ⁱ Loans are collateralized by a Specific Unit of Beneficial Interest (the “SUBI”), a UCC Article 8 Security, issued by UC Secured Assets Trust. The SUBI is backed by Bitcoin that the Borrower must deposit into a multi-signature three-way vault. Loans are typically less than one year in duration and have 2.5x collateral to the borrowed amount. While the manager does not anticipate holding Bitcoin because the Servicer is expected to immediately liquidate any Bitcoin pledged as collateral for any Loan in the event of Borrower default, the Fund may hold Bitcoin for various periods of time. The volume of loans available, the interest rate earned on loans, and the value of the Bitcoin backing the loan collateral are all based on the Bitcoin market.
ⁱⁱ Returns greater than one year, since inception, or representing FY values are annualized. Any return information provided in this Website has not been audited, and represents the Fund’s performance during the periods noted herein, net of related fees and expenses. A full discussion of related fees and expenses can be found in the Memorandum. The Fund’s future performance may differ materially from its past performance and be subject to various risks noted below and in the Memorandum.
ⁱⁱⁱ Since inception of fee-paying LPs (July 2023) through October 2024.
^iv Calculated using fee-paying LP capital only.
^v Distributions are subject to manager discretion. There is no guarantee of any distributions, and the composition of the distributions, if any, may consist of non-cash items, such as return of capital or borrowings.
^vi Average Loan-to-Value represents the net ratio of loan-to-value for each loan, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each loan divided by the total value of the loan collateral as of the period noted.
^vii As of October 2024.
^viii Leverage is calculated using the average daily borrowings during the month divided by average net assets.
^ix Net Asset Value (NAV) is calculated as total assets (e.g., investments at fair market value, cash, trade receivables and other assets) less total liabilities (e.g., drawn leverage, unsettled trade payables and other liabilities) as determined in accordance with US GAAP.
^x Weighted Average Coupon represents the gross ratio of interest rates for each loan, weighted based on the fair value of total applicable private debt investments.
^xi Average Duration represents the duration for each loan, weighted based on the fair value of total applicable private debt investments.
^xii Measured as the fair market value of investments for each category against the total fair market value of all investments. Totals may not sum due to rounding.

^† There is no guarantee these trends will continue in the future.
¹ Source: Moody’s. Time period: 1982 – 2004.
² Source: S&P Global. Time period: 2019 – 2022.
³ Source: Moody’s. Time period: 2021 – 2022.
⁴ Source: S&P Global. As of March 2022.
⁵ Source: S&P Global. As of February 2023.
⁶ Based on Unchained historical loan performance. 2017 – June 2024.