Portfolio shrinks, yields fall 100bp, unrealized losses surge on spread widening

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Net investment activity turned negative $141.7M in Q1 FY26 (vs. +$170.4M prior year) as repayments and sales exceeded new deployments; portfolio company count fell to 236 from 240.

  MD&A: Portfolio Activity verify on EDGAR →
• high

  Total debt portfolio yield declined 100 basis points to 9.5% from 10.5%, driving interest income down $7.0M to $67.6M despite flat net investment income (lower incentive fees offset the revenue decline).

  MD&A: Portfolio Yields verify on EDGAR →
• high

  Net unrealized losses totaled $48.7M (vs. $7.0M prior year), driven by market-wide spread widening concentrated in software and technology plus credit stress in specific positions; combined with $12.4M realized losses, operations swung to a $26.9M net loss.

  MD&A: Unrealized Losses verify on EDGAR →