FIDUS INVESTMENT Corp

Previous wording

During the six months ended June 30, 2026 and 2025, we invested $216.7 million and $210.0 million, respectively, in debt and equity investments including six and eleven new portfolio companies, respectively. During the six months ended June 30, 2026 and 2025, we received proceeds from sales or repayments, including principal, return of capital dividends and net realized gains (losses), of $112.2 million and $166.6 million, respectively, including an exit of one portfolio company and five portfolio companies, respectively. The following table summarizes purchases of investments and sales and repayments of investments by type for the six months ended June 30, 2026 and 2025 (dollars in millions).

Current wording

During the nine months ended September 30, 2026 and 2025, we invested $268.4 million and $284.5 million, respectively, in debt and equity investments including six and twelve new portfolio companies, respectively. During the nine months ended September 30, 2026 and 2025, we received proceeds from sales or repayments, including principal, return of capital dividends and net realized gains (losses), of $164.7 million and $203.3 million, respectively, including an exit of two portfolio companies and five portfolio companies, respectively. The following table summarizes purchases of investments and sales and repayments of investments by type for the nine months ended September 30, 2026 and 2025 (dollars in millions).

Previous wording

(1) For the six months ended June 30, 2026 and 2025, first lien debt includes unitranche securities, which account for 48.5% and 58.4% of purchases, respectively. For the six months ended June 30, 2026 and 2025, first lien debt includes unitranche securities, which account for 27.7% and 22.6% of repayments, respectively.

Current wording

(1) For the nine months ended September 30, 2026 and 2025, first lien debt includes unitranche securities, which account for 56.8% and 49.8% of purchases, respectively. For the nine months ended September 30, 2026 and 2025, first lien debt includes unitranche securities, which account for 43.8% and 2.6% of repayments, respectively.

Previous wording

As of June 30, 2026, the fair value of our investment portfolio totaled $1.4 billion and consisted of 100 active portfolio companies and eight portfolio companies that have sold their underlying operations. As of June 30, 2026, 61 portfolio companies’ debt investments bore interest at a variable rate, which represented $930.6 million, or 72.4%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed-rate investments. Overall, the portfolio had net unrealized appreciation of $28.5 million as of June 30, 2026. As of June 30, 2026, our average active portfolio company investment at amortized cost was $14.0 million, which excludes investments in eight portfolio companies that have sold their underlying operations.

Current wording

As of September 30, 2026, the fair value of our investment portfolio totaled $1.4 billion and consisted of 99 active portfolio companies and eight portfolio companies that have sold their underlying operations. As of September 30, 2026, 57 portfolio companies’ debt investments bore interest at a variable rate, which represented $909.8 million, or 71.3%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed-rate investments. Overall, the portfolio had net unrealized appreciation of $38.8 million as of September 30, 2026. As of September 30, 2026, our average active portfolio company investment at amortized cost was $14.1 million, which excludes investments in eight portfolio companies that have sold their underlying operations.

Previous wording

The weighted average yield on debt investments as of June 30, 2026 and December 31, 2025 was 12.5% and 12.6%, respectively. The weighted average yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of June 30, 2026 and December 31, 2025, including the accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing.

Current wording

The weighted average yield on debt investments as of September 30, 2026 and December 31, 2025 was 12.6% and 12.6%, respectively. The weighted average yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of September 30, 2026 and December 31, 2025, including the accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing.

Previous wording

(1) Includes unitranche investments, which account for 50.4% and 51.7% of our portfolio on a fair value and cost basis as of June 30, 2026, respectively. Includes unitranche investments, which account for 48.3% and 49.3% of our portfolio on a fair value and cost basis as of December 31, 2025, respectively.

Current wording

(1) Includes unitranche investments, which account for 53.3% and 55.0% of our portfolio on a fair value and cost basis as of September 30, 2026, respectively. Includes unitranche investments, which account for 48.3% and 49.3% of our portfolio on a fair value and cost basis as of December 31, 2025, respectively.

Previous wording

As of June 30, 2026 and December 31, 2025, we had debt investments in one portfolio company and two portfolio companies, respectively, on non-accrual status (dollars in millions).

Current wording

As of September 30, 2026, we had no debt investments on non-accrual status. As of December 31, 2025, we had debt investments in two portfolio companies on non-accrual status (dollars in millions).

