will record in the Company&rsquo;s
stock ledger the name of the persons to whom such</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 3, 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Shares are issued; and (v) the Company
will remain duly organized, validly existing, and in good standing under Maryland law at the time any Shares are issued.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
to any facts material to our opinion set forth below, without undertaking to verify the same by independent investigation, we have relied
exclusively upon the documents we have reviewed, the statements and information set forth in such documents, the Certificate, and the
additional matters recited or assumed in this letter, all of which we assume to be true, complete, and accurate in all respects.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Based
upon the foregoing and subject to the limitations and assumptions set forth herein, and having due regard for such legal considerations
as we deem relevant, we are of the opinion that the Shares, when issued and delivered in accordance with the terms of the Offering against
payment of the consideration therefor in accordance with the Registration Statement and the Underwriting Agreement, will be validly issued,
fully paid, and nonassessable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
foregoing opinion is based on and is limited to the Maryland General Corporation Law (including the reported judicial decisions interpreting
those laws currently in effect), and we express no opinion herein with respect to the effect or applicability of any other laws or the
laws of any other jurisdiction. The opinion expressed herein concerns only the effect of the laws (excluding the principles of conflict
of laws) as currently in effect, and we assume no obligation to supplement the opinion expressed herein if any applicable laws change
after the date hereof, or if we become aware of any facts that might change the opinion expressed herein after the date hereof. The opinion
is limited to the matters set forth herein, and no other opinion should be inferred or implied beyond the matters expressly stated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained herein, we express no opinion concerning the securities laws of the State of Maryland, or the rules
and regulations promulgated thereunder, or any decisional laws interpreting any of the provisions of the securities laws of the State
of Maryland, or the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
hereby consent to the filing of this opinion with the Securities and Exchange Commission as Exhibit&nbsp;l to the Registration Statement
and to the reference to our firm under the caption &ldquo;Legal Matters&rdquo; in the Prospectus. By giving such consent, we do not admit
that we are experts with respect to any part of the Registration Statement, including Exhibit l, within the meaning of the term &ldquo;expert&rdquo;
as used in the Securities Act or the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 3, 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BAKER, DONELSON, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BEARMAN, CALDWELL </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&amp; BERKOWITZ, a professional corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">/s/ Kenneth B. Abel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Kenneth B. Abel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Representative</FONT></TD></TR>
  </TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N2
<SEQUENCE>3
<FILENAME>dp163051_exn2.htm
<DESCRIPTION>EXHIBIT N.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit N.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font-size: 10pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 30px; width: 153px"></TD>
    <TD STYLE="padding-top: 6pt; width: 36%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Eric P. Berlin</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Partner</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">eric.berlin@dentons.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+1 312-876-2515</P></TD>
    <TD STYLE="padding-top: 6pt; width: 34%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dentons US LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">233 South Wacker Drive<BR>
Suite 5900<BR>
Chicago, IL 60606-6361<BR>
United States</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">dentons.com</P></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Dentons US LLP</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">233 South Wacker
Dr., Ste. 5900<BR>
Chicago, IL 60606</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>OPINION ON THE
LEGAL STATUS OF</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SILVER SPIKE
INVESTMENT CORP.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B> December 3, 2021</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INTRODUCTION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Silver Spike Capital
LLC (&ldquo;SSC&rdquo; or the &ldquo;Adviser&rdquo;) acts as an investment adviser and manager of Silver Spike Investment Corp. (&ldquo;SSIC&rdquo;
or the &ldquo;Company&rdquo;), and has retained Dentons US LLP for the purposes of rendering this opinion for the benefit of the Company
and its shareholders and, in particular, has asked us whether the Company and its shareholders will violate the laws of the United States
and corresponding state laws with respect to the Company&rsquo;s equity investments in Cannabis Related Businesses, as defined below,
and debt investments in Cannabis Companies, as defined below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Based upon our
analysis, the applicable federal laws are the Controlled Substances Act, 21 U.S.C. &sect; 801, et seq. (the &ldquo;CSA&rdquo;), the Money
Laundering Control Act, 18 U.S.C. &sect; 1956 (the &ldquo;MCA&rdquo;), and the Drug Paraphernalia law contained in the CSA, 21 U.S.C.
&sect; 863 (the &ldquo;DPL&rdquo;). As described more fully below, our opinion is that the Company and its shareholders will not violate
either federal law or any state law with respect to any of the Company&rsquo;s investments in companies that participate in the cannabis
industry. This letter is provided for inclusion with the Company&rsquo;s Registration Statement filed on Form N-2 (the &ldquo;Registration
Statement&rdquo;). Based upon the foregoing, and subject to the assumptions, qualifications and limitations set forth herein and as of
the date of this letter, neither the Company nor its shareholders&rsquo; investments in the Company violate the CSA, the MCA, or the
DPL.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our opinion herein
is expressed solely with respect to the CSA, including indirect violations (such as through aiding and abetting, and conspiracy), the
MCA, and the DPL contained in the CSA (collectively, &ldquo;Applicable Federal Law&rdquo; or &ldquo;Applicable Federal Laws&rdquo;) and
is based on these laws as in effect on the date hereof. Our opinion expressed below is subject to and may be limited by future legislation
or case law. The opinion expressed herein represents our reasonable professional</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">judgment as to
the matters of law addressed herein, based upon the facts presented or assumed, and is not a guarantee that a court will reach any particular
result.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In connection with
this opinion, we have examined and relied upon the originals, or copies certified or otherwise identified to our satisfaction, of such
records, documents, certificates and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion
(the &ldquo;Diligence Process&rdquo;) expressed below. As to certain factual matters, we have relied upon the Factual Certification of
the Adviser and have not sought to independently verify such matters. For the purposes of providing this legal opinion to you, we have
assumed without independent verification or inquiry: the truthfulness, accuracy, and completeness of the information, representations
and warranties contained or made in documents and information provided to us; that the person executing the Factual Certification is
duly authorized to do so and has the legal capacity to do so, and that all signatures are genuine; the truthfulness, accuracy, and completeness
of the statements or representations made to us during the diligence process. Whenever our opinion, with respect to the absence of facts,
is qualified by the phrase &ldquo;to our knowledge&rdquo; or a similar phrase, it is intended to indicate that during the course of our
representation in connection with the issuance of this letter, no information has come to our attention which would give us current actual
knowledge of the existence or absence of such facts. Except to the extent expressly set forth herein, we have not undertaken any independent
investigation or verification to determine the existence or absence of such facts, and no inference as to our knowledge of the existence
or absence of such facts should be drawn from our limited representation of the Company. If any of the foregoing assumptions or any other
assumption set forth herein is inaccurate, invalid, or incorrect, our opinions may be otherwise than those as stated herein. We render
no opinion with respect to any of the matters assumed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This letter is
qualified in its entirety and is subject to the following comments and limitations. Our opinion is limited to the matters expressly stated
herein, and no opinion is implied or may be inferred beyond the matters expressly set forth. This letter is given as of the date hereof,
and we expressly disclaim any obligation to update or supplement our opinion contained herein to reflect any facts or circumstances that
may hereafter come to our attention or any changes in laws that may hereafter occur. The foregoing opinions are limited, as applicable,
to Applicable Federal Law, as defined above. Our opinion focuses on the CSA, MCA and DPL and, based on the current status of state laws
regarding cannabis as of the date of this opinion, it is our view that the CSA, MCA and DPL are more stringent. Therefore, it is our
opinion that, if SSIC complies with the CSA, MCA and DPL (which we conclude it does), then, in addition to not violating the CSA, MCA
and DPL, the Company will meet state law standards. We express no opinion as to any other laws, rules or regulations of any other jurisdiction.
We are not rendering any opinion as to the Company&rsquo;s compliance with any federal, state, or local law, rule or regulation relating
to securities, or to the sale or issuance thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FACTUAL BACKGROUND
FOR OPINION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC is a specialty
finance company, formed in 2021 as a Maryland corporation and structured as an externally managed, closed-end, non-diversified management
investment company. SSIC intends to elect to be treated as a business development company (&ldquo;BDC&rdquo;) under the Investment Company
Act of 1940. The Company also intends to elect to be treated, and to qualify annually, as a regulated investment company under Subchapter
M of the Internal Revenue Code for U.S. federal income tax purposes, commencing with its first taxable year ending after the completion
of its initial public offering.<SUP>1</SUP> SSIC is externally managed by SSC. SSIC will pay SSC a base management fee and an incentive
fee based on a percentage of SSIC&rsquo;s ordinary income and capital gains.<SUP>2</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description
of SSIC&rsquo;s Principal Investment Strategy</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company&rsquo;s
principal investment strategy as presently stated in the Registration Statement or as otherwise represented to us by the Adviser is as
follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC
                                            is among the many private and public companies providing ancillary goods or services to the
                                            broad ecosystem of companies involved directly or indirectly in state-regulated cannabis
                                            programs. Some examples of recently listed companies that service state-legal cannabis businesses
                                            are: Akerna (NASDAQ: KERN) (provider of seed-to-sale and point-of-sale tracking to state-legal
                                            Cannabis Companies); GrowGeneration Corp. (NASDAQ: GRWG) (chain of hydroponics stores in
                                            states that have legalized cannabis cultivation); and AFC Gamma (NASDAQ: AFCG) (real estate
                                            investment trust (&ldquo;REIT&rdquo;) providing loans to state cannabis licensees). Further
                                            examples are provided on page 20. The Company seeks to achieve its investment objective,
                                            under normal market conditions, primarily in equity and debt securities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC
                                            anticipates that certain of its portfolio investments will be equity investments or loans
                                            to companies with at least 50% of their revenues or profits derived from, or 50% of their
                                            assets committed to, activities related to cannabis at the time of investment.<SUP>3</SUP>
                                            These companies may either (i) operate entirely legally under all applicable, including federal,
                                            laws (&ldquo;Cannabis Related Businesses&rdquo;) or (ii) operate in the state-licensed cannabis
                                            space and be compliant with state law, but not necessarily U.S. federal law due to the CSA&rsquo;s
                                            prohibition on cannabis (&ldquo;Cannabis Companies&rdquo;). As discussed herein, SSIC may
                                            make loans to Cannabis Related Businesses and Cannabis Companies, but will not make equity
                                            investments in Cannabis </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP> SSIC SEC Form N-2, dated
June 21, 2021 (&ldquo;SSIC N-2&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP> SSIC Factual Certification
&para; 3.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP> SSIC N-2.</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Companies.
