G•••• C•••••• P•••••• C••••• F•••

What matters now

1. $9.88M

   on non-accrual, 5 borrowers

   5 borrowers on non-accrual, $9.88M principal; the largest is P••••••••• L•• ($4.05M).

   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 P••••••••• L•• →
2. $1.98M

   newly on non-accrual

   1 borrower newly placed on non-accrual in Q2 2026, $1.98M principal: F•••••••• S••••••• I••••••••• H••••••• I•• ($1.98M).

   Q2 2026 · The newest credit problems in the book.

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

   $105M principal

   19 positions across 19 borrowers marked below 80¢ on cost, $105M 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. 56 → 67

   loans paying in kind

   Loans paying in kind rose from 56 to 67 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. $6.7B → $9.5B

   fair value, 4 quarters

   Its portfolio grew 43% 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 →