Note 7 – Borrowings

On April 20, 2022, the Company entered into an amended and restated credit agreement with KeyBank National Association, acting as administrative agent, CIBC Bank USA and MUFG Union Bank, N.A. as co-documentation agents, the guarantors party thereto and syndication agent and the other lenders party thereto, which initially provided the Company with a $225.0 million commitment, subject to borrowing base requirements (as amended, supplemented or otherwise modified from time to time, the "Credit Facility"). On March 18, 2025, the Company entered into a Sixth Amendment to the Credit Facility, which, among other factors, (i) extended the maturity date and revolving period; (ii) permits future financing subsidiaries, and (iii) amended certain other terms of the Credit Facility, including without limitation loan eligibility criteria, the borrowing base calculation, and excess concentration measures.

As of June 30, 2026, the Company had $550.0 million in total commitments available under the Credit Facility, subject to an accordion feature that allows the Company to increase the total commitments under the Credit Facility up to $600.0 million. The availability period under the Credit Facility expires on March 18, 2028 and is followed by a one-year amortization period. The stated maturity date under the Credit Facility is March 18, 2029, unless extended. Please refer to "Note 14 - Subsequent Events" for additional information.

Borrowings under the Credit Facility bear interest on a per annum rate equal to Adjusted Term SOFR plus an applicable margin rate that ranges from 2.95% to 3.35% per annum depending on the Company’s leverage ratio and number of eligible loans in the collateral pool. The Credit Facility provides for a variable advance rate of up to 65% on eligible term loans. The Company also pays an unused commitment fee that ranges from 0.25% to 1.00% per annum based on the total unused lender commitments under the Credit Facility.

The Credit Facility is collateralized by all eligible investment assets held by the Company. The Credit Facility contains representations, warranties, and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio. For all periods presented, the Company was in compliance with all such covenants.

For the three and six months ended June 30, 2026, the weighted average outstanding principal balance was $383.5 million and $264.6 million, respectively, and the weighted average effective interest rate was 6.89% and 6.87%, respectively. For the three and six months ended June 30, 2025, the weighted average outstanding principal balance was $267.6 million and $261.4 million, respectively, and the weighted average effective interest rate was 7.50% and 7.51%, respectively.

2026 Notes

On December 10, 2021, the Company entered into a master note purchase agreement, completing a private debt offering of $70.0 million in aggregate principal amount of 4.25% interest-bearing unsecured Series 2021A Senior Notes due 2026 (the "December 2026 Notes") to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")). On April 13, 2023, the Company completed the first supplement to the master note purchase agreement, resulting in an additional private debt offering of $25.0 million in aggregate principal amount of 8.54% interest-bearing unsecured Series 2023A Senior Notes due 2026 (the "April 2026 Notes") to institutional accredited investors (as defined in the Securities Act). The December 2026 Notes and April 2026 Notes were repaid in full by the Company on April 7, 2025 and January 21, 2026, respectively, and are no longer outstanding.

Aggregate costs in connection with the April 2026 Notes issuance were $0.4 million, and were capitalized as DFC. As of the repayment date, remaining DFC were $38.4 thousand, which were fully expensed upon repayment of the notes. Accordingly, as of June 30, 2026, no DFC related to the April 2026 Notes remained.

2027 Notes

SWK 2027 Notes

On April 6, 2026, the Company entered into a third supplemental indenture (the "Third Supplemental Indenture") by and between the Company and Wilmington Trust, National Association (the "Trustee"), effective as of the closing of the Mergers (as defined in "Note 13 – Acquisition of SWK Holdings Corporation"). The Third Supplemental Indenture relates to the Company's assumption of $33.0 million in aggregate principal amount of SWK's 9.00% Senior Notes due January 31, 2027 (the "SWK 2027 Notes").

Pursuant to the Third Supplemental Indenture, the Company expressly assumed the obligations of SWK for the due and punctual payment of the principal and interest on all the SWK 2027 Notes, and the due and punctual performance and observance of all of the covenants and conditions of the indenture, dated October 3, 2023 (the "Base Indenture"), by and between SWK and the Trustee, as amended by the First Supplemental Indenture, dated as of October 3, 2023, and the Second Supplemental Indenture, dated as of April

6, 2026. In accordance with ASC 805, the liability was assumed at fair value and therefore a premium of $0.5 million was recorded in "Deferred financing costs, net" on the Statements of Assets and Liabilities. The amortization of such premium is recorded as a reduction to "Interest and other debt financing expenses" on the Statements of Operations. As of June 30, 2026, the remaining unamortized premium related to the SWK 2027 Notes was $0.4 million.

Interest on the SWK 2027 Notes is due quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The SWK 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option at a redemption price of (i) $25.50 per SWK Note if redeemed prior to September 30, 2026, or (ii) $25.00 per SWK Note if redeemed on or after September 30, 2026, in each case plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The SWK 2027 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.

July 2027 Notes

On July 28, 2022, the Company issued and sold $80.5 million in aggregate principal amount of 7.50% interest-bearing unsecured Notes due July 28, 2027 (the "July 2027 Notes") under its shelf Registration Statement on Form N-2. The July 2027 Notes were issued pursuant to the Base Indenture dated July 28, 2022 (the "Base Indenture") and First Supplemental Indenture, dated July 28, 2022 (together with the Base Indenture, the "Indenture"), between the Company and the Trustee, U.S. Bank Trust Company, National Association.

