Note 7—Borrowings

In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Fund is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of March 31, 2026 and December 31, 2025, the Fund's asset coverage ratios were 206.85% and 197.52%, respectively.

Secured Loan Facility

On July 16, 2024 and as most recently amended on October 15, 2025, Subsidiary II has entered into a Loan and Servicing Agreement (as amended, the "Secured Loan Facility"), with Sumitomo Mitsui Banking Corporation, as collateral agent, administrative agent and a lender, Webster Bank, N.A., as a lender, and Western Alliance Trust Company, N.A., as account bank, collateral custodian and collateral administrator. The Secured Loan Facility provides for borrowings in U.S. dollars up to a maximum principal amount of $445 million for a six-month period beginning on October 15, 2025 (the "Upsize Period") and $400 million after the Upsize Period. Proceeds from the borrowings under the Secured Loan Facility will be used primarily to finance the purchase or origination of loans. Unless otherwise terminated, the Secured Loan Facility will mature on July 16, 2029. The interest rate on outstanding loans will be calculated by the 1-month SOFR rate plus a spread of 2.20%. Prior to March 27, 2025, the interest rate on outstanding loan was calculated by taking the highest of the Prime Rate, the Federal Funds Rate plus 0.50%, the 1-month SOFR rate plus 1.0% or zero, plus a spread of 2.60%. Subsidiary II paid an upfront fee of $3 million that was due by March 31, 2025, and pays an administrative fee of $5 thousand per month. On March 27, 2025, Subsidiary II paid an additional upfront fee of $750 thousand related to the amended Secured Loan Facility. On any date when the undrawn commitment is less than or equal to 50% of the aggregate commitment, the non-usage fee will be 0.50% per annum. On any date when the undrawn commitment is greater than 50% of the aggregate commitment, the non-usage fee will be 1.00% per annum.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Secured Loan Facility as of March 31, 2026 and March 31, 2025 was 5.88% and 6.92%, respectively. The average daily debt outstanding as of March 31, 2026 and March 31, 2025 was $371,954 and $186,233, respectively. The maximum debt outstanding as of March 31, 2026 and March 31, 2025 was $393,305 and $263,100, respectively.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Secured Loan Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund’s borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

Credit Facility

On December 2, 2025, the Fund entered into a senior secured revolving credit agreement with the Fund, as borrower, the lenders from time to time parties thereto, The Bank of Nova Scotia, as administrative agent, collateral agent, issuing bank, swingline lender and as lead arranger (the “Credit Facility”). The Credit Facility will be guaranteed by the Fund. Proceeds from the borrowings under the Credit Facility will be used for general corporate purposes, including the funding of portfolio investments. The maximum principal amount of the Credit Facility is $150 million, consisting of a $75 million permanent commitment maturing on December 3, 2029 and a $75 million temporary commitment maturing on December 2, 2026, subject to availability under the borrowing base, which is based on the Fund's eligible portfolio investments. Maximum capacity under the Facility may be increased up to $300 million through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $50 million limit for swingline loans.

The availability period under the permanent commitment of the Credit Facility will terminate on December 3, 2029 (the "Commitment Termination Date") and the permanent commitment will mature on December 2, 2030 (the "Final Maturity Date"). The temporary commitment will mature on December 2, 2026. During the period from the Commitment Termination Date to the Final Maturity Date, the Fund will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales and other

recovery events and equity and debt issuances. The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Facility in U.S. dollars will bear interest at either Term SOFR plus a margin, or the “alternate base rate” (which is the highest of (a) the prime rate, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) Term SOFR plus 1% plus a margin). The Fund may elect either the Term SOFR or alternate base rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund’s option, subject to certain conditions. Amounts drawn under the Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Fund also will pay a fee of 0.375% per annum on the average daily unused amounts under the Credit Facility.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Credit Facility as of March 31, 2026 was 5.68%. The average daily debt outstanding and maximum debt outstanding for the three months ended March 31, 2026 was $96,733 and $101,000, respectively.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Credit Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund’s borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

Secured Borrowing Agreement

On July 22, 2024, the Fund entered into a participation agreement (the "Participation Agreement") with Macquarie Bank Limited ("Macquarie"). The Fund will transfer investments to Macquarie for cash and repurchase the same investment on a forward settlement basis. The repurchase transaction will have a settlement date of up to 90 days. The repurchase

transaction under the Participation Agreement is a type of secured borrowing, in which the Fund will retain the economics of the investment and will pay an interest charge. Interest expense incurred under the Participation Agreement is included on the Consolidated Statements of Operations as "Interest expense".

The Fund did not have any outstanding borrowings under the Participation Agreement as of March 31, 2026 and December 31, 2025, and for three months ended March 31, 2026, the Fund did not have any activity under the Participation Agreement.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Secured Loan Facility as of March 31, 2025 was 7.54%. The average daily debt outstanding for the three months ended March 31, 2025 was $41,575.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Secured Borrowing Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund's borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.