Previous wording

Comparison of three and six months ended June 30, 2026 and 2025

Current wording

Comparison of three and nine months ended September 30, 2026 and 2025

Previous wording

For the three months ended June 30, 2026, total investment income was $43.5 million, an increase of $3.5 million or 8.8%, from $40.0 million of total investment income for the three months ended June 30, 2025. As reflected in the table above, the increase is primarily attributable to the following:

Current wording

For the three months ended September 30, 2026, total investment income was $45.9 million, an increase of $8.6 million or 23.2%, from $37.3 million of total investment income for the three months ended September 30, 2025. As reflected in the table above, the increase is primarily attributable to the following:

Previous wording

$5.3 million increase in total interest income (which includes a $1.0 million increase in payment-in-kind ("PIK") interest income) resulting from an increase in average debt investment balances, partially offset by a decrease in weighted average yield on debt investment balances outstanding during 2026 as compared to the same period in 2025.

Current wording

$8.2 million increase in total interest income (which includes a $(0.1) million decrease in payment-in-kind ("PIK") interest income) resulting from an increase in average debt investment balances, partially offset by a decrease in weighted average yield on debt investment balances outstanding during 2026 as compared to the same period in 2025.

Previous wording

$0.8 million decrease in dividend income due to a decrease in distributions received from equity investments during 2026 as compared to the same period in 2025.

Current wording

$(1.0) million decrease in dividend income due to a decrease in distributions received from equity investments during 2026 as compared to the same period in 2025.

Previous wording

$1.8 million decrease in fee income resulting from a decrease in prepayment and origination fees during 2026 as compared to the same period in 2025.

Current wording

$1.7 million increase in fee income resulting from an increase in prepayment and management services fees during 2026 as compared to the same period in 2025.

Previous wording

For the six months ended June 30, 2026, total investment income was $91.0 million, an increase of $14.5 million or 19.0%, from the $76.5 million of total investment income for the six months ended June 30, 2025. As reflected in the table above, the increase is primarily attributable to the following:

Current wording

For the nine months ended September 30, 2026, total investment income was $136.9 million, an increase of $23.2 million or 20.4%, from the $113.7 million of total investment income for the nine months ended September 30, 2025. As reflected in the table above, the increase is primarily attributable to the following:

Previous wording

$10.2 million increase in total interest income (which includes a $1.9 million increase in PIK interest income) resulting from an increase in average debt investment balances, partially offset by a decrease in weighted average yield on debt investment balances outstanding during 2026 as compared to the same period in 2025.

Current wording

$18.3 million increase in total interest income (which includes a $1.8 million increase in PIK interest income) resulting from an increase in average debt investment balances, partially offset by a decrease in weighted average yield on debt investment balances outstanding during 2026 as compared to the same period in 2025.

Previous wording

$0.3 million increase in dividend income due to an increase in distributions received from equity investments during 2026 as compared to the same period in 2025.

Current wording

$1.8 million decrease in dividend income due to a decrease in distributions received from equity investments during 2026 as compared to the same period in 2025.

Previous wording

$5.0 million increase in fee income primarily related to a ‘one-time’ fee from a portfolio company debt refinancing, partially offset by a decrease in prepayment and origination fees during 2026 as compared to the same period in 2025.

Current wording

$6.7 million increase in fee income primarily related to a ‘one-time’ fee from a portfolio company debt refinancing, partially offset by a decrease in prepayment and origination fees during 2026 as compared to the same period in 2025.

Previous wording

For the three months ended June 30, 2026, total expenses, including the base management fee waiver and income tax provision, were $24.8 million, an increase of $3.5 million or 16.2%, from the $21.3 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended June 30, 2025. As reflected in the table above, changes across the periods were primarily attributable to the following:

Current wording

For the three months ended September 30, 2026, total expenses, including the base management fee waiver and income tax provision, were $24.8 million, an increase of $4.9 million or 24.6%, from the $19.9 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended September 30, 2025. As reflected in the table above, changes across the periods were primarily attributable to the following:

Previous wording

$3.2 million increase in interest and financing expenses due to an increase in the weighted average interest rate of our debt outstanding and an increase in weighted average borrowings outstanding during 2026 as compared to the same period in 2025.

Current wording

$4.0 million increase in interest and financing expenses due to an increase in the weighted average interest rate of our debt outstanding and an increase in weighted average borrowings outstanding during 2026 as compared to the same period in 2025.

