Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 204.4% and 199.5%, respectively.

Citi Revolving Credit Facility

On January 10, 2024, the Company entered into a revolving credit facility (as subsequently amended on May 22, 2024, January 14, 2025, August 1, 2025 and December 12, 2025, the "Citi Revolving Credit Facility" and together with the MS Revolving Credit Facility and the Barclays Revolving Credit Facility, the "Revolving Credit Facilities") with Citibank, N.A., as administrative agent, and the lenders and issuing banks party thereto. Borrowings under the Citi Revolving Credit Facility bear interest at Term SOFR or Euribor plus an interest rate margin of 2.00%. Any amounts borrowed under the Citi Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on January 11, 2029. The total commitments under the Citi Revolving Credit Facility are $650,000. The Citi Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Citi Revolving Credit Facility to $800,000. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments. The Citi Revolving Credit Facility is guaranteed by DCC Holdings I.

MS Revolving Credit Facility

On April 19, 2024 the Company entered into a revolving credit facility (as subsequently amended on September 11, 2024, October 2, 2024, January 23, 2025, and March 20, 2026, the “MS Revolving Credit Facility”), with Morgan Stanley Senior Funding, Inc., as administrative agent, and the lenders and issuing banks party thereto. Borrowings under the MS Revolving Credit Facility bear interest at Term SOFR plus an interest rate margin of 2.00%. Any amounts borrowed under the MS Revolving Credit Facility will

mature, and all accrued and unpaid interest will be due and payable, on March 20, 2031. The total commitments under the MS Revolving Credit Facility are $500,000. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments. The MS Revolving Credit Facility is guaranteed by DCC Holdings II.

Barclays Revolving Credit Facility

On October 3, 2025, the Company entered into a revolving credit facility (as subsequently amended on October 23, 2025, the "Barclays Revolving Credit Facility"), with Barclays Bank PLC, as administrative agent, and the lenders and issuing banks party thereto. Borrowings under the Barclays Revolving Credit Facility bear interest at Term SOFR plus an interest rate margin of 2.05%. Any amounts borrowed under the Barclays Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on October 3, 2035. The total commitments under the Barclays Revolving Credit Facility are $400,000. The Barclays Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Barclays Revolving Credit Facility to $500,000. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments. The Barclays Revolving Credit Facility is guaranteed by DCC Holdings III.

DPC CLO 1 Debt Securitization

The Company has determined that the securitization vehicle noted below operates as an extension of the Company and therefore, will be consolidated by the Company.

On March 24, 2026, the Company completed a $399,900 term debt securitization (the "DPC CLO 1 Debt Securitization") issued by Diameter Capital PC CLO 1 LLC (the "CLO 1 Issuer"), an indirect, wholly-owned, consolidated subsidiary of the Company. The DPC CLO 1 Debt Securitization consists of $232,000 of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due 2038 (the "CLO 1 Class A-1 Notes"), $16,000 of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due 2038 (the "CLO 1 Class A-2 Notes"), $24,000 of AA(sf) Class B Senior Secured Floating Rate Notes due 2038 (the "CLO 1 Class B Notes," and together with the CLO 1 Class A-1 Notes and the CLO 1 Class A-2 Notes, the "CLO 1 Secured Notes") and $127,900 of Subordinated Notes due 2126, which do not bear interest (the "CLO 1 Subordinated Notes", and together with the CLO 1 Secured Notes, the "CLO 1 Notes"). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the CLO 1 Issuer, which is consolidated by the Company.

The DPC CLO 1 Debt Securitization is backed by a diversified portfolio consisting primarily of first lien debt. The CLO 1 Secured Notes are scheduled to mature on January 15, 2038 and the CLO 1 Subordinated Notes are scheduled to mature on January 15, 2126; however, the CLO 1 Notes may be redeemed by the CLO 1 Issuer, at the direction of DCPC CLO 1 Depositor (the "CLO 1 Retention Holder"), as owner of all of the CLO 1 Subordinated Notes, on any business day on or after March 24, 2028. The CLO 1 Retention Holder acts as retention holder in connection with the DPC CLO 1 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO 1 Subordinated Notes. The Company, through the CLO 1 Retention Holder, has retained 100% of the CLO 1 Subordinated Notes issued in the DPC CLO 1 Debt Securitization.

Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments. The CLO 1 Secured Notes are the secured obligation of the CLO 1 Issuer, the CLO 1 Subordinated Notes are the unsecured obligations of the CLO 1 Issuer.

The CLO 1 Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

Diameter Credit Company serves as collateral manager to the CLO 1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

Repurchase Obligations

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie Bank Limited (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (the “Macquarie Transaction”).

In accordance with ASC Topic 860, these Macquarie Transactions meet the criteria for secured borrowings. Accordingly, the investments financed by the Macquarie Transaction remain on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the “Repurchase Obligations”). The Repurchase Obligations are secured by the respective investment that are the subject of the repurchase agreements.

As of March 31, 2026 and December 31, 2025, $11,761 and $13,763, respectively, of borrowing interest expense and $129 and $129, respectively, of facility commitment fees were included in interest payable. For the three months ended March 31, 2026 and 2025, the weighted average interest rate on all borrowings outstanding was 5.87% and 6.77%, respectively, and the average principal debt outstanding was $1,403,636 and $751,139, respectively.