K• C••••• A•••••••• L••

What matters now

1. $79.1M

   on non-accrual, 4 borrowers

   4 borrowers on non-accrual, $79.1M principal; the largest is A••••••• S••••• C••••••• I••••••••• ($37.2M).

   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••••••• S••••• C••••••• I••••••••• →
2. $24.6M

   newly on non-accrual

   2 borrowers newly placed on non-accrual in Q2 2026, $24.6M principal: 4• O••• I••••••••• L•• ($19.2M), D•••••••• I••••••••• L•• ($5.4M).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open 4• O••• I••••••••• L•• →
3. 12 below 80¢

   $72.3M principal

   12 positions across 6 borrowers marked below 80¢ on cost, $72.3M 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. 20 new sponsors

   in 12 months

   20 new sponsors began borrowing from this lender in the last twelve months, and 5 sponsors came back for another deal.

   New sponsor relationships are where its next deals come from.

   Factdeal announcements and BDC schedules naming the pairWhat changed →
5. 5 new borrowers

   4 quarters, against 18

   Financed 5 new sponsor-backed borrowers in the last four quarters, against 18 in the four before.

   The pace of new lending against the year before.

   DerivedBDC schedules, sponsor-backed borrowersSponsor relationships →