Previous wording

$1.1 million net increase in the base management fee, including the base management fee waiver, due to higher average total assets during 2026 as compared to the same period in 2025.

Current wording

$1.2 million net increase in the base management fee, including the base management fee waiver, due to higher average total assets during 2026 as compared to the same period in 2025.

Previous wording

$0.2 million decrease in the income incentive fee due to a decrease in pre-incentive fee net investment income during 2026 as compared to the same period in 2025.

Current wording

$0.7 million increase in the income incentive fee due to a increase in pre-incentive fee net investment income during 2026 as compared to the same period in 2025.

Previous wording

$1.1 million decrease in the accrued capital gains incentive fee due to a net $5.4 million decrease in net gain on investments and realized losses on extinguishment of debt during 2026 as compared to the same period in 2025.

Current wording

$0.6 million decrease in the accrued capital gains incentive fee due to a net $2.6 million decrease in net gain on investments and realized losses on extinguishment of debt during 2026 as compared to the same period in 2025.

Previous wording

Below is a summary of the changes in total expenses, including income tax provision, for the six months ended June 30, 2026 as compared to the same period in 2025 (dollars in millions):

Current wording

Below is a summary of the changes in total expenses, including income tax provision, for the nine months ended September 30, 2026 as compared to the same period in 2025 (dollars in millions):

Previous wording

For the six months ended June 30, 2026, total expenses, including the base management fee waiver and income tax provision, were $47.7 million, an increase of $8.1 million or 20.4%, from the $39.6 million of total expenses, including the base management fee waiver and income tax provision, for the six months ended June 30, 2025. As reflected in the table above, changes across periods were primarily attributable to the following:

Current wording

For the nine months ended September 30, 2026, total expenses, including the base management fee waiver and income tax provision, were $72.5 million, an increase of $13.0 million or 21.8%, from the $59.5 million of total expenses, including the base management fee waiver and income tax provision, for the nine months ended September 30, 2025. As reflected in the table above, changes across periods were primarily attributable to the following:

Previous wording

$6.1 million increase in interest and financing expenses due to an increase in the weighted average interest rate of our debt outstanding and an increase in weighted average borrowings outstanding during 2026 as compared to 2025.

Current wording

$10.3 million increase in interest and financing expenses due to an increase in the weighted average interest rate of our debt outstanding and an increase in weighted average borrowings outstanding during 2026 as compared to 2025.

Previous wording

$2.2 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2026 as compared to 2025.

Current wording

$3.4 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2026 as compared to 2025.

Previous wording

$1.0 million net increase in the income incentive fee due to an increase in pre-incentive fee net investment income during 2026 as compared to the same period in 2025.

Current wording

$1.7 million net increase in the income incentive fee due to an increase in pre-incentive fee net investment income during 2026 as compared to the same period in 2025.

Previous wording

$2.3 million decrease in the accrued capital gains incentive fee due to a net $(11.6) million decrease in net gain on investments and realized losses on extinguishment of debt during 2026 as compared to the same period in 2025.

Current wording

$2.9 million decrease in the accrued capital gains incentive fee due to a net $(14.2) million decrease in net gain on investments and realized losses on extinguishment of debt during 2026 as compared to the same period in 2025.

Previous wording

$0.8 million increase in professional fees due to increased proxy solicitation fees, legal, audit and tax compliance expenses during 2026 as compared to 2025.

Current wording

$0.7 million increase in professional fees due to increased proxy solicitation fees, valuation, audit and tax compliance expenses during 2026 as compared to 2025.

Previous wording

Net investment income increased by $0.0 million, or 0.3%, to $18.7 million during the three months ended June 30, 2026 as compared to the same period in 2025, as a result of the $3.5 million increase in total investment income, offset by the $3.5 million increase in total expenses, including base management fee waiver and income tax provision.

Current wording

Net investment income increased by $3.7 million, or 21.7%, to $21.1 million during the three months ended September 30, 2026 as compared to the same period in 2025, as a result of the $8.6 million increase in total investment income, offset by the $4.9 million increase in total expenses, including base management fee waiver and income tax provision.

Previous wording

Net investment income increased by $6.4 million, or 17.6%, to $43.3 million during the six months ended June 30, 2026 as compared to the same period in 2025, as a result of the $14.5 million increase in total investment income, partially offset by the $8.1 million increase in total expenses, including base management fee waiver and income tax provision.

