OFS Capital Corp

Previous wording

Our NAV per common share decreased from $9.19 at December 31, 2025 to $8.16 at March 31, 2026, due to a net loss on investments of $1.03 per common share, loss on extinguishment of debt of $0.01 per common share, partially offset by our quarterly net investment income of $0.18 per common share exceeding our quarterly distribution of $0.17 per common share.

Current wording

Our NAV per common share increased from $8.16 at March 31, 2026 to $8.41 at June 30, 2026, due to a net gain on investments of $0.34 per common share, partially offset by our quarterly distribution of $0.17 per common share exceeding our quarterly net investment income of $0.08 per common share.

Previous wording

For the quarter ended March 31, 2026, total investment income decreased from $9.4 million in the prior quarter to $8.9 million, primarily due to a decrease in interest income, partially offset by an increase in non-recurring dividend income. See “—Results of Operations” for additional information.

Current wording

For the quarter ended June 30, 2026, total investment income decreased from $8.9 million in the prior quarter to $6.8 million, primarily due to a decrease in interest and dividend income. See “—Results of Operations” for additional information.

Previous wording

Our total outstanding debt decreased from $220.5 million at December 31, 2025 to $202.5 million at March 31, 2026. For the quarter ended March 31, 2026, our weighted-average debt interest costs increased to 7.34 % compared to 7.07% for the quarter ended December 31, 2025, primarily due to an increase in the weighted average debt interest costs of our Unsecured Notes. The decrease of $18.0 million in our total outstanding debt during the quarter ended March 31, 2026 was due to the final $16.0 million redemption of the Unsecured Notes Due February 2026 and net paydowns of $2.0 million on our revolving credit facilities. Following the maturity extension of our Banc of California Credit Facility in January 2026, the final repayment of our Unsecured Notes Due February 2026, and the execution of our Natixis Facility in February 2026, we do not have any debt maturities until February 2028. See “—Results of Operations” and “—Liquidity and Capital Resources” for additional information.

Current wording

Our total outstanding debt decreased from $202.5 million at March 31, 2026 to $185.8 million at June 30, 2026. The decrease of $16.7 million in our total outstanding debt during the quarter ended June 30, 2026 was due to net paydowns on our revolving credit facilities. For the quarter ended June 30, 2026, our weighted-average debt interest costs of 7.41% remained stable compared to 7.34% for the quarter ended March 31, 2026. See “—Results of Operations” and “—Liquidity and Capital Resources” for additional information.

Previous wording

For the quarter ended March 31, 2026, we recognized a net loss on investments of $13.9 million due to a net realized loss of $11.3 million and net unrealized depreciation, net of taxes, of $2.6 million. For the quarter ended March 31, 2026, our net realized and unrealized loss on investments of $13.9 million was primarily attributable to $10.3 million of net realized and unrealized losses on our Structured Finance Securities. As of March 31, 2026, we had non-accrual loans with an aggregate fair value of $10.9 million, or 3.5 % of our total investments at fair value. See “—Portfolio Composition and Investment Activity” for additional information.

Current wording

For the quarter ended June 30, 2026, we recognized a net gain on investments of $4.6 million due to net unrealized appreciation, net of taxes, of $10.6 million, partially offset by a net realized loss of $6.0 million. For the quarter ended June 30, 2026, our net unrealized appreciation of $10.6 million was primarily due to appreciation of $14.1 million on our common equity investment in Pfanstiehl Holdings, Inc. Our net realized loss of $6.0 million during the quarter ended June 30, 2026 was primarily related to an aggregate loss of $4.8 million on the sale of Structured Finance Securities. As of June 30, 2026, we had non-accrual loans with an aggregate fair value of $21.4 million, or 7.2% of our total investments at fair value. See “—Portfolio Composition and Investment Activity” for additional information.