SSIC is not required to invest a specific percentage of its assets in such Cannabis Related Businesses or Cannabis Companies, and may
make debt and equity investments in other companies not related to cannabis in the health and wellness sector.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            of SSIC&rsquo;s equity investments will be in companies complying with all applicable federal
                                            and state laws and regulations, including U.S. federal laws, even if they have some involvement
                                            directly or indirectly in the state-legal cannabis industry, such as in the case of Cannabis
                                            Related Businesses.<SUP>4</SUP> Portfolio companies receiving equity investments may include
                                            those which (i) legally support the legal production, cultivation, and/or sale of cannabis,
                                            such as certain agro-business, biotechnology, life sciences, pharmaceutical, retail, and
                                            finance companies, (ii) perform lawful research as to the medical and pharmaceutical applications
                                            of cannabis and its extracts, (iii) produce, develop and legally sell devices, goods, and
                                            equipment related to the cannabis industry, including hemp and its legal derivatives, or
                                            (iv) are in the health and wellness sector.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company expects to receive nominally priced equity warrants and/or make direct equity investments
                                            in connection with a debt investment in some of the portfolio investments that operate legally
                                            under all applicable federal and state laws. These equity warrants or direct equity investments
                                            would not be made in any Cannabis Company, but would be made only in companies compliant
                                            with all state and federal laws (such as Cannabis Related Businesses). A portion of SSIC&rsquo;s
                                            portfolio may be comprised of derivatives, including total return swaps, but only in companies
                                            complying with all applicable federal and state laws.<SUP>5</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            be clear, SSIC does not cultivate, distribute, sell, or even possess cannabis. Nor does SSIC
                                            process or handle payments for, or place advertisements for the sale of, cannabis or cannabis
                                            products.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                            investments or loans to any Cannabis Company will be limited to companies complying fully
                                            with, and if legally required, licensed by, state-regulated cannabis programs, and will otherwise
                                            be structured to be fully legal under all applicable laws. The Company intends that its debt
                                            investments will often be secured by first or second priority liens on assets of the portfolio
                                            company. It will never own, control, or manage any property on which cannabis is possessed
                                            or sold. The Company will not make equity investments in any Cannabis Companies, and will
                                            offer only loans to these companies, while the federal prohibition on cannabis under the
                                            CSA remains in place.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
                                            and interest payments on loans are not tied to borrowers&rsquo; sales of cannabis. SSIC does
                                            not share revenues with its borrowers or take any type of commission or additional fees </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4
                                            </SUP>SSIC Factual Certification &para; 4.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>5</SUP> <I>Id.</I> &para; 6.</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">that
are contingent upon the customers&rsquo; business success. SSIC does not have an interest in whether any Cannabis Company borrower achieves
financial success selling cannabis products. The principal and interest payment obligations for SSIC&rsquo;s loans are not tied in any
way to borrowers&rsquo; revenues or profits, and remain the same regardless of a borrower&rsquo;s performance. SSIC would prefer that
borrowers not default and that at least some seek additional loans from the Company, only in the sense that any business wants its customers
to meet their payment obligations to the business and continue to utilize the business&rsquo;s services. Additionally, foreclosing upon
collateralized assets or forcing borrowers to liquidate collateralized assets to meet their loan obligations requires additional effort
on SSIC&rsquo;s part, and the Company would prefer for borrowers to meet their loan obligations without seeking foreclosure or liquidation
of collateralized assets. That being said, in the event of a default, SSIC, through the Adviser, seeks to assure that more than enough
of the borrower&rsquo;s assets are secured and that the borrower is required to liquidate assets, if necessary, to pay the outstanding
amounts due under the loan. In other words, SSIC seeks to receive payments regardless of whether the borrower is financially successful,
and SSIC does not have an incentive, like an additional bonus payment, that is proportionate to or contingent upon the borrower&rsquo;s
financial success.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC
                                            will never own, control, manage, or take possession of real estate on which cannabis is sold
                                            or used in violation of federal law. SSIC also has no legal access to any cannabis-related
                                            property, except for limited inspection rights provided by agreement. SSIC&rsquo;s involvement
                                            with the real estate is limited to listing it as a secured asset and hiring a third party
                                            to conduct periodic reasonable diligence activities, as set forth in the agreements with
                                            borrowers. If a borrower defaults, the borrower may be required to sell assets, including
                                            its real property, if necessary, to pay back the loan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC&rsquo;s
                                            loans are never solely directed for the purpose of purchasing any property, but can be used
                                            to fund any of the borrower&rsquo;s general corporate purposes, including paying off prior
                                            indebtedness.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC
                                            deliberately operates its business openly, does not accept cash payments from its customers,
                                            has an anti-money laundering (&ldquo;AML&rdquo;) policy, which includes procedures to assure
                                            transparency of the sources of funds, and is open and transparent with financial institutions
                                            regarding the source of its funds. SSIC and SSC maintain procedures to comply with all applicable
                                            AML and money handling laws. Those procedures meet the legal obligations, and go further
                                            to assure transparency and to protect against any reputational harm of even perceived money
                                            laundering or involvement with illegal activities. The Compliance Manual expressly states
                                            a commitment &ldquo;at all times to operate in conformity with all applicable laws.&rdquo;<SUP>6
                                            </SUP>It has an </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>6</SUP> Compliance Manual, &sect;
1.2(c).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">entire
chapter dedicated to AML,<SUP>7</SUP> and includes procedures &ldquo;to protect [the Company] from potentially dealing with money launderers
and others engaged in criminal activities and to ensure that it is not &lsquo;willfully blind&rsquo; to such activities on the part of
its investors, [as such] willful blindness could result in criminal liability for the Company itself.&rdquo;<SUP>8</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC
                                            is targeting companies in the cannabis sector because the cannabis industry is one of the
                                            fastest growing industries in the United States and because the experience and knowledge
                                            of SSIC&rsquo;s founders and the Adviser give SSIC a strong ability to operate in the space
                                            and handle the burdens imposed by government regulations and guidelines for companies operating
                                            in the space.<SUP>9</SUP> The U.S. state-legal cannabis industry has become significant,
                                            projected to generate over $20 billion of retail sales in 2021 and to continue to grow. Thirty-seven
                                            states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized
                                            some form of cannabis cultivation, processing, distribution, sales and use for certain medical
                                            purposes. Eighteen of those states, the District of Columbia, Guam, and Northern Mariana
                                            have legalized cannabis for adults for non-medical purposes (sometimes referred to as adult
                                            or recreational use).<SUP>10</SUP> While the United States government continues to list &ldquo;marihuana&rdquo;
                                            (except hemp) as a Schedule I controlled substance under the CSA, it has not enforced federal
                                            cannabis prohibition laws against state-legal entities or their vendors in at least six years.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            is required of BDCs, SSIC will offer managerial assistance to its portfolio companies, but
                                            will limit the offered (and any provided) assistance to services that would generally help
                                            any business operate in legal compliance and with good corporate governance. SSIC will not
                                            offer any services that could be construed as assisting a borrower to grow, manufacture,
                                            or sell cannabis. The services will be limited to: assistance relating to accounting and
                                            financial reporting best practices; assistance relating to tax planning and preparation;
                                            recommendations on accounting and financial reporting technology and operating systems, and
                                            assistance in negotiating with vendors and licensors of such technology; providing analyses
                                            of existing financing arrangements, assistance in negotiating additional debt financing or
                                            restructuring existing debt financing, and introductions to banks and other sources of capital;
                                            advice with respect to corporate best practices and corporate governance, including advice
                                            with respect to board structure and governance and implementing corporate codes of ethics
                                            and guidelines for transactions with related parties; assistance in preparing a portfolio
                                            company to become a </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP> <I>Id.</I>, Chapter XV
(Anti-Money Laundering and Sanctions Program). The Compliance Manual also contains provisions to assure compliance with securities laws.
