What changed in this filing

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Item 1A. Risk Factors

2026-03-12 compared with 2025-03-13 · 114 added, 142 removed, 750 unchanged (25% of the section changed)

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If any of the following risks occur, our business, financial condition and results of operations could be materially adversely affected.

In such case, our NAV and the trading prices of our shares of common stock and our 2029 Notes could decline, and you may lose all or part of your investment.

In such case, our NAV and the trading prices of our shares of common stock, our 7.50% 2029 Notes and our 2031 Notes could decline, and you may lose all or part of your investment(s).

Risks Relating to Our Business and Structure

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Our board of directors has the authority to modify or waive our current operating policies, investment criteria and strategies without prior notice and without shareholder approval.

We cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, NAV, operating results or trading prices of our common stock and our 2029 Notes.

However, the effects might be adverse, which could negatively impact our ability to pay shareholders distributions and cause shareholders to lose all or part of their investment.

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Conditions in the medium- and large-sized U.S.

corporate debt market may deteriorate, as seen during the 2008 financial crisis and the 2020 outbreak of the COVID-19 pandemic, which may cause pricing levels to similarly decline or be volatile.

During the financial crisis and the 2020 outbreak of the COVID-19 pandemic, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests.

corporate debt market may deteriorate, as seen during the 2020 outbreak of the COVID-19 pandemic, which may cause pricing levels to similarly decline or be volatile.

During the 2020 outbreak of the COVID-19 pandemic, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests.

This resulted in a forced deleveraging cycle of price declines, compulsory sales, and further price declines, with falling underlying credit values, and other constraints resulting from the credit crisis and the pandemic generating further selling pressure.

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A significant increase in the number and/or the size of our competitors in our target market could force us to accept less attractive investment terms.

As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith by our board of directors and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

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 by our board of directors, including through delegation to CIM as our valuation designee.

As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith by CIM, as our valuation designee, subject to the oversight of our board of directors and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

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 by CIM, as our valuation designee, subject to the oversight of our board of directors.

There is not a public market for the securities of the privately held companies in which we invest.

Most of our investments will not be publicly traded or actively traded on a secondary market.

As a result, we value these securities quarterly at fair value as determined in good faith by our board of directors as required by the 1940 Act.

As a result, we value these securities quarterly at fair value as required by the 1940 Act.

Certain factors that may be considered in determining the fair value of our investments include investment dealer quotes for securities traded on the secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company’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.

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Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

We and our portfolio companies are subject to laws and regulations at the local, state and federal level.

We and our portfolio companies are subject to laws and regulations at the local, state, federal and, in some cases, foreign levels.

These laws and regulations, as well as their interpretation, may be changed from time to time, and new legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our shareholders, potentially with retroactive effect.

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While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank lending could be materially adverse to our business, financial condition and results of operations.

Regulators are also increasing scrutiny and considering regulation of the use of artificial intelligence technologies.

We cannot predict what, if any, actions may be taken or the impact such actions may have on our business and results of operations.

In June 2024, the U.S.

Supreme Court reversed its longstanding approach under the Chevron doctrine, which provided for judicial deference to regulatory agencies.

As a result of this decision, we cannot be sure whether there will be increased challenges to existing agency regulations or how lower courts will apply the decision in the context of other regulatory schemes without more specific guidance from the U.S.

Supreme Court.

For example, the decision could significantly impact consumer protection, advertising, privacy, artificial intelligence, anti-corruption and anti-money laundering practices and other regulatory regimes with which we and our portfolio companies are or may be required to comply.

Any such regulatory developments could result in uncertainty about and changes in the ways such regulations apply to us and our portfolio companies and may require additional resources to ensure continued compliance.

We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States.

Such actions could have a significant adverse effect on our business, financial condition and results of operations.

Regulators are also increasing scrutiny and implementing and considering regulations of the use of artificial intelligence technologies, including with respect to uses of artificial intelligence by investment advisers.

While comprehensive U.S.

regulation has not been enacted to date, various U.S.

governmental agencies and departments, including the SEC and Department of the Treasury, have recently released reports or otherwise indicated interest in assessing risks relating to uses of artificial intelligence by businesses such as ours.

Some specific laws governing artificial intelligence have already been passed in certain U.S.

states and in the EU.

We cannot predict what, if any, effects this may have on our business or the nature of future regulations.

Additionally, any changes to the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy to avail ourselves of new or different opportunities.

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Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our board of directors, including through delegation to CIM as our valuation designee.

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by CIM, as our valuation designee, subject to the oversight of our board of directors.

Decreases in the market value or fair value of our investments relative to amortized cost will be recorded as unrealized depreciation.

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The loss of services of one or more members of CIM’s management team, including members of our investment committee, could adversely affect our financial condition, business and results of operations.

The compensation we pay to CIM was determined without independent assessment on our behalf, and these terms may be less advantageous to us than if such terms had been the subject of arm’s-length negotiations.

The compensation we pay to CIM was not entered into on an arm’s-length basis with an unaffiliated third party.

As a result, the form and amount of such compensation may be less favorable to us than they might have been had these been entered into through arm’s-length transactions with an unaffiliated third party.

CIM’s influence on conducting our operations gives it the ability to increase its fees, which may reduce the amount of cash flow available for distribution to our shareholders.

