Share Price

INVESTORS

Financial Resources

Balance Sheet ($ in millions, except per share) 12/31/2025 11/30/2025
Equity Investments $1,186.2 $1,203.0
Income Investments $15.4 $19.0
Total Direct Investments $1,201.5 $1,222.1
Legacy Private Equity Funds $3.8 $3.8
Total Private Equity Fair Value $1,205.3 $1,225.8
Cash / Liquid Investments $91.6 $78.5
Credit Facility Borrowings ($90.0) ($90.0)
Other ($3.3) $0.8
Net Asset Value $1,203.6 $1,215.1
Net Asset Value per Share $27.80 $27.74
Summary of Private Equity Exposure
Private Equity Investment Level 100% 101%
Cash / Liquid Investments + Available Credit Facility $301.6 $288.5
Adjusted Unfunded Commitments $35.6 $35.5
Adjusted Commitment Cover Ratio 847% 812%
Sterling NAV & Trading Information (£)
NAV Per Share £20.67 £20.94
Closing Share Price £16.18 £15.70
Premium (Discount) -21.7% -25.0%

As at 31 December 2025.