Portfolio marks down $100M as unrealized losses double; yields rise 136bp amid credit stress

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Portfolio fair value fell from $1.3B to $1.2B year-over-year despite adding 23 investments, driven by $37.6M in net unrealized depreciation (more than double the prior year's $15.4M) and $10.7M in realized losses on exits.

  MD&A: Portfolio Composition & Unrealized Losses verify on EDGAR →
• high

  Weighted average yield at fair value rose 136 basis points to 11.73%, reflecting credit spread widening or portfolio shift toward higher-risk assets as marks deteriorated.

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

  Asset coverage ratio declined from 167% to 159%, narrowing the cushion above the 150% regulatory minimum as net assets fell from operating losses and unrealized depreciation.

  MD&A: Asset Coverage verify on EDGAR →