Unsecured Notes Payable

9 Months Ended

Sep. 30, 2025

At September 30, 2025, the Company had an aggregate of $173.3 million of unsecured, unsubordinated notes payable outstanding, net of deferred financing costs (collectively, the “Notes”). At September 30, 2025, the Company had four series of Notes outstanding:

(i)Notes having an aggregate principal amount of $51.7 million bearing interest at 6.0% per annum and maturing December 30, 2026 (the “December 2026 Notes”);

(ii)Notes having an aggregate principal amount of $51.8 million bearing interest at 6.0% per annum and maturing March 30, 2027 (the “March 2027 Notes”);

(iii)Notes having an aggregate principal amount of $29.7 million bearing interest at 7.125% per annum and maturing June 30, 2027 (the “June 2027 Notes”); and

(iv)Notes having an aggregate principal amount of $40.1 million bearing interest at 8.00% per annum and maturing September 30, 2027 (the “September 2027 Notes”).

The Notes were sold in underwritten public offerings, were issued in denomination of $25.00 each and are listed on the NYSE American and trade under the symbols “SCCD,” “SCCE,” “SCCF” and “SCCG,” respectively. All the Notes were issued at par. Interest on the Notes is payable quarterly on each March 30, June 30, September 30 and December 30 that they are outstanding. So long as the Notes are outstanding, the Company is prohibited from making distributions in excess of 90% of its taxable income, incurring any additional indebtedness or purchasing any shares of its capital stock unless it has an “Asset Coverage Ratio” of at least 150% after giving effect to the payment of such dividend, the incurrence of such indebtedness or the application of the net proceeds, as the case may be. The Company was in compliance with all

debt covenants as of September 30, 2025. The Company may redeem the Notes, in whole or in part, without premium or penalty, at any time after their second anniversary of issuance upon at least 30 days prior written notice to the holders of the Notes. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including the date of redemption. Currently, all the Notes are callable at any time.

The Company repaid in full the unsecured notes payable having an aggregate principal amount of $56.3 million which bore interest at 7.75% per annum when they matured on September 30, 2025. These notes previously traded on the NYSE American under the symbol "SCCC".

During the three months ended September 30, 2025, the Company repurchased and cancelled $0.6 million of unsecured notes payable for $0.5 million, resulting in a $0.1 million gain on extinguishment of debt which is included in other income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2025.

The following table presents the future principal payments on the notes payable as of September 30, 2025:


Years ending December 31,	Amount
	(in thousands)
2025 (remaining three months)	$	—
2026	51,750
2027	121,504
Total principal payments	$	173,254
Deferred financing costs	(2,241)
Total notes payable, net of deferred financing costs	$	171,013

The following table presents the estimated amortization of the deferred financing costs as of September 30, 2025:


Years ending December 31,	Amount
	(in thousands)
2025 (remaining three months)	$	337
2026	1,410
2027	494
Total deferred costs	$	2,241