A••• S•••••••• I••••• F•••

What matters now

1. $45.6M

   on non-accrual, 1 borrower

   1 borrower on non-accrual, $45.6M principal; the largest is A••••••• P••••••• M••••••••• I•• ($45.6M).

   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 A••••••• P••••••• M••••••••• I•• →
2. $45.6M

   newly on non-accrual

   1 borrower newly placed on non-accrual in Q2 2026, $45.6M principal: A••••••• P••••••• M••••••••• I•• ($45.6M).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open A••••••• P••••••• M••••••••• I•• →
3. 23 below 80¢

   $426M principal

   23 positions across 15 borrowers marked below 80¢ on cost, $426M 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. 83 → 91

   loans paying in kind

   Loans paying in kind rose from 83 to 91 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. $16B → $23B

   fair value, 4 quarters

   Its portfolio grew 41% at fair value over the last four quarters.

   Q2 2026 · A fast-growing book is deploying new capital.

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