What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-06 compared with 2025-08-07 · 110 added, 98 removed, 385 unchanged (35% of the section changed)

36 unchanged sentences

• future changes in laws or regulations and conditions in our operating areas;

• the prices at which shares of our common stock and our 7.50% Notes due 2029 may trade on and volume fluctuations in the NYSE;

• the prices at which shares of our common stock and our 7.50% Notes due 2029 may trade on and volume fluctuations on the NYSE;

• the costs associated with being a publicly traded company.

48 unchanged sentences

Q4 2025 Base Distribution

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:

On November 3, 2025, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the fourth quarter of 2025, payable on December 15, 2025 to shareholders of record as of December 1, 2025.

Change from Quarterly to Monthly Base Distributions

On November 3, 2025, our co-chief executive officers changed the timing of paying base distributions to shareholders from quarterly to monthly commencing in January 2026.

Monthly base distributions will be declared quarterly in advance.

Portfolio Investment Activity for the Three and Nine Months Ended September 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 nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended

Net Investment Activity 2025 2024 2025 2024 2024

6 unchanged sentences

Net portfolio activity $ (69,336) $ (61,111) $ (102,847) $ (86,531) $ (22,409)

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

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

September 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 June 30, 2025 and December 31, 2024, excluding short term investments of $58,673 and $68,818, respectively:

June 30, 2025 December 31, 2024

The following table summarizes the composition of our investment portfolio by the type of interest rate as of September 30, 2025 and December 31, 2024, excluding short term investments of $102,400 and $68,818, respectively:

September 30, 2025 December 31, 2024

Interest Rate Allocation Investments Cost Investments Fair Value Percentage of

5 unchanged sentences

Total investments $ 1,807,755 $ 1,738,184 100.0 % $ 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 June 30, 2025 and December 31, 2024:

June 30, 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 September 30, 2025 and December 31, 2024:

September 30, 2025 December 31, 2024

Industry Classification Investments Fair Value Percentage of

2 unchanged sentences

Business $ 288,127 16.6 % $ 285,960 15.7 %

Healthcare & Pharmaceuticals 197,198 11.2 % 199,733 11.0 %

Retail 179,162 10.3 % 160,093 8.8 %

Healthcare & Pharmaceuticals 174,664 10.1 % 199,733 11.0 %

Oil & Gas 141,373 8.1 % 116,393 6.4 %

Diversified & Production 125,601 7.2 % 129,210 7.1 %

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

Consumer 113,503 6.5 % 111,832 6.2 %

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

Beverage, Food & Tobacco 112,175 6.5 % 100,612 5.5 %

Consumer Goods:

1 unchanged sentence

Banking, Finance, Insurance & Real Estate 70,425 4.1 % 64,422 3.5 %

Construction & Building 66,259 3.8 % 99,383 5.5 %

Diversified Financials 58,147 3.3 % 56,822 3.1 %

1 unchanged sentence

Hotel, Gaming & Leisure 45,838 2.6 % 49,823 2.7 %

Capital Equipment 43,567 2.5 % 52,349 2.9 %

High Tech Industries 40,190 2.3 % 37,665 2.1 %

Capital Equipment 31,612 1.8 % 52,349 2.9 %

Automotive 30,063 1.7 % 31,104 1.7 %

Consumer Goods:

Non-Durable 29,490 1.7 % 35,210 1.9 %

Automotive 30,884 1.7 % 31,104 1.7 %

Environmental Industries 28,000 1.6 % 27,344 1.5 %

Containers, Packaging & Glass 18,632 1.1 % 18,687 1.0 %

Metals & Mining 16,444 1.0 % 13,094 0.7 %

Aerospace & Defense 15,275 0.9 % 13,825 0.8 %

1 unchanged sentence

Cargo 11,370 0.7 % 10,465 0.6 %

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

Telecommunications 2,988 0.2 % 5,222 0.3 %

Chemicals, Plastics & Rubber 73 — 32 —

Telecommunications — — 5,222 0.3 %

Subtotal/total percentage 1,738,184 100.0 % 1,819,870 100.0 %

2 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 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.

As of September 30, 2025 and December 31, 2024, our unfunded commitments amounted to $48,689 and $70,681 , respectively.

As of October 29, 2025, our unfunded commitments amount ed to $47,816.