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Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price per share, after deducting selling commissions and dealer manager fees, that is below our NAV per share, which may be a disadvantage as compared with other public companies.

However, in 2024 we obtained the approval of our shareholders to issue until August 27, 2025, shares of our common stock at prices below the then current NAV per share of our common stock in accordance with the 1940 Act.

We may also, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current NAV of our common stock if our board of directors, including our independent directors, determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, as well as those shareholders that are not affiliated with us, approve such sale.

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 our common stock if our board of directors, including our independent directors, determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, as well as those shareholders that are not affiliated with us, 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 that, in the determination of our board of directors, closely approximates the fair value of such securities.

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A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized.

If our ESG performance does not meet the standards set by such investors or our shareholders, they may choose to exclude our securities from their investments.

If our ESG ratings or performance do not meet the standards set by such investors or our shareholders, they may choose to exclude our securities from their investments.

In addition, investment in funds that specialize in companies that perform well in such assessments remain popular, and major institutional investors have publicly discussed their consideration of such ESG ratings and measures in making their investment decisions.

“Anti-ESG” sentiment has gained momentum across the U.S., with a growing number of states, federal agencies, the executive branch and Congress having enacted, proposed or indicated an intent to pursue “anti-ESG” policies, legislation or issued related legal opinions and engaged in related investigations and litigation.

If investors subject to “anti-ESG” legislation view CIM’s responsible investing or ESG practices as being in contradiction of such “anti-ESG” policies, legislation or legal opinions, such investors may not invest in us and it could negatively impact the price of our common stock.

“Anti-ESG” sentiment has gained momentum across the U.S., with several states, federal agencies, the executive branch and Congress having enacted, proposed or indicated an intent to pursue “anti-ESG” policies, legislation or issued related legal opinions and engaged in related investigations and litigation.

In addition, corporate diversity, equity and inclusion, or DEI, practices have recently come under increasing scrutiny.

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Supreme Court’s decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters and several media campaigns and cases alleging discrimination based on such arguments have been initiated since the decision.

Additionally, in January 2025, President Trump signed a number of Executive Orders focused on DEI, which indicate continued scrutiny of DEI initiatives and potential related investigations of certain private entities with respect to DEI initiatives, including publicly traded companies.

Additionally, in January 2025, President Trump signed a number of Executive Orders focused on DEI, which caution the private sector to end “illegal DEI discrimination and preferences” and preview upcoming compliance investigations of private entities with respect to DEI initiatives, including publicly traded companies.

Agencies across the federal government, including the Department of Justice, the Federal Communications Commission, and the Equal Employment Opportunity Commission, have been focusing on DEI-related investigations and enforcement.

It is uncertain how the interpretation, application, and enforcement of laws (including U.S.

state and federal nondiscrimination laws), policies, and public sentiment related to DEI will evolve, and it may become increasingly challenging to establish global DEI-related policies and programs that meet the varied laws, policies, and norms of different jurisdictions.

If we do not successfully manage expectations across varied stakeholder interests, it could erode stakeholder trust, impact our reputation and constrain our investment opportunities.

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The CSRD requires a much broader range of companies, including non-EU companies with significant turnover and a legal presence in EU markets, to produce detailed and prescriptive reports on sustainability-related matters within their financial statements.

CSRD is a novel regime and applicable scoping thresholds, the date of application and the substance of reporting requirements have been subject to a regulatory amendment process and are expected to be subject to further processes to refine the relevant requirements, including subsequent rule making and regulatory clarifications.

There can be no assurance that adverse developments with respect to CSRD will not adversely affect our assets or the returns from those assets.

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In such a scenario, high interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates.

In an effort to combat inflation, the Federal Reserve increased the federal funds rate in 2023.

Although the Federal Reserve decreased the federal funds rate for three consecutive quarters in 2024, it paused a further reduction in January for the first quarter of 2025.

Also, it has indicated that additional rate increases in the future may be necessary to mitigate inflationary pressures and there can be no assurance that the Federal Reserve will not make upwards adjustments to the federal funds rate in the future.

Federal Reserve decreased the federal funds rate multiple times in 2025.

There can be no assurance that the Federal Reserve will not make upwards adjustments to the federal funds rate in the future.

If general interest rates remain high, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay high interest amounts, which could result in a default under their loan documents with us.

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Certain of our portfolio companies are in industries that have been or may be impacted by inflation.

inflation rate has fluctuated throughout 2024 and early 2025, and it remains well above the historic levels over the past several decades.

Inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and certain of our portfolio companies’ operations.

If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans, particularly if interest rates remain high or rise further in response to inflation.

inflation rates have fluctuated in recent periods and remain well above the historic levels over the past several decades.

Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and certain of our portfolio companies’ operations.

In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments.

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Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

Our business operations and our portfolio companies may face risks associated with climate change, including risks related to the impact of climate-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends (such as the process of transitioning to a lower-carbon economy), and risks stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme weather events and rising sea levels and temperatures.

These events and the disruptions they cause, alone or in combination, could also lead to increased costs of insurance for us and/or our portfolio companies .

Risks Relating to Our Debt Financings

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A decrease in the general level of interest rates can be expected to lead to lower interest rates applicable to our portfolio investments and lower net investment income available for distributions to shareholders.

