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. Effective December 21, 2020, the asset coverage ratio under the 1940 Act applicable to the Company decreased to 150% from 200%, so long as the Company meets certain disclosure requirements. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage ratios were 184% and 188%, respectively. For the three months ended June 30, 2026 the weighted average daily borrowings and interest rate on the Company's floating credit facilities was $1,124.3 million and 5.7% compared to $960.3 million and 6.4% for the three months ended June 30, 2025. For the six months ended June 30, 2026, the weighted average daily borrowings and interest rate on the Company's floating rate credit facilities was $1,108.6 million and 5.7% compared to $941.1 million and 6.7% for the six months ended June 30, 2025.

Capital Call Facility

Effective as of December 29, 2020 (the “Initial Closing Date”), the Company entered into a revolving credit facility (as amended, the “Capital Call Facility”) by and among, inter alios, the Company as the initial borrower, the lenders from time-to-time party thereto (collectively, the “Lenders”) and Capital One, National Association, as the administrative agent (the “Administrative Agent”), sole lead arranger and a Lender. The Capital Call Facility matured and was fully repaid on April 16, 2026.

At the Company’s option, the Capital Call Facility accrued interest at a rate per annum based on (i) a 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%. If the average unused portion of the commitment was greater than 50% during a calendar month, the unused fee was 0.50% per annum multiplied by the daily unused portion of the commitment. As of December 31, 2025, the maximum borrowing capacity of the Company under the Capital Call Facility was $65,000.

The Capital Call Facility included customary covenants as well as usual and customary events of default for revolving credit facilities of this nature.

As of December 31, 2025, the carrying amount of the Company’s borrowings under the Capital Call Facility approximated its fair value. As of December 31, 2025, unamortized financing costs of $65 were being deferred and amortized over the remaining term of the Capital Call Facility. As of June 30, 2026 and December 31, 2025, the Company had an outstanding balance of $0 and $31,500, respectively. As of June 30, 2026 and December 31, 2025, the Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $0 and $31,435, respectively.

Revolving Credit Facility

On June 28, 2021, SPV I entered into a senior secured revolving credit facility (as amended, the “Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent and lender, U.S. Bank, National Association, serves as collateral agent, securities intermediary and collateral administrator, and the Adviser serves as portfolio manager under the Revolving Credit Facility.

On April 11, 2025, SPCC Funding I LLC executed a letter agreement (the “First Amendment”) to amend the Revolving Credit Facility. Under the First Amendment, the lenders party to the Revolving Credit Facility agreed to make advances to the respective financing commitment of such lender (a "Tranche A Advance" or a "Tranche B Advance," as applicable and together, an "Advance") with the following changes to the applicable margin: (a) with respect to interest based on the reference rate, 2.00% per annum; provided that, in the case of Tranche B Advances denominated in pound sterling, the applicable margin for Advances shall be 2.1193% per annum, (b) with respect to interest based on Term SOFR, 2.00% per annum, and (c) with respect to interest based on a base rate, 2.00% per annum; provided that, in the case of Tranche B Advances denominated in pound sterling, the applicable margin for Advances is 2.1193% per annum. The First Amendment also extended the non-call period to align with the reinvestment period of the Revolving Credit Facility. The other material terms of the Revolving Credit Facility were unchanged.

As of June 30, 2026 and December 31, 2025, the financing commitment from the lenders under the Revolving Credit Facility was $850,000 and borrowings under the Revolving Credit Facility bore interest at an applicable margin of 2.00% per annum with respect to SOFR loans. In connection with the Revolving Credit Facility, SPV I made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions. The stated Maturity Date of the Revolving Credit Facility is June 27, 2029, unless otherwise terminated.

As of each of June 30, 2026 and December 31, 2025, the carrying amount of the Company’s borrowings under the Revolving Credit Facility approximated its fair value. As of June 30, 2026 and December 31, 2025, unamortized financing costs of $5,455 and $6,358, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of June 30, 2026 and December 31, 2025, the Revolving Credit Facility had an outstanding balance of $691,066 and $803,524, respectively. As of June 30, 2026 and December 31, 2025, the Revolving Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $685,611 and $797,166, respectively.

Secured Credit Facility

On August 14, 2023, SPV II entered into a Credit Agreement (as amended, the “Secured Credit Facility”), with the lenders from time to time party thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian.

As of June 30, 2026 and December 31, 2025, the Secured Credit Facility is comprised of (i) a $250,000 asset-based revolving loan facility (the “ABL Facility”) and (ii) a $50,000 asset-based revolving loan facility (the “Revolver Facility”), each of which has its own borrowing base. The Secured Credit Facility contains customary covenants, including certain limitations on the activities of SPV II, and customary events of default.

On March 3, 2025, (the “First Amendment Date”), SPV II entered into an amendment to the Secured Credit Facility, which, among other things, reduced the applicable margin on borrowings from 3.10% to 2.00% per annum, extended the reinvestment period to March 3, 2028, and extended the maturity date to March 3, 2030.

As of each of June 30, 2026 and December 31, 2025, the carrying amount of the Company’s borrowings under the Secured Credit Facility approximated its fair value. As of June 30, 2026, and December 31, 2025, unamortized financing costs of $1,892 and $2,128, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of both June 30, 2026, and December 31, 2025, the Secured Credit Facility had an outstanding balance of $284,500 and $223,500, respectively. As of June 30, 2026 and December 31, 2025, 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 $282,608 and $221,372, respectively.

2025 Notes

On May 19, 2022, the Company entered into a Note Purchase Agreement (the “NPA”) governing the issuance of $225,000 in aggregate principal amount of senior unsecured notes due May 19, 2025 (the “2025 Notes”) to qualified institutional investors in a private placement. $150,000 of the 2025 Notes were delivered and paid for on May 19, 2022, and $75,000 of the 2025 Notes were delivered and paid for on August 18, 2022. The 2025 Notes matured and were fully repaid on May 19, 2025.