<I>E.g. id.</I> &sect;&sect; 3.2, 3.2, 6.1-6.6, 7.1-13.6, 16.1.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>8</SUP> <I>Id.</I> &sect; 15.1.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>9</SUP> SSIC Factual Certification
&para; 2.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP> Connecticut,, New Mexico,
and New York are the most recent states to legalize adult-use cannabis. We do not include in the number South Dakota, where a ballot
initiative passed but was overturned by a state court and is on appeal. Accordingly, the number could soon increase to nineteen states.</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">public
company, including guidance on public company accounting and financial reporting standards; assistance in corporate insurance planning
including analyses of appropriate coverage levels and insurance terms and negotiating with insurance providers; assistance with human
resources best practices; legal counsel referrals; and guidance on cash management.<SUP>11</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Adviser has
further represented to us that the following additional principles will be adhered to in selecting investments for the Company:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC,
                                            through SSC, has robust procedures to assure that its portfolio companies comply with applicable
                                            laws (excepting, of course, the issues raised for Cannabis Companies under the CSA), including
                                            that Cannabis Companies are properly licensed and complying with applicable state and local
                                            laws and regulations, and that Cannabis Related Businesses are complying with Applicable
                                            Federal Law. SSIC and SSC also maintain anti-money laundering procedures.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSC,
                                            as the Adviser, conducts significant due diligence on companies as a condition to making
                                            a debt or equity investment, and after making an investment on an ongoing basis.<SUP>12</SUP>
                                            SSC&rsquo;s due diligence process for companies operating in state regulated cannabis programs
                                            goes well beyond checking to make sure that the company is properly licensed. SSC makes sure
                                            that the company is complying with state cannabis laws as well as other laws and utilizing
                                            best practices for finance, accounting, money handling and insurance. These companies must
                                            supply, where applicable, and among other documents and information:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">formation
                                            and governing corporate documents (charter, bylaws, operating agreement, etc.);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            names of any parent company, subsidiaries or related or previously owned entities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
                                            about investors/owners and financial interest holders, including a government-issued identification
                                            (e.g., driver&rsquo;s license or passport), the Social Security number, and the address of
                                            each individual that owns at least 25% of the fully diluted stock/equity interests/beneficial
                                            ownership interests in the company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            cannabis licenses for the company and each subsidiary or parent (and whether any such license
                                            has ever been suspended or revoked);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            list and description of all other permits (cannabis-related and non-cannabis related) necessary
                                            for the company to operate its business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP> SSIC Factual Certification
&para; 11.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>12</SUP> SSC Customer Intake Checklist;
SSC Due Diligence Request List.</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material
                                            filings and correspondence with any state, federal or foreign governmental or regulatory
                                            agencies since the company&rsquo;s inception;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">copy
                                            of all notices of any citations, violations or claimed violations received by the company,
                                            involving any laws (cannabis and non-cannabis), ordinances, rules, regulations or orders,
                                            and any zoning, environmental, health, safety, wage and hour, equal opportunity and anti-discrimination,
                                            ordinances, rules, regulations, or orders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            corporate policies and employee manuals;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            description of the company&rsquo;s compliance protocols, standard operating procedures and
                                            security plans with respect to its cannabis licensed operations, and copies of policies for
                                            compliance with all cannabis regulations, diligence of customers and other internal compliance
                                            programs/policies;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            description of compliance with inventory tracking/track-and-trace system, copies of all regulatory
                                            compliance assessments or investigations generated by the company or on its behalf and a
                                            description of actions taken in response to such reports; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">documents
                                            detailing any policies/programs/procedures for any recall of cannabis products sold at any
                                            of the company&rsquo;s dispensary locations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            description of the company&rsquo;s money handling and AML policies and procedures, including
                                            cash management, deposit and security procedures and a description of how, and whether compliantly,
                                            cash is deposited with a bank (if at all);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            identity of employees responsible for those protocols, procedures and operations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
                                            about the company&rsquo;s vendors and suppliers and material agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            list of all real property owned;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">copies
                                            of all real estate leases, deeds, mortgages, title policies, surveys, zoning approvals, and
                                            variances or use permits;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            list of all accounting and POS systems used or expected to be used by the company, together
                                            with any associated documentation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            list of all banks, credit union, and/or other financial institutions that the company uses
                                            or expects to use;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">three
                                            years of returns for federal and state tax, including for income, property and payroll, and
                                            a comprehensive overview of the company&rsquo;s tax position, including amount and accounting
                                            treatment of IRS Section 280E liabilities, net operating losses </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">or any
other tax attributes, and any communications with the state taxing authorities or IRS regarding potential or actual tax audits, fines,
unpaid balances, etc.;<SUP>13</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            insurance certificates and endorsements and contact information for the company&rsquo;s insurance
                                            brokers and companies;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
                                            and documents relating to environmental risks and exposure;<SUP>14</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lists
                                            of all US and foreign patents, copyrights, trademarks, and pending applications;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">examples
                                            of the company&rsquo;s advertisements and marketing;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            list of all current and planned products (or services) and a description of all packaging
                                            used (to assure compliance with state law);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">presentations
                                            delivered to the board and/or potential investors within the past 2 years; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            list of all law firms, accounting firms, consulting firms and similar professionals who the
                                            company uses or expects to use.<SUP>15</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            addition, the AML procedures require extensive due diligence on investors, including a bad
                                            actor questionnaire, to protect SSIC as well as its portfolio companies.<SUP>16</SUP> The
                                            Compliance Manual also contains a Code of Ethics and an Annual Certification of Compliance,
                                            which all employees must read and sign, respectively. SSC has assigned a compliance officer,
                                            Greg Gentile, to monitor compliance with the AML policy, provide training, monitor changes
                                            in the law, review and resolve AML issues and reports of suspicious activity, and ensure
                                            that records are properly maintained.<SUP>17</SUP> These procedures, together with the previously
                                            outlined due diligence of potential and current portfolio companies, surpass Fin-CEN&rsquo;s
                                            guidance for financial institutions to comply with the Bank Secrecy Act.<SUP>18</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP> The tax analyses are extensive,
essentially an audit.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP> Similarly, SSIC conducts
the equivalent of an environmental audit, with additional requests specific to borrowers operating in California.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP> Customer Intake Checklist.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP> <I>Id.</I>, Exhibits D
&amp; A.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP> <I>Id.</I> &sect; 15.3.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-size: 10pt"><SUP>18
</SUP><I>See</I> <FONT STYLE="color: Blue"><U>https://www.fincen.gov/resources/statutes-regulations/guidance/bsa-expectations-regarding-marijuana-related-businesses</U></FONT>.
Neither SSIC nor SSC file FinCEN suspicious activity reports, as neither is a financial institution required to do so.</FONT></P>
</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NASDAQ</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Nasdaq Stock
Market requires the companies listing on its exchange to comply with U.S. federal laws. The following paragraph below is from its website
under FAQ:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">In determining
whether to initially list a company or continue a company&rsquo;s listing when it changes its business activities, Nasdaq does not make
subjective or value judgements about the business the company operates. However, Nasdaq cannot initially list or continue the listing
of a company whose current or planned activities are in violation of U.S. federal law or the law in a jurisdiction where the company
operates. In assessing the legality of a company&rsquo;s activity, Nasdaq largely relies on the risk factors and other disclosures made
in the company&rsquo;s filings with the Securities and Exchange Commission, although Nasdaq may also request additional information from
the company where necessary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For the reasons
explained in the next section, the Company will meet that standard as its business will not violate U.S. federal law or the law in any
jurisdiction where the Company operates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>legal
Analysis</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We analyzed the
potential criminal exposure of the Company and its shareholders solely under the Applicable Federal Laws in connection with the Company&rsquo;s
proposed (i) equity investing in, and lending to, companies complying with all applicable laws, both federal and state, such as Cannabis
Related Businesses and (ii) lending to Cannabis Companies.<SUP>19</SUP> The legal landscape in the cannabis industry is rapidly changing,
and enforcement priorities for prosecutors, investigators, and regulators are difficult (if not impossible) to predict, may be influenced
by political considerations (and thus a moving target), and may lack consistent application, all of which are beyond the scope of this
opinion. Based on our review of case law and other authorities, we note the following:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC&rsquo;s
                                            investments (debt and equity) in companies complying with all applicable laws will be entirely
                                            legal and could not be claimed to violate the CSA. All of SSIC&rsquo;s equity investments
                                            and some of its lending will be to companies complying with <I>all</I> applicable laws including
                                            the CSA, even if some derive some income from companies licensed in state regulated cannabis
                                            programs (i.e., Cannabis Related Businesses). As mentioned in the description of SSIC&rsquo;s
                                            business above, these companies could include agro-technology, biotechnology, life sciences,
                                            medical research or the sale of equipment or goods used in the cannabis and hemp industries.