In addition to regulatory requirements that restrict our ability to raise capital, the JPM Credit Facility, the 2025 UBS Credit Facility, the 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes contain various covenants that, if not complied with, could accelerate repayment under such secured and unsecured borrowings, thereby materially and adversely affecting our liquidity, financial condition and results of operations.

The agreements governing the JPM Credit Facility, the 2025 UBS Credit Facility, the 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes require us to comply with certain financial and operational covenants.

In addition to regulatory requirements that restrict our ability to raise capital, our JPM Credit Facility, our UBS Credit Facility, our 2024 and 2022 Term Loans, our Series A Notes, our Floating Rate 2027 Notes, our 7.41% 2027 Notes, our 7.70% 2029 Notes, our 7.50% 2029 Notes and our 2031 Notes contain various covenants that, if not complied with, could accelerate repayment under such secured and unsecured borrowings, thereby materially and adversely affecting our liquidity, financial condition and results of operations.

The agreements governing our JPM Credit Facility, our UBS Credit Facility, our 2024 and 2022 Term Loans, our Series A Notes, our Floating Rate 2027 Notes, our 7.41% 2027 Notes, our 7.70% 2029 Notes, our 7.50% 2029 Notes and our 2031 Notes require us to comply with certain financial and operational covenants.

These covenants may include, among other things:

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• maintenance of a minimum level of shareholders’ equity.

As of the date of this Annual Report, we are in compliance in all material respects with the covenants of the JPM Credit Facility, the 2025 UBS Credit Facility, the 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes.

As of the date of this Annual Report, we are in compliance in all material respects with the covenants of our JPM Credit Facility, our UBS Credit Facility, our 2024 and 2022 Term Loans, our Series A Notes, our Floating Rate 2027 Notes, our 7.41% 2027 Notes, our 7.70% 2029 Notes, our 7.50% 2029 Notes and our 2031 Notes.

However, our continued compliance with these covenants depends on many factors, some of which are beyond our control.

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Any such increase could result in our inability to comply with our obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of shareholders’ equity.

Accordingly, although we believe we will continue to be in compliance, there are no assurances that we will continue to comply with the covenants in the JPM Credit Facility, the 2025 UBS Credit Facility, the 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes.

Accordingly, although we believe we will continue to be in compliance, there are no assurances that we will continue to comply with the covenants in our JPM Credit Facility, our UBS Credit Facility, our 2024 and 2022 Term Loans, our Series A Notes, our Floating Rate 2027 Notes, our 7.50% 2029 Notes, our 7.41% 2027 Notes, our 7.70% 2029 Notes and our 2031 Notes.

Failure to comply with these covenants could result in a default under such secured and unsecured borrowings, that, if we were unable to obtain a waiver from the lenders or holders of such indebtedness, as applicable, such lenders or holders could accelerate repayment under such indebtedness and thereby have a material adverse impact on our business, financial condition and results of operations.

The 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

The 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes are generally not secured by any of our assets or any of the assets of our subsidiaries.

As a result, the 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness.

In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes.

As a result, the indebtedness under the JPM Credit Facility and the 2025 UBS Credit Facility is therefore effectively senior in right of payment to our 2026 Notes, the 2024 and 2022 Term Loans, the Series A Notes, the 2027 Notes and the 2029 Notes to the extent of the value of such assets.

Our 2024 and 2022 Term Loans, our Series A Notes, our Floating Rate 2027 Notes, our 7.41% 2027 Notes, our 7.70% 2029 Notes, our 7.50% 2029 Notes and our 2031 Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

Our 2024 and 2022 Term Loans, our Series A Notes, our Floating Rate 2027 Notes, our 7.41% 2027 Notes, our 7.70% 2029 Notes, our 7.50% 2029 Notes and our 2031 Notes are generally not secured by any of our assets or any of the assets of our subsidiaries.

As a result, such unsecured indebtedness is effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness.

In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of our 2024 and 2022 Term Loans, our Series A Notes, our Floating Rate 2027 Notes, our 7.41% 2027 Notes, our 7.70% 2029 Notes, our 7.50% 2029 Notes and our 2031 Notes.

As a result, the indebtedness under our JPM Credit Facility and our UBS Credit Facility is therefore effectively senior in right of payment to our unsecured indebtedness to the extent of the value of such assets.

Federal Income Tax Risks

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Thus, although a distribution of deferred PIK interest may come from the cash invested by shareholders or from borrowings, the 1940 Act does not require that shareholders be given notice of this fact by reporting it as a return of capital.

If we do not qualify as a “publicly offered regulated investment company,” as defined in the Code, shareholders will be taxed as though they received a distribution of some of our expenses.

A “publicly offered regulated investment company” is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year.

If we are not a publicly offered RIC for any period, a non-corporate shareholder’s allocable portion of our affected expenses, including our management fees, will be treated as an additional distribution to the shareholder and will be deductible by such shareholder only to the extent permitted under the limitations described below.

For non-corporate shareholders, including individuals, trusts, and estates, significant limitations generally apply to the deductibility of certain expenses of a non-publicly offered RIC, including advisory fees.

In particular, these expenses, referred to as miscellaneous itemized deductions, are deductible to an individual only to the extent they exceed 2% of such shareholder’s adjusted gross income, and are not deductible for alternative minimum tax purposes.

While we anticipate that we will constitute a publicly offered RIC, there can be no assurance that we will in fact so qualify for any of our taxable years.

Risks Relating to an Investment in Our Common Stock

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• uncertainty surrounding the strength of the U.S.

• concerns regarding European sovereign debt and economic activity generally;

• concerns regarding European economic activity generally;

• operating performance of companies comparable to us;

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If we are unable to assert that our internal control over financial reporting is effective, or if our auditors are unable to attest to management’s report on the effectiveness of our internal controls, we could lose investor confidence in the accuracy and completeness of our financial reports, which would have a material adverse effect on the price of our common stock.

In 2024 we obtained the approval of our shareholders to issue until August 27, 2025, shares of our common stock at prices below the then current NAV per share of our common stock.

If we issue such shares or otherwise receive such approval from shareholders in the future, we may issue shares of our common stock at a price below the then current NAV per share of common stock.

Any such issuance could materially dilute your interest in our common stock and reduce our NAV per share and potentially the trading price of our common stock.

In August 2024, we obtained approval from our shareholders authorizing us to issue shares of our common stock at prices below the then current NAV per share of our common stock in one or more offerings for a 12-month period.

We have not issued any such shares as of the date of this report.

In the future, we may seek to obtain from our shareholders and they may approve a proposal that again authorizes us to issue shares of our common stock at prices below the then current NAV per share of our common stock in one or more offerings for a 12-month period.

Such approval would allow us to access the capital markets in a way that we were previously unable to do as a result of restrictions that, absent shareholder approval, apply to BDCs under the 1940 Act.

Any sale or other issuance of shares of our common stock at a price below NAV per share will result in an immediate dilution to your interest in our common stock and a reduction of our NAV per share and potentially the trading price of our common stock.

This dilution would occur as a result of a proportionately greater decrease in a shareholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance.

Because the number of future shares of common stock that may be issued below our NAV per share and the price and timing of such issuances are not currently known, we cannot predict the actual dilutive effect of any such issuance.

We also cannot determine the resulting reduction in our NAV per share or the trading price of our common stock of any such issuance at this time.

We caution you that such effects may be material, and we undertake to describe all the material risks and dilutive effects of any actual offerings we may make at a price below our then current NAV in the future.

The determination of NAV in connection with an offering of shares of common stock will involve the determination by our board of directors or a committee thereof that we are not selling shares of our common stock at a price below the then current NAV of our common stock at the time at which the sale is made or otherwise in violation of the 1940 Act, unless we have previously received the consent of the majority of our shareholders to do so and the board of directors decides such an offering is in the best interests of our shareholders.

Whenever we do not have current shareholder approval to issue shares of our common stock at a price per share below our then current NAV per share, the offering price per share (after any sales commission or discounts (if applicable)) will equal or exceed our then current NAV per share, based on the value of our portfolio securities and other assets determined in good faith by our board of directors.

A shareholder’s interest in us will be diluted if we issue additional shares of common stock, which could reduce the overall value of an investment in us.

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• loss of a major funding source.

Purchases of our common stock by us pursuant to our 10b5-1 plan may result in the price of our common stock being higher than the price that otherwise might exist in the open market.

We are authorized to purchase up to $60 million of shares of our common stock if our shares trade on the NYSE below the most recently announced NAV per share, subject to certain limitations.

Purchases of our common stock by us pursuant to our share repurchase program may result in the price of our common stock being higher than the price that otherwise might exist in the open market.

We are currently authorized to purchase up to $80 million of shares of our common stock if our shares trade on the NYSE below the most recently announced NAV per share, subject to certain limitations.

Any such purchases will be conducted in accordance with applicable securities laws.

During the year ended December 31, 2025, we repurchased an aggregate of 1,771,403 shares under the 10b5-1 trading plan for an aggregate purchase price of $17,190, or an average purchase price of $9.70 per share.

Purchases made under our 10b5-1 plan and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which we cannot predict.

Purchases made under our share repurchase program and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which we cannot predict.

These activities may have the effect of maintaining the market price of our common stock or slowing a decline in the market price of our common stock, and, as a result, the price of our common stock may be higher than the price that otherwise might exist in the open market.

Purchases of our common stock by us under our 10b5-1 plan may result in dilution to our NAV per share.

Under our 10b5-1 plan, we are authorized to purchase shares of our common stock when the market price per share is below the most recently reported NAV per share, subject to certain limitations.

Purchases of our common stock by us under our share repurchase program may result in dilution to our NAV per share.

Under our share repurchase program, we are authorized to purchase shares of our common stock when the market price per share is below the most recently reported NAV per share, subject to certain limitations.

Because purchases may be made beginning at any price below our most recently reported NAV per share, if our NAV per share decreases after the date as of which NAV per share was last reported, such purchases may result in dilution to our NAV per share.

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Each shareholder is urged to consult its own tax advisors with respect to the tax and tax filing consequences, if any, in its jurisdiction of tax residence of an investment in us, as well as any other jurisdiction in which such shareholder is subject to taxation.

Risks Relating to an Investment in Our Public 2029 Notes

An active trading market for the 2029 Notes may not exist, which could limit a holder’s ability to sell the 2029 Notes or affect the market price of the 2029 Notes.

The 2029 Notes are a recent issue of debt securities.

