Note 6. Debt

In accordance with the Investment Company Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 150% after such borrowing. As of September 30, 2026 and December 31, 2025, the Company’s asset coverage was 185.6% and 173.5%, respectively.

Senior Secured Credit Facility

On December 7, 2023, the Company’s wholly owned, consolidated subsidiary, JCP BDC SPV I LLC (the “SPV”), entered into a loan and security agreement (the “Senior Secured Credit Facility”), with the SPV as borrower, JPMorgan Chase Bank, National Association, as the administrative agent, the lenders from time to time parties thereto (the “Lenders”), the Company as the portfolio manager, and The Bank of New York Mellon Trust Company, National Association, as the collateral administrator, the collateral agent and securities intermediary.

The aggregate lender commitments under the Senior Secured Credit Facility were decreased to $400 million upon completion of the 2025 Debt Securitization (as defined below) with scheduled increases of $100.0 million on June 1, 2025, September 1, 2025, December 31, 2025, and March 1, 2026 to a maximum facility amount under the Senior Secured Credit Facility of $800.0 million on March 1, 2026. The Senior Secured Credit Facility matures on December 7, 2029, unless there is an earlier termination or an acceleration following an event of default. In connection with the Senior Secured Credit Facility, the Company has also entered into an equity commitment letter with the SPV, for the benefit of the Lenders, pursuant to which the Company may be required to contribute cash proceeds to the SPV upon the occurrence of a “Market Value Event” or an “Event of Default.”

Borrowings under the Senior Secured Credit Facility bear interest at Term SOFR or a Base Rate, in each case, plus an applicable margin equal to 2.15% for borrowings that reference Term SOFR and 1.15% for borrowings that reference the Base Rate. The Company will also pay a fee of 0.50% on average daily undrawn amounts under the Senior Secured Credit Facility for the first 6 months from the 2025 Debt Securitization (as defined below) and 0.65% thereafter. In addition, under the Senior Secured Credit Facility, the Company is required to utilize a minimum amount of the financing commitments (such amount, the “Minimum Utilization Amount”), with unused amounts below such Minimum Utilization Amount accruing a fee.

On January 13, 2026, the SPV entered into an amended and restated loan and security agreement (the “Amended Senior Secured Credit Facility”), among the SPV, as borrower, the Company, as portfolio manager, JPMorgan Chase Bank, National Association, as administrative agent, The Bank of

New York Mellon Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary, and each of the financial institutions party thereto, which amends and restates, in its entirety, the Senior Secured Credit Facility.

The Amended Senior Secured Credit Facility amends the Senior Secured Credit Facility by providing for, among other things, (i) additional capacity for the SPV to use broadly syndicated loans as borrowing collateral, subject to a concentration limit that only 25% of the aggregate borrowing collateral may consist of broadly syndicated loans, and (ii) the extension of advances based on such broadly syndicated loans as borrowing collateral, which are subject to a lower advance rate than loans based on non-broadly syndicated loans. Additionally, the Amended Senior Secured Credit Facility provides that the financing commitment will be temporarily decreased immediately upon the occurrence of any permitted securitization.

The aggregate lender commitments under the Amended Senior Secured Credit Facility increased by $100.0 million on March 1, 2026 and, upon completion of any permitted securitization, will be decreased to $500 million with scheduled increases of $100.0 million on the date that is sixty (60) days after the date of such permitted securitization, $100.0 million on the date that is one hundred fifty (150) days after the date of such permitted securitization, and $100.0 million on the date that is two hundred seventy (270) days after the date of such permitted securitization.

Borrowings under the Amended Senior Secured Credit Facility will either be (i) non-traded asset advances based on borrowing collateral of non-broadly syndicated loans or (ii) traded loan advances based on borrowing collateral of broadly syndicated loans. Non-traded asset advances will bear interest at Term SOFR or a Base Rate, in each case, plus an applicable margin equal to 2.15% for borrowings that reference Term SOFR and 1.15% for borrowings that reference the Base Rate. Traded loan advances bear interest at Term SOFR or a Base Rate, in each case, plus an applicable margin equal to 1.50% for borrowings that reference Term SOFR and 0.50% for borrowings that reference the Base Rate.

Both the SPV and the Company have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of September 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Senior Secured Credit Facility.

Revolving Credit Facility

On October 15, 2024, the Company entered into a credit agreement (the “Revolving Credit Facility”), by and among the Company, as borrower, CIBC Bank USA, as the administrative agent, arranger and initial issuing lender, and the financial institutions party thereto, as lenders.