Previous wording

As of March 31, 2026, the aggregate amount outstanding of the senior securities issued by us was $202.5 million, for which our asset coverage ratio was 154%, exceeding the minimum asset coverage requirement of 150% under the 1940 Act. As of March 31, 2026, we remained in compliance with all applicable covenants under our outstanding debt facilities. As of March 31, 2026, we had unused commitments of $6.3 million under our Banc of California Credit Facility, and $35.3 million under our Natixis Facility, each of which is subject to a borrowing base and other covenants. As of March 31, 2026, we had unfunded commitments of $7.8 million to fund outstanding commitments to portfolio companies. See “—Liquidity and Capital Resources” for additional information.

Current wording

As of June 30, 2026, the aggregate amount outstanding of the senior securities issued by us was $185.8 million, for which our asset coverage ratio was 161%, exceeding the minimum asset coverage requirement of 150% under the 1940 Act. As of June 30, 2026, we remained in compliance with all applicable covenants under our outstanding debt facilities. As of June 30, 2026, we had unused commitments of $15.0 million under our Banc of California Credit Facility, and $43.2 million under our Natixis Facility, each of which is subject to a borrowing base and other covenants. As of June 30, 2026, we had unfunded commitments of $6.0 million to fund outstanding commitments to portfolio companies. See “—Liquidity and Capital Resources” for additional information.

Previous wording

On April 28, 2026, the Board declared a distribution of $0.17 per share for the second quarter of 2026, payable on July 6, 2026 to stockholders of record as of June 19, 2026.

Current wording

On July 28, 2026, the Board declared a distribution of $0.17 per share for the third quarter of 2026, payable on October 5, 2026 to stockholders of record as of September 18, 2026.

Previous wording

On April 17, 2026, OFS Advisor agreed to waive its base management fee for the quarter ended March 31, 2026 attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. This waiver differs from prior periods where OFS Advisor had contractually agreed to reduce its base management fee for the entire year at the beginning of the year. As of March 31, 2026, there is no active ongoing fee waiver or reduction agreement in place with OFS Advisor for the remainder of 2026.

Current wording

On April 17, 2026 and June 23, 2026, OFS Advisor agreed to waive a portion of its base management fee for the quarters ended March 31, 2026 and June 30, 2026, respectively, attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. These waivers differ from prior periods where

Previous wording

OFS Advisor is not entitled to recoup the amount of the base management fee waived or reduced with respect to the OFSCC-FS Assets. The fee waiver and reductions were provided at OFS Advisor’s discretion; there can be no assurance that similar fee waivers or reductions will be provided in future periods.

Current wording

OFS Advisor is not entitled to recoup the amount of the base management fee waived or reduced with respect to the OFSCC-FS Assets. The fee waivers and reductions were provided at OFS Advisor’s discretion; there can be no assurance that similar fee waivers or reductions will be provided in future periods.

Previous wording

As of March 31, 2026, the fair value of our debt investment portfolio totaled $156.6 million in 34 portfolio companies, of which approximately 98% and 2% were first lien and second lien debt investments, respectively. We also had equity investments in 14 portfolio companies with a fair value of approximately $102.9 million and 13 investments in Structured Finance Securities with a fair value of approximately $48.6 million. As of March 31, 2026, we had unfunded commitments of $7.8 million to fund outstanding commitments to 12 portfolio companies. Set forth in the tables and charts below is selected information with respect to our portfolio as of March 31, 2026 and December 31, 2025.

Current wording

As of June 30, 2026, the fair value of our debt investment portfolio totaled $147.0 million in 33 portfolio companies, of which approximately 97% and 3% were first lien and second lien debt investments, respectively. We also had equity investments in 13 portfolio companies with a fair value of approximately $116.7 million and 10 investments in Structured Finance Securities with a fair value of approximately $34.1 million. As of June 30, 2026, we had unfunded commitments of $6.0 million to fund outstanding commitments to 12 portfolio companies. Set forth in the tables and charts below is selected information with respect to our portfolio as of June 30, 2026 and December 31, 2025.

