What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-07 compared with 2025-05-08 · 121 added, 66 removed, 362 unchanged (34% of the section changed)

9 unchanged sentences

• our future operating results;

• our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of tariffs and trade disputes with other countries, inflation, high interest rates and the risk of recession;

• our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of tariffs and trade disputes with other countries, changes in inflation, high interest rates and the risk of recession;

• the impact of the investments that we expect to make;

8 unchanged sentences

• the ability of CIM and its affiliates to attract and retain highly talented professionals;

• the dependence of our future success on the general economy and its impact on the industries in which we invest, including tariffs and trade disputes with other countries, inflation, high interest rates, the risk of recession and the related economic disruptions caused thereby;

• the dependence of our future success on the general economy and its impact on the industries in which we invest, including tariffs and trade disputes with other countries, changes in inflation, high interest rates, the risk of recession and the related economic disruptions caused thereby;

• ongoing conflicts in the Middle East and the Russia-Ukraine war, including the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;

• the effects of a changing interest rate environment;

4 unchanged sentences

• the timing and amount of distributions and dividends from the companies in which we invest;

• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks.

In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words.

56 unchanged sentences

Q3 2025 Base Distribution

On May 5, 2025, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the second quarter of 2025, payable on June 16, 2025 to shareholders of record as of June 2, 2025.

Portfolio Investment Activity for the Three Months Ended March 31, 2025 and 2024 and the Year Ended December 31, 2024

The following table summarizes our investment activity, excluding short term investments and PIK securities, for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

On August 4, 2025, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the third quarter of 2025, payable on September 16, 2025 to shareholders of record as of September 2, 2025.

Increase in Authorized Amount of Share Repurchase Policy

On August 5, 2025, our board of directors, including the independent directors, increased the amount of shares of our common stock that may be repurchased under the share repurchase policy by $20 million to up to an aggregate of $80 million.

Portfolio Investment Activity for the Three and Six Months Ended June 30, 2025 and 2024 and the Year Ended December 31, 2024

The following table summarizes our investment activity, excluding short term investments and PIK securities, for the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

Net Investment Activity 2025 2024 2025 2024 2024

6 unchanged sentences

Net portfolio activity $ (48,976) $ 70,565 $ (33,511) $ (25,420) $ (22,409)

The following tables summarize the composition of our investment portfolio at amortized cost and fair value as of March 31, 2025 and December 31, 2024:

March 31, 2025

The following tables summarize the composition of our investment portfolio at amortized cost and fair value as of June 30, 2025 and December 31, 2024:

June 30, 2025

Investments Cost(1) Investments Fair

37 unchanged sentences

(3) The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.

The following table summarizes the composition of our investment portfolio by the type of interest rate as of March 31, 2025 and December 31, 2024, excluding short term investments of $53,976 and $68,818, respectively:

March 31, 2025 December 31, 2024

The following table summarizes the composition of our investment portfolio by the type of interest rate as of June 30, 2025 and December 31, 2024, excluding short term investments of $58,673 and $68,818, respectively:

June 30, 2025 December 31, 2024

Interest Rate Allocation Investments Cost Investments Fair Value Percentage of

5 unchanged sentences

Total investments $ 1,842,441 $ 1,765,955 100.0 % $ 1,874,875 $ 1,819,870 100.0 %

The following table shows the composition of our investment portfolio by industry classification and the percentage, by fair value, of the total assets in such industries as of March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

The following table shows the composition of our investment portfolio by industry classification and the percentage, by fair value, of the total assets in such industries as of June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024

Industry Classification Investments Fair Value Percentage of

4 unchanged sentences

Retail 157,658 8.9 % 160,093 8.8 %

Diversified & Production 127,001 7.1 % 129,210 7.1 %

Oil & Gas 138,635 7.8 % 116,393 6.4 %

Consumer 114,767 6.5 % 111,832 6.2 %

Diversified & Production 132,760 7.5 % 129,210 7.1 %

Beverage, Food & Tobacco 113,794 6.4 % 100,612 5.5 %

Advertising, Printing & Publishing 106,095 5.9 % 104,622 5.7 %

Consumer 112,369 6.4 % 111,832 6.2 %

Construction & Building 100,534 5.7 % 99,383 5.5 %

3 unchanged sentences

Diversified Financials 58,732 3.3 % 56,822 3.1 %

Advertising, Printing & Publishing 50,463 2.9 % 104,622 5.7 %

Hotel, Gaming & Leisure 46,803 2.6 % 49,823 2.7 %

7 unchanged sentences

Aerospace & Defense 13,475 0.8 % 13,825 0.8 %

Metals & Mining 10,974 0.6 % 13,094 0.7 %

Transportation:

