M• A•••••••

What matters now

1. $205M

   on non-accrual, 18 borrowers

   18 borrowers on non-accrual, $205M principal; the largest is F•••• B••••• G••••• L•• ($74.6M at M••••• C•••••• I••••• P••• C•••).

   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 F•••• B••••• G••••• L•• →
2. $5.47M

   newly on non-accrual

   1 borrower newly placed on non-accrual in Q2 2026, $5.47M principal: T•• K•••• C••••••• L•• ($5.47M, $4.38M of it at M••••• C•••••• I••••• P••• C•••).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open T•• K•••• C••••••• L•• →
3. 67 below 80¢

   $306M principal

   67 positions across 23 borrowers marked below 80¢ on cost, $306M 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. 31 new sponsors

   in 12 months

   At least 31 new sponsors began borrowing from this lender in the last twelve months, and 9 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 8

   Financed at least 5 new sponsor-backed borrowers in the last four quarters, against 8 in the four before.

   The pace of new lending against the year before.

   DerivedBDC schedules, sponsor-backed borrowersSponsor relationships →