Previous wording

As of March 31, 2026, our common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 26.1% and 73.6% of our total portfolio at fair value and our total net assets, respectively. The value of this investment is substantially comprised of unrealized appreciation of $80.2 million. The valuation’s unobservable inputs incorporate discounts for the minority-interest and illiquid nature of the security; however, the valuation, in accordance with fair value concepts, is based on assumptions applicable to an orderly transaction between market participants and does not reflect the impact of a forced sale or entity-specific liquidity constraints. As a result, there can be no assurance that we would be able to realize this value in a timely manner, or at all.

Current wording

As of June 30, 2026, our common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 31.8% and 84.0% of our total portfolio at fair value and our total net assets, respectively. The value of this investment is substantially comprised of unrealized appreciation of $94.3 million. The valuation’s unobservable inputs incorporate discounts for the minority-interest and illiquid nature of the security; however, the valuation, in accordance with fair value concepts, is based on assumptions applicable to an orderly transaction between market participants and does not reflect the impact of a forced sale or entity-specific liquidity constraints. As a result, there can be no assurance that we would be able to realize this value in a timely manner, or at all.

Previous wording

For the three months ended March 31, 2026, the weighted-average performing income yield on interest-bearing investments decreased to 12.5% from 13.5% during the prior quarter. This decrease is primarily attributable to a 2.53% decrease in the performing income yield on our Structured Finance Securities primarily related to a decline in the effective yields on our subordinated note investments.

Current wording

For the three months ended June 30, 2026, the weighted-average performing income yield on interest-bearing investments decreased to 12.1% from 12.5% during the prior quarter. This decrease was primarily attributable to the reversal of previously accrued interest income on debt investments to one portfolio company placed on non-accrual status during the quarter and a decrease in the effective yields of our Structured Finance Securities.

Previous wording

Weighted-average yields of our investments are not the same as a return on investment for our stockholders, but rather the gross investment income from our investment portfolio before the payment of all of our fees and expenses. There can be no assurance that the weighted average yields will remain at their current levels. As of March 31, 2026, 94% of our total loan portfolio, at fair value, consisted of variable rate investments, generally indexed to SOFR. See additional information under “Item 3. Quantitative and Qualitative Disclosures About Market Risk”.

Current wording

Weighted-average yields of our investments are not the same as a return on investment for our stockholders, but rather the gross investment income from our investment portfolio before the payment of all of our fees and expenses. There can be no assurance that the weighted average yields will remain at their current levels. As of June 30, 2026, 93% of our total loan portfolio, at fair value, consisted of variable rate investments, generally indexed to SOFR. See additional information under “Item 3. Quantitative and Qualitative Disclosures About Market Risk”.

Previous wording

As of March 31, 2026 and December 31, 2025, first lien debt investments include unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $125.3 million and $110.5 million, respectively, and $130.3 million and $116.3 million, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest.

Current wording

As of June 30, 2026 and December 31, 2025, first lien debt investments include unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $123.4 million and $106.4 million, respectively, and $130.3 million and $116.3 million, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest.

Previous wording

As of March 31, 2026, 100% of our loan portfolio and 51% of our total portfolio consisted of first lien and second lien loans, based on fair value.

Current wording

As of June 30, 2026, 100% of our loan portfolio and 49% of our total portfolio consisted of first lien and second lien loans, based on fair value.

Previous wording

As of March 31, 2026, the three largest industries of our Portfolio Company Investments by fair value, were: (1) Manufacturing (37.2%); (2) Health Care and Social Assistance (15.7%); and (3) Real Estate and Rental and Leasing (8.8%), totaling an aggregate of approximately 61.7% of our Portfolio Company Investment portfolio. For a full summary of our investment portfolio by industry, see “Item 1—Financial Statements—Note 4.”