Cargo 11,024 0.6 % 10,465 0.6 %

Metals & Mining 10,350 0.6 % 13,094 0.7 %

Telecommunications 2,988 0.2 % 5,222 0.3 %

4 unchanged sentences

Our investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require us to provide funding when requested in accordance with the terms of the underlying agreements.

As of March 31, 2025 and December 31, 2024, our unfunded commitments amounted to $65,130 and $70,681 , respectively.

As of April 30, 2025, our unfunded commitments amount ed to $61,793.

As of June 30, 2025 and December 31, 2024, our unfunded commitments amounted to $64,793 and $70,681 , respectively.

As of July 30, 2025, our unfunded commitments amount ed to $67,075.

Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us.

17 unchanged sentences

For investments rated 3, 4, or 5, CIM enhances its level of scrutiny over the monitoring of such portfolio company.

The following table summarizes the composition of our investment portfolio based on the 1 to 5 investment rating scale at fair value as of March 31, 2025 and December 31, 2024, excluding short term investments of $53,976 and $68,818, respectively:

March 31, 2025 December 31, 2024

The following table summarizes the composition of our investment portfolio based on the 1 to 5 investment rating scale at fair value as of June 30, 2025 and December 31, 2024, excluding short term investments of $58,673 and $68,818, respectively:

June 30, 2025 December 31, 2024

Investment Rating Investments

12 unchanged sentences

Current Investment Portfolio

The following table summarizes the composition of our investment portfolio at fair value as of April 30, 2025:

The following table summarizes the composition of our investment portfolio at fair value as of July 30, 2025:

Investments Fair

15 unchanged sentences

(2) The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.

Results of Operations for the Three Months Ended March 31, 2025 and 2024

Our results of operations for the three months ended March 31, 2025 and 2024 were as follows:

Results of Operations for the Three Months Ended June 30, 2025 and 2024

Our results of operations for the three months ended June 30, 2025 and 2024 were as follows:

Three Months Ended

2 unchanged sentences

Net investment income after taxes 16,922 22,963

Net realized gain (loss) on investments 2,294 (9,736)

Net change in unrealized depreciation on investments (64,251) (16,412)

Net (decrease) increase in net assets resulting from operations $ (42,705) $ 6,445

Net realized loss on investments (32,376) (20,277)

Net change in unrealized appreciation on investments 42,770 19,692

Net increase in net assets resulting from operations $ 27,316 $ 22,378

Investment Income

For the three months ended March 31, 2025 and 2024, we generated investment income of $56,074 and $73,554, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 89 and 95 portfolio companies held during each respective period.

The decrease in total investment income was primarily driven by lower investment income generated from restructuring and amendment activities and yield-enhancement provisions from repayments on certain investments and lower SOFR rates during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

For the three months ended June 30, 2025 and 2024, we generated investment income of $52,244 and $61,357, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 91 and 101 portfolio companies held during each respective period.

The decrease in total investment income was primarily driven by lower investment income generated from dividends received, lower SOFR rates, and the write-off of interest income on the restructure of certain investments during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Operating Expenses and Income Taxes

The composition of our operating expenses and income taxes for the three months ended March 31, 2025 and 2024 was as follows:

The composition of our operating expenses and income taxes for the three months ended June 30, 2025 and 2024 was as follows:

Three Months Ended

6 unchanged sentences

Total operating expenses and income taxes $ 35,322 $ 38,394

The decrease in subordinated incentive fee on income was primarily the result of the decrease in investment income during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, which was partially offset by the decrease in interest expense during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

The decrease in interest expense was primarily the result of lower SOFR rates on our borrowings during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, which was partially offset by higher average borrowings under our financing arrangements during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

The composition of our general and administrative expenses for the three months ended March 31, 2025 and 2024 was as follows:

