H•• C•••••••• C•••••• S•••••••• F•••

What matters now

1. $7.69M

   on non-accrual, 1 borrower

   1 borrower on non-accrual, $7.69M principal; the largest is M•• S••••••• H•••••••• L•• ($7.69M).

   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•• S••••••• H•••••••• L•• →
2. 11 below 80¢

   $28.9M principal

   11 positions across 5 borrowers marked below 80¢ on cost, $28.9M 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. 40 → 54

   loans paying in kind

   Loans paying in kind rose from 40 to 54 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. $1.7B → $2.3B

   fair value, 4 quarters

   Its portfolio grew 38% 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 →