OFSSH

• Refinancing efforts: Began refinancing $125 million unsecured notes due in February 2026. Completed a $69 million unsecured public bond offering in July 2028 maturity and a $25 million private placement note in August 2029 maturity, repaying $94 million of the February 2026 notes. • Distribution adjustment: Reduced the quarterly distribution to $0.17 per share for the fourth quarter of 2025 to align with net investment income and preserve capital. • Equity investment focus: Monetizing minority equity position in Pfanstiehl, with a fair value of approximately $78.5 million at quarter end. • Loan portfolio stability: Loan portfolio remained relatively stable with one loan placed on nonaccrual and one loan moved back to performing. Diversified loan portfolio composed of first and second lien senior secured loans, avoiding highly cyclical industries. • M&A activity: Middle market M&A activity in the year remained below expectations, but actively engaged with existing portfolio companies and prepared to deploy additional capital if needed.

• Anticipate net interest margin compression due to Fed rate cuts impacting the predominantly floating rate loan portfolio. • Higher interest costs related to the refinancing of the February 2026 unsecured notes. • Quarterly distribution reduced to $0.17 per share for the fourth quarter of 2025.

Net investment income for the third quarter was $0.22 per share, down from $0.25 per share in the prior quarter. Net asset value at September 30 was $10.17 per share, a decrease from $10.91 per share in the prior quarter. The decline in net asset value was largely due to markdowns on equity investments, including a $4.5 million unrealized depreciation on the equity investment in Pfanstiehl and $4.0 million of net unrealized depreciation on CLO equity holdings. One loan was placed on nonaccrual status during the quarter, representing 1.8% of the total portfolio at fair value, and one loan was moved back to performing status. Based on amortized costs at quarter end, the investment portfolio was composed of approximately 69% senior secured loans, 23% structured finance securities, and 8% equity securities.

• Potential further interest rate cuts could reduce net investment income as the majority of the loan portfolio is floating rate. • Uncertain economic outlook may affect the ability to monetize equity investments such as in Pfanstiehl. • Market conditions may impact the realization of the full fundamental value of investments.