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

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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 June 30, 2025 and December 31, 2024, excluding short term investments of $58,673 and $68,818, respectively:

June 30, 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 September 30, 2025 and December 31, 2024, excluding short term investments of $102,400 and $68,818, respectively:

September 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 July 30, 2025:

The following table summarizes the composition of our investment portfolio at fair value as of October 29, 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 June 30, 2025 and 2024

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

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

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

Three Months Ended

September 30,

Investment income $ 78,711 $ 59,627

1 unchanged sentence

Net investment income after taxes 38,567 21,618

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

Net realized (loss) gain on investments (9,605) 3,938

Net change in unrealized appreciation (depreciation) on investments 6,916 (25,935)

Net increase (decrease) in net assets resulting from operations $ 35,878 $ (379)

Investment Income

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.

For the three months ended September 30, 2025 and 2024, we generated investment income of $78,711 and $59,627, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 86 and 99 portfolio companies held during each respective period.

The increase in total investment income was primarily driven by higher investment income generated from the restructure of certain investments during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Operating Expenses and Income Taxes

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

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

Three Months Ended

September 30,

Management fees $ 6,532 $ 6,854

5 unchanged sentences

Total operating expenses and income taxes $ 40,144 $ 38,009

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:

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

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

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

Three Months Ended

Dues and subscriptions $ 329 $ 97

September 30,

Professional fees $ 557 $ 777

Valuation expense 204 205

Insurance expense 180 195

Dues and subscriptions 177 117

Director fees and expenses 175 171

1 unchanged sentence

Transfer agent expense 116 121

Professional fees 87 455

Printing and marketing expense 83 127

2 unchanged sentences

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

Our net investment income after taxes totaled $38,567 and $21,618 for the three months ended September 30, 2025 and 2024, respectively.

The increase in net investment income was a result of an increase in our total investment income during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, which was partially offset by an increase in our operating expenses during the three months ended September 30, 2025, which was driven primarily by an increase in the subordinated incentive fee on income.

Net Realized (Loss) Gain on Investments

Our net realized (loss) gain on investments totaled $(9,605) and $3,938 for the three months ended September 30, 2025 and 2024, respectively.

This change was driven primarily by realized losses on the restructure of certain investments during the three months ended September 30, 2025 compared to realized gains on the restructure of certain investments during the three months ended September 30, 2024.

Net Change in Unrealized Appreciation (Depreciation) on Investments

The net change in unrealized appreciation (depreciation) on our investments totaled $6,916 and $(25,935) for the three months ended September 30, 2025 and 2024, respectively.

This change was driven by mark-to-market increases in certain investments during the three months ended September 30, 2025 as compared to mark-to-market decreases in certain investments during the three months ended September 30, 2024.

The mark-to-market increases during the three months ended September 30, 2025 were offset by the realization of previously unrealized gains.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2025 and 2024, we recorded a net increase (decrease) in net assets resulting from operations of $35,878 and $(379), respectively, as a result of our operating activity for the respective periods.

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

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

Nine Months Ended

September 30,

Investment income $ 187,029 $ 194,538

2 unchanged sentences

Net realized loss on investments (39,687) (26,075)

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

Net change in unrealized depreciation on investments (14,565) (22,655)

Net increase in net assets resulting from operations $ 20,489 $ 28,444

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.

For the nine months ended September 30, 2025 and 2024, we generated investment income of $187,029 and $194,538, respectively, consisting primarily of interest income and fees on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 91 and 104 portfolio companies held during each respective period.

The decrease in total investment income was primarily driven by lower interest income generated on our investments due to lower SOFR rates during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

The decrease in total investment income was also the result of higher non-income producing investments during the nine months ended September 30, 2025 compared to the nine months ended September 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

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

Nine Months Ended

September 30,

Management fees $ 19,654 $ 20,559

3 unchanged sentences

Interest expense 68,287 71,626

Income tax expense, including excise tax 10 9

Income tax benefit, including excise tax (85) (12)

Total operating expenses and income taxes $ 112,288 $ 117,364

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

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

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

Nine Months Ended

September 30,

Professional fees $ 1,412 $ 1,753

9 unchanged sentences

Net Investment Income After Taxes

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.

Our net investment income after taxes totaled $74,741 and $77,174 for the nine months ended September 30, 2025 and 2024, respectively.

The decrease in net investment income was a result of a decrease in our total investment income during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, which was partially offset by a decrease in our operating expenses during the nine months ended September 30, 2025, which was driven primarily by a decrease in 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 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.

Our net realized loss on investments totaled $(39,687) and $(26,075) for the nine months ended September 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 on Investments

The net change in unrealized depreciation on our investments totaled $(14,565) and $(22,655) for the nine months ended September 30, 2025 and 2024, respectively.

This decrease was driven primarily by lower mark-to-market declines in certain investments during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

The mark-to-market decreases during the nine months ended September 30, 2025 were primarily offset by the realization of previously unrealized gains.

