Jubilee CLO 2021-XXV DAC (Refinance): 15 August 2026

The assets securing the Notes will consist of a portfolio of predominantly Secured Senior Loans, Secured Senior Bonds, Unsecured Senior Obligations, Mezzanine Obligations and High Yield Bonds, managed by BSP CLO Management LLC.

On 8 December 2021 (the Original Issue Date) Jubilee CLO 2021-XXV DAC issued Class A Senior Secured Floating Rate Notes due 2035, Class B-1 Senior Secured Floating Rate Notes due 2035, Class B-2 Senior Secured Fixed Rate Notes due 2035, Class C-1 Deferrable Mezzanine Floating Rate Notes due 2035, Class C-2 Deferrable Mezzanine Fixed Rate Notes due 2035, Class D Deferrable Mezzanine Floating Rate Notes due 2035, Class E Deferrable Junior Floating Rate Notes due 2035, Class F Deferrable Junior Floating Rate Notes due 2035 and Subordinated Notes due 2035.

On or about 13 August 2026 (the Issue Date) the Issuer will, subject to certain conditions, refinance the Original Notes by issuing Class X Senior Secured Floating Rate Notes due 2039, Class A-R Senior Secured Floating Rate Notes due 2039, Class B-1-R Senior Secured Floating Rate Notes due 2041, Class B-2-R Senior Secured Fixed Rate Notes due 2041, Class C-R Deferrable Mezzanine Floating Rate Notes due 2041, Class D-R Deferrable Mezzanine Floating Rate Notes due 2041, Class E-R Deferrable Junior Floating Rate Notes due 2041, Class F-R Deferrable Junior Floating Rate Notes due 2041 and additional Subordinated Notes due 2041.

The Existing Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this offering.

The Refinancing Notes are being offered by the Issuer through Jefferies International Limited in its capacity as placement agent of the Refinancing Notes and in its separate capacity as arranger.