Goldman Sachs BDC, Inc.

Previous wording

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”) and we expect to qualify annually for tax treatment as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2013. From our formation in 2012 through June 30, 2026, we originated approximately $9.94 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

Current wording

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”) and we expect to qualify annually for tax treatment as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2013. From our formation in 2012 through September 30, 2026, we originated approximately $9.98 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

Previous wording

As of June 30, 2026, the total portfolio weighted average yield measured at amortized cost and fair value was 8.8% and 10.8%, as compared to 9.3% and 10.5% as of December 31, 2025. Within Second Lien/Senior Secured Debt, the decrease in weighted average yield at amortized cost and fair value was primarily due to Wine.com, LLC being placed on non-accrual status and the restructuring of Chase Industries, Inc. (dba Senneca Holdings). Within Unsecured Debt, the decrease in weighted average yield at amortized cost was primarily due to the short duration of certain investments.

Current wording

As of September 30, 2026, the total portfolio weighted average yield measured at amortized cost and fair value was 8.7% and 11.2%, as compared to 9.3% and 10.5% as of December 31, 2025. Within First Lien/Last-Out Unitranche, the increase in weighted average yield at fair value was primarily due to exits of certain investments. Within Second Lien/Senior Secured Debt, the decrease in weighted average yield at amortized cost and fair value were primarily due to Wine.com, LLC being placed on non-accrual status and the restructuring of Chase Industries, Inc. (dba Senneca Holdings). Within Unsecured Debt, the decrease in weighted average yield at amortized cost and fair value were primarily due to the maturity extension of Bayside Parent, LLC (dba Pro-PT).

Previous wording

Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Current wording

Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. Weighted average EBITDA is weighted based on the fair value of our performing debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Previous wording

Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of June 30, 2026 and December 31, 2025, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 10.3% and 14.2% of total debt investments.

Current wording

Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of September 30, 2026 and December 31, 2025, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 8.3% and 14.2% of total debt investments.

Previous wording

The increase in investments with a Grade 1 investment performance rating was driven by investments with an aggregate fair value of $54.27 million being upgraded from a Grade 2 investment performance rating due to potential exits.

Current wording

The increase in investments with a Grade 4 investment performance rating was mainly driven by investments with an aggregate fair value of $84.46 million and $29.98 million being downgraded from Grade 3 and Grade 2 investment performance rating, respectively, to Grade 4 investment performance rating due to financial underperformance. The increase was partially offset by an investment with a fair value of $14.58 million that was upgraded from Grade 4 investment performance rating to Grade 2 investment performance rating due to improved performance, a partial repayment of a Grade 4 performance rating investment with a fair value of $13.28 million and a decrease in fair value of investments with Grade 4 performance rating of $37.27 million.

Previous wording

New investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

Current wording

New investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid exclude unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

Previous wording

On October 12, 2020, we completed our Merger with GS MMLC. The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to GS MMLC’s stockholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “Purchase Discount”). The Purchase Discount was allocated to the cost of GS MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with GS MMLC, we marked the investments to their respective fair values and, as a result, the Purchase Discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statements of Operations. The Purchase Discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. The Purchase Discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

Current wording

On October 12, 2020, we completed our Merger with GS MMLC. The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to GS MMLC’s stockholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “Purchase Discount”). The Purchase Discount was allocated to the cost of GS MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with GS MMLC, we marked the investments to their respective fair values and, as a result, the Purchase Discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation in our Consolidated Statements of Operations. The Purchase Discount allocated to the loan investments acquired was amortized over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. The Purchase Discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. As of September 30, 2026, the Purchase Discount has been fully amortized.

Previous wording

As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned Purchase Discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include (i) Adjusted net investment income after taxes; and (ii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the Purchase Discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Current wording

As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned Purchase Discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include (i) Adjusted net investment income after taxes; and (ii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the Purchase Discount attributable to the Merger with GS MMLC is meaningful because it enables investors and management to evaluate the impact of the Purchase Discount on Net investment income after taxes and Net realized and unrealized gains (losses). Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Previous wording

PIK income from investments decreased from $17.70 million for the six months ended June 30, 2025 to $15.24 million for the six months ended June 30, 2026, primarily due to a decrease in the size of the portfolio earning PIK income in addition to a decline in base interest rates and tightening of credit spreads.

Current wording

PIK income from investments decreased from $25.20 million for the nine months ended September 30, 2025 to $21.72 million for the nine months ended September 30, 2026, primarily due to a decrease in the size of the portfolio earning PIK income.