Net Increase in Net Assets Resulting from Operations

For the nine months ended September 30, 2025 and 2024, we recorded a net increase in net assets resulting from operations of $20,489 and $28,444, 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 June 30, 2025 and December 31, 2024, our asset coverage ratio was 1.68 and 1.73, respectively.

As of September 30, 2025 and December 31, 2024, our asset coverage ratio was 1.71 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.

On August 27, 2024, our shareholders authorized us to issue shares of our common stock at prices below the then current NAV per share in one or more offerings for a 12-month period following such shareholder approval.

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 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.

Through the expiration of such shareholder approval on August 27, 2025, we did not issue any such shares.

As of September 30, 2025, we had cash of $3,931 and short term investments of $102,400 invested in a fund that primarily invests in U.S.

government securities.

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.

Cash and short term investments as of September 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 September 30, 2025, we had $100 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 and/or the outstanding amount of the Series A Notes that mature on August 31, 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.

Funding for short and long-term cash needs will come from cash provided from operating activities (including scheduled/unscheduled principal payments from our investments) and unused net proceeds from our revolving financing facilities.

We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements.

11 unchanged sentences

The 10b5-1 trading plan expires on August 15, 2026, and is subject to price, market volume and timing restrictions.

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.

During the nine months ended September 30, 2025, we repurchased an aggregate of 1,215,751 shares under the 10b5-1 trading plan for an aggregate purchase price of $11,984, or an average purchase price of $9.86 per share.

From October 1, 2025 to October 29, 2025, we repurchased an aggregate of 302,571 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $2,828, or an average purchase price of $9.35 per share.

From the inception of the 10b5-1 trading plan in August 2022 through October 29, 2025, we repurchased an aggregate of 5,310,061 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $53,333, or an average purchase price of $10.04 per share.

RIC Status and Distributions

2 unchanged sentences

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.

We intend to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income.

Therefore, subject to applicable legal restrictions and the sole discretion of our board of directors, we intend to authorize, declare, and pay base distributions on a quarterly basis.

We intend to pay distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income.

Therefore, subject to applicable legal restrictions and the sole discretion of our board of directors, we intend to authorize, declare, and pay base distributions on a quarterly basis through 2025.

Beginning in January 2026, we intend to authorize and declare base distributions quarterly and pay base distributions monthly.

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 six months ended June 30, 2025:

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

Distributions

7 unchanged sentences

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.

September 30, 2025 (one record date) 0.36 18,726

Total distributions for the nine months ended September 30, 2025 $ 1.08 $ 56,809

On November 3, 2025, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the fourth quarter of 2025 payable on December 15, 2025 to shareholders of record as of December 1, 2025.

On November 3, 2025, our co-chief executive officers changed the timing of paying base distributions to shareholders from quarterly to monthly commencing in January 2026.

Monthly base distributions will be declared quarterly in advance.

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 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.

As of September 30, 2025 and October 29, 2025, our aggregate outstanding borrowings under the JPM Credit Facility were $300,000 and the aggregate unfunded principal amount in connection with the JPM Credit Facility was $75,000.

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 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.

As of September 30, 2025 and October 29, 2025, our aggregate 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 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.

As of September 30, 2025 and October 29, 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 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.

As of September 30, 2025 and October 29, 2025, our aggregate 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 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.

As of September 30, 2025 and October 29, 2025, our aggregate 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 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.

As of September 30, 2025 and October 29, 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 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.

As of September 30, 2025 and October 29, 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 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.

As of September 30, 2025 and October 29, 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 June 30, 2025 and July 30, 2025, our unfunded commitments amounted to $64,793 and $67,075, respectively.

As of September 30, 2025 and October 29, 2025, our unfunded commitments amounted to $48,689 and $47,816, respectively.

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

10 unchanged sentences

The valuation is made pursuant to Section 2(a)(41) of the 1940 Act, which requires that we value our assets as follows:

(i) the market price for those securities for which a market quotation is readily available, and (ii) for all other securities and assets, at fair value, as determined in good faith by our board of directors.

As a BDC, Section 2(a)(41) of the 1940 Act requires the board of directors to determine in good faith the fair value of portfolio securities for which a market price is not readily available, and it does so in conjunction with the application of our valuation procedures by CIM.

In accordance with Rule 2a-5 of the 1940 Act, our board of directors has designated CIM as our “valuation designee.” Our board of directors and the audit committee of our board of directors, which is comprised solely of our independent directors, oversees the activities, methodology and processes of the valuation designee.

Our board of directors and the audit committee of our board of directors, which is comprised solely of our independent directors, oversees the activities, methodology and processes of the valuation designee.

There is no single standard for determining fair value in good faith.

49 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