                                            Because the investments in, and loans to, wholly legal businesses will themselves be legal,
                                            we </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>19</SUP> For the purposes of this
opinion, we do not assess the potential regulatory issues with the SEC, the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;),
the Financial Crimes Enforcement Network (&ldquo;FinCen&rdquo;), or foreign authorities.</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">dedicate
the rest of our discussion to SSIC&rsquo;s loans to companies operating in the state regulated cannabis programs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            that regard, some of SSIC&rsquo;s debt investments will be to state-legal Cannabis Companies
                                            complying with all state laws, but due to the federal prohibition on cannabis under the CSA,
                                            are not complying with federal law (i.e. Cannabis Companies).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal
                                            prosecutors have considerable discretion to pursue potential cannabis-related offenses under
                                            U.S. criminal laws. To date, the matters filed by prosecutors have been focused on growers,
                                            producers, and distributors within the U.S. that have violated federal law and/or state and
                                            local laws where they are located.<SUP>20</SUP> In other words, these prosecutions have involved
                                            not only violations of federal law, but also activities which were illegal under state or
                                            local cannabis laws. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described in more detail below, SSIC does not cultivate, distribute, sell, or even possess
                                            cannabis. Nor does SSIC process or handle payments for cannabis or cannabis products.<SUP>21
                                            </SUP>Principal and interest payments on loans are not tied to borrowers&rsquo; sales of
                                            cannabis.<SUP>22</SUP> SSIC also does not place advertisements for the sale of cannabis or
                                            own, control or manage real estate on which cannabis is trafficked.<SUP>23</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC
                                            does not violate the DPL. The CSA exempts from criminal liability under the DPL &ldquo;any
                                            person authorized by local, State, or Federal law to manufacture, possess, or distribute
                                            such items.&rdquo; 21 U.S.C. &sect; 863(f)(1). To the extent any Cannabis Related Business
                                            to which SSIC makes an equity investment or loan sells or possesses items primarily intended
                                            or designed for use with cannabis, the items are authorized by state law legalizing cannabis,
                                            and such items for that use, and the items and related activities are exempt by state law
                                            authorization under section 863(f)(1).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSIC
                                            also does not violate MCA laws. The Company deliberately operates its business openly, does
                                            not accept cash payments from its customers, and has an AML policy, which includes procedures
                                            to assure transparency of the sources of funds.<SUP>24</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>20</SUP> <I>See, e.g.</I>, Superseding
Indictment, <I>U.S. v. Hoang</I>, Case No. 3:17-cr-70, 2017 WL 9855203 (S.D. Iowa); Press Release, U.S. Dep't of Justice, Washington,
D.C. Post Office Manager and Two Letter Carriers Found Guilty of Bribery and Conspiracy to Distribute Marijuana (Jul. 24, 2017), available
at https://www.justice.gov/opa/pr/washington-dc-post-office-manager-and-two-letter-carriers-found-guilty-bribery-and-conspiracy.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>21</SUP> SSIC Factual Certification
at &para; 1.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>22</SUP> <I>Id.</I> &para; 8.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>23</SUP> <I>Id.</I> &para; 1.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>24</SUP> <I>Id.</I> &para; 12.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Our opinion
focuses on the CSA, MCA and DPL, and based on the current status of state laws regarding cannabis as of the date of this letter, it is
our view that the CSA, MCA and DPL are more stringent. Therefore, it is our opinion that, if SSIC complies with the CSA, MCA and DPL,
and will not be aiding and abetting the violation of or conspiring to violate these federal laws, then in addition to not violating the
CSA, MCA, and DPL, SSIC will meet state law standards because SSIC will not be making equity investments in companies engaged in the
cultivation, distribution or possession of marijuana in the U.S., and will not be making debt investments in companies engaged in the
cultivation, distribution or possession of marijuana in the U.S. other than companies engaged in such activities in compliance with applicable
state and local laws.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>FEDERAL
                                            LAW</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Congress gives
federal agencies significant authority in executing federal laws.<SUP>25</SUP> Prosecutorial discretion and Department of Justice (&ldquo;DOJ&rdquo;)
considerations of whether to enforce against a particular Cannabis Company are discussed in more detail in Section IV. First, we will
analyze the Applicable Federal Law with respect to SSIC&rsquo;s business activities.<SUP>26</SUP> SSIC is not violating Applicable Federal
Law through its business as described in the SEC N-2 because, among other considerations, SSIC does not engage in the conduct targeted
by the relevant statutory provisions of the CSA, does not indirectly violate the CSA through aiding and abetting or conspiracy theories,
and is not engaged in money laundering. As explained further below, SSIC&rsquo;s conduct does not violate the Applicable Federal Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>THE
                                            CSA</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC&rsquo;s operations
as described above and in its SEC N-2, for the reasons explained below, will not violate the CSA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>25</SUP> <I>See </I>21 U.S.C. &sect;&sect;
822(a) and 812(c).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>26</SUP> We note that, for any
analysis of criminal statutes, including the CSA and applicable indirect federal law (aiding and abetting, and conspiracy), the statutory
construction rule of lenity, which arises out of due process concerns, applies and requires that interpretation of ambiguous statutory
criteria for criminal offenses be construed as narrowly as possible and in the light most favorable to the defendant. <I>United States
v. DeAlba</I>, No. 2:12-cr-00079, 2012 WL 5288756, at *1 (D. Nev. Sept. 14, 2012). <I>See also</I>, e.g., <I>Carter v. Welles-Bowen Realty,
Inc.</I>, 736 F.3d 722, 729 (6th Cir. 2013) (&lsquo;The rule of lenity tells courts to interpret ambiguous criminal laws in favor of
criminal defendants.&rdquo;); <I>Vera v. O&rsquo;Keefe</I>, 791 F. Supp. 2d 959, 964 (S.D. Cal. 2011) (same).</FONT></P>

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</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Loans to any Cannabis
Company will be limited to companies complying fully with and, if legally required, licensed in state-regulated cannabis programs, and
will otherwise be structured in full compliance with federal and state laws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SSIC does not
and will not traffic in cannabis</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The cultivation,
distribution, and sale of cannabis remain illegal under the CSA,<SUP>27</SUP> as do placing advertisements for the sale of cannabis and
selling non-exempted cannabis paraphernalia.<SUP>28</SUP> SSIC does not do any of those things. SSIC does not cultivate, distribute,
sell, or even possess cannabis. Nor does SSIC process or handle payments for cannabis or cannabis products. <SUP>29</SUP> Principal and
interest payments on loans are not tied to borrowers&rsquo; sales of cannabis.<SUP>30</SUP> SSIC also does not place advertisements for
the sale of cannabis or own, control or manage real estate on which cannabis is trafficked.<SUP>31</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SSIC&rsquo;s
loans to companies licensed in state regulated cannabis programs will not violate CSA Section 856</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">While a borrower&rsquo;s
real estate may be secured as collateral for the loan, SSIC will not violate section 856, known as the &ldquo;Crack House Statute.&rdquo;
Entities or persons who manage or control a property and knowingly make that property available for the purposes of manufacturing, distributing,
or using any controlled substances can be found liable under the CSA, section 856(a), which states:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Except as authorized
by this subchapter, it shall be unlawful to&mdash;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">(1) knowingly
open, lease, rent, use, or maintain any place, whether permanently or temporarily, for the purpose of manufacturing, distributing, or
using any controlled substance;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">(2) manage or
control any place, whether permanently or temporarily, either as an owner, lessee, agent, employee, occupant, or mortgagee, and knowingly
and intentionally rent, lease, profit from, or make available for use, with or without compensation, the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>27</SUP> 21 U.S.C. &sect; 801 <I>et
seq</I>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>28</SUP> <I>Id.</I> &sect;&sect;
841, 863(a).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>29</SUP> SSIC Factual Certification
at &para; 1.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>30</SUP> <I>Id.</I> &para; 8.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>31</SUP> <I>Id.</I> &para; 1.</FONT></P>

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</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">place for the
purpose of unlawfully manufacturing, storing, distributing, or using a controlled substance.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC will not violate
section 856(a)(1) as it will never own or control real estate on which cannabis is sold or used in violation of federal law and accordingly
cannot open, lease, use, or maintain the property.<SUP>32</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC likewise will
not violate section 856(a)(2) as a mortgagee. Section (a)(2) was added years after (a)(1) to enforce against those who knowingly and
purposefully were making their warehouses available for drug use during &ldquo;raves.&rdquo;<SUP>33</SUP> SSIC should not be liable under
section 856(a)(2) for three reasons: first, SSIC does not &ldquo;manage or control&rdquo; any property where prohibited activities may
occur; second, and related to the first, SSIC is not an &ldquo;owner&rdquo; or a &ldquo;mortgagee&rdquo; as that term is used traditionally
or in section 856; third, the legislative history further supports that property used for state legal medical cannabis was never an intended
target of section 856(a)(2).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC never manages
or takes possession or control of its borrowers&rsquo; real estate.<SUP>34</SUP> Instead, SSIC&rsquo;s loan agreements require that a
borrower sell certain assets, including real estate, to re-pay the loan if necessary in the event of a default.<SUP>35</SUP> SSIC also
has no legal access to the property, except for limited inspection rights provided by agreement.<SUP>36</SUP> SSIC will never take ownership
or control of any property on which any cannabis activity is occurring in violation of the CSA.<SUP>37</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Furthermore, SSIC&rsquo;s
loans are never solely directed for the purpose of purchasing any property, but can be used to fund any of the borrower&rsquo;s general
corporate purposes, including paying off prior indebtedness.<SUP>38</SUP> None of the Supporting Documents authorize or anticipate any
direct management or control by SSIC over any of the borrowers or the underlying secured properties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>32</SUP> <I>Id.</I> &para; 9.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>33</SUP> H.R. CONF. REP. 108-66
(&ldquo;This section, known as the Illicit Drug Anti-Proliferation Act, helps to protect children by amending the Controlled Substances
Act to expand the &lsquo;crack house&rsquo; statute. This expansion makes it clear that anyone who knowingly and intentionally uses their
property, or allows another person to use their property, for the purpose of distributing or manufacturing or using illegal drugs will
be held accountable. This section raises the penalties for people who traffic in a substance often marketed to children at clubs; and
authorizes funds for drug prevention activities.&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>34</SUP> SSIC Factual Certification
&para; 9.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>35</SUP> <I>Id</I>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>36</SUP> <I>Id</I>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>37</SUP> <I>Id</I>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>38</SUP> <I>Id.</I> &para; 10.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tellingly, we found
not even one case of a prosecution against a mere mortgagee under section 856(a)(2). In the reported case law, section 856 is used most
often to prosecute individuals who are both owners and operators of crack houses, pill mills, methamphetamine labs or illegal (under
state or federal law) marijuana grow houses.<SUP>39</SUP> Those defendants were charged both with the manufacture or distribution of
an illegal controlled substance and under section 856. Even when a section 856 claim is brought alone, the defendant generally played
a role in the underlying trafficking activities.<SUP>40</SUP> Consequently, cases brought under this section generally rely on evidence
that the person was present on the property and took affirmative steps to maintain or manage the property.<SUP>41</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC has none of
the involvement seen in the section 856 cases. The borrower&rsquo;s property serves solely as collateral to secure repayment of its loan
obligations to SSIC. If the borrower defaults, the borrower is required to sell assets, including its real property, to pay back the
loan.<SUP>42</SUP> SSIC&rsquo;s involvement with the real estate is limited to listing it as a secured asset and hiring a third party
to conduct periodic reasonable diligence activities, as set forth in the agreements with borrowers.<SUP>43</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC contractually
obligates borrowers to sell certain assets in the event that they default on a loan from SSIC.<SUP>44</SUP> While SSIC may designate
real estate as security for a loan, SSIC is not the typical</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>39</SUP> <I>See, e.g., United States
v. Griffith</I>, 397 Fed. Appx. 613 (11th Cir. 2010) (methamphetamine lab); <I>United States v. Henry</I>, 307 Fed. Appx. 331 (11th Cir.
