This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Significant scale as the largest publicly traded business development company Concentrated in leveraged lending to middle-market companies, which are illiquid investments and could constrain financial flexibility in an adverse market Experienced management team with long operating history and stable operating results through different credit cycles Higher payment-in-kind income than publicly traded peer average that is primarily driven by its exposure to preferred equity. Diversified funding mix that is composed primarily of unsecured debt Rising but manageable nonaccruals at less than 3% Granular investment portfolio Unsecured debt maturity wall from 2026-2029 As of June
