A• P•••••• C••••• I•••••••• C•••

What matters now

1. $10.4M

   on non-accrual, 2 borrowers

   2 borrowers on non-accrual, $10.4M principal; the largest is S•••••••• C••• H•••••••• L•• ($6.57M).

   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 S•••••••• C••• H•••••••• L•• →
2. $6.57M

   newly on non-accrual

   1 borrower newly placed on non-accrual in Q2 2026, $6.57M principal: S•••••••• C••• H•••••••• L•• ($6.57M).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open S•••••••• C••• H•••••••• L•• →
3. 38 below 80¢

   $65.3M principal

   38 positions across 21 borrowers marked below 80¢ on cost, $65.3M 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. 38 → 66

   loans paying in kind

   Loans paying in kind rose from 38 to 66 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 →