The decrease in subordinated incentive fee on income was primarily the result of the decrease in investment income during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

The decrease in interest expense was primarily the result of lower SOFR rates on our borrowings during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, which was partially offset by higher average borrowings under our financing arrangements during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

The composition of our general and administrative expenses for the three months ended June 30, 2025 and 2024 was as follows:

Three Months Ended

Professional fees $ 768 $ 521

Valuation expense 230 144

Dues and subscriptions $ 329 $ 97

Valuation expense 209 229

Insurance expense 187 169

Director fees and expenses 181 177

Accounting and administrative costs 169 160

Transfer agent expense 125 124

Professional fees 87 455

Printing and marketing expense 82 162

Other expenses 24 86

Total general and administrative expense $ 1,393 $ 1,659

Net Investment Income After Taxes

Our net investment income after taxes totaled $16,922 and $22,963 for the three months ended June 30, 2025 and 2024, respectively.

The decrease in net investment income was a result of a decrease in our investment income during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, which was partially offset by a decrease in our operating expenses during the three months ended June 30, 2025, which was driven primarily by decreases in the subordinated incentive fee on income and interest expense.

Net Realized Loss on Investments

Our net realized loss on investments totaled $(32,376) and $(20,277) for the three months ended June 30, 2025 and 2024, respectively.

The increase in our net realized loss on investments was driven primarily by higher realized losses on the restructure of certain investments during the three months ended June 30, 2025 compared to lower realized losses on the restructure of certain investments during the three months ended June 30, 2024.

Net Change in Unrealized Appreciation on Investments

The net change in unrealized appreciation on our investments totaled $42,770 and $19,692 for the three months ended June 30, 2025 and 2024, respectively.

This increase was driven by larger mark-to-market increases in certain investments during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, as well as the realization of previously unrealized losses due to the restructure of certain investments during the three months ended June 30, 2025.

Net Increase in Net Assets Resulting from Operations

For the three months ended June 30, 2025 and 2024, we recorded a net increase in net assets resulting from operations of $27,316 and $22,378, respectively, as a result of our operating activity for the respective periods.

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Our results of operations for the six months ended June 30, 2025 and 2024 were as follows:

Six Months Ended

Investment income $ 108,318 $ 134,911

Operating expenses and income taxes 72,144 79,355

Net investment income after taxes 36,174 55,556

Net realized loss on investments (30,082) (30,013)

Net change in unrealized (depreciation) appreciation on investments (21,481) 3,280

Net (decrease) increase in net assets resulting from operations $ (15,389) $ 28,823

Investment Income

For the six months ended June 30, 2025 and 2024, we generated investment income of $108,318 and $134,911, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 88 and 103 portfolio companies held during each respective period.

The decrease in total investment income was primarily driven by lower original issue discount recognized on repayment activity, lower investment income generated from non-recurring dividends received, lower SOFR rates and the write-off of interest income on the restructure of certain investments during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Operating Expenses and Income Taxes

The composition of our operating expenses and income taxes for the six months ended June 30, 2025 and 2024 was as follows:

Six Months Ended

Management fees $ 13,122 $ 13,705

Administrative services expense 2,475 2,338

Subordinated incentive fee on income 7,673 11,785

General and administrative 3,229 3,443

Interest expense 45,635 48,075

Income tax expense, including excise tax 10 9

Total operating expenses and income taxes $ 72,144 $ 79,355

The decrease in subordinated incentive fee on income was primarily the result of the decrease in investment income during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

The decrease in interest expense was primarily the result of lower SOFR rates on our borrowings during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, which was partially offset by higher average borrowings under our financing arrangements during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

The composition of our general and administrative expenses for the six months ended June 30, 2025 and 2024 was as follows:

Six Months Ended

Professional fees $ 855 $ 976

Dues and subscriptions 532 532

Valuation expense 439 373

Insurance expense 371 338

Director fees and expenses 353 348

Accounting and administrative costs 281 322

Transfer agent expense 244 247

Printing and marketing expense 99 165

2 unchanged sentences

Net Investment Income After Taxes

Our net investment income after taxes totaled $19,252 and $32,593 for the three months ended March 31, 2025 and 2024, respectively.