Current wording

As of June 30, 2026, the three largest industries of our Portfolio Company Investments by fair value, were: (1) Manufacturing (40.9%); (2) Health Care and Social Assistance (15.4%); and (3) Real Estate and Rental and Leasing (8.4%), totaling an aggregate of approximately 64.7% of our Portfolio Company Investment portfolio. For a full summary of our investment portfolio by industry, see “Item 1—Financial Statements—Note 4.”

Previous wording

Non-performing Structured Finance Securities are securities that have not been optionally redeemed and have an effective yield of 0.0%, as remaining residual distributions are anticipated to be recognized as a return of capital. As of March 31, 2026, the amortized cost and fair value of non-performing Structured Finance Securities were $2.3 million and $0.1 million, respectively.

Current wording

Non-performing Structured Finance Securities are securities that have not been optionally redeemed and have an effective yield of 0.0%, as remaining residual distributions are anticipated to be recognized as a return of capital. As of June 30, 2026, the aggregate amortized cost and fair value of non-performing Structured Finance Securities were $7.2 million and $1.1 million, respectively.

Previous wording

The following is a summary of our investment activity for the three months ended March 31, 2026 and 2025 (dollar amounts in thousands):

Current wording

The following is a summary of our investment activity for the three months ended June 30, 2026 and March 31, 2026, and the six months ended June 30, 2026 and 2025 (dollar amounts in thousands):

Previous wording

During the three months ended March 31, 2026, our first lien debt investment in Redstone HoldCo 2 LP (F/K/A RSA Security) underwent a restructuring through which our first lien debt investment was exchanged for a combination of new first lien debt investments in the portfolio company at a price equal to 63% of par. In connection with the transaction, we recognized a realized loss of $0.6 million on the debt restructure corresponding to the amount forgiven upon the exchange, of which $0.2 million was recognized in the current quarter. As of March 31, 2026, our new first lien debt investments had an aggregate amortized cost of and fair value of $1.1 million and $1.0 million, respectively.

Current wording

During the six months ended June 30, 2026, our first lien debt investment in Redstone HoldCo 2 LP (F/K/A RSA Security) underwent a restructuring through which our first lien debt investment was exchanged for a combination of new first lien debt investments in the portfolio company at a price equal to 63% of par. In connection with the transaction, we recognized a realized loss of $0.6 million on the debt restructure corresponding to the amount forgiven upon the exchange. As of June 30, 2026, our new first lien debt investments had an aggregate amortized cost of and fair value of $1.1 million and $1.0 million, respectively.

Previous wording

Comparison of the three months ended March 31, 2026 and December 31, 2025 and comparison of the three months ended March 31, 2026 and 2025

Current wording

Comparison of the three months ended June 30, 2026 and March 31, 2026 and comparison of the six months ended June 30, 2026 and 2025

Previous wording

Consolidated operating results for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 are as follows (in thousands):

Current wording

Consolidated operating results for the three months ended June 30, 2026 and March 31, 2026, and the six months ended June 30, 2026 and 2025 are as follows (in thousands):

Previous wording

For the three months ended March 31, 2026, total investment income decreased from $9.4 million in the prior quarter to $8.9 million, primarily due to a decrease in interest income, partially offset by an increase in non-recurring dividend income.

Current wording

For the three months ended June 30, 2026, total investment income decreased from $8.9 million in the prior quarter to $6.8 million, primarily due to decreases in interest income of $1.2 million and dividend income of $0.9 million.

Previous wording

For the three months ended March 31, 2026, interest income decreased by $1.3 million compared to the prior quarter, primarily due to a smaller average debt investment portfolio, at cost, the impact of lower SOFR rates driven by the U.S. Federal Reserve rate cuts, and a decrease in the effective yields on our Structured Finance Securities.

Current wording

For the three months ended June 30, 2026, interest income decreased by $1.2 million compared to the prior quarter, primarily due to a smaller average debt investment portfolio, at cost, the placement of loans to a portfolio company on non-accrual status and a decrease in the effective yields on our Structured Finance Securities.

