Interest Rate Risk We are subject to financial market risks, including changes in interest rates. As of June 30, 2026, 59.4% of our portfolio investments (based on fair value) were debt investments paying variable interest rates and 9.1% were debt investments paying fixed interest rates while 21.1% were other income producing investments, 6.6% consisted of non-income producing investments, and the remaining 3.8% consisted of investments on non-accrual status. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated income incentive fee, and may result in a substantial increase in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our increased pre-incentive fee net investment income. A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the reference rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities. A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the reference rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities. Changes in the general level of interest rates can affect our net interest income. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio. Pursuant to the terms of the Callowhill Credit Facility, Senior Secured Revolving Credit Facility, the CLO-2 Notes and the CLO-3 Notes, we borrow at a floating rate based on a benchmark interest rate. Under the indentures governing the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031, we pay interest to the holders of such notes at a fixed rate, except that the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031 have been swapped from a fixed rate to a floating rate through interest rate swaps. To the extent that any present or future credit facilities or other financing arrangements that we or any of our subsidiaries enter into are based on a floating interest rate, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we or our subsidiaries have such debt outstanding, or financing arrangements in effect, our interest expense would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments. 103 Table of Contents The following table shows the effect over a twelve month period of changes in interest rates on our interest income, interest expense and net interest income, assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangements in effect as of June 30, 2026 (dollar amounts are presented in millions): Basis Point Change in Interest Rates Increase(Decrease)in InterestIncome(1) Increase(Decrease)in InterestExpense(2) Increase (Decrease) in Net Interest Income Percentage Change in Net Interest Income Down 250 basis points $ (178) $ (112) $ (66) (15.3) % Down 200 basis points (143) (90) (53) (12.3) % Down 150 basis points (107) (67) (40) (9.3) % Down 100 basis points (72) (45) (27) (6.3) % Down 50 basis points (36) (22) (14) (3.2) % Up 50 basis points 36 22 14 3.2 % Up 100 basis points 72 45 27 6.3 % Up 150 basis points 107 67 40 9.3 % Up 200 basis points 143 90 53 12.3 % Up 250 basis points 178 112 66 15.3 % _______________ (1)Assumes no defaults or prepayments by portfolio companies over the next twelve months. (2)Assumes current debt outstanding as of June 30, 2026, and no changes over the next twelve months. Includes the effect of interest rate swaps designed as hedging instruments. We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. To hedge the risks associated with a changing interest rate environment, the Company utilizes interest rate swap strategies. For more information on the Company’s swap strategies, please see Note 2 and Note 7 to our unaudited consolidated financial statements included herein. Foreign Currency Risk From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements. The table below presents the effect that a 10% immediate, unfavorable change in the foreign currency exchange rates (i.e. strengthening of the U.S. dollar) would have on the fair value of our investments denominated in foreign currencies as of June 30, 2026, by foreign currency, all other valuation assumptions remaining constant. In addition, the table below presents the par value of our investments denominated in foreign currencies and the notional amount of foreign currency forward contracts in local currency in place as of June 30, 2026 to hedge against foreign currency risks. Investments Denominated in Foreign CurrenciesAs of June 30, 2026 Economic HedgingAs of June 30, 2026 Cost in Local Currency Cost in US$ Fair Value Reduction in Fair Value as of June 30, 2026 if 10% Adverse Change in Exchange Rate(1) Net Foreign Currency Hedge Amount in Local Currency Net Foreign Currency Hedge Amount in U.S. Dollars Australian Dollars A$ 5.5 $ 3.8 $ 4.3 $ 0.4 A$ 0.6 $ 0.4 British Pound Sterling £ 133.4 176.9 177.1 17.7 £ 131.0 173.6 Euros € 328.1 374.6 363.8 36.4 € 11.4 12.9 Swedish Krona SEK 1,136.2 117.1 88.5 8.9 SEK 504.6 52.1 Total $ 672.4 $ 633.7 $ 63.4 $ 239.0 _______________ (1)Excludes effect, if any, of any foreign currency hedges. As illustrated in the table above, we use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we have the ability to borrow in foreign currencies under our Senior Secured Revolving Credit Facility and Callowhill Credit Facility, which provides a 104 Table of Contents natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We are typically a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar. As of June 30, 2026, the net contractual amount of our foreign currency forward contracts totaled $237.5, all of which related to hedging of our foreign currency denominated debt investments. As of June 30, 2026, we had outstanding borrowings denominated in foreign currencies of €348, £73 and AUD6 under our Senior Secured Revolving Credit Facility. In addition, we may have risk regarding portfolio valuation. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Valuation of Portfolio Investments.” 105 Table of Contents