F• K•• C•••••• C•••

What matters now

1. $1.44B

   on non-accrual, 14 borrowers

   14 borrowers on non-accrual, $1.44B principal; the largest is K••••••••• B••••••••• S••••••• L•• ($338M).

   Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

   FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen K••••••••• B••••••••• S••••••• L•• →
2. $114M

   newly on non-accrual

   2 borrowers newly placed on non-accrual in Q2 2026, $114M principal: H••••• T••••••••• S•••••• L•• ($102M), A••••••• S•••••••• G•••• L•• ($11.8M).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open H••••• T••••••••• S•••••• L•• →
3. 19 below 80¢

   $1.45B principal

   19 positions across 16 borrowers marked below 80¢ on cost, $1.45B principal.

   Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

   Derivedeach position's fair value over cost, 30 Jun 2026
4. 92.5¢ → 91.0¢

   book mark on cost

   Marked its book down from 92.5¢ to 91.0¢ on the dollar in the quarter to Jun 30, 2026.

   Q2 2026 · The whole portfolio was marked down; net asset value follows.

   Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →