Monthly NAV

Represents the NAV per share of the applicable class of NEWCRED’s common shares. The NAV per share presented is rounded to two decimal places. NAV is calculated in accordance with the valuation guidelines approved by our board of trustees. NAV is not a measure used under generally accepted accounting principles in the United States ("GAAP"), and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to shareholders’ equity or any other GAAP measure.