Previous wording

Interest and other debt expenses increased from $26.41 million and $54.72 million for the three and six months ended June 30, 2025 to $30.10 million and $60.14 million for the three and six months ended June 30, 2026. The increase was mainly driven by the increase in the combined weighted average interest rate as result of repayment of the 2026 Notes and the 2025 Notes.

Current wording

Interest and other debt expenses increased from $82.80 million for the nine months ended September 30, 2025 to $89.20 million for the nine months ended September 30, 2026. The increase was mainly driven by the increase in the combined weighted average interest rate.

Previous wording

Incentive fees decreased from $8.53 million and $15.33 million for the three and six months ended June 30, 2025 to $0.00 million and $12.44 million for the three and six months ended June 30, 2026. The decrease was driven by the performance of the investment portfolio for the twelve quarters ended June 30, 2026, as compared to the twelve quarters ended June 30, 2025. For additional information, see Note 3 “Significant Agreements and Related Party Transactions” in our consolidated financial statements included in this report.

Current wording

Incentive fees decreased from $7.05 million and $22.38 million for the three and nine months ended September 30, 2025 to $0.00 million and $12.44 million for the three and nine months ended September 30, 2026. The decrease was driven by the performance of the investment portfolio for the twelve quarters ended September 30, 2026, as compared to the twelve quarters ended September 30, 2025. For additional information, see Note 3 “Significant Agreements and Related Party Transactions” in our consolidated financial statements included in this report.

Previous wording

For the three and six months ended June 30, 2026, net realized gains were primarily driven by the restructuring of our second lien debt investments in Chase Industries, Inc. (dba Senneca Holdings).

Current wording

For the nine months ended September 30, 2026, net realized gains were primarily driven by the restructuring of our second lien debt investments in Chase Industries, Inc. (dba Senneca Holdings), partially offset by the realized losses due to the aforementioned restructuring of 3SI Security Systems, Inc.

Previous wording

For the six months ended June 30, 2025, net realized losses were primarily driven by the restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.) and Streamland Media Midco LLC. In addition, the realized losses were also driven by the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC.

Current wording

For the nine months ended September 30, 2025, net realized losses were primarily driven by the restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.) and Streamland Media Midco LLC as well as the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC. The above realized losses were partially offset by the repayment of the preferred stock investment in Lobos Parent, Inc. (dba NeoGov).

Previous wording

For the three and six months ended June 30, 2026, Other, net includes gross unrealized appreciation of $3.32 million and $3.48 million, and gross unrealized depreciation of $(8.71) million and $(31.11) million.

Current wording

For the three and nine months ended September 30, 2026, Other, net includes gross unrealized appreciation of $3.37 million and $4.90 million, and gross unrealized depreciation of $(14.11) million and $(43.99) million.

Previous wording

Net change in unrealized appreciation (depreciation) in our investments for the three months ended June 30, 2026 was primarily driven by the reversal of unrealized appreciation as a result of the aforementioned restructuring of Chase Industries, Inc. (dba Senneca Holdings), the increase in unrealized depreciation on Wine.com, LLC, Pluralsight, Inc. and Xactly Corporation due to financial underperformance, as well as the widening of market spreads during the period. The increase in unrealized depreciation was partially offset by the reversal of unrealized depreciation on Volt Bidco, Inc. (dba Power Factors) as investments were partially repaid.

Current wording

Net change in unrealized appreciation (depreciation) in our investments for the three months ended September 30, 2026 was primarily driven by the increase in unrealized depreciation on Streamland Media Midco LLC, DECA Dental Holdings LLC, WebPT, Inc. and Wine.com, LLC due to financial underperformance, as well as the widening of spreads due to portfolio company specific factors during the period. The increase in unrealized depreciation was partially offset by the reversal of unrealized depreciation due to the aforementioned restructuring of 3SI Security Systems, Inc.

Previous wording

Net change in unrealized appreciation (depreciation) in our investments for the six months ended June 30, 2026 was primarily driven by the widening of market spreads during the period. The unrealized depreciation was further impacted by the financial underperformance of certain portfolio companies, most notably Pluralsight, Inc., Wine.com, LLC, One GI LLC, Streamland Media Midco LLC and Khoros, LLC (fka Lithium Technologies, Inc.). The increase in unrealized depreciation was also due to the reversal of unrealized appreciation as a result of the aforementioned restructuring of Chase Industries, Inc. (dba Senneca Holdings). The increase in unrealized depreciation was partially offset by reversal of unrealized depreciation on Volt Bidco, Inc. (dba Power Factors) as investments were partially repaid.