Previous wording

For the three months ended March 31, 2026, dividend income increased by $0.9 million compared to the prior quarter, primarily due to a non-recurring cash dividend of $0.9 million from our common equity investment in Pfanstiehl Holdings, Inc.

Current wording

For the three months ended June 30, 2026, dividend income decreased by $0.9 million compared to the prior quarter, primarily due to a non-recurring cash dividend of $0.9 million from our common equity investment in Pfanstiehl Holdings, Inc. recognized during the prior quarter.

Previous wording

Total investment income for the three months ended March 31, 2026 decreased $1.4 million compared to the corresponding period in the prior year, primarily due to a decrease in total interest income of $2.4 million, partially offset by an increase in total dividend income of $1.0 million.

Current wording

Total investment income for the six months ended June 30, 2026 decreased $5.0 million compared to the corresponding period in the prior year, primarily due to a decrease in total interest income of $6.0 million, partially offset by an increase in total dividend income of $1.1 million.

Previous wording

Operating expenses for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 are presented below (in thousands):

Current wording

Operating expenses for the three months ended June 30, 2026 and March 31, 2026, and the six months ended June 30, 2026 and 2025 are presented below (in thousands):

Previous wording

Interest expense for the three months ended March 31, 2026 decreased $0.4 million compared to the prior quarter, primarily due to a decrease of $24.5 million in our average outstanding debt balances compared to the prior quarter. During the quarter ended March 31, 2026, we fully repaid the remaining $16.0 million of Unsecured Notes Due February 2026 and reduced the aggregate outstanding balance of our revolving credit facilities by $2.0 million.

Current wording

Interest expense for the three months ended June 30, 2026 decreased $0.2 million compared to the prior quarter, primarily due to a decrease of $13.0 million in our average outstanding debt balances compared to the prior quarter. During the quarter ended June 30, 2026, we reduced the aggregate outstanding balance of our revolving credit facilities by $16.7 million.

Previous wording

Income Incentive Fees for the three months ended March 31, 2026 increased $0.4 million compared to the prior quarter, primarily due to an increase in our net investment income return on net assets in the current quarter.

Current wording

Income Incentive Fees for the three months ended June 30, 2026 decreased $0.4 million compared to the prior quarter, primarily due to a decrease in our net investment income return on net assets in the current quarter.

Previous wording

Total expenses, net of the base management fee waiver, for the three months ended March 31, 2026 decreased $0.4 million compared to the corresponding period in the prior year.

Current wording

Total expenses, net of the base management fee waivers, for the six months ended June 30, 2026 decreased $1.8 million compared to the corresponding period in the prior year.

Previous wording

Base management fees, net of the fee waiver, for the three months ended March 31, 2026 decreased $0.3 million compared to the corresponding period in the prior year, primarily due to a decrease in our total investment portfolio, at fair value.

Current wording

Base management fees, net of the fee waivers, for the six months ended June 30, 2026 decreased $0.7 million compared to the corresponding period in the prior year, primarily due to a decrease in our total investment portfolio, at fair value.

Previous wording

Net loss on investments, inclusive of realized and unrealized gains (losses), and net of current and deferred income taxes, by investment type for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 were as follows (in thousands):

Current wording

Net gain (loss) on investments, inclusive of realized and unrealized gains (losses), and net of current and deferred income taxes, by investment type for the three months ended June 30, 2026 and March 31, 2026, and the six months ended June 30, 2026 and 2025 were as follows (in thousands):

Previous wording

During the three months ended March 31, 2026, we fully repaid and terminated the BNP Facility, and, as a result, we recognized a loss on extinguishment of debt of $0.1 million related to the acceleration of deferred financing costs.

Current wording

During the six months ended June 30, 2026, we fully repaid and terminated the BNP Facility, and, as a result, we recognized a loss on extinguishment of debt of $0.1 million related to the acceleration of deferred financing costs.

Previous wording

During the three months ended March 31, 2026, we amended the Banc of California Credit Facility to, among other things, reduce the maximum facility amount from $25.0 million to $15.0 million, and, as a result, we recognized a loss on extinguishment of debt of $41,617 related to the acceleration of deferred financing costs.

