Note 7. Debt

Unsecured Notes

On August 21, 2025, the Company closed a private offering of $75,000 of unsecured notes due 2028 (the “2028 Series J Unsecured Notes”) with a fixed interest rate of 5.95% and a maturity date of August 21, 2028. Interest on the 2028 Series J Unsecured Notes is due semi-annually on February 21 and August 21. The 2028 Series J Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On July 30, 2025, the Company closed a private offering of $50,000 of unsecured notes due 2028 (the “2028 Series I Unsecured Notes”) with a fixed interest rate of 5.96% and a maturity date of July 30, 2028. Interest on the 2028 Series I Unsecured Notes is due semi-annually on January 30 and July 30. The 2028 Series I Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On February 18, 2025, the Company closed a private offering of $50,000 of unsecured notes with a fixed interest rate of 6.14% and a maturity date of February 18, 2028 (the “2028 Series H Unsecured Notes”). Interest on the 2028 Series H Unsecured Notes is due semi-annually on February 18 and August 18. The 2028 Series H Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On December 16, 2024, the Company closed a private offering of $49,000 of unsecured notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027 (the “2027 Series G Unsecured Notes”). Interest on the 2027 Series G Unsecured Notes is due semi-annually on June 16 and December 16. The 2027 Series G Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On January 6, 2022, the Company closed a private offering of $135,000 of unsecured notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027 (the “2027 Series F Unsecured Notes”). Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6. The 2027 Series F Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On September 14, 2021, the Company closed a private offering of $50,000 of unsecured notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027 (the “2027 Unsecured Notes”). Interest on the 2027 Unsecured Notes is due semi-annually on March 14 and September 14. The 2027 Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On December 18, 2019, the Company closed a private offering of $75,000 of unsecured notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026 (the “2026 Unsecured Notes”). Interest on the 2026 Unsecured Notes is due semi-annually on June 15 and December 15. The 2026 Unsecured Notes were issued in a private placement only to qualified institutional buyers.

Revolving and Term Loan Facilities

On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement (the
“Credit Facility”). Following the amendment and several commitment between the fourth quarter of 2024 and the third quarter of 2025
and a commitment decrease in the fourth quarter of 2025 related to a lender who did not extend their commitment with Amendment
No. 3, the Credit Facility is now composed of $695,000 of revolving credit and $153,138 of term loans. Borrowings generally bear
interest at a rate per annum equal to the base rate plus a range of 1.75%-2.00% or the alternate base rate plus 0.75%-1.00%. The Credit
Facility has a 0% floor, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4
on December 3, 2024, the Credit Facility may be increased up to $900,000 with additional new lenders or an increase in commitments
from current lenders. The Credit Facility contains certain customary affirmative and negative covenants and events of default. In
addition, the Credit Facility contains certain financial covenants that, among other things, require the Company to maintain a
minimum stockholder’s equity and a minimum asset coverage ratio. At March 31, 2026, outstanding USD equivalent borrowings
under the Credit Facility totaled $496,393, composed of $346,539 of revolving credit and $149,854 of term loans.

On April 1, 2022, the Company entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the
closing of the SUNS acquisition. The CF Assumption Agreement relates to the Company’s assumption of the Revolving Credit Facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, subsequent to an August 30, 2024 amendment, the commitment under the
SPV Credit Facility is $275,000. The stated interest rate on the SPV Credit Facility is SOFR plus 2.25%-2.75% with no SOFR floor
requirement and the current final maturity date is August 30, 2028. The SPV Credit Facility is secured by all of the assets held by
SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, the Company as successor to SUNS, and
SUNS SPV, as applicable, have made certain customary representations and warranties and are required to comply with various
covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The
SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature. At March 31, 2026,
outstanding USD equivalent borrowings under the SPV Credit Facility totaled $165,050.

Certain covenants on our issued debt may restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code.

The average annualized interest cost for all borrowings for the three months ended March 31, 2026 and the year ended December 31, 2025 was 5.44% and 5.67%, respectively. These costs are exclusive of other credit facility expenses such as unused fees, agency fees and other prepaid expenses related to establishing and/or amending the Credit Facility, the SPV Credit Facility, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes, the 2028

Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J Unsecured Notes (collectively the “Debt Instruments”), if any. The maximum amounts borrowed on the Debt Instruments during the three months ended March 31, 2026 and the year ended December 31, 2025 were $1,154,436 and $1,223,260, respectively.