On October 9, 2024, the 2029 Notes commenced trading on the NYSE under the ticker symbol “CICB.” Although the 2029 Notes are listed on the NYSE, we cannot provide any assurances that an active trading market will develop or be maintained for the 2029 Notes or that holders will be able to sell their 2029 Notes.

The 2029 Notes may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, the time remaining to the maturity of the 2029 Notes, the outstanding principal amount of debt securities with terms identical to the 2029 Notes, the supply of debt securities trading in the secondary market, if any, the redemption or repayment features, if any, of the 2029 Notes, general economic conditions, and our financial condition, performance, prospects and other factors.

Certain of the underwriters have advised us that they intend to make a market in the 2029 Notes, but they are not obligated to do so.

Such underwriters may discontinue any market-making in the 2029 Notes at any time at their sole discretion.

Accordingly, we cannot assure holders that a liquid trading market will develop or be maintained for the 2029 Notes, that holders will be able to sell their 2029 Notes at a particular time or that the price holders receive when they sell will be favorable.

To the extent an active trading market does not develop or is not maintained, the liquidity and trading price for the 2029 Notes may be harmed.

Accordingly, holders may be required to bear the financial risk of an investment in the 2029 Notes for an indefinite period of time.

The optional redemption provision may materially adversely affect holders’ return on the 2029 Notes.

The 2029 Notes are redeemable in whole or in part at any time or from time to time on or after December 30, 2026 at our sole option.

We may choose to redeem the 2029 Notes at times when prevailing interest rates are lower than the interest rate paid on the 2029 Notes.

In this circumstance, holders may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the 2029 Notes being redeemed.

A downgrade, suspension or withdrawal of a credit rating assigned by a rating agency to us, our unsecured debt or the 2029 Notes or a change in the debt markets could cause the liquidity or market value of the 2029 Notes to decline significantly.

Risks Relating to an Investment in Our Public 7.50% 2029 Notes and our Public 2031 Notes

An active trading market for our 7.50% 2029 Notes or our 2031 Notes may not exist, which could limit a holder’s ability to sell our 7.50% 2029 Notes or our 2031 Notes or affect the market price of our 7.50% 2029 Notes or our 2031 Notes.

Our 7.50% 2029 Notes and our 2031 Notes are recent issues of debt securities.

On October 9, 2024, our 7.50% 2029 Notes commenced trading on the NYSE under the ticker symbol “CICB” and on February 12, 2026, our 2031 Notes commenced trading on the NYSE under the ticker symbol “CICC.” Although our 7.50% 2029 Notes and our 2031 Notes are listed on the NYSE, we cannot provide any assurances that an active trading market will develop or be maintained for our 7.50% 2029 Notes or our 2031 Notes or that holders will be able to sell their 7.50% 2029 Notes or our 2031 Notes.

Our 7.50% 2029 Notes or our 2031 Notes may trade at a discount from their initial offering prices depending on prevailing interest rates, the market for similar securities, our credit ratings, the time remaining to the maturity of our 7.50% 2029 Notes or our 2031 Notes, the outstanding principal amount of debt securities with terms identical to our 7.50% 2029 Notes or our 2031 Notes, the supply of debt securities trading in the secondary market, if any, the redemption or repayment features, if any, of our 7.50% 2029 Notes or our 2031 Notes, general economic conditions, and our financial condition, performance, prospects and other factors.

Certain of the underwriters have advised us that they intend to make a market in our 7.50% 2029 Notes and our 2031 Notes, but they are not obligated to do so.

Such underwriters may discontinue any market-making in our 7.50% 2029 Notes or our 2031 Notes at any time at their sole discretion.

Accordingly, we cannot assure holders that a liquid trading market will develop or be maintained for our 7.50% 2029 Notes or our 2031 Notes, that holders will be able to sell their 7.50% 2029 Notes or our 2031 Notes at a particular time or that the price holders receive when they sell will be favorable.

To the extent an active trading market does not develop or is not maintained, the liquidity and trading price for our 7.50% 2029 Notes or our 2031 Notes may be harmed.

Accordingly, holders may be required to bear the financial risk of an investment in our 7.50% 2029 Notes or our 2031 Notes for an indefinite period of time.

The optional redemption provisions may materially adversely affect holders’ return on our 7.50% 2029 Notes or our 2031 Notes.

Our 7.50% 2029 Notes and our 2031 Notes are redeemable in whole or in part at any time or from time to time on or after December 30, 2026 and March 31, 2028, respectively, at our sole option.

We may choose to redeem our 7.50% 2029 Notes or our 2031 Notes at times when prevailing interest rates are lower than the interest rate paid on our 7.50% 2029 Notes or our 2031 Notes.

In this circumstance, holders may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as our 7.50% 2029 Notes or our 2031 Notes being redeemed.

A downgrade, suspension or withdrawal of a credit rating assigned by a rating agency to us, our unsecured debt, our 7.50% 2029 Notes or our 2031 Notes or a change in the debt markets could cause the liquidity or market value of our 7.50% 2029 Notes or our 2031 Notes to decline significantly.

Our credit ratings are an assessment by a rating agency of our ability to pay our debts when due.

Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the 2029 Notes.

These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the 2029 Notes.

Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our 7.50% 2029 Notes and our 2031 Notes.

These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of our 7.50% 2029 Notes and our 2031 Notes.

Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion.

Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of the 2029 Notes of any changes in our credit ratings.

Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of our 7.50% 2029 Notes or our 2031 Notes of any changes in our credit ratings.

There can be no assurance that our credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by a rating agency if in its judgment future circumstances relating to the basis of the credit ratings, such as adverse changes in us, so warrant.

An increase in the competitive environment, inability to cover distributions, or increase in leverage could lead to a downgrade in our credit ratings and limit our access to the debt and equity markets capability impairing our ability to grow the business.

The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the 2029 Notes.

In addition, if the 2029 Notes are no longer rated, this could impact their trading and subject them to greater price volatility.

In addition, if our 7.50% 2029 Notes or our 2031 Notes are no longer rated, this could impact their trading and subject them to greater price volatility.

To the extent they are rated and receive a non-investment grade rating, their price and trading activity could be negatively impacted.

Moreover, if a rating agency assigns the 2029 Notes a non-investment grade rating, the 2029 Notes may be subject to greater price volatility than securities of similar maturity without such a non-investment grade rating.

Moreover, if a rating agency assigns our 7.50% 2029 Notes or our 2031 Notes a non-investment grade rating, our 7.50% 2029 Notes or our 2031 Notes may be subject to greater price volatility than securities of similar maturity without such a non-investment grade rating.

General Risk Factors

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We monitor developments 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.

Concerns over the United States’ debt ceiling and budget-deficit have driven downgrades by rating agencies to the U.S.

government’s credit rating.

Downgrades by rating agencies to the U.S.

government’s credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms.

In addition, a decreased U.S.

government credit rating, any default by the U.S.

government on its obligations, or any prolonged U.S.

government shutdown, could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock.

debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the United States.

Deterioration in the economic conditions in the Eurozone and other regions or countries globally and the resulting instability in global financial markets may pose a risk to our business.

Financial markets have been affected at times by a number of global macroeconomic events, including large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non‑performing loans on the balance sheets of European banks, instability in the Chinese capital markets and global health crises.

Global market and economic disruptions have affected, and may in the future affect, the U.S.

capital markets, which could adversely affect our business, financial condition or results of operations.

We cannot assure you that market disruptions in Europe and other regions or countries, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis.

To the extent uncertainty regarding any economic recovery in Europe or elsewhere negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected.

Moreover, there is a risk of both sector-specific and broad-based corrections and/or downturns in the equity and credit markets.

Any of the foregoing could have a significant impact on the markets in which we operate and could have a material adverse impact on our business prospects and financial condition.

Our business is directly influenced by the economic cycle and could be negatively impacted by a downturn in economic activity in the U.S.

as well as globally.

Concerns over significant volatility in the commodities markets, sluggish economic expansion in foreign economies, including continued concerns over growth prospects in China and emerging markets, growing debt loads for certain countries, uncertainty about the consequences of the U.S.

and other governments withdrawing monetary stimulus measures, government agency closures, prolonged government shutdowns and speculation about a possible recession all highlight the fact that economic conditions remain unpredictable and volatile.

debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the U.S.

Fiscal and monetary actions taken by U.S.

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If key economic indicators, such as the unemployment rate or inflation, do not progress at a rate consistent with the Federal Reserve’s objectives, the target range for the federal funds rate may remain high and cause interest rates and borrowing costs to remain high, which may negatively impact our ability to access the debt markets on favorable terms and may also increase the costs of our borrowers, hampering their ability to repay us.

In an effort to combat inflation, the Federal Reserve increased the federal funds rate in 2023.

Although the Federal Reserve decreased the federal funds rate for three consecutive quarters in 2024, it paused a further reduction in January for the first quarter of 2025.

Federal Reserve decreased the federal funds rate multiple times in 2025.

There can be no assurance that the Federal Reserve will not make upwards adjustments to the federal funds rate in the future.

The timing, number and amount of any such future interest rate changes are uncertain.

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and worldwide.

Global financial markets have experienced heightened volatility in recent periods, including as a result of economic and political events in or affecting the world’s major economies.

Such events, including trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S.

and foreign trade, economic and other policies with other countries, the ongoing war between Russia and Ukraine and conflicts in the Middle East, and health epidemics and pandemics, could adversely affect our business, financial condition or results of operations.

and foreign trade, economic and other policies with other countries, the ongoing war between Russia and Ukraine and continued conflicts and political unrest in the Middle East and South America, and health epidemics and pandemics, could adversely affect our business, financial condition or results of operations.

Sanctions imposed by the U.S.

and other countries have caused additional financial market volatility and affected the global economy.

Market volatility has been further exacerbated by social unrest, changes regarding immigration and work permit policies and other political and security concerns both in the United States and across various international regions.

Because of interrelationships within the global financial markets, if these issues do not abate, or they worsen or spread, our and our portfolio companies, businesses may be adversely affected both within and outside of the directly affected region.

These market and economic disruptions could also negatively impact the operating results of our portfolio companies.

Additionally, as a result of the 2024 U.S.

election, the Republican Party currently controls both the executive and legislative branches of government, which increases the likelihood that legislation may be adopted that could significantly affect the regulation of U.S.

Additionally, the Republican Party currently controls both the executive and legislative branches of the U.S federal government, which increases the likelihood that legislation may be adopted that could significantly affect the regulation of U.S.

financial markets.

Regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities.

The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States.

These market and economic disruptions could negatively impact the operating results of our portfolio companies.

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Such periods may result in, among other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular.

Global financial markets have experienced heightened volatility in recent periods.

In addition, social and political tensions in the U.S.

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and worldwide.

There can be no assurance these market conditions will not occur or worsen in the future, including economic and political events in or affecting the world's major economies, such as the ongoing war between Russia and Ukraine and conflicts in the Middle East.

Sanctions imposed by the U.S.

and other countries in connection with hostilities between Russia and Ukraine and the tensions between China and Taiwan have caused additional financial market volatility and affected the global economy.

Concerns over future increases in inflation, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility.

Market uncertainty and volatility have also been magnified as a result of the 2024 U.S.

presidential and congressional elections and resulting uncertainties regarding actual and potential shifts in U.S.

Concerns over future inflation volatility, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility.

In addition, social unrest, changes regarding immigration and work permit policies and other political and security concerns may not abate, which may cause the debt and equity capital markets and our business to be adversely affected both within and outside of regions experiencing ongoing conflicts.

Market uncertainty and volatility have also been magnified as a result of uncertainties regarding actual and potential shifts in U.S.

and foreign, trade, economic and other policies, including with respect to treaties and tariffs.

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Further, volatility and dislocation in the capital markets may make it difficult to raise equity capital, 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 we have raised over the last few years has generally been at higher rates than we have raised debt at in the past due to the higher interest rate environment we have been experiencing.

The debt capital that we have raised over the last year has been at higher rates than we have raised debt at in the past due to the higher interest rate environment we have been experiencing.

The debt capital available to us in the future, if available at all, may bear a higher interest rate and may be available only on terms and conditions less favorable than those of our existing debt and such debt may need to be incurred in a high interest rate environment.

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Changes to United States tariff and import/export regulations and trade disputes with other countries may have a negative effect on our portfolio companies and, in turn, harm us.

The United States has recently enacted and proposed to enact significant new tariffs.

The United States has enacted and proposed to enact significant new tariffs.

Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S.

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Any interruption or deterioration in the performance of these third parties or the service providers of our counterparties or failures or vulnerabilities of their respective information systems or technology could impair the quality of our operations and could impact our reputation, adversely affect our businesses and limit our ability to grow.

Finally, there has been significant evolution and developments in the use of artificial intelligence technologies, such as GPT-4o.

We cannot fully determine the impact of such evolving technology to our business at this time.

Cybersecurity failures and data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results .

The efficient operation of our business is dependent on information systems and technology, including computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, all of which are potentially vulnerable to cyber-attacks or other security breaches, which may include intentional attacks or accidental losses, either of which may result in unauthorized access to, or corruption of, our hardware, software, or data processing systems, or to our confidential, personal, or other sensitive information.

In addition, we, CIM or its employees may be the target of fraudulent emails or other targeted attempts to gain unauthorized access to confidential, personal, or other sensitive information , which are becoming more sophisticated and difficult to detect.

The efficient operation of our business is dependent on information systems and technology, including computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, all of which are potentially vulnerable to cyber-attacks or other security breaches, which may include intentional attacks or accidental losses, either of which may result in unauthorized access to, or corruption of, our or our third-party service providers’ hardware, software, or data processing systems, or to our confidential, personal, or other sensitive information.

In addition, we, CIM or its employees may be the target of fraudulent emails or other targeted attempts to gain unauthorized access to confidential, personal, or other sensitive information, which are becoming more sophisticated and difficult to detect, particularly as threat actors use artificial intelligence technologies to deploy these attacks.

Artificial intelligence tools may also be susceptible to new forms of cyberattacks, such as prompt injection attacks, which may increase our cybersecurity risks where we implement artificial intelligence technologies in our business.

Cybersecurity risks are also exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, personal information of CIM’s employees, its affiliates’ employees, our investors and others, and other sensitive information that CIG collects, processes and stores in its data centers and on its networks or those of its third-party service providers.

Many jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information, with which we and CIG must comply in the event of a security incident or cyber-attack.

The rapid evolution and increasing prevalence of artificial intelligence technologies may also increase our and CIG’s cybersecurity risks .

The result of any cyber-attack or other security incidents may include disrupted operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen or improperly accessed assets or information (including personal information), fines or penalties, investigations, increased cybersecurity protection and insurance costs, litigation, or damage to our business relationships and reputation, in each case, causing our business and results of operations to suffer.

The rapid evolution and increasing prevalence of artificial intelligence technologies may also increase our cybersecurity risks.

Although we are not currently aware of any cyber-attacks or other security incidents that, individually or in the aggregate, have materially affected, or would reasonably be expected to materially affect, our operations or financial condition, there has been an increase in the frequency and sophistication of the cyber and security threats that we face, with attacks ranging from those common to businesses generally to more advanced and persistent attacks.

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and around the world.

In February 2022, the SEC proposed, and subsequently delayed the adoption of, new rules related to cybersecurity risk management for registered investment advisers, registered investment companies and business development companies, as well as amendments to certain rules that govern investment adviser and fund disclosures.

In July 2023, the SEC also adopted rules requiring public companies to disclose material cybersecurity incidents on Form 8-K and periodic disclosure of a registrant’s cybersecurity risk management, strategy, and governance in annual reports.

