A•••••• P•••••• C••••• F•••

What matters now

1. $205K

   on non-accrual, 2 borrowers

   2 borrowers on non-accrual, $205K principal; the largest is M•••••••• I•• ($105K).

   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•••••••• I•• →
2. 11 below 80¢

   $13M principal

   11 positions across 11 borrowers marked below 80¢ on cost, $13M principal.

   Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

   Derivedeach position's fair value over cost, 30 Jun 2026
3. 22 → 27

   loans paying in kind

   Loans paying in kind rose from 22 to 27 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 →
4. $1.2B → $1.7B

   fair value, 4 quarters

   Its portfolio grew 40% 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 →