Current wording

During the six months ended June 30, 2026, we amended the Banc of California Credit Facility to, among other things, reduce the maximum facility amount from $25.0 million to $15.0 million, and, as a result, we recognized a loss on extinguishment of debt of less than $0.1 million related to the acceleration of deferred financing costs.

Previous wording

As of March 31, 2026, we held cash and cash equivalents of $3.3 million, which included $2.6 million held by OFSCC-FS. Distributions from OFSCC-FS to the Parent are restricted by the terms and conditions of the Natixis Facility. During the three months ended March 31, 2026, the Parent received $2.8 million in cash distributions from OFSCC-FS.

Current wording

As of June 30, 2026, we held cash and cash equivalents of $4.0 million, which included $2.9 million held by OFSCC-FS. Distributions from OFSCC-FS to the Parent are restricted by the terms and conditions of the Natixis Facility.

Previous wording

As of March 31, 2026, we had an unused commitment of $6.3 million under our Banc of California Credit Facility, as well as an unused commitment of $35.3 million under our Natixis Facility, both of which are subject to borrowing base requirements and other covenants.

Current wording

As of June 30, 2026, we had an unused commitment of $15.0 million under our Banc of California Credit Facility, as well as an unused commitment of $43.2 million under our Natixis Facility, both of which are subject to borrowing base requirements and other covenants.

Previous wording

As of March 31, 2026, we had unfunded commitments of $7.8 million to fund outstanding commitments to portfolio companies.

Current wording

As of June 30, 2026, we had unfunded commitments of $6.0 million to fund outstanding commitments to portfolio companies.

Previous wording

As of March 31, 2026, the aggregate amount outstanding of the senior securities issued by us was $202.5 million, for which our asset coverage was 154%, exceeding our minimum asset coverage requirement of 150% under the 1940 Act. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

Current wording

As of June 30, 2026, the aggregate amount outstanding of the senior securities issued by us was $185.8 million, for which our asset coverage was 161%, exceeding our minimum asset coverage requirement of 150% under the 1940 Act. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

Previous wording

The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our ICTI for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of our distributions for a full year.

Current wording

We currently estimate that a portion of our distributions for the year ending December 31, 2026 will be characterized as a tax return of capital. The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our ICTI for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of our distributions for a full year.

Previous wording

For the three months ended March 31, 2026, net cash from operating activities increased by $18.9 million compared to the three months ended March 31, 2025, primarily due to an increase of $19.0 million in net repayments and sales of portfolio investments, which were primarily used for the repayment of outstanding debt.

Current wording

For the six months ended June 30, 2026, net cash from operating activities increased by $20.9 million compared to the six months ended June 30, 2025, primarily due to an increase of $24.1 million in net repayments and sales of portfolio investments, which were primarily used for the repayment of outstanding debt.

Previous wording

For the three months ended March 31, 2026, net cash used in financing activities increased $17.0 million compared to the three months ended March 31, 2025, primarily due to the redemption of Unsecured Notes and net repayments on our revolving lines of credit, partially offset by a reduction in distributions paid to stockholders.

Current wording

For the six months ended June 30, 2026, net cash used in financing activities increased $24.5 million compared to the six months ended June 30, 2025, primarily due to the redemption of Unsecured Notes and net repayments on our revolving lines of credit, partially offset by a reduction in distributions paid to stockholders.

Previous wording

As of March 31, 2026, we had $202.5 million of outstanding debt with a weighted-average effective interest rate of 7.30%. As of March 31, 2026, approximately 96% of our outstanding debt matures in more than two years and 74% of our outstanding debt is unsecured.

Current wording

As of June 30, 2026, we had $185.8 million of outstanding debt with a weighted-average effective interest rate of 7.40%. As of June 30, 2026, 100% of our outstanding debt matures in more than two years and 80% of our outstanding debt is unsecured.