M•• I••••• F•••• I•••

What matters now

1. $29.6M

   on non-accrual, 2 borrowers

   2 borrowers on non-accrual, $29.6M principal; the largest is C••••••• D••• S•••••• L•• ($26.6M).

   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 C••••••• D••• S•••••• L•• →
2. $26.6M

   newly on non-accrual

   1 borrower newly placed on non-accrual in Q2 2026, $26.6M principal: C••••••• D••• S•••••• L•• ($26.6M).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open C••••••• D••• S•••••• L•• →
3. 25 below 80¢

   $115M principal

   25 positions across 17 borrowers marked below 80¢ on cost, $115M 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. 82 → 95

   loans paying in kind

   Loans paying in kind rose from 82 to 95 positions in the quarter to Jun 30, 2026.

   Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.

   Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
5. $1.8B → $1.5B

   fair value, 4 quarters

   Its portfolio shrank 21% at fair value over the last four quarters.

   Q2 2026 · The book is shrinking.

   Factthe schedule's fair value, a year apartQuarter by quarter →