The decrease in net investment income was a result of a decrease in our investment income during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, which was partially offset by a decrease in our operating expenses during the three months ended March 31, 2025, which was driven primarily by decreases in the subordinated incentive fee on income and interest expense.

Net Realized Gain (Loss) on Investments

Our net realized gain (loss) on investments totaled $2,294 and $(9,736) for the three months ended March 31, 2025 and 2024, respectively.

The change was driven primarily by realized gains on the restructure of certain investments during the three months ended March 31, 2025 compared to realized losses on the restructure of certain investments during the three months ended March 31, 2024.

Net Change in Unrealized Depreciation on Investments

The net change in unrealized depreciation on our investments totaled $(64,251) and $(16,412) for the three months ended March 31, 2025 and 2024, respectively.

This increase was driven primarily by larger mark-to-market declines in certain investments during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Our net investment income after taxes totaled $36,174 and $55,556 for the six months ended June 30, 2025 and 2024, respectively.

The decrease in net investment income was a result of a decrease in our investment income during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, which was partially offset by a decrease in our operating expenses during the six months ended June 30, 2025, which was driven primarily by decreases in the subordinated incentive fee on income and interest expense.

Net Realized Loss on Investments

Our net realized loss on investments totaled $(30,082) and $(30,013) for the six months ended June 30, 2025 and 2024, respectively, which were driven primarily by realized losses on the restructure and write-off of certain investments during each period.

Net Change in Unrealized (Depreciation) Appreciation on Investments

The net change in unrealized (depreciation) appreciation on our investments totaled $(21,481) and $3,280 for the six months ended June 30, 2025 and 2024, respectively.

This change was driven primarily by larger mark-to-market declines in certain investments during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Net (Decrease) Increase in Net Assets Resulting from Operations

For the three months ended March 31, 2025 and 2024, we recorded a net (decrease) increase in net assets resulting from operations of $(42,705) and $6,445, respectively, as a result of our operating activity for the respective periods.

For the six months ended June 30, 2025 and 2024, we recorded a net (decrease) increase in net assets resulting from operations of $(15,389) and $28,823, respectively, as a result of our operating activity for the respective periods.

Financial Condition, Liquidity and Capital Resources

7 unchanged sentences

Any such increase to our leverage would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2025 and December 31, 2024, our asset coverage ratio was 1.68 and 1.73, respectively.

As of June 30, 2025 and December 31, 2024, our asset coverage ratio was 1.68 and 1.73, respectively.

We carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage, daily cash management and liquidity requirements.

1 unchanged sentence

As of the date of this report, we are not engaged in discussions and do not otherwise intend to issue any such shares.

As of March 31, 2025, we had cash of $7,720 and short term investments of $53,976 invested in a fund that primarily invests in U.S.

As of June 30, 2025, we had cash of $6,533 and short term investments of $58,673 invested in a fund that primarily invests in U.S.

government securities.

Cash and short term investments as of March 31, 2025, taken together with amounts available to us for borrowing under our secured financing arrangements, is expected to be sufficient for our investing and financing activities and to conduct our operations in the near term.

As of March 31, 2025, we had $106 million available under our secured financing arrangements.

Our short and long-term cash needs include principal payments on outstanding financing arrangements, the funding of new and existing portfolio investments, the payment of operating expenses including interest expense, management fees, incentive fees, administrative services expense and general and administrative expenses, as well as paying distributions to our shareholders.

Cash and short term investments as of June 30, 2025, taken together with amounts available to us for borrowing under our secured financing arrangements, is expected to be sufficient for our investing and financing activities and to conduct our operations in the near term.

As of June 30, 2025, we had $106 million available under our secured financing arrangements.

Our short and long-term cash needs include principal payments on outstanding financing arrangements, including potentially the outstanding amount of the 2026 Notes that mature on February 11, 2026, the funding of new and existing portfolio investments, the payment of operating expenses including interest expense, management fees, incentive fees, administrative services expense and general and administrative expenses, as well as paying distributions to our shareholders.

As described further in Note 4 to the consolidated financial statements included in this report, a portion of the subordinated incentive fee on income that we pay to CIM may include deferred interest and accrued income that we have not yet received and may never receive in cash, which CIM is not obligated to reimburse us.