Current wording

Net change in unrealized appreciation (depreciation) in our investments for the nine months ended September 30, 2026 was primarily driven by the widening of market spreads during the period. The unrealized depreciation was further impacted by the financial underperformance of certain portfolio companies, most notably Streamland Media Midco LLC, Pluralsight, Inc., Wine.com, LLC, Khoros, LLC (fka Lithium Technologies, Inc.), One GI LLC and the reversal of unrealized appreciation as a result of the aforementioned restructuring of Chase Industries, Inc. (dba Senneca Holdings).

Previous wording

For the three and six months ended June 30, 2025, Other, net includes gross unrealized appreciation of $8.19 million and $15.17 million, and gross unrealized depreciation of $(5.58) million and $(12.16) million.

Current wording

For the three and nine months ended September 30, 2025, Other, net includes gross unrealized appreciation of $2.83 million and $19.59 million, and gross unrealized depreciation of $(15.53) million and $(29.71) million.

Previous wording

Net change in unrealized appreciation (depreciation) in our investments for the six months ended June 30, 2025 was primarily driven by the reversal of unrealized depreciation in connection with the aforementioned restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.), Streamland Media Midco LLC, as well as the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC.

Current wording

Net change in unrealized appreciation (depreciation) in our investments for the nine months ended September 30, 2025 was primarily driven by the reversal of unrealized depreciation in connection with the aforementioned restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.), Streamland Media Midco LLC, as well as the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC, partially offset by the increase in the unrealized depreciation on Pluralsight, Inc. and Streamland Media Holdings LLC due to financial underperformance.

Previous wording

We expect to generate cash primarily from the net proceeds of any future offerings of securities, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to our existing credit facilities, as discussed below, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See “—Key Components of Operations—Leverage.” As of June 30, 2026 and December 31, 2025, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 172% and 175%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

Current wording

We expect to generate cash primarily from the net proceeds of any future offerings of securities, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to our existing credit facilities, as discussed below, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See “—Key Components of Operations—Leverage.” As of September 30, 2026 and December 31, 2025, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 178% and 175%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

Previous wording

On August 8, 2024, our Board of Directors approved and authorized a 10b5-1 stock repurchase program which allows us to repurchase up to $75.00 million of shares of our common stock if our common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. On June 13, 2025, we entered into a 10b5-1 stock repurchase plan (the “2025 10b5-1 Plan”) with Georgeson Securities Corporation (“Georgeson”) for repurchases of our common stock during the period from June 16, 2025 through June 13, 2026. On and effective June 13, 2026, the 2025 10b5-1 Plan expired in accordance with its terms.

Current wording

On August 8, 2024, our Board of Directors approved and authorized a 10b5-1 stock repurchase program which allowed us to repurchase up to $75.00 million of shares of our common stock (inclusive of commissions) if our common stock traded below the most recently announced quarter-end NAV per share, subject to certain limitations. On June 13, 2025, we implemented such 10b5-1 stock repurchase program by entering into a 10b5-1 stock repurchase plan (the “2025 10b5-1 Plan”) with Georgeson Securities Corporation (“Georgeson”) for repurchases of our common stock during the period from June 16, 2025 through June 13, 2026. On and effective June 13, 2026, the 10b5-1 stock repurchase program and the 2025 10b5-1 Plan expired in accordance with its terms.

Previous wording

On May 6, 2026, our Board of Directors approved and authorized a 10b5-1 stock repurchase program, which allows us to enter into a 10b5-1 stock repurchase plan (the “2026 10b5-1 Plan”) to repurchase up to $75.00 million of shares of our common stock if the stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. As of June 30, 2026, we did not have an effective 2026 10b5-1 Plan.

Current wording

On May 6, 2026, our Board of Directors approved and authorized a new 10b5-1 stock repurchase program which allows us to repurchase up to $75.00 million of shares of our common stock (inclusive of commissions) if our common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. On August 7, 2026, we implemented such new 10b5-1 stock repurchase program by entering into a 10b5-1 stock repurchase plan (the “2026 10b5-1 Plan”) with Georgeson for repurchases of our common stock during the period from August 10, 2026 through August 7, 2028 or as further extended by Georgeson and the Company, subject to the approval of the Board.

Previous wording

Any repurchase by us of our common stock under any 10b5-1 plan or otherwise may result in the price of our common stock being higher than the price that otherwise might have existed in the open market. For further details, see Note 9 “Net Assets—Common Stock Repurchase Plan” to our consolidated financial statements included in this report.

Current wording

Any repurchase by us of our common stock under any 10b5-1 plan or otherwise may result in the price of our common stock being higher than the price that otherwise might have existed in the open market.

