Secured Notes

The components of interest expense and related fees for the Series A Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		2,701		$		2,701		$		8,104		$		8,104
Amortization of deferred financing costs			120				120				361				361
Total interest and amortization of deferred financing costs	$		2,821		$		2,821		$		8,465		$		8,465

Weighted average effective interest rate			7.9	%			7.9	%			7.9	%			7.9	%
Weighted average outstanding balance	$		142,500		$		142,500		$		142,500		$		142,500

2025 Notes

6.00% Convertible Notes due 2025

The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		—		$		—		$		—		$		445
Amortization of deferred financing costs			—				—				—				81
Total interest and amortization of deferred financing costs	$		—		$		—		$		—		$		526

Weighted average effective interest rate			—	%			—	%			—	%			8.4	%
Weighted average outstanding balance	$		—		$		—		$		—		$		8,379

The components of interest expense and related fees for the Convertible Notes were as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		—		$		—		$		—		$		417
Amortization of deferred financing costs and original issue discount			—				—				—				89
Total interest and amortization of deferred financing costs and original issue discount	$		—		$		—		$		—		$		506

Weighted average effective interest rate			—	%			—	%			—	%			7.2	%
Weighted average outstanding balance	$		—		$		—		$		—		$		9,341

August 2026 Notes

The components of interest expense and related fees for the August 2026 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		805		$		1,367		$		3,539		$		4,102
Amortization of deferred financing costs			85				150				373				438
Total interest and amortization of deferred financing costs	$		890		$		1,517		$		3,912		$		4,540

Weighted average effective interest rate			4.9	%			4.9	%			4.8	%			4.8	%
Weighted average outstanding balance	$		73,370		$		125,000		$		107,601		$		125,000

December 2026 Notes

The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		797		$		797		$		2,391		$		2,391
Amortization of deferred financing costs			95				93				285				286
Total interest and amortization of deferred financing costs	$		892		$		890		$		2,676		$		2,677

Weighted average effective interest rate			4.8	%			4.7	%			4.8	%			4.8	%
Weighted average outstanding balance	$		75,000		$		75,000		$		75,000		$		75,000

March 2029 Notes

The components of interest expense and related fees for the March 2029 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		2,799		$		2,299		$		8,397		$		6,834
Amortization of deferred financing costs and premium			196				180				583				532
Total interest, amortization of deferred financing costs and premium	$		2,995		$		2,479		$		8,980		$		7,366

Weighted average effective interest rate			8.4	%			8.5	%			8.4	%			8.5	%
Weighted average outstanding balance	$		142,166		$		116,703		$		142,166		$		115,910

The components of the carrying value of the March 2029 Notes were as follows (in thousands):


	September 30, 2026			December 31, 2025
Principal amount of debt	$	142,166		$	142,166
Unamortized deferred financing cost		(2,026	)		(2,604	)
Issuance premium and/or (discount), net of accretion		112			139
Carrying value of March 2029 Notes	$	140,252		$	139,701

September 2029 Notes

The components of interest expense and related fees for the September 2029 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		2,406		$		2,355		$		7,218		$		6,941
Amortization of deferred financing costs and premium			195				190				582				562
Total interest, amortization of deferred financing costs and premium	$		2,601		$		2,545		$		7,800		$		7,503

Weighted average effective interest rate			8.5	%			8.5	%			8.5	%			8.5	%
Weighted average outstanding balance	$		122,215		$		119,373		$		122,215		$		117,893

The components of the carrying value of the September 2029 Notes were as follows (in thousands):


	September 30, 2026			December 31, 2025
Principal amount of debt	$	122,215		$	122,215
Unamortized deferred financing cost		(2,364	)		(2,925	)
Issuance premium and/or (discount), net of accretion		46			58
Carrying value of September 2029 Notes	$	119,897		$	119,348

July 2030 Notes

The components of interest expense and related fees for the July 2030 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		2,109		$		2,039		$		6,328		$		2,039
Amortization of deferred financing costs and discount			162				156				492				156
Total interest, amortization of deferred financing costs and discount	$		2,271		$		2,195		$		6,820		$		2,195