2009) (crack house); <I>United States v. Garcia,</I> 405 F.3d 1260 (11th Cir. 2005) (marijuana grow house).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>40</SUP> <I>See e.g. United States
v. Chen</I>, 913 F.2d 183 (5th Cir. 1990).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>41</SUP> <I>See, e.g., United States
v. Clavis</I>, 956 F.2d 1079 (11th Cir. 1992) (considering factors such as whether defendants leased premises, were regularly present
on premises for purposes of conducting repairs, paid rent for premises, or accepted delivery of keys from landlord); <I>United States
v. Sadler</I>, 750 F.3d 585 (6th Cir. 2014) (considering evidence that one defendant owned the pain-management clinic, signed the clinic's
lease and rent checks, was the office repairman, and was considered the boss of the clinic by the employees, and that lessees of the
clinic properties considered another defendant a point of contact for complaints, payments, and other issues); <I>United States. v. Molina-Perez</I>,
595 F.3d 854 (8th Cir. 2010) (defendant leased the property, visited the property weekly, and referred to men on property as &ldquo;his
workers,&rdquo; among others).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>42</SUP> SSIC Factual Certification
&para; 9.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>43</SUP> <I>Id.</I> The Fifth Circuit&rsquo;s
opinion in <I>United States v. Chen</I>, 913 F.2d 183 (5th Cir. 1990), is often cited as an example of a case where the owner was not
directly involved but still found liable under 856(a)(2) for other individuals&rsquo; CSA violations. In <I>Chen</I>, the motel owner
found to be liable under section 856(a)(2) was at least deliberately ignorant of the activity. Control and ownership were not at issue;
the defendant and her family lived on the property. The question was whether Chen&rsquo;s deliberate ignorance was sufficient to meet
the knowledge element. The facts reveal that Chen was somewhat involved in at least fostering the underlying crimes. Chen had taken several
direct actions (for example, warning dealers when law enforcement were coming to the property) such that she was seen as playing an active
role in allowing the activity to continue.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>44</SUP> SSIC Factual Certification
&para; 9.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>
</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">mortgagee for several
reasons: (1) the loaned money is not tied solely to the purchase of any specific land or a building, but rather can be used for any number
of purposes;<SUP>45</SUP> (2) SSIC neither exerts nor is entitled to management or control of the real estate; and (3) SSIC will not
under any circumstances own, possess, or control the borrower&rsquo;s property.<SUP>46</SUP> SSIC merely requires the borrower to sell
its real property if necessary to repay the loan in the event of a default.<SUP>47</SUP> Stated another way, pursuant to SSIC&rsquo;s
credit agreements, the mortgages are taken only as credit support and a source of borrower liquidity for repayment of the loan from SSIC
to the borrower. SSIC&rsquo;s involvement is incidental, and not necessary to the underlying activities occurring on the property.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Section 856&rsquo;s
legislative history further supports that SSIC is not the type of entity that Congress sought to target with the Crack-House Statute.
A court's goal when interpreting a statute is to effectuate Congress' intent. Stated differently, &ldquo;[w]hen a court interprets a
statute, the court articulates the meaning of the words of the legislative branch.&rdquo;<SUP>48</SUP> Section 856(a) was enacted in
1986 to address the proliferation of crack houses, where those managing or controlling property were permitting the trafficking and use
of crack cocaine at the premises. Subsection (a)(2) was added in 2003 to address a similar concern about drug-fueled raves targeting
particularly the young.<SUP>49</SUP> At that time, even though several states had already legalized medical cannabis, there is no mention
in the legislative history that medical cannabis businesses in these states were a target or a concern of this law.<SUP>50</SUP> In the
intervening time, many more states have adopted state medical and adult-use cannabis laws; yet we know of no case in which a person or
entity was criminally charged under section 856(a)(2) for making property available to a state-legal cannabis entity.<SUP>51</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>45</SUP> <I>Id.</I> &para; 10.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>46</SUP> <I>Id.</I> &para; 9.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>47</SUP> <I>Id</I>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>48</SUP> Robert A. Katzmann, Judging
Statutes 8 (2014).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>49</SUP> <I>See supra </I>note
27.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>50</SUP> <I>See id.; see also </I>149
Cong. Rec. 9378-93.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>51</SUP> There is a case in a civil
context where a judge dismisses an entity&rsquo;s unjust enrichment claim on the basis that the actor has &ldquo;unclean hands&rdquo;
due to violating portions of the CSA, including section 856(a)(2). In that case, the court stated that &ldquo;[p]roviding funds in exchange
for equity violates the CSA because it would allow the investor to profit from the cultivation, possession, and sale of marijuana. <I>Bart
St. III v. ACC Enterprises, LLC</I>, No. 217CV00083GMNVCF, 2020 WL 1638329, at *9 (D. Nev. Apr. 1, 2020). SSIC is clearly distinguishable
from <I>Bart St. III</I> because it does not receive any equity from its borrowers, and therefore will not profit from activities that
violate the CSA.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Applicable Indirect
Federal Law</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Based on its operations
described above, SSIC is also not violating the applicable indirect federal law, discussed herein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Aiding
                                            and Abetting</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Aiding and abetting
a violation of the CSA is federally illegal. Pursuant to 18 U.S.C. &sect; 2(a), whoever commits an offense against the United States
or aids, abets, counsels, commands, induces, or procures its commission, is punishable as a principal. To convict a defendant for aiding
and abetting, a prosecutor must prove beyond a reasonable doubt: (1) that the accused had specific intent to facilitate the commission
of a crime by another; (2) that the accused had the requisite intent of the underlying substantive offense; (3) that the accused assisted
or participated in the commission of the underlying substantive offense; and (4) that someone committed the underlying offense.<SUP>52
</SUP>The government must prove that the defendant associated with the criminal venture purposefully participated in the criminal activity,
and sought by its actions to make the venture successful.<SUP>53</SUP> SSIC is not violating the CSA under an aiding and abetting theory
because it does not meet the elements of an aiding and abetting violation, as will be discussed below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Two federal cases
provide legal and factual context for understanding the current framework for analyzing whether certain conduct rises to the level of
aiding and abetting, even when the accused knows of the principal&rsquo;s intent. Both cases held that the sale of innocent goods or
services to criminals or criminal enterprises, without more, does not rise to the level of aiding and abetting. The seminal case on aiding
and abetting as it relates to this issue dates back to 1940. In <I>U.S. v. Falcone</I>, Judge Learned Hand held that individuals who
supplied &ldquo;sugar, yeast, and cans, out of which [the] alcohol was distilled&rdquo; by illicit distillers, were not sufficiently
&ldquo;positive&rdquo; to justify a &ldquo;prosecution for conspiracy or abetting&rdquo; because the defendants providing sugar and jars
did not have a &ldquo;stake in [the] outcome&rdquo; of the criminal enterprise.<SUP>54</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Building on <I>Falcone</I>,
Judge Posner held in the Seventh Circuit opinion that a clothing store clerk who sold a red dress to a sex worker, knowing that she wore
the dress for prostitution, was not guilty of aiding and abetting or conspiracy because &ldquo;if the clerk didn&rsquo;t make the sale,
she would buy, at some trivial expense in time or money, an equivalent outfit from someone ignorant of her trade. That is where the requirement
of proving the defendant&rsquo;s desire to make the illegal activity</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>52</SUP> Criminal Resource Manual
2474, <I>Elements Of Aiding And Abetting,</I> <FONT STYLE="color: blue"><U>https://www.justice.gov/usam/criminal-resource-manual-2474-elements-aiding-and-abetting</U></FONT>;
<I>United States v. Bancalari</I>, 110 F.3d 1425, 1429 (9th Cir. 1997).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>53</SUP> <I>See United States v.
