C•••••• S•••••• L••••••• I•••

What matters now

1. $51.7M

   on non-accrual, 6 borrowers

   6 borrowers on non-accrual, $51.7M principal; the largest is M••••••• H•••••••• L•• ($19.3M).

   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 M••••••• H•••••••• L•• →
2. $19.4M

   newly on non-accrual

   2 borrowers newly placed on non-accrual in Q2 2026, $19.4M principal: U• I•••• S••• B••••• L•• ($11.2M), P•••••• C•••••• I•• ($8.18M).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open U• I•••• S••• B••••• L•• →
3. 8 below 80¢

   $71.6M principal

   8 positions across 6 borrowers marked below 80¢ on cost, $71.6M 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. 53 → 57

   loans paying in kind

   Loans paying in kind rose from 53 to 57 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. 196 → 207

   borrowers

   Added a net 11 borrowers in the quarter to Jun 30, 2026, to 207.

   Q2 2026 · The book is turning over faster than usual.

   Factthe schedule's borrowers, quarter on quarterSchedule of investments →