Interest on the 2027 Notes is due quarterly in arrears on March 1, June 1, September 1 and December 1 of each year. The July 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 28, 2024, at a redemption price of $25 per July 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The July 2027 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness. On March 5, 2026, the Company redeemed $40.25 million of the $80.5 million in aggregate principal of the July 2027 Notes in accordance with the terms of the indenture governing the July 2027 Notes. As a result of the partial redemption, $0.4 million of DFC were expensed upon prepayment of the notes.

Aggregate costs in connection with the July 2027 Notes issuance, including the underwriter’s discount and commissions, were $2.8 million, and were capitalized as DFC. As of June 30, 2026 and December 31, 2025, DFC related to the July 2027 Notes were $0.3 million and $0.9 million, respectively.

August 2027 Notes

On August 31, 2022, the Company completed a private debt offering of $20.0 million in aggregate principal amount of 7.00% interest-bearing unsecured Series 2022A Senior Notes due 2027 (the "August 2027 Notes") to an institutional accredited investor (as defined in Regulation D under the Securities Act). The August 2027 Notes were due on August 31, 2027, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The August 2027 Notes were repaid in full by the Company on April 7, 2025 and are no longer outstanding.

December 2027 Notes

On December 7, 2022, the Company issued and sold $51.75 million in aggregate principal amount of 8.00% interest-bearing unsecured Notes due December 28, 2027 (the "December 2027 Notes") under its shelf Registration Statement on Form N-2. The December 2027 Notes were issued pursuant to the Base Indenture and Second Supplemental Indenture, dated December 7, 2022, between the Company and the Trustee, U.S. Bank Trust Company, National Association.

On March 5, 2026, the Company redeemed in full the $51.75 million in aggregate principal of the December 2027 Notes in accordance with the terms of the indenture governing the December 2027 Notes. Aggregate costs in connection with the December 2027 Notes issuance, including the underwriter's discount and commissions, were $1.9 million, and were capitalized as DFC. As of the repayment date, unamortized DFC related to the December 2027 Notes were $0.7 million, which were fully expensed upon repayment of the notes. Accordingly, as of June 30, 2026, no DFC related to the December 2027 Notes remained.

2028 Notes

April 2028 Notes

On April 7, 2025, the Company completed a private debt offering of $107.0 million in aggregate principal amount of 7.51% interest-bearing unsecured Series 2025A Senior Notes due 2028 (the "April 2028 Notes") to institutional accredited investors (as defined in Regulation D under the Securities Act). The April 2028 Notes are due on April 7, 2028, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Aggregate costs in connection with the April 2028 Notes issuance were $0.4 million and have been capitalized as DFC. As of June 30, 2026, unamortized DFC related to the April 2028 Notes were $0.3 million.

Interest on the April 2028 Notes is due semiannually in arrears on April 7 and October 7 of each year. The April 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

2029 Notes

December 2029 Notes

On May 29, 2026, the Company issued and sold $50.0 million in aggregate principal amount of 7.00% interest-bearing unsecured Notes due December 1, 2029 (the "December 2029 Notes") under its shelf Registration Statement on Form N-2. The December 2029 Notes were issued pursuant to the Base Indenture and Fourth Supplemental Indenture, dated May 29, 2026, between the Company and the Trustee, U.S. Bank Trust Company, National Association. Aggregate costs in connection with the December 2029 Notes issuance, including the underwriter's discount and commissions, were $0.7 million, and have been capitalized as DFC. The December 2029 Notes were also issued with an original issue discount of $0.6 million. As of June 30, 2026, unamortized DFC and original issue discount related to the December 2029 Notes were $0.7 million and $0.6 million, respectively.

Interest on the December 2029 Notes is due semi-annually on June 1 and December 1 of each year, commencing December 1, 2026. The December 2029 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness. The December 2029 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to June 1, 2029 (the “Par Call Date”) at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of: (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 50 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the December 2029 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption date. On or after the Par Call Date, the Company may redeem the December 2029 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the December 2029 Notes being redeemed plus accrued and unpaid interest.

2031 Notes

February 2031 Notes

On February 3, 2026, the Company issued and sold $103.25 million in aggregate principal amount of 7.25% interest-bearing unsecured Notes due February 3, 2031 (the "February 2031 Notes") under its shelf Registration Statement on Form N-2. The February 2031 Notes were issued pursuant to the Base Indenture and Third Supplemental Indenture, dated February 3, 2026, between the Company and the Trustee, U.S. Bank Trust Company, National Association. Aggregate costs in connection with the February 2031 Notes issuance, including the underwriter's discount and commissions, were $3.4 million, and have been capitalized as DFC. As of June 30, 2026, unamortized DFC related to the February 2031 Notes were $3.1 million.

Interest on the February 2031 Notes is due quarterly in arrears on March 1, June 1, September 1, and December 1 of each year. The February 2031 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after February 3, 2028, at a redemption price of $25 per February 2031 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The February 2031 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.