13)Long-Term Debt

As of June 30, 2026 and December 31, 2025, the Partnership had the following debt amounts outstanding:

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The Partnership’s outstanding debt of $905.9 million ($902.5 million net of debt issuance costs) as of June 30, 2026 is repayable as follows:

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As of June 30, 2026, the interest rates on the Partnership’s loan agreements were SOFR plus a fixed margin ranging from 1.94% to 2.40%. The average margin paid on the Partnership’s outstanding debt during the second quarter of 2026 was approximately 2.21% over SOFR. As of June 30, 2026, the borrowers and the guarantors are in compliance with all covenants under the Partnership’s credit facilities.

$99 Million Hedda Loan Facility

On June 28, 2024, Knutsen Canadian Chartering AS, the subsidiary owning the Hedda Knutsen, as borrower, entered into a $99 million term loan facility with MUFG Bank (Europe) N.V. and other lenders (the “$99 million Hedda Loan Facility”). The $99 million Hedda Loan Facility became one of the Partnership’s debt obligations upon closing of the Hedda Knutsen Acquisition on September 1, 2026. Following repayment of the quarterly installments due prior to September 1, 2026, the outstanding amount of this facility had been reduced to $89.4 million. The $99 million Hedda Loan Facility is repayable in quarterly installments with a final payment due at

maturity on October 24, 2031, of $61.9 million, which includes the balloon payment and last quarterly installment. The facility bears interest at a rate per annum equal to SOFR plus a margin of 1.6%. In connection with the Hedda Knutsen Acquisition, the Partnership and KNOT Shuttle Tankers AS became the sole guarantors. The facility is secured by a mortgage on the Hedda Knutsen.

The $99 million Hedda Loan Facility contains the following primary financial covenants:

The $99 million Hedda Loan Facility also identifies various events that may trigger mandatory reduction, prepayment and cancellation of the facility, including if the market value of the Hedda Knutsen falls below 115% (prior to October 24, 2026), 120% (thereafter but prior to October 24, 2028) or 125% (thereafter) of the outstanding loan, upon total loss or sale of the vessel and customary events of default.

$225 Million Loan Facility

On August 7, 2026, the Partnership’s subsidiaries that own the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen, entered into a new $225 million senior secured credit facility, with DNB Bank ASA as Agent on behalf of the relevant lenders, in order to refinance their existing term loans in the amount of $225.8 million. The credit facility consists of a term loan and is repayable in 20 consecutive quarterly installments, with a balloon payment of $111.1 million due at maturity in June 2031. The credit facility bears interest at a rate per annum equal to SOFR plus a margin of 1.65%. The credit facility is guaranteed by the Partnership and secured by mortgages on these five vessels. The new senior secured credit facility refinanced the previously existing term loans related to these vessels which were due to mature in September 2026. Closing of this senior secured credit facility took place on August 25, 2026.

The $225 million Loan Facility contains the following primary financial covenants:

The $225 million Loan Facility also identifies various events that may trigger mandatory reduction, prepayment and cancellation of the facility, including if the market value of each vessel falls below 135% of the outstanding loan, upon total loss or sale of the vessel and customary events of default.