Landerman</I>, 109 F.3d 1053, 1068 n.22 (5th Cir. 1997).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>54</SUP> <I>United States v. Falcone</I>,
109 F.2d 579, 581 (2d Cir. 1940).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">succeed cuts off
liability.&rdquo;<SUP>55</SUP> In a more recent opinion, Posner noted that in the earlier case the clerk&rsquo;s sale of the dress was
not &ldquo;really helping her or promoting prostitution&rdquo; the way that he would be if for example he &ldquo;recommended customers
to her in exchange for a commission.&rdquo;<SUP>56</SUP> The Hand and Posner opinions illustrate where federal courts have drawn the
line between activity that rises to the level of aiding and abetting on the one hand and mere commercial activity that involves knowledge
of a customer&rsquo;s criminal activities, and technically facilitates it, on the other hand. In the latter case, the individual or entity
engaging in commercial activity does not have the requisite intent or &ldquo;stake&rdquo; in the customer&rsquo;s criminal business to
rise to the level of aiding and abetting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC is not violating
the CSA under an aiding and abetting theory. First, as a general point, aiding and abetting liability cannot be used to prosecute all
companies doing business with companies operating in state regulated cannabis programs. As set forth in <I>Falcone </I>and <I>Zafiro</I>,
although businesses providing incidental products or services to state-legal cannabis businesses are purposefully engaging in commercial
activity and may have knowledge that such customers are conducting federally illegal acts using their products, these businesses do not
have sufficient intent or economic interest in the furtherance of their customers&rsquo; business to rise to the level of aiding and
abetting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Second, and relatedly,
SSIC would not meet the elements of aiding and abetting a CSA violation. SSIC has neither the specific intent to facilitate a violation
of the CSA nor the requisite intent to violate the CSA itself. Furthermore, a prosecutor likely would not be able to prove that SSIC
provides the type or level of assistance required to show active participation in a criminal enterprise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Proving the first
element required for aiding and abetting liability, specific intent, is difficult where a company is providing legal ancillary business
products or services to persons alleged to be violating federal law. Case law in this area recognizes that certain acts within the universe
of state-regulated cannabis programs do not meet the specific intent threshold. Courts differentiate between people or entities who are
actually participating in the underlying crime and those who are involved in otherwise legal, incidental roles.<SUP>57</SUP> As discussed
in Section I above, SSIC&rsquo;s only business with companies licensed in state cannabis programs is lending funds through arms-length
transactions. The Company does not seek to make these borrowers&rsquo; businesses better or more successful. The Company does not share
revenues with its Cannabis Company borrowers or have any stake in the business ventures of its loan customers in the form of a sales
commission or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>55</SUP> <I>United States v. Zafiro</I>,
945 F.2d 881 (7th Cir. 1991).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>56</SUP> <I>United States v. Colon</I>,
549 F.3d 565 (7th Cir. 2008) (discussing <I>Zafiro</I>).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>57</SUP> <I>See <FONT STYLE="background-color: white">Conant
v. Walters</FONT></I><FONT STYLE="background-color: white">, </FONT>309 F.3d 629, 635-36 (9th Cir. 2002) (doctor recommending cannabis
to patient lacked specific intent); <I>City of Garden Grove v. Superior Court</I>, 157 Cal. App. 4th 355, 368 (2007) (police officers
returning medical cannabis to patient would lack specific intent to violate CSA).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">revenue sharing
arrangement.<SUP>58</SUP> Proving specific intent is particularly difficult where, as here, a company is providing legal financing services
and verifying its customers&rsquo; state licensure.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The second element
for aiding and abetting, intent to violate the CSA, requires proof that &ldquo;a person actively participates in a criminal venture with
full knowledge of the circumstances constituting the charged offense.&rdquo;<SUP>59</SUP> While SSIC lends to state-legal cannabis businesses,
SSIC lacks the intent to violate the CSA. Indeed, it has structured its business so that it does not violate the CSA. SSIC is not incentivized
to promote its Cannabis Company borrowers&rsquo; financial success. SSIC does not have any financial interest in whether any borrower
achieves financial success selling cannabis products.<SUP>60</SUP> The principal and interest payments that Cannabis Company borrowers
are obligated to make on loans offered by SSIC do not increase with the borrower&rsquo;s profitability, and remain the same regardless
of how financially successful the borrower is at any given time. Similar to the distiller in <I>Falcone</I>, although more attenuated
since SSIC is not providing products for distilling alcohol, or in this case, producing cannabis, but merely financing for a business,
SSIC does not have the requisite &ldquo;stake in the outcome&rdquo; to constitute intent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Furthermore, because
SSIC seeks to obtain sufficient security for the payment amounts and uses contractual provisions, and if necessary a debt servicing company,
to seek to ensure that the borrower can liquidate enough property to pay the loan, SSIC seeks to receive loan payments regardless of
a borrower&rsquo;s success. In other words, SSIC has contractual protections and collateral mechanisms in place to protect its debt investments
in case a Cannabis Company cannot make payments. Accordingly, SSIC does not have an incentive to make the borrower Cannabis Company more
financially or operationally successful. SSIC&rsquo;s economic interest in the Cannabis Companies to which it provides debt financing
does not rise to the level required to prove aiding and abetting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The third element
of an aiding and abetting violation, requiring proof that an individual or entity actively participated in the commission of the underlying
offense, does not encompass every activity or service that may ultimately assist the wrongdoer in committing a crime. If this element
were interpreted this broadly, aiding and abetting could apply to all individuals and companies that transact with Cannabis Companies
in states where cannabis has been legalized. Because the hypothetical Cannabis Company is publicly licensed by a state government and
operating openly, any number of individuals and entities could easily know that the Cannabis Company is growing and/or selling cannabis,
in violation of the CSA, while providing goods or services that further the business&rsquo;s ability to succeed in its venture. In fact
many legal, public companies do without any,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>58</SUP> SSIC Factual Certification
&para; 8.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>59</SUP> <I>See Rosemond v. United
States</I>, 134 S. Ct. 1240, 1248-49 (2014).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>60</SUP> SSIC Factual Certification
&para; 8.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">or even any threatened,
criminal enforcement for aiding and abetting or other indirect violations of the CSA -- e.g., Akerna (NASDAQ: KERN) (provider of seed-to-sale
and point-of-sale tracking to state-legal Cannabis Companies); Greenlane Holdings, Inc. ((NASDAQ: GNLN) (distributor of vaporizers and
smoking accessories to cannabis dispensaries); GrowGeneration Corp. (NASDAQ: GRWG) (chain of hydroponics stores in states that have legalized
cannabis cultivation); AFC Gamma (NASDAQ: AFCG) (real estate investment trust (&ldquo;REIT&rdquo;) providing loans to state cannabis
licensees); India Globalization Capital, Inc. (NYSE AMERICAN: IGC) (a Maryland-based company that distributes patent-pending products
for microdosing as well as cannabinoid based products); Innovative Industrial Properties Inc. (NYSE: IIPR) (REIT leasing properties for
use as state-licensed cannabis facilities). All of these companies are publicly listed and openly state their business dealings with
Cannabis Companies, but none has been subject to federal charges, due in part to the elements required to prove liability for indirect
CSA violations, and also to the lack of enforcement priority, which we discuss later in this letter. There are plenty of other examples
of service providers, like SSIC, that transact with Cannabis Companies but would not be found guilty of aiding and abetting under the
CSA. A lawyer providing legal services to a cannabis business knows that the client&rsquo;s business is violating the CSA, but receives
a fee for service which is not dependent on the business achieving a certain level of revenues or profits. State and local governments
collecting tax revenue from licensed cannabis businesses &ldquo;know&rdquo; their tax constituents are selling controlled substances.
Similarly, insurance businesses providing services to state-legal cannabis entities &ldquo;know&rdquo; their customers are selling cannabis
and provide services that further the business&rsquo;s ability to succeed in its venture, particularly because in many state jurisdictions,
insurance is required to obtain a state cannabis license.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Accordingly, the
inquiry focuses on the type and level of assistance or participation, together with the individual&rsquo;s intent. The &ldquo;classic
case&rdquo; of aiding and abetting would be the getaway driver for a bank robbery, where the aider/abettor not only has full knowledge
of the underlying offense but also purposefully acts in such a way as to actively and directly facilitate such offense.<SUP>61</SUP>
Providing legal products or services via arm&rsquo;s length agreements, however, is not the kind of active participation in a criminal
enterprise required to prove aiding and abetting liability.<SUP>62</SUP> Similarly, a company like SSIC offering loans to Cannabis Companies,
similar to the example of the attorney providing legal services, is not &ldquo;actively participating&rdquo; in the underlying criminal
enterprise because it lacks the requisite intent. Active participation in the criminal venture would be</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>61</SUP> <I>See, e.g.</I>, <I>United
States v. Cejas</I>, 761 F.3d 717, 728-29 (7th Cir. 2014), reh&rsquo;g and suggestion for reh&rsquo;g <I>en banc</I> denied (Oct. 20,
2014) (defendant parked truck in reverse in driveway, and carried a gun, suggesting he knew a drug deal was occurring and intended to
help if necessary).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>62</SUP> <I>See In re: Way to Grow,
Inc.</I>, 597 B.R. 111, 127 (Bankr. D. Colo. 2018) (company knowingly selling hydroponic equipment to customers in cannabis industry
did not have specific intent to violate CSA because company&rsquo;s intent was to sell product to any clientele engaged in hydroponic
growing).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">challenging to
prove with respect to a lender that, like SSIC, does not share revenues with its borrowers or take any type of commission or additional
fees that are proportionate to or contingent upon any borrower&rsquo;s business success.<SUP>63</SUP> While such a company may inherently
have knowledge of the underlying activity, it is highly unlikely that the company would be found to &ldquo;actively participate&rdquo;
in the criminal enterprise when it simply provides financing that can be used for any general corporate purpose of the company. Additionally,
as explained earlier in this letter, SSIC does not make equity investments into Cannabis Companies, and also does not receive increased
principal or interest payments on its loans if a borrower achieves a certain level of revenues or profitability. Providing debt financing
to Cannabis Companies, the way SSIC does, is not the type of &ldquo;active participation&rdquo; that constitutes an aiding and abetting
offense.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The managerial
assistance outlined in the Factual Background section of this Letter, even if in the extremely rare event that a borrower accepts SSIC&rsquo;s
offer to provide any,<SUP>64</SUP> would not result in aiding and abetting. All assistance offered is geared to extend the rule of law,
good corporate governance and good financial and accounting hygiene, but not to help a borrower with cannabis operations or, needless
to say, to conceal cannabis operations or funds. <SUP>65</SUP> The assistance only would help a company in the state-regulated cannabis industry operate legally and responsibly, with appropriate
corporate governance, accounting procedures and insurance coverage.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Conspiracy</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A person or entity
may be criminally liable for conspiring to violate the CSA.<SUP>66</SUP> Conspiracy requires a showing that two or more people were in
agreement to commit a crime and that all conspirators have the intent to commit the conspiracy&rsquo;s objective, although each individual
need not know all the details of the crime or all of the members of the conspiracy.<SUP>67</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">While ancillary
