Exhibit (c)(10)

Discussion Materials Project William September 23, 2020

Analysis at Various Prices Notes:Includes July and August estimated income of $3.63/shareAssumes 0.80x
P/BV exit multiple at year fiveIncludes July trading gains of $34.4MM, July OCI gains of $6.2MM and August trading gains of $24.3MM 2

Potential Transaction Structures – $30 Key Objectives: 1) Maximization of Price, 2) Certainty of Price,
3) Form of Consideration 3 Unhedged Transaction Hedged Transaction Key transaction terms:Fixed price of $30Buyer has termination right below 36% of book valueOption for existing investors to elect equity rollover of up to 15% of equity
value; minimum roll of $500K per investor Key transaction terms:Fixed price of $30Buyer has termination right below 20% of book valueOption for existing investors to elect equity rollover of up to 15% of equity value; minimum roll of $500K per
investorWatford to implement hedge with cost of $26MM, covering -5.5-20% downside on HPS non-IG portfolio

Hedge Illustration – $30 Hedge: (5.4)% - (20.0)% of HPS Non-IG ((10)% - (36)% of Book Value) Key
assumptions:Hedge structured to pay out max of $218MM Hedge expense assumed to be $26MMBook value adjustment occurs vs. post-hedge book value ($41.14)Walkaway once losses exceed (20%) down on HPS portfolio 4 Represents market movement over
net assets between 4Q’19 and 1Q’20 (excl. interest income) Hedge Corridor

Potential Transaction Structures – $31 Key Objectives: 1) Maximization of Price, 2) Certainty of Price,
3) Form of Consideration 5 Unhedged Transaction Hedged Transaction Key transaction terms:Fixed price of $31Buyer has termination right below 36% of book valueOption for existing investors to elect equity rollover of up to 15% of equity
value; minimum roll of $500K per investor Key transaction terms:Fixed price of $31Buyer has termination right below 20% of book valueOption for existing investors to elect equity rollover of up to 15% of equity value; minimum roll of $500K per
investorWatford to implement hedge with cost of $26MM, covering -5.5-20% downside on HPS non-IG portfolio

Hedge Illustration – $31 Hedge: (5.4)% - (20.0)% of HPS Non-IG ((10)% - (36)% of Book Value) Key
assumptions:Hedge structured to pay out max of $218MMHedge expense assumed to be $26MMBook value adjustment occurs vs. post-hedge book value ($41.14)Walkaway once losses exceed (20%) down on HPS portfolio 6 Represents market movement over
net assets between 4Q’19 and 1Q’20 (excl. interest income) Hedge Corridor