Current wording

Net investment income increased by $10.2 million, or 18.9%, to $64.5 million during the nine months ended September 30, 2026 as compared to the same period in 2025, as a result of the $23.2 million increase in total investment income, partially offset by the $13.0 million increase in total expenses, including base management fee waiver and income tax provision.

Previous wording

For the three and six months ended June 30, 2026, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $6.4 million and $(5.8) million, respectively. Income tax (provision) benefit from realized gains on investments was $(0.3) million and $(0.4) million for the three and six months ended June 30, 2026. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Realized gains (losses) for the three and six months ended June 30, 2026 are summarized below (dollars in millions):

Current wording

For the three and nine months ended September 30, 2026, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $(10.9) million and $(16.7) million, respectively. Income tax (provision) benefit from realized gains on investments was zero and $(0.4) million for the three and nine months ended September 30, 2026. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Realized gains (losses) for the three and nine months ended September 30, 2026 are summarized below (dollars in millions):

Previous wording

For the three and six months ended June 30, 2025, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $(7.6) million and $5.7 million. Income tax (provision) benefit from realized gains on investments was $(0.1) million and $(1.9) million for the three and six months ended June 30, 2025. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Realized gains (losses) for the three and six months ended June 30, 2025 are summarized below (dollars in millions):

Current wording

For the three and nine months ended September 30, 2025, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $(0.9) million and $4.8 million. Income tax (provision) benefit from realized gains on investments was $(0.4) million and $(2.3) million for the three and nine months ended September 30, 2025. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Realized gains (losses) for the three and nine months ended September 30, 2025 are summarized below (dollars in millions):

Previous wording

During the three and six months ended June 30, 2026 and 2025, we recorded a net change in unrealized appreciation (depreciation) on investments attributable to the following (dollars in millions):

Current wording

During the three and nine months ended September 30, 2026 and 2025, we recorded a net change in unrealized appreciation (depreciation) on investments attributable to the following (dollars in millions):

Previous wording

Net increase (decrease) in net assets resulting from operations during the three months ended June 30, 2026 and 2025 was $20.0 million and $25.3 million, respectively, as a result of the events described above.

Current wording

Net increase (decrease) in net assets resulting from operations during the three months ended September 30, 2026 and 2025 was $20.3 million and $19.1 million, respectively, as a result of the events described above.

Previous wording

Net increase (decrease) in net assets resulting from operations during the six months ended June 30, 2026 and 2025 was $39.8 million and $44.9 million, respectively, as a result of the events described above.

Current wording

Net increase (decrease) in net assets resulting from operations during the nine months ended September 30, 2026 and 2025 was $60.2 million and $64.1 million, respectively, as a result of the events described above.

Previous wording

As of June 30, 2026, we had $37.6 million in cash and cash equivalents, $1.7 million in restricted cash, and our net assets totaled $738.5 million. We believe that our current cash and cash equivalents on hand, restricted cash, our SPV Credit Facility, our continued access to SBA-guaranteed debentures, and our anticipated cash flows from investments will provide adequate capital resources with which to operate and finance our investment business and make distributions to our stockholders for at least the next 12 months. We intend to generate additional cash primarily from the future offerings of debt and equity securities (including the ATM Program (as defined below)) and future borrowings, as well as cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be investments in portfolio companies and cash distributions to our stockholders. During the six months ended June 30, 2026, we repaid $7.0 million of SBA debentures relating to Fund III that would have matured during the period March 1, 2033 through September 1, 2033. Our remaining outstanding SBA debentures begin to mature in 2029 and subsequent years through 2036, which will require repayment on or before the respective maturity dates. In light of current market conditions, we will continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This “Financial Liquidity and Capital Resources” section should be read in conjunction with the notes of our consolidated financial statements.

