Debt (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of September 30, 2026 were as follows (in thousands):


	September 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Fair Value (1)		Unused Portion (2)		Amount Available (3)
Senior Secured Credit Facility	$	700,000	$	576,687	$	576,687	$	573,804	$	123,313	$	123,313
Revolving Credit Facility		125,000		21,000		21,000		21,000		104,000		104,000
2025 CLO Notes (4)		272,000		272,000		270,159		270,640		—		—
2026 CLO Notes (5)		263,000		263,000		259,889		263,000		—		—
Total Debt Obligations	$	1,360,000	$	1,132,687	$	1,127,735	$	1,128,444	$	227,313	$	227,313

(1)

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026.

(2)

The unused portion is the amount upon which commitment fees, if any, are based.

(3)

The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(4)

The carrying value of the Company’s 2025 CLO Notes are presented net of unamortized debt issuance costs of $1.8 million as of September 30, 2026.

(5)

The carrying value of the Company’s 2026 CLO Notes are presented net of unamortized debt issuance costs and original issue discount of $3.1 million as of September 30, 2026.

The Company’s outstanding debt obligations as of December 31, 2025 were as follows (in thousands):


	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Fair Value (1)		Unused Portion (2)		Amount Available (3)
Senior Secured Credit Facility	$	700,000	$	599,239	$	599,239	$	591,749	$	100,761	$	100,761
Revolving Credit Facility		125,000		50,000		50,000		50,000		75,000		75,000
2025 CLO Notes (4)		272,000		272,000		269,910		271,320		—		—
Total Debt Obligations	$	1,097,000	$	921,239	$	919,149	$	913,069	$	175,761	$	175,761

(1)

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025.

(2)

The unused portion is the amount upon which commitment fees, if any, are based.

(3)

The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(4)

The carrying value of the Company’s 2025 CLO Notes are presented net of unamortized debt issuance costs of $2.1 million as of December 31, 2025.

Summary of Average and Maximum Debt Outstanding, Interest and Debt Issuance Cost

The following table summarizes the average and maximum debt outstanding, and the interest, deferred financing, and debt issuance costs for the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
Average debt outstanding	$	1,079,102		$	715,186		$	1,057,308		$	596,356
Maximum amount of debt outstanding	$	1,132,687		$	839,871		$	1,132,687		$	221,281

Weighted average annualized interest cost (1)		6.19	%		6.86	%		6.20	%		6.92	%
Annualized amortized deferred financing and debt issuance costs		0.26	%		0.30	%		0.27	%		0.35	%
Total annualized interest cost		6.45	%		7.16	%		6.47	%		7.27	%

Weighted average SOFR rate		3.76	%		4.27	%		3.70	%		4.29	%

(1)

Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Credit Facility and Revolving Credit Facility. Commitment fees for the three and nine months ended September 30, 2026 were $0.3 million and $0.7 million, respectively. Commitment fees for the three and nine months ended September 30, 2025 were $0.3 million and $0.9 million, respectively.

Schedule of Components of Interest Expense

The components of interest expense for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Borrowing interest expense	$	15,463	$	11,442	$	44,923	$	28,458
Facility undrawn and unused fees		274		277		652		890
Amortization of deferred financing and debt issuance costs		866		713		2,477		2,153
Total interest expense	$	16,603	$	12,432	$	48,052	$	31,501

Schedule of Senior Secured Credit Facility Secured

The Senior Secured Credit Facility is secured by all of the SPV’s assets. The SPV’s assets and liabilities are not available to satisfy debts and obligations of Jefferies Credit Partners BDC Inc. Assets and liabilities of the SPV as of September 30, 2026 and December 31, 2025 are as follows (in thousands):


	September 30, 2026		December 31, 2025
Assets
Investments at fair value	$	1,168,692	$	1,122,696
Restricted cash		23,712		22,159
Interest receivable		4,476		5,094
Deferred financing costs		6,404		6,728
Prepaid expenses and other assets		29		60
Total assets	$	1,203,313	$	1,156,737
Liabilities
Debt	$	576,687	$	599,239
Interest payable		7,093		7,580
Accrued expenses and other liabilities		67		56
Total liabilities	$	583,847	$	606,875

The 2025 CLO Secured Notes are secured by all of CLO I’s assets. The assets and liabilities of CLO I are not available to satisfy debts and obligations of Jefferies Credit Partners BDC Inc. Assets and liabilities of CLO I as of September 30, 2026 and December 31, 2025 are as follows (in thousands):


	September 30, 2026		December 31, 2025
Assets
Investments at fair value	$	395,859	$	397,674
Restricted cash		8,984		9,322
Interest receivable		1,621		1,729
Deferred financing costs		93		—
Prepaid expenses and other assets		18		35
Total assets	$	406,575	$	408,760
Liabilities
Debt, net of unamortized debt issuance costs of $1,841 and $2,090, at September 30, 2026 and December 31, 2025, respectively (1)	$	270,159	$	269,910
Interest payable		2,691		2,715
Accrued expenses and other liabilities		343		171
Total liabilities	$	273,193	$	272,796

(1)

Excludes the 2025 Class C Notes and 2025 Subordinated Notes which are eliminated in consolidation.

The 2026 CLO Secured Notes are secured by all of CLO II’s assets. The assets and liabilities of CLO II are not available to satisfy debts and obligations of Jefferies Credit Partners BDC Inc. Assets and liabilities of CLO II as of September 30, 2026 are as follows (in thousands):


	September 30, 2026
Assets
Investments at fair value	$	397,411
Restricted cash		19,143
Interest receivable		1,698
Prepaid expenses and other assets		11
Total assets	$	418,263
Liabilities
Debt, net of debt issuance costs and unamortized original issue discount of $3,111, at September 30, 2026 (1)	$	259,889
Interest payable		7,008
Accrued expenses and other liabilities		367
Total liabilities	$	267,264

(1)

Excludes the 2026 Subordinated Notes which are eliminated in consolidation.

Summary of Debt Securitization

The following table presents information on the 2025 Debt Securitization:


	Principal Outstanding		Type	Interest Rate	Credit Rating
Class A Notes	$	232,000	Senior Secured Floating Rate	S + 1.55%	AAA
Class B Notes		40,000	Senior Secured Floating Rate	S + 1.80%	AA
Class C Notes (1)		32,000	Secured Deferrable Floating Rate	S + 2.25%	A
Total Secured Notes	$	304,000
Subordinated Notes (1)		99,200		None	Not rated
Total Notes	$	403,200

The Company retained all of the 2025 Class C Notes and 2025 Subordinated Notes issued in the 2025 Debt Securitization which are eliminated in consolidation.

The following table presents information on the 2026 Debt Securitization:


	Principal Outstanding		Type	Interest Rate	Credit Rating
Class A-1 Notes	$	232,000	Senior Secured Floating Rate	S + 1.50%	AAA
Class A-2 Notes		16,000	Senior Secured Floating Rate	S + 1.80%	AAA
Class B Notes		15,000	Secured Deferrable Floating Rate	S + 1.90%	AA
Total Secured Notes	$	263,000
Subordinated Notes (1)		141,320		None	Not rated
Total Notes	$	404,320