Previous wording

We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of value of our average gross assets and (2) a two-part Incentive Fee. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay our administrator such fees as may be agreed between us and our administrator that we determine are commercially reasonable in our sole discretion. Either party or the stockholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of June 30, 2026:

Current wording

We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of value of our average gross assets and (2) a two-part Incentive Fee. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay our administrator such fees as may be agreed between us and our administrator that we determine are commercially reasonable. Either party or the stockholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of September 30, 2026:

Previous wording

We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2026, we had outstanding borrowings denominated in U.S. Dollars ("$" or "USD") of $583.67 million, in Euros ("EUR") of EUR of 13.70 million, in Great British Pounds ("GBP") of GBP 17.45 million, Canadian Dollars ("CAD") of CAD 57.02 million and Australian Dollars ("AUD") of AUD 24.50 million.

Current wording

We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2026, we had outstanding borrowings denominated in U.S. Dollars ("$" or "USD") of $365.67 million, in Euros ("EUR") of EUR 13.70 million, in Great British Pounds ("GBP") of GBP 17.45 million, Canadian Dollars ("CAD") of CAD 57.02 million and Australian Dollars ("AUD") of AUD 24.50 million.

Previous wording

On September 19, 2013, we initially entered into the Revolving Credit Facility, which, as of June 30, 2026, allowed us to borrow up to $1,475.00 million at any one time outstanding, subject to leverage and borrowing base restrictions. For further details, see Note 6 “Debt—Revolving Credit Facility” to our consolidated financial statements included in this report.

Current wording

On September 19, 2013, we initially entered into the Revolving Credit Facility, which, as of September 30, 2026, allowed us to borrow up to $1,475.00 million at any one time outstanding, subject to leverage and borrowing base restrictions.

Previous wording

On February 10, 2020, we closed an offering of $360.00 million aggregate principal amount of 3.750% unsecured notes due 2025 (the “2025 Notes”). The 2025 Notes matured and were fully repaid on February 10, 2025 in accordance with their terms. For further details, see Note 6 “Debt—2025 Notes” to our consolidated financial statements included in this report.

Current wording

On February 10, 2020, we closed an offering of $360.00 million aggregate principal amount of 3.750% unsecured notes due 2025 (the “2025 Notes”). The 2025 Notes matured and were fully repaid on February 10, 2025 in accordance with their terms.

Previous wording

On November 24, 2020, we closed an offering of $500.00 million aggregate principal amount of 2.875% unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes matured and were fully repaid on January 15, 2026 in accordance with their terms. For further details, see Note 6 “Debt—2026 Notes” to our consolidated financial statements included in this report.

Current wording

On November 24, 2020, we closed an offering of $500.00 million aggregate principal amount of 2.875% unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes matured and were fully repaid on January 15, 2026 in accordance with their terms.

Previous wording

On March 11, 2024, we closed an offering of $400.00 million aggregate principal amount of 6.375% unsecured notes due 2027 (the “2027 Notes”). The 2027 Notes will mature on March 11, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture. For further details, see Note 6 “Debt—2027 Notes” to our consolidated financial statements included in this report.

Current wording

On March 11, 2024, we closed an offering of $400.00 million aggregate principal amount of 6.375% unsecured notes due 2027 (the “2027 Notes”). The 2027 Notes will mature on March 11, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

Previous wording

On January 28, 2026, we closed an offering of $400.00 million aggregate principal amount of 5.100% unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes will mature on January 28, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture. For further details, see Note 6 “Debt—2029 Notes” to our consolidated financial statements included in this report.

Current wording

On January 28, 2026, we closed an offering of $400.00 million aggregate principal amount of 5.100% unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes will mature on January 28, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

Previous wording

On September 9, 2025, we closed an offering of $400.00 million aggregate principal amount of 5.650% unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes will mature on September 9, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture. For further details, see Note 6 “Debt—2030 Notes” to our consolidated financial statements included in this report.

Current wording

On September 9, 2025, we closed an offering of $400.00 million aggregate principal amount of 5.650% unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes will mature on September 9, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

Previous wording

On August 6, 2026, our Board of Directors declared a quarterly base distribution of $0.32 per share payable on or about October 28, 2026 to holders of record as of September 30, 2026. In addition, our Board declared a quarterly supplemental distribution of $0.03 per share, payable on or about September 15, 2026 to holders of record as of August 31, 2026.

Current wording

On November 4, 2026, our Board of Directors declared a quarterly base distribution of $0.32 per share payable on or about January 27, 2027 to holders of record as of December 31, 2026.