The rules became effective beginning with annual reports for fiscal years ending on or after December 15, 2023 and beginning with Form 8-Ks on December 18, 2023.

In May 2024, the SEC adopted amendments to Regulation S-P, which, beginning in December 2025, require investment companies and SEC-registered investment advisers to adopt written policies and procedures for incident response programs to address unauthorized access to, or use of, customer information, including providing notice to certain individuals affected by any such incident.

The SEC has adopted rules related to cybersecurity risk management for registered investment advisers, registered investment companies and business development companies.

In addition, the SEC requires public companies to disclose material cybersecurity incidents on Form 8-K and provide periodic disclosure regarding their cybersecurity risk management, strategy, and governance in annual reports on Form 10-K.

In May 2024, the SEC adopted cybersecurity regulations as an amendment to Regulation S-P designed to establish a federal “minimum standard” for covered institutions to adopt an incident response program to govern their response to any unauthorized access of customer information.

The adopted rule requires compliance as of December 2025 and applies to us as it includes investment companies and registered investment advisers.

The amendments require implementation of written policies and procedures to safeguard customer records and information by imposing notification requirements to affected individuals whose sensitive customer information was or is reasonably likely to have been accessed or used without authorization and other requirements, such as review of incident response programs and having policies and procedures regarding compliance by third-party service providers.

With the SEC particularly focused on cybersecurity, we expect increased scrutiny of our and CIG’s policies and systems designed to manage cybersecurity risks and related disclosures.

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Breaches in security could potentially jeopardize CIM’s employees’ or our investors’ or counterparties’ confidential or other information processed and stored in, or transmitted through, our or CIG’s computer systems and networks (or those of our third-party service providers), or otherwise cause interruptions or malfunctions in CIM’s employees’, our investors’, our portfolio companies’, our counterparties’ or third parties’ operations, which could result in significant losses, increased costs, disruption of our business, liability to our investors, our portfolio companies and other counterparties, fines or penalties, litigation, regulatory intervention or reputational damage, which could also lead to a loss of investors.

We and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.

Our cash is held principally at one financial institution that we believe is of high quality and at times may exceed insured limits.

Cash held by us and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the FDIC insurance limits.

If such banking institutions were to fail, we or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations.

In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our and our portfolio companies’ business, financial condition, results of operations, or prospects.

Although we assess our banking relationships as we believe necessary or appropriate, our access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our current and projected future business operations could be significantly impaired by factors that affect us, the financial institutions with which we have arrangements directly, or the financial services industry or economy in general.

These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets or concerns or negative expectations about the prospects for companies in the financial services industry.

These factors could involve financial institutions or financial services industry companies with which we have financial or business relationships but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S.

or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all.

Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.

Artificial intelligence, including machine learning technology and generative artificial intelligence, is rapidly evolving.

While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on our or our portfolio companies’ business, financial condition and results of operations.

We and CIM plan to expand our use of artificial intelligence tools and technologies in the operation of our business.

In addition, certain of our portfolio companies use and may plan to expand their use of artificial intelligence tools and technologies in the operation of their businesses.

These uses come with potential risks, including, but not limited to, generation of inaccurate results, misuse or disclosures of confidential information, infringement of third-party intellectual property rights, potential cybersecurity vulnerabilities, reputational risk, and regulatory burdens.

Artificial intelligence models may create outputs that are flawed, inaccurate, biased, or that infringe or misappropriate intellectual property of third parties.

The models may also be subject to new or different modes of cyberattacks, including prompt injection attacks, and such attacks may be able to circumvent our cybersecurity tools and processes.

To the extent we, CIM or any of our portfolio companies rely on such technologies, these risks could negatively impact us or our portfolio companies.

There is also a risk that artificial intelligence tools or applications may be misused by employees and/or third parties engaged by us, CIM or by our portfolio companies.

For example, an employee of CIM may input confidential information, including material non-public information, trade secrets, or personal information, into artificial intelligence technologies in a manner that results in such information becoming part of a dataset that is accessible by third-party artificial intelligence applications and users, including our competitors.

Further, we, CIM or our portfolio companies may not be able to control how third-party artificial intelligence technologies that we or they choose to use are developed or maintained, or how data we or they input is used or disclosed, even where contractual protections with respect to these matters have been sought.

The misuse or misappropriation of our data could have an adverse impact on our reputation and could subject us to legal and regulatory investigations and/or actions.

The misuse or misappropriation of data of any of our portfolio companies could have an adverse impact on such businesses reputation and could subject such portfolio company to legal and regulatory investigations and/or actions.

We or our portfolio companies may also be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within our respective industries.

If our or our portfolio companies’ competitors are more successful than us or our portfolio companies in the use of artificial intelligence or development of services or products based on artificial intelligence, or we or our portfolio companies do so at a slower pace than others, we or our portfolio companies may be at a competitive disadvantage.

In addition, our or our portfolio companies’ investments in technology systems and artificial intelligence may not deliver the benefits we or they expect, which could be costly for our or their respective businesses.

Finally, regulations related to artificial intelligence may also impose on us or our portfolio companies certain obligations and costs related to monitoring and compliance, and we or they could be subject to regulatory actions if we or they are deemed not to have complied.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors