M• C•••••• P••••••• A•••••• I•••

What matters now

1. $186M

   on non-accrual, 5 borrowers

   5 borrowers on non-accrual, $186M principal; the largest is S•••••••• L•• ($66.7M, $49.2M of it at M••••• S•••••• D••••• L•••••• F•••).

   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 S•••••••• L•• →
2. $134M

   newly on non-accrual

   3 borrowers newly placed on non-accrual in Q2 2026, $134M principal: S•••••••• L•• ($66.7M, $49.2M of it at M••••• S•••••• D••••• L•••••• F•••), B•• H••••••• I• C••• ($48.6M, $27.5M of it at N•••• H•••• P•••••• I••••• F••• L••), U• I•••• S••• B••••• L•• ($18.6M at M••••• S•••••• D••••• L•••••• F•••).

   Q2 2026 · The newest credit problems in the book.

   FactBDC schedules of investments, 30 Jun 2026Open S•••••••• L•• →
3. 78 below 80¢

   $435M principal

   78 positions across 30 borrowers marked below 80¢ on cost, $435M 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. 23 new sponsors

   in 12 months

   At least 23 new sponsors began borrowing from this lender in the last twelve months, and 17 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 10

   Financed at least 5 new sponsor-backed borrowers in the last four quarters, against 10 in the four before.

   The pace of new lending against the year before.

   DerivedBDC schedules, sponsor-backed borrowersSponsor relationships →