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- Non-accrual Investments Tripled (worsened) — Non-accrual assets rose from 0.6% to 2.2% of the portfolio, a 246% increase in dollar terms, indicating accelerating credit stress.
- Portfolio Yield Compression (worsened) — Weighted average portfolio yield fell 100 basis points to 10.4%, eroding net investment income potential.
- Asset Coverage Ratio Decline (worsened) — Asset coverage fell from 172.4% to 171.0%, reflecting increased leverage or reduced equity cushion above the 150% regulatory minimum.
net income $14.1M. Portfolio contracts 5.5%, non-accruals triple to 2.2%, yield falls 100bp as special dividend ends
Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read
Key Changes
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NAV per share fell 3.4% to $16.65 from $17.23.
Notes: Statement of Assets and Liabilities verify on EDGAR → -
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Non-accrual investments surged from $14.7M (0.6% of portfolio) to $50.8M (2.2%), a 246% increase, concentrated in four issuers versus five a year ago, signaling credit deterioration in fewer but larger exposures.
MD&A: Portfolio Composition verify on EDGAR → -
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Portfolio fair value declined 5.5% to $2.36B while weighted average yield fell 100 basis points to 10.4%, driven by lower base rates or spread compression, compressing income potential.
MD&A: Portfolio Composition verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 11, 2026 · How we verify