Note 13. Kingsbridge Holdings, LLC

On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC (“KBH”) through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual-focused independent mid-ticket lessor of equipment primarily to U.S. investment grade companies. The Company invested $216,596 to effect the transaction, of which $136,596 was invested to acquire 87.5% of KBHT’s equity and $80,000 of KBH’s debt. The existing management team of KBH committed to continuing to lead KBH after the transaction. Following the transaction, the Company owned 87.5% of KBHT’s equity and the KBH management team owned the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. On March 11, 2025, as per the terms of the original purchase agreement, the Company acquired an additional 3.125% of KBHT’s equity from the KBH management team. Effective with these purchases, the Company owns 93.75% of KBHT’s equity and the KBH management team owns the remaining 6.25%.

As of June 30, 2025 and December 31, 2024, KBHT had total assets of $883,672 and $920,072, respectively. For the same periods, debt recourse to KBHT totaled $264,833 and $271,584, respectively, and non-recourse debt totaled $410,811 and $421,587, respectively. None of the debt is recourse to the Company. For the three months ended June 30, 2025 and 2024, KBHT had net income of $2,877 and $2,675, respectively, on gross income of $90,007 and $78,485, respectively. For the six months ended June 30, 2025 and 2024, KBHT had net income of $6,241 and $4,603, respectively, on gross income of $187,949 and $158,493, respectively.