Moody's modeled the transaction using a cash flow model based on the Binomial

Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Global

Approach to Rating Collateralized Loan Obligations" rating methodology published in
December 2021.

For modeling purposes, Moody's used the following base-case assumptions:

Par amount: $360,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3300

Weighted Average Spread (WAS): 3.60% (over SOFR)

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 7.0 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global Approach to
Rating Collateralized Loan Obligations" published in December 2021 and available at
https://ratings.moodys.com/api/rmc-documents/74832. Alternatively, please see the
Rating Methodologies page on https://ratings.moodys.com for a copy of this
methodology.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

The performance of the Rated Notes is subject to uncertainty. The performance of

the Rated Notes is sensitive to the performance of the underlying portfolio, which
in turn depends on economic and credit conditions that may change. The Manager's
investment decisions and management of the transaction will also affect the
performance of the Rated Notes.

Further details regarding Moody's analysis of this transaction may be found in the
related pre-sale report, available soon on Moodys.com