product or service providers may agree to provide the product and know of the Cannabis Company&rsquo;s business, they are not necessarily
agreeing to commit a crime or intending that objective. When the agreement is for the sale of goods or services and not dependent on
the cannabis business committing any crime, the agreement should not be interpreted as one to commit a crime. Here, the agreements are
simply for SSIC to provide a loan and the borrower to provide</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>63</SUP> SSIC Factual Certification
&para; 8.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>64</SUP> BDC portfolio companies
only rarely accept a BDC&rsquo;s offer of managerial assistance. All but one of the several &rsquo;40 Act attorneys in and outside Dentons
with whom we spoke on this issue were unaware of a portfolio company ever accepting a BDC&rsquo;s offer to provide managerial assistance.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>65</SUP> SSIC Factual Certification
&para; 11.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>66</SUP> 21 U.S.C. &sect; 846.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>67</SUP> <I>United States v. Caldwell</I>,
589 F.3d 1323, 1329 (10th Cir. 2009).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">repayment &mdash;
and SSIC&rsquo;s agreements are not contingent on any actual cultivation, distribution, sale or possession of cannabis.<SUP>68</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Federal prosecution
of ancillary service providers to the state-regulated cannabis industry on these grounds is, at this point, difficult to fathom against
companies like SSIC. In theory, conspiracy charges could be applied against any person knowingly contracting with a state-legal cannabis
business, including even such innocuous actors as utility companies or hardware stores. Ancillary service providers to a state-legal
industry, however, are not the sort of actors engaging in the kinds of actions that are targeted for federal prosecution.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In practice, federal
prosecutors usually limit conspiracy charges to those who in some way were actually involved with the offense itself and actively desired
for it to succeed, generally sharing in its success in some way &mdash; not every single person or entity who was aware of the objective
and provided ancillary services in some manner. As mentioned above, SSIC does not share revenues with customers or take any type of commission
fee that is contingent upon the business success of its customers. These facts, in addition to the nature of its services, show that
SSIC lacks the required <I>mens rea</I> for the underlying federal crime.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>THE
                                            DPL</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the
Drug Paraphernalia law contained in the CSA, 21 U.S.C. &sect; 863, it is unlawful to sell, transport in interstate commerce, or import/export
&ldquo;drug paraphernalia,&rdquo; which the CSA defines as &ldquo;any equipment, product, or material of any kind which is primarily
intended or designed for use in manufacturing, compounding, converting, concealing, producing, processing, preparing, injecting, ingesting,
inhaling, or otherwise introducing into the human body a controlled substance&hellip;&rdquo; 21 U.S.C. &sect; 863(d). A fairly recent
federal appellate court decision clarified that items which have a variety of legal uses, which are not specifically designed and manufactured
to make and consume controlled substances, are not necessarily considered drug paraphernalia under the DPL without strong evidence indicating
otherwise. <I>See United States v. Romans</I>, 823 F.3d 299, 318 (5th Cir. 2016) (in holding that a hydroponic system did not meet the
definition of &ldquo;drug paraphernalia&rdquo; the court reasoned that it was not &ldquo;clearly and directly related to the production,
distribution, or consumption of drugs.&rdquo;). As a result, entities that manufacture products that have legal uses other than primarily
for manufacturing or consuming controlled substances should not violate the DPL.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For the same reasons that the
loans to Cannabis Companies complying with state, but not all federal, laws, or equity investments in Cannabis Related Businesses complying
with all applicable laws do not violate the CSA, they do not violate the DPL. In addition, the CSA exempts from</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>68</SUP> SSIC Factual Certification
&para; 10.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">criminal liability
&ldquo;any person authorized by local, State, or Federal law to manufacture, possess, or distribute such items.&rdquo; 21 U.S.C. &sect;
863(f)(1). To the extent any Cannabis Related Business to which SSIC makes an equity investment or loan sells or possesses items primarily
intended or designed for use with cannabis, the items are authorized by state law legalizing cannabis and such items for that use, and
the items and related activities are exempt under section 863(f)(1).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Based on the
foregoing, it is our opinion that SSIC will not violate Section 863 of the CSA, will not be liable for aiding and abetting a violation
of Section 863 of the CSA or be liable for conspiring to violate Section 863 of the CSA.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>THE
                                            MCA</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">U.S. federal money
laundering laws (18 U.S.C. &sect; 1956) criminalize monetary transactions involving proceeds of &ldquo;specified unlawful activity,&rdquo;
which includes violating the CSA. Broadly speaking, section 1956 criminalizes financial transactions involving the proceeds of specified
unlawful activities that (1) conceal the nature, source, or ownership of proceeds they produced; (2) promote further illegal offenses;
or (3) evade reporting requirements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SSIC is not violating
section 1956. It deliberately operates its business openly, does not accept cash payments from its customers, and has an AML policy,
which includes procedures to assure transparency of the sources of funds.<SUP>69</SUP> Absent particular circumstances (such as deliberately
disguising the source of funds or reinvesting them in the underlying criminal activity, neither of which is applicable here), proving
that an ancillary service provider violated section 1956 is difficult. Generally, an ancillary service provider neither specifically
intends to promote the underlying activity nor (absent other action) has knowledge that the transaction is designed to conceal the source
of such funds.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Furthermore, SSIC&rsquo;s
business activities fall well outside the kinds of transactions that the U.S. government has been targeting for money laundering enforcement.
Most of these cases involve international money laundering and criminal and sham enterprises, or bribery within legitimate businesses,
none of which is even remotely involved here. These cases demonstrate how the federal government is choosing to allocate its limited
resources for enforcement of money laundering statutes, with a focus on international crime rings.<SUP>70</SUP> Moreover, despite the
proliferation</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>69</SUP> SSIC Factual Certification
&para; 12; Compliance Manual, Ch. XV.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>70</SUP> For example, recent money
laundering prosecutions include: (1) <I>U.S. v. Wu</I>, 1:20-cr-00015 (E.D. Va. 2020) (A Chinese National pleaded guilty to money laundering
of proceeds from large-scale cocaine trafficking of Latin American drug trafficking organizations in the U.S.); (2) <I>U.S. v. Chatburn
Ripalda</I>, No. 18-20312-CR, 2019 WL 2716237 (S.D. Fla. June 28, 2019) (A Miami-based financial advisor pleaded guilty to participating
in a money laundering conspiracy related to a scheme to pay bribes to officials of Ecuador&rsquo;s state-owned and state-controlled oil
company, in violation of the Foreign Corrupt Practices Act (FCPA), and also money-laundering statutes.); (3) <I>U.S. v. Zong</I>, Civil
No.&nbsp;3:20-cv-00126-JMK (U.S. District Court D. Alaska, 2016) (A U.S. Citizen conspired with three Iranian nationals to conduct fraudulent
transactions to convert and remove Iranian funds from Korean bank accounts and laundered the proceeds into shell companies both in the
U.S. and abroad.).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">of state-legal
cannabis activity throughout the United States, no cases have been brought for violations of section 1956 against state-licensed Cannabis
Companies within the past six years.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Based on the
foregoing, in our opinion SSIC&rsquo;s investment activity will not constitute an offense under Section 1956 (i.e., obtaining proceeds
from an unlawful activities) or constitute aiding and abetting an offense under the MCA.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>ENFORCING
                                            FEDERAL LAWS</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Executing
                                            Federal Laws</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Congress gives
federal agencies significant authority in executing federal laws, including the Drug Enforcement Agency (&ldquo;DEA&rdquo;), the law
enforcement arm of the federal government primarily responsible for enforcing the CSA.<SUP>71</SUP> Further, federal prosecutors have
wide latitude in determining when, who, how and even whether to prosecute for alleged violations of federal criminal law.<SUP>72</SUP>
In the federal criminal legal system, &ldquo;the decision whether or not to prosecute, and what charge to file or bring before a grand
jury, generally rests entirely in [the prosecutor's] discretion.&rdquo;<SUP>73</SUP> That discretion extends to, for example, the decision
to prosecute a matter, the selection of charges, whether to enter into a plea agreement, and participation in sentencing.<SUP>74</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">With
respect to business organizations, such as the Company, the United States Justice Manual provides the following guidelines to prosecutors
to promote the reasoned exercise of discretion:<SUP>75</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            nature and seriousness of the offense, including the risk of harm to the public, and applicable
                                            policies and priorities, if any, governing the prosecution of business organizations for
                                            particular categories of crime;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            pervasiveness of wrongdoing within the business organization, including the complicity in,
                                            or the condoning of, the wrongdoing by management;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>71</SUP> <I>See </I>21 U.S.C. &sect;&sect;
822(a) and 812(c).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>72</SUP> <I>Oyler v. Boles, </I>368
U.S. 448 (1962).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>73</SUP> <I>Bordenkircher v. Hayes,
</I>434 U.S. 357, 364 (1978).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>74</SUP> <I>See </I>United States
Justice Manual at &sect; 9-27.110, available at <FONT STYLE="color: blue"><U>https://www.justice.gov/jm/justice-manual</U>.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>75</SUP> United States Justice
Manual at &sect;&sect; 9-28.300, 9-28.400, 9-28.500, 9-28.600, 9-28.700, 9-28.800, 9-28.900, 9-28.1200, and 9-28.1300, available at <FONT STYLE="color: Blue"><U>https://www.justice.gov/jm/justice-manual</U></FONT>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            business organization's history of similar misconduct, including prior criminal, civil, and
                                            regulatory enforcement actions against it;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            business organization's identification of individuals responsible for the misconduct and
                                            production of misconduct information;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            existence, effectiveness, and enforcement of the business organization's pre-existing compliance
                                            program;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            business organization's timely and voluntary disclosure of wrongdoing;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            business organization's remedial actions, including any efforts to implement an effective
                                            corporate compliance program or to improve an existing one, to replace responsible management,
                                            to discipline or terminate wrongdoers, to pay restitution, and to discipline wrongdoers;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collateral
                                            consequences, including whether there is disproportionate harm to shareholders, pension holders,
                                            employees, and others not proven personally culpable, as well as impact on the public arising
                                            from the prosecution;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            adequacy of remedies such as civil or regulatory enforcement actions; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            adequacy of the prosecution of individuals responsible for the business organization's malfeasance.