The Revolving Credit Facility provides for borrowings in U.S. dollars in an initial aggregate amount of up to $125 million. On October 10, 2025, the stated termination date of the Revolving Credit Facility was extended to October 10, 2026, which may be extended for an additional period of up to one year subject to the consent of the administrative agent and extending lenders. On October 9, 2026, the stated termination date was extended to October 8, 2027 and the revolving commitments were decreased from $125 million to $100 million. See Note 12 to the consolidated financial statements.

Borrowings under the Revolving Credit Facility bear interest at either term 1-Month SOFR plus 2.25% or the Prime Rate (as defined in the Revolving Credit Facility agreement) plus 1.70%. The Company will also pay a non-use fee of 0.50% on the average daily unused amount of the commitments under the Revolving Credit Facility.

The Company’s obligations under the Revolving Credit Facility are secured by the Company’s right to call capital from certain of its investors, its right to receive capital contributions from certain of its investors, the bank account into which such capital contributions are funded and all proceeds of any and all of the foregoing.

The Company made certain representations and warranties and must comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of September 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

2025 Debt Securitization

On March 20, 2025 (the “Closing Date”), Jefferies Credit Partners BDC CLO I Ltd. (the “CLO I Issuer”), an indirect, wholly owned, consolidated subsidiary of the Company, completed a $403.2 million term debt securitization (the “2025 Debt Securitization”), consisting of three tranches of secured notes and subordinated notes.

The notes offered in the 2025 Debt Securitization consist of $232.0 million of AAA Class A Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.55% (the “Class A Notes”), $40.0 million of AA Class B Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.80% (the “Class B Notes”) and $32.0 million of A Class C Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.25% (the “Class C Notes”, and together with the Class A Notes and the Class B Notes, the “2025 CLO Secured Notes”). Additionally, on the Closing Date, the CLO I Issuer issued $99.2 million of Subordinated Notes due 2037 (the “2025 Subordinated Notes”), which do not bear interest. The 2025 CLO Secured Notes together with the 2025 Subordinated Notes are collectively referred to as the “2025 CLO Notes.” The 2025 CLO Notes offered in the 2025 Debt Securitization are backed by a diversified portfolio of loans. On the Closing Date, the Company acquired the Class C Notes and the 2025 Subordinated Notes. The 2025 CLO Notes are scheduled to mature on April 25, 2037.

As part of the CLO I transaction, the SPV sold and transferred certain loans to the CLO I Issuer for the purchase price set forth in a loan sale agreement. Such loans constituted the initial portfolio of assets securing the 2025 CLO Secured Notes. In connection with such sale and transfer, the SPV made customary representations, warranties and covenants to the CLO I Issuer.

The Investment Adviser serves as portfolio manager for the CLO I Issuer under a portfolio management agreement and has agreed to irrevocably waive all fees payable to it so long as it is the portfolio manager under the portfolio management agreement.

2026 Debt Securitization

On April 2, 2026 (the “April Closing Date”), Jefferies Credit Partners BDC CLO II Ltd. (the “CLO II Issuer”), an indirect, wholly owned, consolidated subsidiary of the Company, completed a $404.3 million term debt securitization (the “2026 Debt Securitization”), consisting of three tranches of secured notes and subordinated notes.

The notes offered in the 2026 Debt Securitization consist of $232.0 million of AAA Class A-1 Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.50% (the “2026 Class A-1 Notes”), $16.0 million of AAA Class A-2 Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.80% (the “2026 Class A-2 Notes”) and $15.0 million of AA Class B Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.90% (the “2026 Class B Notes”, and together with the 2026 Class A-1 Notes and the 2026 Class A-2 Notes, the “2026 CLO Secured Notes”). Additionally, on the April Closing Date, the CLO II Issuer issued $141.3 million of Subordinated Notes due 2038 (the “2026 Subordinated Notes”), which do not bear interest. The 2026 CLO Secured Notes together with the 2026 Subordinated Notes are collectively referred to as the “2026 CLO Notes.” The 2026 CLO Notes offered in the 2026 Debt Securitization are backed by

a diversified portfolio of loans. On the April Closing Date, the Company acquired the 2026 Subordinated Notes. The 2026 CLO Notes are scheduled to mature on April 25, 2038.

As part of the CLO II transaction, the SPV sold and transferred certain loans to the CLO II Issuer for the purchase price set forth in a loan sale agreement. Such loans constituted the initial portfolio of assets securing the 2026 CLO Secured Notes. In connection with such sale and transfer, the SPV made customary representations, warranties and covenants to the CLO II Issuer.

The Investment Adviser serves as portfolio manager for the CLO II Issuer under a portfolio management agreement and has agreed to irrevocably waive all fees payable to it so long as it is the portfolio manager under the portfolio management agreement.