The 2025 Notes had a fixed interest rate of 5.83% per year, which was due semiannually in May and November of each year.

2029 Notes

On September 17, 2024, the Company entered into a Note Purchase Agreement (the “September 2024 NPA”) governing the issuance of $200,000 in aggregate principal amount of senior unsecured notes due September 15, 2029 (the “2029 Notes”) to qualified institutional investors in a private placement.

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 rating 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 prepaid prior to such date by the Company in accordance with the terms of the September 2024 NPA. Interest on the 2029 Notes is due semiannually in April and October of each year, beginning in April 2025. In addition, the Company is obligated to offer to repay the 2029 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the September 2024 NPA, the Company may redeem the 2029 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 16, 2029, a make-whole premium.

On March 25, 2026, in connection with the 2029 Notes, the Company entered into an interest rate swap agreement for a total notional amount of $100,000 that matures on April 10, 2029. Under the interest rate swap agreement for the 2029 Notes, the Company receives a fixed interest rate of 6.70% and pays a floating interest rate of SOFR + 2.9945% on the notional amount of the interest rate swap agreement.

As of each of June 30, 2026 and December 31, 2025 the carrying amount of the Company’s borrowings under the 2029 Notes approximated its fair value. As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs of $1,686 and $1,867, 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 $200,000. 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 $198,314 as of June 30, 2026 and $198,133 as of December 31, 2025.

Senior Notes

On March 21, 2025, the Company entered into a Note Purchase Agreement (the “March 2025 NPA”) governing the issuance of (i) $60,000 in aggregate principal amount of senior unsecured notes due May 15, 2028 (the “2028 Notes”) and (ii) $240,000 in aggregate principal amount of senior unsecured notes due May 15, 2030 (the “2030 Notes”) (together with the 2028 Notes, collectively, “Senior Notes”) to qualified institutional investors in a private placement.

The 2028 Notes have a fixed interest rate of 6.03% per year and the 2030 Notes have a fixed interest rate of 6.26% per year. Each of the 2028 Notes and 2030 Notes are subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2028 Notes or 2030 Notes fail to satisfy certain investment grade rating conditions and/or (2) (a) if the 2028 Notes or 2030 Notes do not satisfy certain investment grade rating conditions, an additional 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 or (b) if the 2028 Notes or 2030 Notes satisfy certain investment grade conditions, an additional 1.00% 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 2028 Notes will mature on May 15, 2028 and the 2030 Notes will mature on May 15, 2030, in each case, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2025 NPA. Interest on each of the 2028 Notes and 2030 Notes is due semiannually in May and November of each year, beginning in November 2025. In addition, the Company is obligated to offer to repay each of the 2028 Notes and 2030 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the March 2025 NPA, the Company may redeem each of the 2028 Notes and 2030 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed, with respect to the 2028 Notes, on or before 90 days prior to the maturity date of such notes or, with respect to the 2030 Notes, on or before 180 days prior to the maturity date of such notes, a make-whole premium.

On March 25, 2026, in connection with the 2030 Notes, the Company entered into an interest rate swap agreement for a total notional amount of $120,000 that matures on November 15, 2029. Under the interest rate swap agreement for the 2030 Notes, the Company receives a fixed interest rate of 6.26% and pays a floating interest rate of SOFR + 2.5675%.

As of June 30, 2026 and December 31, 2025 the carrying amount of the Company’s borrowings under the Senior Notes approximated its fair value. As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs of $2,712 and $3,121, respectively, are being deferred and amortized over the remaining term of the Senior Notes. As of both June 30, 2026 and December 31, 2025, the Senior Notes had an outstanding balance of $300,000. The Senior Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $297,288 as of June 30, 2026 and $296,879 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”) by and among the Company, Truist Bank, as administrative agent, and the lenders and issuing banks party thereto (the “Truist Facility”). Capitalized terms used but not defined herein will have the meaning set forth in the Truist Credit Agreement.

The aggregate initial principal amount of the Truist Facility, subject to availability under the borrowing base, is $250,000. The maximum capacity under the Truist Facility may be increased up to $450,000 through the exercise of an accordion that permits increases to the total facility amount, subject to the satisfaction of certain conditions. Borrowings based on Term SOFR or another applicable benchmark or risk-free rate will bear interest at a rate of 1.75% plus Term SOFR or the applicable benchmark rate. Borrowings based on the “alternate base rate” (as more fully described in the Truist Credit Agreement) will bear interest at a rate of 0.75% plus the “alternate base rate”. The rate of all borrowings will be increased by 0.125% if the Gross Borrowing Base is less than 1.6 times the Combined Debt Amount. All borrowings are subject to a credit adjustment spread. The Company will also pay a commitment fee at a rate of 0.375% per annum on the daily unused amount of each lender’s revolving commitment under the Truist Facility.

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, including upon the occurrence of a Trigger Event. During the period from the end of the revolving period to the maturity date, the Company will be obligated to make mandatory prepayments under the Truist Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

The Truist Facility is secured by a security interest in substantially all of the portfolio investments held by the Company and each existing and future subsidiary that is a guarantor under the terms of the Truist Credit Agreement, subject to certain exceptions.

The Truist Credit Agreement includes customary affirmative and negative covenants, including financial covenants requiring the Company to maintain a minimum shareholders’ equity and asset coverage ratio, and certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

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 financing costs of $2,299, are being deferred and amortized over the remaining term of the Truist Facility. As of June 30, 2026, the Truist Facility had an outstanding balance of $173,000. As of June 30, 2026 the Truist Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $170,701.