                                            </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>DOJ
                                            Position on Enforcement of Federal Cannabis Laws </U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">While Nasdaq has
maintained that issuers may not rely entirely on continued prosecutorial discretion as a basis for listing, the absence of <I>any</I>
prosecutions over the last at least six years of state law compliant Cannabis Companies, let alone their vendors or those providing financial
services, is relevant. The federal government has not even indicated that it will start enforcing federal cannabis prohibition against
those companies, and no industry observer has suggested that mass federal enforcement of federal cannabis laws is anticipated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Since December
2014 (more than six full years), companies strictly complying with state <I>medical</I> cannabis laws have also been protected against
enforcement by a provision (originally called the Rohrabacher-Farr amendment, now known as the Joyce amendment) in the Omnibus Spending
Bill, which prevents federal prosecutors from using federal funds to impede the implementation of medical cannabis laws enacted at the
state level.<SUP>76</SUP> Courts have interpreted the provision to bar the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>76</SUP> Consolidated Appropriations
Act, 2021, Public Law No. 116-260, Div. B, &sect; 531, https://www.congress.gov/bill/116th-congress/house-bill/133/text (&ldquo;None
of the funds made available under this Act to the Department of Justice may be used, with respect to any of the [states with medical
marijuana programs], to prevent any of them from implementing their own laws that authorize the use, distribution, possession, or cultivation
of medical marijuana.&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">DOJ from prosecuting
any person or entity in strict compliance with state medical cannabis laws.<SUP>77</SUP> <FONT STYLE="background-color: white">Additionally,
because the Joyce amendment bars prosecutions of state-compliant medical Cannabis Companies, a court would bar related charges against
entities providing services or products to the company complying with a state medical cannabis law.<SUP>78</SUP> The federal government
would be barred from prosecuting SSIC for providing services to businesses with state medical cannabis licenses. Moreover, in that six-year
period, and even during the tenure of Jeff Sessions as U.S. Attorney General, the federal government has brought no criminal enforcement
against <I>any</I> state-law compliant Cannabis Companies at all, not just those involved with medical cannabis.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">There
is no reason to believe that enforcement will increase under President Biden. He has promised federal reform on cannabis, including decriminalization
generally. According to the Biden website, a Biden Administration &ldquo;will decriminalize cannabis use and automatically expunge prior
convictions. And, he will support the legalization of cannabis for medical purposes, leave decisions regarding legalization for recreational
use up to the states, and reschedule cannabis as a schedule II drug so researchers can study its positive and negative impacts.&rdquo;<SUP>79
</SUP>The Biden-Sanders Unity Platform, which was released at the time President Biden won the Democratic Party nomination for President,
affirmed that his administration would seek to &ldquo;[d]ecriminalize marijuana use and legalize marijuana for medical purposes at the
federal level;&rdquo; &ldquo;allow states to make their own decisions about legalizing recreational use;&rdquo; and &ldquo;automatically
expunge all past marijuana convictions for use and possession.&rdquo;<SUP>80</SUP> Biden&rsquo;s pledge to &ldquo;decriminalize&rdquo;
cannabis may be reasonably interpreted to mean that any Attorney General under his administration will order U.S. Attorneys not to enforce
the federal cannabis prohibition against state law compliant entities and others legally transacting business with them.</FONT><FONT STYLE="font-size: 10pt"><SUP>81</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>77</SUP> <I>United States v. McIntosh</I>,
833 F.3d 1163 (9th Cir. 2016).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>78</SUP> <I>See United States v.
Samp</I>, No. 16-cr-20263, 2017 WL 1164453, at *2 (E.D. Mich. Mar. 29, 2017) (defendant prosecuted for possessing a firearm while unlawfully
using a controlled substance was entitled to evidentiary hearing regarding strict compliance with state&rsquo;s medical cannabis laws
prior to further prosecution by DOJ).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>79</SUP> Biden-Harris, &ldquo;The
Biden Plan for Strengthening America&rsquo;s Commitment to Justice,&rdquo; <FONT STYLE="color: Blue"><U>https://joebiden.com/justice/</U></FONT>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>80</SUP> Biden-Sanders Unity Task
Force Recommendations: Combating The Climate Crisis And Pursuing Environmental Justice, <FONT STYLE="color: Blue"><U>https://joebiden.com/wp-content/uploads/2020/08/UNITY-TASK-FORCE-RECOMMENDATIONS.pdf</U></FONT>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>81</SUP> <I>See, e.g.</I>, John
Schroyer, <I>Biden to tap Merrick Garland for attorney general, offering stark contrast to anti-cannabis AGs under Trump</I>, Marijuana
Business Daily (Jan. 6, 2021), <FONT STYLE="color: Blue"><U>https://mjbizdaily.com/biden-to-tap-merrick-garland-for-attorney-general/</U></FONT>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">Biden
has selected Judge Merrick Garland to serve as the U.S. Attorney General under his administration. Judge Garland has not publicly expressed
any negative views toward cannabis legalization or decriminalization. </FONT><FONT STYLE="font-size: 10pt">During his confirmation hearing
before the U.S. Senate, Judge Garland testified that prosecuting companies in &ldquo;states that have legalized and that are regulating
marijuana, either medically or otherwise,&rdquo; would not be a &ldquo;useful use of limited resources.&rdquo;<SUP>82</SUP> Therefore,
the status quo of federal non-enforcement is expected to continue for the foreseeable future.<SUP>83</SUP> Additionally, industry advocates
remain hopeful that some reform will be possible in the coming years, including banking reform. The Secure and Fair Enforcement (SAFE)
Banking Act would protect financial institutions and other parties accepting money derived from the state legal cannabis industry by
&ldquo;create[ing] protections for depository institutions that provide financial services to cannabis-related legitimate businesses
and service providers for such businesses&hellip;.&rdquo;<SUP>84</SUP> Also recently introduced into Congress is another bill, the States
Reform Act, introduced by Rep. Nancy Mace of South Carolina, which would repeal the federal prohibition of cannabis.<SUP>85</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Based on the
foregoing, and subject to the assumptions, qualifications and limitations set forth herein, in our opinion, neither SSIC nor its shareholders,
for their investment in SSIC, will violate federal law, and specifically the federal Controlled Substances Act, including the Drug Paraphernalia
Law, or the Money Laundering Control Act, with respect to the Company&rsquo;s (i) equity and debt investments in Cannabis Related Businesses
and (ii) debt investments in Cannabis Companies. SSIC does not directly or indirectly violate the CSA, does not have the criminal intent
for aiding and abetting or conspiracy theories, is not engaged, or planning to engage, in money laundering, and also does not violate
the DPL.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>82</SUP> <I>See Attorney General
Nominee Merrick Garland Testifies at Confirmation Hearing</I>, C-SPAN (Feb. 22, 2021), <FONT STYLE="color: Blue"><U>https://www.c-span.org/video/?508877-1/attorney-general-nominee-merrick-garland-testifies-confirmation-hearing</U></FONT>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>83</SUP> Even Supreme Court Justices
have commented on federal non-enforcement. In a June 2021 opinion, Supreme Court Justice Clarence Thomas addressed the current state
of federal prohibition and suggested that seminal case <I>Gonzales v. Raich</I> may be decided differently today: &ldquo;If the Government
is now content to allow States to act &lsquo;as laboratories&rsquo; and try novel social and economic experiments,&rsquo;&hellip;then
it might no longer have authority to intrude on &lsquo;[the] States&rsquo; core police powers&hellip;to define criminal law and to protect
the health, safety, and welfare of their citizens.&rsquo;&rdquo; <I>Standing Akimbo, LLC v. United States</I>. 141 S. Ct. 2236, 2238
(2021).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>84</SUP> Secure and Fair Enforcement
(SAFE) Banking Act, H.R. 1996, 117<SUP>th</SUP> Cong. (2021).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>85</SUP> States Reform Act, H.R.
5977, 117<SUP>th</SUP> Cong. (2021).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Legal Opinion for Silver Spike Investment Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 3, 2021 </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Furthermore,
the U.S. government&rsquo;s history of enforcement and statements about this legal area indicate that any claim against a company like
SSIC is highly unlikely. Last, the long standing Joyce amendment protection of state-legal medical cannabis businesses would bar a federal
criminal claim against SSIC for services to those businesses. In conclusion, as explained in this letter, the Company&rsquo;s business
will not violate U.S. federal law or the law in any jurisdiction where the Company operates.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We hereby consent
to the filing of this opinion as an exhibit to the Company's Registration Statement on Form N-2, including any amendments and supplements
thereto. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section
7 of the Securities Act, or the rules and regulations of the SEC thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><BR>
<U>/s/ Eric P. Berlin</U>___________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Eric
P. Berlin</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Partner</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Dentons
US LLP</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-99.N3
<SEQUENCE>4
<FILENAME>dp163051_exn3.htm
<DESCRIPTION>EXHIBIT N.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black"><B>Exhibit
N.3</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; color: fuchsia"><FONT STYLE="color: Black">Consent
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">Silver
Spike Investment Corp.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">660
Madison Avenue</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">New
York, NY</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">We hereby consent
to the use in the Prospectus constituting a part of this Registration Statement on Form N-2 (Pre-Effective Amendment No. 3) of our
report dated July 9, 2021, relating to the financial statements of Silver Spike Investment Corp., which is contained in
Part A of that Prospectus.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">We
also consent to the reference to us under the caption &ldquo;Independent Registered Public Accounting Firm&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">/s/
BDO USA, LLP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">New
York, New York</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">December 3, 2021</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"></P>

<P STYLE="color: #685040; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">BDO
USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee,
and forms part of the international BDO network of independent member firms.</FONT></P>

<P STYLE="color: #685040; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #685040"><FONT STYLE="font-size: 8pt">BDO is the brand name
for the BDO network and for each of the BDO Member Firms.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #685040">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="color: Black"></FONT></P>


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<DOCUMENT>
<TYPE>EX-99.S
<SEQUENCE>5
<FILENAME>dp163051_exs.htm
<DESCRIPTION>EXHIBIT S
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that the person
whose signature appears below hereby constitutes and appoints Scott Gordon and Gregory Gentile, and each of them acting individually,
his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and
stead, in any and all capacities, to sign the Registration Statement on Form N-2 of Silver Spike Investment Corp., any and all amendments
thereto, and any related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same,
with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">IN WITNESS
WHEREOF, the undersigned has executed this&nbsp;Power of Attorney&nbsp;as of the 1st day of December, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 68%">&nbsp;</TD>
  <TD STYLE="width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="background-color: white"><U>/s/ Americo
Da Corte&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Americo Da Corte&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Director</P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4in">&nbsp;</P>

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<SEQUENCE>6
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
