Shares declined 1.2% on the quarter, reflecting investor concerns over the dividend cut and the continued impact of lower investment yields on current portfolio income despite stable originations and portfolio positioning.

• Declared Q2 base dividend of $0.35 per share, down from $0.40, to enhance financial flexibility and support NAV stability.
• Funded $217 million in new investments, with platform-level commitments exceeding $1.2 billion and originations up 14% year-over-year despite lower overall private equity deal activity.
• Portfolio investment balance decreased from $2.5 billion to $2.3 billion due to elevated repayments and $153 million in sales to the MMCF joint venture.
• New investments saw wider spreads, increasing nearly 50 basis points to approximately 475 basis points, alongside reduced leverage at origination.
• NAV declined from $16.26 to $15.89 per share, primarily due to market valuation pressures rather than credit deterioration.