Funding for short and long-term cash needs will come from cash provided from operating activities and/or unused net proceeds from financing activities.

1 unchanged sentence

We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

Post-Listing Share Repurchase Policy

Share Repurchase Policy

On September 15, 2021, our board of directors, including the independent directors, approved a share repurchase policy authorizing us to repurchase up to $50 million of our outstanding common stock after the Listing.

On June 24, 2022, our board of directors, including the independent directors, increased the amount of shares of our common stock that may be repurchased under the share repurchase policy by $10 million to up to an aggregate of $60 million.

On August 5, 2025, our board of directors, including the independent directors, further increased the amount of shares of our common stock that may be repurchased under the share repurchase policy by $20 million to up to an aggregate of $80 million.

Under the share repurchase policy, we may purchase shares of our common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions.

5 unchanged sentences

The 10b5-1 trading plan expires on August 19, 2025, and is subject to price, market volume and timing restrictions.

During the three months ended March 31, 2025, we repurchased an aggregate of 185,862 shares under the 10b5-1 trading plan for an aggregate purchase price of $2,172, or an average purchase price of $11.68 per share.

From April 1, 2025 to April 30, 2025, we repurchased an aggregate of 315,943 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $2,957, or an average purchase price of $9.36 per share.

From the inception of the 10b5-1 trading plan in August 2022 through April 30, 2025, we repurchased an aggregate of 4,270,976 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $43,438, or an average purchase price of $10.17 per share.

We expect to enter into a new 10b5-1 trading plan with Wells Fargo to be effective upon the expiration of the existing 10b5-1 trading plan.

During the six months ended June 30, 2025, we repurchased an aggregate of 885,427 shares under the 10b5-1 trading plan for an aggregate purchase price of $8,728, or an average purchase price of $9.86 per share.

From July 1, 2025 to July 30, 2025, we repurchased an aggregate of 217,040 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $2,142, or an average purchase price of $9.87 per share.

From the inception of the 10b5-1 trading plan in August 2022 through July 30, 2025, we repurchased an aggregate of 4,871,638 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $49,178, or an average purchase price of $10.09 per share.

RIC Status and Distributions

5 unchanged sentences

Base and any supplemental and/or special distributions in respect of future periods will be evaluated by management and our board of directors based on circumstances and expectations existing at the time of consideration.

The following table presents distributions per share that were declared during the year ended December 31, 2024 and the three months ended March 31, 2025:

The following table presents distributions per share that were declared during the year ended December 31, 2024 and the six months ended June 30, 2025:

Distributions

6 unchanged sentences

March 31, 2025 (one record date) $ 0.36 $ 19,149

Total distributions for the three months ended March 31, 2025 $ 0.36 $ 19,149

On May 5, 2025, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the second quarter of 2025 payable on June 16, 2025 to shareholders of record as of June 2, 2025.

June 30, 2025 (one record date) 0.36 18,934

Total distributions for the six months ended June 30, 2025 $ 0.72 $ 38,083

On August 4, 2025, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the third quarter of 2025 payable on September 16, 2025 to shareholders of record as of September 2, 2025.

For an additional discussion of our RIC status and distributions, refer to Note 2 and Note 5, respectively, of our consolidated financial statements included in this report.

JPM Credit Facility

As of March 31, 2025 and April 30, 2025, our aggregate outstanding borrowings under the JPM Credit Facility were $325,000 and the aggregate unfunded principal amount in connection with the JPM Credit Facility was $81,250.

As of June 30, 2025 and July 30, 2025, our aggregate outstanding borrowings under the JPM Credit Facility were $325,000 and the aggregate unfunded principal amount in connection with the JPM Credit Facility was $81,250.

For a detailed discussion of our JPM Credit Facility, refer to Note 8 to our consolidated financial statements included in this report.

2025 UBS Credit Facility

As of March 31, 2025 and April 30, 2025, our outstanding borrowings under the 2025 UBS Credit Facility were $100,000 and the aggregate unfunded principal amount in connection with the 2025 UBS Credit Facility was $25,000.

As of June 30, 2025 and July 30, 2025, our outstanding borrowings under the 2025 UBS Credit Facility were $100,000 and the aggregate unfunded principal amount in connection with the 2025 UBS Credit Facility was $25,000.

