The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company intends to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, and equity or equity-related securities including rights and warrants that may be converted into or exchanged for the portfolio company's private equity or the cash value of the portfolio company's common equity.

The Company formed SPCC Funding I LLC (“SPV I”) on June 11, 2021, and SPCC Funding II LLC (“SPV II” and together with SPV I, the “SPVs”) on April 24, 2023, as wholly-owned financing subsidiaries for the purpose of holding pledged investments as collateral under financing facilities. From time to time, the Company may form additional wholly-owned subsidiaries to facilitate its course of business.

2029 Notes - On September 17, 2024, we entered into the September 2024 NPA (as defined in Note 7. Borrowings of the consolidated financial statements) governing the issuance of $200.0 million in aggregate principal amount of senior unsecured notes due September 15, 2029 (the “2029 Notes”). The 2029 Notes have a fixed interest rate of 6.70% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2029 Notes fail to satisfy certain investment grade conditions and/or (2) 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due. The 2029 Notes will mature on September 15, 2029, unless redeemed, purchased or repaid prior to such date by us in accordance with the terms of the 2029 Notes. As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs of $1.7 million and $1.9 million, respectively, are being deferred and amortized over the remaining term of the 2029 Notes. As of both June 30, 2026 and December 31, 2025, the 2029 Notes had an outstanding balance of $200.0 million. The 2029 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $198.3 million as of June 30, 2026 and $198.1 million as of December 31, 2025.

Capital Call Facility - On December 29, 2020, we entered into the Capital Call Facility (as defined in Note 7. Borrowings of the consolidated financial statements). At our option, the Capital Call Facility accrued interest at a rate per annum based on (i) daily simple SOFR plus an applicable margin of 2.35% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 1.35%. As of December 31, 2025, unamortized financing costs of $0.1 million were being deferred and amortized over the remaining term of the Capital Call Facility. As of June 30, 2026 and December 31, 2025, we had an outstanding balance of $0 and $31.5 million, respectively, on the Capital Call Facility. The Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities totaling $31.4 million as of December 31, 2025. The Capital Call Facility matured and was fully repaid on April 16, 2026.

Secured Credit Facility - On August 14, 2023, SPCC Funding II LLC (the “SPV II”), a wholly-owned financing subsidiary of us, entered into the Secured Credit Facility (as defined in Note 7. Borrowings of the consolidated financial statements), which, as of June 30, 2026, allowed SPV II to borrow up to $250.0 million under an asset-based revolving loan facility and up to $50 million under an asset-based revolving loan facility, each of which has its own borrowing base. The Secured Credit Facility will mature on March 3, 2030, unless terminated earlier as provided. SPV II may draw and redraw loans under the Secured Credit Facility during a commitment period ending on March 3, 2028, unless the commitments are terminated earlier. Loans drawn under the Secured Credit Facility will bear interest at Term SOFR plus 2.00% per annum and, in the case of loans drawn in euros or British pound sterling, an additional currency benchmark adjustment will apply. As of June 30, 2026, and December 31, 2025, unamortized financing costs of $1.9 million and $2.1 million, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of June 30, 2026, and December 31, 2025, the Secured Credit Facility had an outstanding balance of $284.5 million and $223.5 million, respectively. The Secured Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $282.6 million as of June 30, 2026 and $221.4 million as of December 31, 2025.

Truist Facility - On March 23, 2026, the Company entered into a Senior Secured Revolving Credit Agreement (the “Truist Credit Agreement”) (as defined in Note 7. Borrowings of the consolidated financial statements). The aggregate initial principal amount of the Truist Facility is $250.0 million, which may be increased up to $450.0 million through the exercise of an accordion feature, subject to certain conditions. The revolving period under the Truist Facility will terminate on the earlier of March 22, 2030 and the occurrence of a Trigger Event (which is defined in the Truist Credit Agreement in relation to the consummation of an initial public offering of the Company’s common stock) and the Truist Facility will mature on March 21, 2031, unless earlier terminated in accordance with the terms of the Truist Credit Agreement. As of June 30, 2026 the carrying amount of the Company’s borrowings under the Truist Facility approximated its fair value. As of June 30, 2026, unamortized debt issuance costs of $2.3 million, are being deferred and amortized over the remaining term of the Senior Secured Revolving Credit Facility. As of June 30, 2026 the Truist Facility had an outstanding balance of $173.0 million. As of June 30, 2026, the Truist Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $170.7 million.