Current wording

As of September 30, 2026, we had $31.2 million in cash and cash equivalents, $1.5 million in restricted cash, and our net assets totaled $774.4 million. We believe that our current cash and cash equivalents on hand, restricted cash, our SPV Credit Facility, our continued access to SBA-guaranteed debentures, and our anticipated cash flows from investments will provide adequate capital resources with which to operate and finance our investment business and make distributions to our stockholders for at least the next 12 months. We intend to generate additional cash primarily from the future offerings of debt and equity securities (including the ATM Program (as defined below)) and future borrowings, as well as cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be investments in portfolio companies and cash distributions to our stockholders. During the nine months ended September 30, 2026, we repaid $24.0 million of SBA debentures relating to Fund III that would have matured during the period March 1, 2033 through September 1, 2033. Our remaining outstanding SBA debentures begin to mature in 2029 and subsequent years through 2036, which will require repayment on or before the respective maturity dates. In light of current market conditions, we will continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This “Financial Liquidity and Capital Resources” section should be read in conjunction with the notes of our consolidated financial statements.

Previous wording

For the six months ended June 30, 2026, we experienced a net decrease in cash, cash equivalents and restricted cash in the amount of $40.4 million. During that period, we made net payments of $74.5 million of cash for operating activities, which included the funding of $216.7 million of investments that was partially offset by proceeds received from sales and repayments of investments of $112.2 million. During the same period, we received gross proceeds from the issuance of the June 2029 Notes of $120.0 million, redeemed $125.0 million in aggregate principal amount of the November 2026 Notes, received proceeds from the issuances of SBA debentures of $65.5 million, repaid SBA debentures relating to Fund III of $7.0 million, received net proceeds of $28.8 million from our SPV Credit Facility, received repayments of $0.9 million on our secured borrowings, paid cash dividends to stockholders of $43.3 million, and made payment of deferred financing costs related to our debt financings of $4.0 million.

Current wording

For the nine months ended September 30, 2026, we experienced a net decrease in cash, cash equivalents and restricted cash in the amount of $46.9 million. During that period, we made net payments of $68.7 million of cash for operating activities, which included the funding of $268.4 million of investments that was partially offset by proceeds received from sales and repayments of investments of $164.7 million. During the same period, we received gross proceeds from the issuance of the June 2029 Notes of $120.0 million, redeemed $125.0 million in aggregate principal amount of the November 2026 Notes, received proceeds from the issuances of SBA debentures of $76.0 million, repaid SBA debentures relating to Fund III of $24.0 million, received net proceeds from the ATM Program of approximately $35.5 million, received net proceeds of $8.4 million from our SPV Credit Facility, received repayments of $1.5 million on our secured borrowings, paid cash dividends to stockholders of $63.2 million, and made payment of deferred financing costs related to our debt financings of $4.4 million.

Previous wording

Both Fund III and Fund IV are licensed to operate as an SBIC, and have the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the SBA regulations, an SBIC can have outstanding at any time debentures guaranteed by the SBA in an amount up to twice its regulatory capital. Subject to SBA approval, the SBA regulations currently limit the amount that is available to be borrowed by any SBIC and guaranteed by the SBA to 300.0% of an SBIC’s regulatory capital or $250.0 million, whichever is less. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $475.0 million, subject to SBA approval. The SBA may limit the amount that may be drawn each year under the SBA debenture commitments, and each issuance of leverage is conditioned on such SBIC Fund’s full compliance, as determined by the SBA, with the terms and conditions under SBA regulations. SBA debentures have fixed interest rates that approximate prevailing 10-year Treasury Note rates plus a spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the SBA debentures is not required to be paid before maturity but may be pre-paid at any time. As of June 30, 2026, Fund III and Fund IV had $139.5 million and $156.5 million in outstanding SBA debentures, respectively. Subject to SBA regulatory requirements and approval of SBA debenture commitments, FMC IV may access up to $93.5 million of additional SBA debentures under the SBIC debenture program. For more information on the SBA debentures, please refer to Note 6. Debt to our consolidated financial statements.

Current wording

Both Fund III and Fund IV are licensed to operate as an SBIC, and have the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the SBA regulations, an SBIC can have outstanding at any time debentures guaranteed by the SBA in an amount up to twice its regulatory capital. Subject to SBA approval, the SBA regulations currently limit the amount that is available to be borrowed by any SBIC and guaranteed by the SBA to 300.0% of an SBIC’s regulatory capital or $250.0 million, whichever is less. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $475.0 million, subject to SBA approval. The SBA may limit the amount that may be drawn each year under the SBA debenture commitments, and each issuance of leverage is conditioned on such SBIC Fund’s full compliance, as determined by the SBA, with the terms and conditions under SBA regulations. SBA debentures have fixed interest rates that approximate prevailing 10-year Treasury Note rates plus a spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the SBA debentures is not required to be paid before maturity but may be pre-paid at any time. As of September 30, 2026, Fund III and Fund IV had $122.5 million and $167.0 million in outstanding SBA debentures, respectively. Subject to SBA regulatory requirements and approval of SBA debenture commitments, Fund IV may access up to $8.0 million of additional SBA debentures under the SBIC debenture program. For more information on the SBA debentures, please refer to Note 6. Debt to our consolidated financial statements.

