G• A••••••• L••

What matters now

1. $277M

   on non-accrual, 17 borrowers

   17 borrowers on non-accrual, $277M principal; the largest is M••• H•••••••• I•• ($57.4M at G•••• C•••••• B••• I•••).

   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••• H•••••••• I•• →
2. $55.4M

   newly on non-accrual

   6 borrowers newly placed on non-accrual in Q2 2026, $55.4M principal: P•• H•••••••• L•• ($37.3M at G•••• C•••••• B••• I•••), W••••••••• L•• ($12.5M, $12M of it at G•••• C•••••• B••• I•••), V••••• C• M•••• L•••••• ($2.36M at G•••• C•••••• B•• 3• I•••).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open P•• H•••••••• L•• →
3. 119 below 80¢

   $303M principal

   119 positions across 45 borrowers marked below 80¢ on cost, $303M 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. 13 new sponsors

   in 12 months

   At least 13 new sponsors began borrowing from this lender in the last twelve months, and 27 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. 9 new borrowers

   4 quarters, against 11

   Financed at least 9 new sponsor-backed borrowers in the last four quarters, against 11 in the four before.

   The pace of new lending against the year before.

   DerivedBDC schedules, sponsor-backed borrowersSponsor relationships →