CREDIT FACILITIES

12 Months Ended

Dec. 31, 2025

CREDIT FACILITIES

CREDIT FACILITIES

NOTE 9 — CREDIT FACILITIES

Commitment Facility

On February 1, 2022, the Company entered into a revolving credit and security agreement with Signature Bank as subsequently amended (the “Commitment Facility”). All amounts borrowed under the Commitment Facility matured on December 31, 2024, and all principal, accrued and unpaid interest thereunder was paid on December 22, 2023 and all prepaid loan structure fees were amortized. Interest is paid monthly in arrears. There was no interest or fees related to the Commitment Facility recognized during the years ended December 31, 2025 and 2024.

The following table summarizes the interest expense and amortized financing costs on the Commitment Facility for the year ended December 31, 2023:

	Year Ended
	December 31, 2023
Interest expense	$	3,238,826
Loan structure fees amortization		220,496
Total interest and other fees	$	3,459,322
Weighted average interest rate		7.0
Effective interest rate (including fee amortization)		7.5
Average debt outstanding	$	46,230,110
Cash paid for interest and unused fees	$	3,654,730

Credit Facility

On September 30, 2022, as amended on December 9, 2022, April 26, 2023, October 3, 2024, May 2, 2025 and September 10, 2025, the Company entered into a senior secured revolving credit agreement with Zions Bancorporation, N.A., dba Amegy Bank and various other lenders (the “Credit Facility” and together with the SPV Facility, the “Credit Facilities”). The Credit Facility provides for borrowings up to a maximum of $300.0 million on a committed basis.

The Credit Facility bears interest, subject to the Company’s election, on a per annum basis equal to (i) Term SOFR plus 2.25% (or 2.50% during certain periods in which the Company’s asset coverage ratio is equal to or below 1.90 to 1.00), subject to a 0.25% floor, or (ii) 1.25% (or 1.50% during certain periods in which the Company’s asset coverage ratio is equal to or below 1.90 to 1.00) plus an alternate base rate, which is subject to a 3.00% floor, based on the highest of (a) the Prime Rate, (b) Federal Funds Rate plus 0.50% and (c) one-month Term SOFR (subject to a 0.25% floor), plus 1.00%. The Company pays unused commitment fees of 0.50% per annum on the unused lender commitments under the Credit Facility. Interest is payable monthly or quarterly in arrears. The commitment to fund the revolver expires on September 10, 2029, after which the Company may no longer borrow under the Credit Facility and must begin repaying principal equal to 1/12 of the aggregate amount outstanding under the Credit Facility each month. Any amounts

borrowed under the Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on September 10, 2030.

Our obligations to the lenders under the Credit Facility are secured by a first priority security interest in its portfolio of securities and cash held, outside of the portfolio of securities and cash held by PBDC SPV. The Credit Facility contains certain covenants, including but not limited to: (i) maintaining a minimum liquidity test of at least $10,000,000, including cash, liquid investments, and undrawn availability, (ii) maintaining an asset coverage ratio of at least 1.67 to 1.00, (iii) maintaining a certain minimum stockholder’s equity, and (iv) maintaining a minimum interest coverage ratio of at least 1.75 to 1.00. As of December 31, 2025 and December 31, 2024, the Company was in compliance with these covenants.

As of December 31, 2025 and December 31, 2024, there was $128,650,000 and $90,450,000, respectively, outstanding under the Credit Facility. The carrying amount of the amount outstanding under the Credit Facility approximates its fair value. The fair value of the Credit Facility is determined in accordance with ASC Topic 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Credit Facility is estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. The Company has incurred costs of $3,858,331 in connection with the current Credit Facility, which are being amortized over the life of the facility. As of December 31, 2025 and December 31, 2024, $2,637,237 and $972,372 of such prepaid loan structure fees and administration fees had yet to be amortized, respectively. These prepaid loan fees are presented on our Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following is a summary of the Credit Facility, net of prepaid loan structure fees:

