Shares fell 7.0% as investors reacted negatively to a cautious outlook amidst persistent macroeconomic headwinds and slower investment activity, overshadowing portfolio appreciation and the maintenance of distributions.

• Investment pace decelerated with $163 million deployed in four new buyout companies during fiscal 2026, down from $221 million the prior year, signaling reduced deal flow.
• Net asset value (NAV) increased 34% year-over-year to $1.3 billion, largely driven by appreciation in existing investments rather than new acquisitions.
• Maintained monthly distributions at $0.08 per share ($0.96 annually) plus supplemental distributions totaling $0.54 per share from capital gains, reflecting reliance on realized gains to support payouts.
• Management emphasized ongoing caution due to macroeconomic uncertainty impacting demand and margins, highlighting efforts to optimize supply chains and cost structures across portfolio companies.
• Portfolio remains diversified with 29 operating companies and a strong pipeline, but investors appear unsettled by the conservative tone and slowing investment momentum.