Previous wording

On May 29, 2026, we closed the private placement of $120.0 million in aggregate principal amount of our 6.625% senior unsecured notes due 2029, or the “June 2029 Notes”, in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The total net proceeds to us from the June 2029 Notes, based on an issue price of 99.45% of par, after deducting the placement agent fee of $1.5 million and estimated offering expenses of $0.3 million were approximately $117.6 million. The June 2029 Notes will mature on June 1, 2029 and bear interest at a rate of 6.625%. Interest on the June 2029 Notes is payable on June 1 and December 1 of each year, beginning December 1, 2026. The June 2029 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before March 1, 2029 (the date falling three months prior to maturity) and at par thereafter. In connection with the issuance and sale of the June 2029 Notes, we entered into a registration rights agreement, dated as of May 29, 2026 (the “Registration Rights Agreement”), with the institutional purchasers (the “Purchasers”). Pursuant to the Registration Rights Agreement, we are obligated to file with the SEC a registration statement with respect to an offer to exchange the June 2029 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the June 2029 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use our commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the June 2029 Notes. If we fail to satisfy our registration obligations under the Registration Rights Agreement, we will be required to pay additional interest to the holder of the June 2029 Notes. We do not intend to list the June 2029 Notes on any securities exchange or automated dealer quotation system.

Current wording

On May 29, 2026, we closed the private placement of $120.0 million in aggregate principal amount of our 6.625% senior unsecured notes due 2029, (the notes initially issued on May 29, 2026, together with the registered notes issued in the exchange offer described below, the “June 2029 Notes”), in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The total net proceeds to us from the June 2029 Notes, based on an issue price of 99.45% of par, after deducting the placement agent fee of $1.5 million and offering expenses of $0.3 million were approximately $117.5 million. The June 2029 Notes will mature on June 1, 2029 and bear interest at a rate of 6.625%. Interest on the June 2029 Notes is payable on June 1 and December 1 of each year, beginning December 1, 2026. The June 2029 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before March 1, 2029 (the date falling three months prior to maturity) and at par thereafter.

Previous wording

As of June 30, 2026, the carrying value of secured borrowings totaled $11.1 million and the fair value of the associated loans included in investments was $11.1 million. As of December 31, 2025, the carrying value of secured borrowings totaled $12.0 million and the fair value of the associated loans included in investments was $12.0 million. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest” as defined in ASC 860 (see Note 2. Significant Accounting Policies - Partial loan and equity sales to our consolidated financial statements for more information). As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 7.838% and 7.917% as of June 30, 2026 and December 31, 2025, respectively.

Current wording

As of September 30, 2026, the carrying value of secured borrowings totaled $10.5 million and the fair value of the associated loans included in investments was $10.4 million. As of December 31, 2025, the carrying value of secured borrowings totaled $12.0 million and the fair value of the associated loans included in investments was $12.0 million. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest” as defined in ASC 860 (see Note 2. Significant Accounting Policies - Partial loan and equity sales to our consolidated financial statements for more information). As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 7.846% and 7.917% as of September 30, 2026 and December 31, 2025, respectively.

Previous wording

As of June 30, 2026, the weighted average stated interest rates for our SBA debentures and the Notes were 4.463% and 6.703%, respectively. As of June 30, 2026, we had $112.4 million of unutilized commitment under our SPV Credit Facility, and we were subject to a 0.500% fee on such amount. As of June 30, 2026, the weighted average stated interest rate on total debt outstanding was 5.776%.

Current wording

As of September 30, 2026, the weighted average stated interest rates for our SBA debentures and the Notes were 4.592% and 6.703%, respectively. As of September 30, 2026, we had $132.8 million of unutilized commitment under our SPV Credit Facility, and we were subject to a 0.500% fee on such amount. As of September 30, 2026, the weighted average stated interest rate on total debt outstanding was 5.813%.