Weighted average effective interest rate			7.3	%			7.2	%			7.3	%			7.2	%
Weighted average outstanding balance	$		125,000		$		120,924		$		125,000		$		40,751

The components of the carrying value of the July 2030 Notes were as follows (in thousands):


	September 30, 2026			December 31, 2025
Principal amount of debt	$	125,000		$	125,000
Unamortized deferred financing cost		(1,432	)		(1,719	)
Issuance premium and/or (discount), net of accretion		(975	)		(1,170	)
Carrying value of July 2030 Notes	$	122,593		$	122,111

May 2031 Notes

The components of interest expense and related fees for the May 2031 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		5,250		$		—		$		7,583		$		—
Amortization of deferred financing costs and discount			312				—				449				—
Total interest, amortization of deferred financing costs and discount	$		5,562		$		—		$		8,032		$		—

Weighted average effective interest rate			7.4	%			—	%			7.3	%			—	%
Weighted average outstanding balance	$		300,000		$		—		$		146,154		$		—

The components of the carrying value of the May 2031 Notes were as follows (in thousands):


	September 30, 2026			December 31, 2025
Principal amount of debt	$	300,000		$	—
Unamortized deferred financing cost		(3,509	)		—
Issuance premium and/or (discount), net of accretion		(2,280	)		—
Carrying value of May 2031 Notes	$	294,211		$	—

KeyBank Credit Facility

KeyBank Secured Term Loan Facility

The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		6,807		$		8,132		$		19,871		$		21,731
Amortization of deferred financing costs			434				402				1,300				1,172
Total interest and amortization of deferred financing costs	$		7,241		$		8,534		$		21,171		$		22,903

Weighted average effective interest rate			8.0	%			7.8	%			7.8	%			8.0	%
Weighted average outstanding balance	$		363,116		$		434,826		$		362,543		$		381,433

Secured Notes

On November 5, 2025, TF3, a wholly owned subsidiary of the Company, as borrower, and the Company, as servicer, entered into the KeyBank Term Credit Agreement with the lenders from time to time party thereto, KeyBank, as administrative agent and syndication agent, and Computershare Trust Company, N.A., as collateral custodian.

The KeyBank Secured Term Loan Facility includes a commitment of $200.0 million from KeyBank. Borrowings under the KeyBank Term Credit Agreement bear interest at a rate equal to Term SOFR plus 2.40%, per year payable monthly, commencing on January 6, 2026. The KeyBank Secured Term Loan Facility provides for a maximum advance rate of up to 58%.

The KeyBank Secured Term Loan Facility includes a two-year initial period and a two-year amortization period, and matures on November 5, 2029, unless extended. The KeyBank Secured Term Loan Facility is collateralized by all investment assets held by TF3, and contains representations and 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 an asset coverage ratio requirement.

The KeyBank Secured Term Loan Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; inaccuracy of representations or warranties in any material respect; voluntary or involuntary bankruptcy proceedings; and change of control of the borrower without the prior written consent of KeyBank.

For both the three and nine months ended September 30, 2026, the Company made repayments of $25.1 million under the KeyBank Secured Term Loan Facility.

The Company incurred approximately $1.5 million of initial and additional financing costs in connection with the KeyBank Secured Term Loan Facility that were capitalized and deferred using the straight-line method over the life of the facility. As of September 30, 2026 and December 31, 2025, unamortized deferred financing costs related to the KeyBank Secured Term Loan Facility were $1.2 million and $1.5 million, respectively.

The summary information regarding the KeyBank Secured Term Loan Facility is as follows (in thousands):


		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Stated interest expense	$		2,931		$		—		$		9,032		$		—
Amortization of deferred financing costs			96				—				290				—
Total interest and amortization of deferred financing costs	$		3,027		$		—		$		9,322		$		—

Weighted average effective interest rate			6.4	%			—	%			6.3	%			—	%
Weighted average outstanding balance	$		189,126		$		—		$		196,336		$		—