	December 31, 2025		December 31, 2024
Credit Facility payable	$	128,650,000	$	90,450,000
Prepaid loan structure fees		(2,637,237)		(972,372)
Credit Facility payable, net of prepaid loan structure fees	$	126,012,763	$	89,477,628

Interest is paid monthly or quarterly in arrears based on the interest rate option selected. The following table summarizes the interest expense and amortized financing costs on the Credit Facility for the years ended December 31, 2025, 2024 and 2023:

	Year Ended
	December 31, 2025			December 31, 2024			December 31, 2023
Interest expense	$	9,042,749		$	7,564,862		$	4,398,388
Loan structure fees amortization		536,145			247,472			365,631
Total interest and other fees	$	9,578,894		$	7,812,334		$	4,764,019
Weighted average interest rate		7.2	%		8.3	%		8.8	%
Effective interest rate (including fee amortization)		7.7	%		8.6	%		9.6	%
Average debt outstanding	$	125,133,562		$	91,040,847		$	49,869,315
Cash paid for interest and unused fees	$	8,840,187		$	7,620,581		$	4,174,458

SPV Facility

On August 1, 2024, as amended on October 2, 2025, the Company entered into a Loan Financing and Servicing Agreement (the “Loan Agreement”) for the SPV Facility by and among PBDC SPV, as borrower, the Company, as equityholder and servicer, Deutsche Bank AG, New York Branch, as facility agent, Citibank, N.A., as collateral agent and collateral custodian, Alter Domus (US) LLC, as collateral administrator, and the lenders that are party thereto from time to time. The SPV Facility provides for $75,000,000 million of commitments with an accordion feature that allows for an additional $25,000,000 million of total commitments from new and existing lenders on the same terms and

conditions as the existing commitments. Advances under the SPV Facility bear interest at three-month Term SOFR (as defined in the Loan Agreement) plus an applicable margin of 2.25% during the revolving period ending on August 1, 2027 and three-month Term SOFR plus an applicable margin of 2.60% thereafter. The Loan Agreement provides for an unused commitment fee, from the effective date of the Loan Agreement through October 2, 2028, of 0.25% per annum on the unused commitments if PBDC SPV’s credit facility utilization is greater than or equal to 80%, and otherwise, 0.50% per annum on the unused commitments, and other customary fees. The SPV Facility will mature on October 2, 2031.

As of December 31, 2025, there was $75,000,000 outstanding under the SPV Facility. The carrying amount of the amount outstanding under the SPV Facility approximates its fair value. The fair value of the SPV Facility is determined in accordance with ASC Topic 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the SPV Facility is estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. The Company has incurred costs of $936,711 in connection with the SPV Facility, which are being amortized over the life of the facility. As of December 31, 2025 and 2024, $731,092 and $784,768 of such prepaid loan structure fees and administration fees had yet to be amortized, respectively. These prepaid loan fees are presented on our consolidated statements of assets and liabilities as a deduction from the Credit Facilities payable.

The following is a summary of the SPV Facility, net of prepaid loan structure fees:

	December 31, 2025		December 31, 2024
SPV Facility payable	$	75,000,000	$	50,000,000
Prepaid loan structure fees		(731,092)		(784,768)
SPV Facility payable, net of prepaid loan structure fees	$	74,268,908	$	49,215,232

Interest is paid quarterly in arrears. The following table summarizes the interest expense and amortized financing costs on the SPV Facility for the years ended December 31, 2025 and 2024:

	Year Ended
	December 31, 2025			December 31, 2024
Interest expense	$	3,616,904		$	1,559,287
Facility agent fee		106,424			75,000
Loan structure fees amortization		146,703			58,915
Total interest and other fees	$	3,870,031		$	1,693,202
Weighted average interest rate		6.6	%		7.5	%(1)
Effective interest rate (including fee amortization)		7.1	%		8.1	%(1)
Average debt outstanding	$	54,863,014		$	50,000,000	(1)
Cash paid for interest and unused fees	$	3,674,506		$	1,331,839

(1) Calculated for the period from August 1, 2024, the date of the SPV Facility, through December 31, 2024.