For a detailed discussion of our 2025 UBS Credit Facility, refer to Note 8 to our consolidated financial statements included in this report.

As of March 31, 2025 and April 30, 2025, we had $125,000 in aggregate principal amount of 2026 Notes outstanding and there was no unfunded principal amount in connection with the 2026 Notes.

As of June 30, 2025 and July 30, 2025, we had $125,000 in aggregate principal amount of 2026 Notes outstanding and there was no unfunded principal amount in connection with the 2026 Notes.

For a detailed discussion of our 2026 Notes, refer to Note 8 to our consolidated financial statements included in this report.

2022 Term Loan

As of March 31, 2025 and April 30, 2025, our outstanding borrowings under the 2022 Term Loan were $50,000 and there was no unfunded principal amount in connection with the 2022 Term Loan.

As of June 30, 2025 and July 30, 2025, our outstanding borrowings under the 2022 Term Loan were $50,000 and there was no unfunded principal amount in connection with the 2022 Term Loan.

For a detailed discussion of our 2022 Term Loan, refer to Note 8 to our consolidated financial statements included in this report.

2024 Term Loan

As of March 31, 2025 and April 30, 2025, our outstanding borrowings under the 2024 Term Loan were $30,000 and there was no unfunded principal amount in connection with the 2024 Term Loan.

As of June 30, 2025 and July 30, 2025, our outstanding borrowings under the 2024 Term Loan were $30,000 and there was no unfunded principal amount in connection with the 2024 Term Loan.

For a detailed discussion of our 2024 Term Loan, refer to Note 8 to our consolidated financial statements included in this report.

Series A Notes

As of March 31, 2025 and April 30, 2025, we had approximately $114,844 in aggregate principal amount of Series A Notes outstanding and there was no unfunded principal amount in connection with the Series A Notes.

As of June 30, 2025 and July 30, 2025, we had approximately $114,844 in aggregate principal amount of Series A Notes outstanding and there was no unfunded principal amount in connection with the Series A Notes.

For a detailed discussion of our Series A Notes, refer to Note 8 to our consolidated financial statements included in this report.

As of March 31, 2025 and April 30, 2025, we had $200,000 in aggregate principal amount of 2027 Notes outstanding and there was no unfunded principal amount in connection with the 2027 Notes.

As of June 30, 2025 and July 30, 2025, we had $200,000 in aggregate principal amount of 2027 Notes outstanding and there was no unfunded principal amount in connection with the 2027 Notes.

For a detailed discussion of our 2027 Notes, refer to Note 8 to our consolidated financial statements included in this report.

As of March 31, 2025 and April 30, 2025, we had $172,500 in aggregate principal amount of 2029 Notes outstanding and there was no unfunded principal amount in connection with the 2029 Notes.

As of June 30, 2025 and July 30, 2025, we had $172,500 in aggregate principal amount of 2029 Notes outstanding and there was no unfunded principal amount in connection with the 2029 Notes.

For a detailed discussion of our 2029 Notes, refer to Note 8 to our consolidated financial statements included in this report.

Unfunded Commitments

As of March 31, 2025 and April 30, 2025, our unfunded commitments amounted to $65,130 and $61,793, respectively.

As of June 30, 2025 and July 30, 2025, our unfunded commitments amounted to $64,793 and $67,075, respectively.

For a detailed discussion of our unfunded commitments, refer to Note 11 to our consolidated financial statements included in this report.

41 unchanged sentences

See Note 8 to our consolidated financial statements for a more detailed description of the JPM Credit Facility.

On February 13, 2025, Murray Hill Funding II entered into the 2025 UBS Credit Facility with UBS.

See Note 8 to our consolidated financial statements for a more detailed description of the 2025 UBS Credit Facility.

On February 11, 2021, we entered into the 2026 Note Purchase Agreement with purchasers of the 2026 Notes.

11 unchanged sentences

See Note 8 to our consolidated financial statements for a more detailed description of the 2029 Notes.

On February 13, 2025, Murray Hill Funding II entered into the 2025 UBS Credit Facility with UBS.

See Note 8 to our consolidated financial statements for a more detailed description of the 2025 UBS Credit Facility.

Commitments and Contingencies

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis