Kayne Anderson BDC, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 10, 2026
KBDC$12.41-2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001193125-26-216773
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001193125-26-342385
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 102 previous paragraphs and 92 current paragraphs.
58 unchanged; 29 reworded; 4 added; 13 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
On June 29, 2026, Albert (Al) Rabil III resigned from our Board of Directors, effective immediately. Mr. Rabil was an "interested director" of the Company under the Investment Company Act of 1940, as amended, because of his employment relationship with Kayne Anderson. At the time of his resignation, Mr. Rabil did not serve on any committees of the Board. Mr. Rabil confirmed that his decision to resign was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.
Current report
Amounts represent the principal amount of investments sold or repaid during the period and do not necessarily equal cash proceeds received.
Current report
Investment income for the three and six months ended June 30, 2025 totaled $57.3 million and $112.5 million, respectively, and consisted primarily of interest income on our debt investments. For the three and six months ended June 30, 2025, we had $2.1 million and $2.4 million, respectively, of PIK interest included in interest income. Additionally, for the three and six months ended June 30, 2025, $1.0 million and $1.9 million, respectively, of non-recurring interest income was included in interest income.
Current report
During the three and six months ended June 30, 2025, we had realized lossesof less than $0.1 million and realized gains of 0.6 million, respectively, on our investments.
Removed paragraphs (13)
Previous report
On May 5, 2026, our Board of Directors authorized an extension of our existing share repurchase program to extend the expiration to May 24, 2027. Under the terms of the program, which are substantially the same as our then existing share repurchase program, we may repurchase up to $100 million of our outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share.
Previous report
As of March 31, 2026, we held investments in broadly syndicated loans in 4 portfolio companies with an aggregate principal amount of $29.8 million. Our investments in broadly syndicated loans were made in anticipation of the receipt of proceeds from our final capital call and our IPO which closed during the second quarter of 2024. We expect to rotate out of these investments over coming quarters to invest in private middle market loans consistent with our principal strategy. We have presented certain portfolio-related information below for our private middle market loans and broadly syndicated loans separately and on a combined basis for ease of reference.
Previous report
private middle market loans were $52.6 million and $37.2 million, respectively, based on fair value 1,2
Previous report
broadly syndicated loans were $2,128.5 million and $1,650.1 million, respectively, based on fair value; and
Previous report
total investments were $83.3 million and $39.0 million, respectively, based on fair value 1,2
Previous report
private middle market loans was 43.1%, based on par 1,2
Previous report
broadly syndicated loans was 38.1%, based on par
Previous report
total investments was 43.0%, based on par 1,2 and
Previous report
private middle market loans were 4.4x and 2.4x, respectively, based on fair value 1,2
Previous report
broadly syndicated loans were 2.5x and 3.5x, respectively, based on fair value; and
Previous report
total investments were 4.4x and 2.4x, respectively, based on fair value 1,2
Previous report
broadly syndicated loans was 0%, based on fair value; and
Previous report
total investments was 98.5%, based on fair value 1,2
Reworded paragraphs (29)
Previous wording
Our investment activities are managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), and the Advisor operates within Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”). The Advisor is an investment advisor registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. In accordance with the Investment Advisers Act of 1940, as amended, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC.
Current wording
Our investment activities are managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), and the Advisor operates within Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”). The Advisor is an investment advisor registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). In accordance with the Advisers Act, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC.
Previous wording
The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC’s underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network. KAPC was established in 2011 and manages (directly and through affiliates) assets under management (“AUM”) of approximately $7.3 billion related to middle market private credit as of March 31, 2026.
Current wording
The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC’s underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network. KAPC was established in 2011 and manages (directly and through affiliates) assets under management (“AUM”) of approximately $7.6 billion related to middle market private credit as of June 30, 2026.
Previous wording
On April 16, 2026, we paid a regular dividend of $0.40 per share to each common stockholder of record as of March 31, 2026. The total dividend was $26.6 million, and, of this amount, $0.4 million was DRIP which was fulfilled through open market purchases of common stock.
Current wording
On July 16, 2026, we paid a regular dividend of $0.40 per share to each common stockholder of record as of June 30, 2026. The total dividend was $26.5 million, and, of this amount, $0.6 million was DRIP which was fulfilled through open market purchases of common stock.
Previous wording
From April 1, 2026 to May 5, 2026, our agent repurchased 131,921 shares of common stock at an average price of $14.29 per share for a total amount of $1.9 million. As of May 5, 2026, $36.7 million remains for repurchase under our current 10b5-1 Plan.
Current wording
From July 1, 2026 to August 5, 2026, our agent repurchased 178,752 shares of common stock at an average price of $13.67 per share for a total amount of $2.4 million. As of August 5, 2026, $95.8 million remains for repurchase under our current 10b5-1 Plan.
Previous wording
As of March 31, 2026, we had investments in 105 portfolio companies with an aggregate fair value of approximately $2,194 million, and unfunded commitments to these portfolio companies of $289 million, and our portfolio consisted of 92.6% first lien senior secured loans, 5.5% subordinated debt and 1.9% equity investments. As of March 31, 2026, the weighted average remaining term of our debt investments was 3.1 years based on principal amount.
Current wording
As of June 30, 2026, we had investments in 104 portfolio companies with an aggregate fair value of approximately $2,267 million, and unfunded commitments to these portfolio companies of $293 million, and our portfolio consisted of 92.8% first lien senior secured loans, 5.3% subordinated debt and 1.9% equity investments. As of June 30, 2026, the weighted average remaining term of our debt investments was 2.9 years based on principal amount.
Previous wording
As of March 31, 2026, 95.1% of our debt investments, based on principal amount, had floating interest rates. Our weighted average yields for debt investments were as follows:
Current wording
As of June 30, 2026, 95.3% of our debt investments, based on principal amount, had floating interest rates. Our weighted average yields for debt investments were as follows:
Previous wording
As of March 31, 2026, our portfolio was invested across 26 different industries (Global Industry Classification “GICS”, Level 3 – Industry). The largest industries in our portfolio as of March 31, 2026 were Commercial Services & Supplies, Health Care Providers & Services, Distributors and Food Products, which represented, as a percentage of our portfolio of long-term investments, 12.4%, 11.1%, 11.1% and 10.4%, respectively, based on fair value. We are generalist investors and the mix of industries represented by our portfolio companies will vary over time.
Current wording
As of June 30, 2026, our portfolio was invested across 26 different industries (Global Industry Classification “GICS”, Level 3 – Industry). The largest industries in our portfolio as of June 30, 2026 were Health Care Providers & Services, Commercial Services & Supplies, Distributors and Food Products, which represented, as a percentage of our portfolio of long-term investments, 13.2%, 11.7%, 10.4% and 9.9%, respectively, based on fair value. We are generalist investors and the mix of industries represented by our portfolio companies will vary over time.
Previous wording
As of March 31, 2026, our average position size based on total investment commitments (at the portfolio company level) was $24.2 million.
Current wording
As of June 30, 2026, our average position size based on total investment commitments (at the portfolio company level) was $25.2 million.
Previous wording
As of March 31, 2026, the weighted average and median last twelve months (“LTM”) EBITDA of our portfolio companies were as follows:
Current wording
As of June 30, 2026, the weighted average and median last twelve months (“LTM”) EBITDA of our portfolio companies were $53.7 million and $35.4 million, respectively, based on fair value 1,2
Previous wording
As of March 31, 2026, the weighted average loan-to-enterprise-value (“LTEV”) of our debt investments at the time of our initial investment was as follows:
Current wording
As of June 30, 2026, the weighted average loan-to-enterprise-value (“LTEV”) of our debt investments at the time of our initial investment was 42.7%, based on par 1,2.. LTEV represents the total par value of our debt investment relative to our estimate of the enterprise value of the underlying borrower.
Previous wording
As of March 31, 2026, we had debt investments on non-accrual status, which represented 2.5% and 4.1% of total debt investments at fair value and cost, respectively.
Current wording
As of June 30, 2026, we had debt investments on non-accrual status, which represented 2.7% and 4.5% of total debt investments at fair value and cost, respectively.
Previous wording
As of March 31, 2026, our portfolio companies’ weighted average leverage ratios and weighted average interest coverage ratios (the calculations of which are based on the most recent quarter end or latest available information from the portfolio companies) were as follows:
Current wording
As of June 30, 2026, our portfolio companies’ weighted average leverage ratios and weighted average interest coverage ratios (the calculations of which are based on the most recent quarter end or latest available information from the portfolio companies) were 4.5x and 2.4x, respectively, based on fair value 1,2
Previous wording
As of March 31, 2026, the percentage of our debt investments including at least one financial maintenance covenant was as follows:
Current wording
As of June 30, 2026, the percentage of our debt investments including at least one financial maintenance covenant was 100.0% based on fair value 1,2
Previous wording
Excludes investments on watch list, which represent 6.0% of the total fair value of debt investments as of March 31, 2026.
Current wording
Excludes investments on watch list, which represent 5.4% of the total fair value of debt investments as of June 30, 2026.
Previous wording
Excludes opportunistic debt investments of BC CS 2, L.P. (Cuisine Solutions, Inc.), SGCP Partners, Inc. (SG Credit), M2S Group Intermediate Holdings, Inc. and Texas Coffee Holdco LLC, which represent 7.9% of the total fair value of debt investments as of March 31, 2026.
Current wording
Excludes opportunistic debt investments of BC CS 2, L.P. (Cuisine Solutions, Inc.), SGCP Partners, Inc. (SG Credit), M2S Group Intermediate Holdings, Inc. and Texas Coffee Holdco LLC, which represent 7.6% of the total fair value of debt investments as of June 30, 2026.
Previous wording
The table below sets forth our fair value of debt investments and number of portfolio companies, including percentage of each total, that are on watch list as of March 31, 2026 and December 31, 2025. This table excludes equity and broadly syndicated loan investments that represent, in aggregate, 3.2% of total fair value of investments at March 31, 2026.
Current wording
The table below sets forth our fair value of debt investments and number of portfolio companies, including percentage of each total, that are on watch list as of June 30, 2026 and December 31, 2025.
Previous wording
For the three months ended March 31, 2026 and 2025, our total investment income was derived from our portfolio of investments.
Current wording
For the three and six months ended June 30, 2026 and 2025, our total investment income was derived from our portfolio of investments.
Previous wording
The following table represents the operating results for the three months ended March 31, 2026 and 2025.
Current wording
The following table represents the operating results for the three and six months ended June 30, 2026 and 2025.
Previous wording
Investment income for the three months ended March 31, 2026 and 2025, totaled $57.3 million and $55.2 million, respectively, and consisted primarily of interest income on our debt investments. For the three months ended March 31, 2026 and 2025, we had $4.3 million and $0.3 million, respectively, of PIK interest included in interest income. For the three months ended March 31, 2026, $2.2 million, of the $4.3 million, relates to PIK interest income recognized on our debt investments in Arborworks Acquisition, LLC following our change from non-accrual to accrual status for this investment.
Current wording
Investment income for the three and six months ended June 30, 2026, totaled $55.7 million and $113.0 million, respectively, and consisted primarily of interest income on our debt investments. For the three and six months ended June 30, 2026, we had $2.5 million and $6.8 million, respectively, of PIK interest included in interest income. Additionally, for the three and six months ended June 30, 2026, $0.3 million and $0.9 million, respectively, of non-recurring interest income (e.g., prepayment premiums and accelerated accretion of upfront loan origination fees from unscheduled paydowns, and amendment fees that are earned at closing) was included in interest income. For the six months ended June 30, 2026, $2.2 million of the $6.8 million, relates to PIK interest income recognized on our debt investments in Arborworks Acquisition, LLC following our change from non-accrual to accrual status for this investment in the first fiscal quarter of 2026.
Previous wording
Operating expenses for the three months ended March 31, 2026 and 2025 were as follows:
Current wording
Operating expenses for the three and six months ended June 30, 2026 and 2025 were as follows:
Previous wording
During the three months ended March 31, 2026, we had realized losses of $2.3 million on our investments. In February 2026, we completed a restructure of our debt investment in Regiment Security Partners LLC whereby our existing first lien senior secured debt was exchanged for new debt that included a tranche of last out first lien senior secured debt, and we recognized a $2.0 million realized loss as a result of the debt restructure. Additionally, during the three months ended March 31, 2026, we recognized a $0.3 million realized loss due to the rotation out of one of our broadly syndicated loans. During the three months ended March 31, 2025, we had realized gains of $0.6 million on our investments.
Current wording
During the three and six months ended June 30, 2026, we had realized losses of $12.2 million and realized losses of $14.5 million, respectively, on our investments. In February 2026, we completed a restructure of our debt investment in Regiment Security Partners LLC whereby our existing first lien senior secured debt was exchanged for new debt that included a tranche of last out first lien senior secured debt, and we recognized a $2.0 million realized loss as a result of the debt restructure. Additionally, during the first fiscal quarter of 2026, we recognized a $0.3 million realized loss due to the rotation out of one of our broadly syndicated loans. During the three months ended June 30, 2026, we recognized a $9.4 million realized loss on our investment in Sundance Holdings Group, LLC for which the liquidation process was completed, and we recognized a $0.9 million loss on our investment in Diverzify Intermediate LLC whereby our existing first lien senior secured debt was exchanged for new debt that included a first lien last out tranche of debt. Finally, during the three months ended June 30, 2026, we recognized a $1.9 million realized loss due to the rotation out of our four remaining broadly syndicated loans.
Previous wording
We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three months ended March 31, 2026 and 2025, net unrealized gains (losses) on our investment portfolio were comprised of the following:
Current wording
We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three and six months ended June 30, 2026 and 2025, net unrealized gains (losses) on our investment portfolio were comprised of the following:
Previous wording
For the three months ended March 31, 2026 and 2025, we had a deferred income tax expense of $0.4 million and $0.6 million, respectively, related to our net unrealized gain on our investments in KABDC Corp, LLC, a wholly owned subsidiary, that has elected to be treated as a corporation for U.S. tax purposes. In addition, as of March 31, 2026, our net deferred tax liability of $2.8 million is included in accrued expenses and other liabilities of our Consolidated Statement of Assets and Liabilities.
Current wording
For the three and six months ended June 30, 2026, we had a deferred income tax expense of $0.0 million and $0.4 million, respectively, related to our net unrealized gain on our investments in KABDC Corp, LLC, a wholly owned subsidiary, that has elected to be treated as a corporation for U.S. tax purposes. For the three and six months ended June 30, 2025, we had a deferred income tax expense of $0.3 million and $0.9 million, respectively, In addition, as of June 30, 2026, our net deferred tax liability of $2.8 million is included in accrued expenses and other liabilities of our Consolidated Statement of Assets and Liabilities.
Previous wording
For the three-month periods ended March 31, 2026 and 2025, the top five largest contributors to the change in unrealized gains and change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables.
Current wording
For the three-month periods ended June 30, 2026 and 2025, the top five largest contributors to the change in unrealized gains and the top five largest contributors to the change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables.
Previous wording
We finance our investments with leverage in the form of borrowings under credit facilities and issuances of senior unsecured notes. We also intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments. In accordance with the 1940 Act, we are required to meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total borrowings and other senior securities (and any preferred stock that we may issue in the future) of at least 150%. As defined in the 1940 Act, a 150% asset coverage means that for every $100 of net assets we hold, we can raise $200 from borrowing and issuing senior securities. If this ratio declines below 150%, we cannot incur additional leverage and could be required to sell a portion of our investments to repay some leverage when it is disadvantageous to do so. As of March 31, 2026 and December 31, 2025, our asset coverage ratios were 195% and 198%, respectively. We currently intend to target asset coverage of 200% to 180% (which equates to a debt-to-equity ratio of 1.0x to 1.25x) but may alter this target based on market conditions.
Current wording
We finance our investments with leverage in the form of borrowings under credit facilities and issuances of senior unsecured notes. We also intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments. In accordance with the 1940 Act, we are required to meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total borrowings and other senior securities (and any preferred stock that we may issue in the future) of at least 150%. As defined in the 1940 Act, a 150% asset coverage means that for every $100 of net assets we hold, we can raise $200 from borrowing and issuing senior securities. If this ratio declines below 150%, we cannot incur additional leverage and could be required to sell a portion of our investments to repay some leverage when it is disadvantageous to do so. As of June 30, 2026 and December 31, 2025, our asset coverage ratios were 186% and 198%, respectively. We currently intend to target asset coverage of 200% to 180% (which equates to a debt-to-equity ratio of 1.0x to 1.25x) but may alter this target based on market conditions.
Previous wording
As of March 31, 2026, we had $275 million Notes outstanding, $863 million borrowed under our credit facilities and cash and cash equivalents of $32.7 million (including investments in money market funds). As of that date, we had $537 million of undrawn commitments available on our credit facilities (subject to borrowing base restrictions and other conditions). As of May 5, 2026, we had $275 million Notes outstanding, $922 million borrowed under our credit facilities and cash and cash equivalents of $17.0 million (including investments in money market funds).
Current wording
As of June 30, 2026, we had $275 million Notes outstanding, $963 million borrowed under our credit facilities and cash and cash equivalents of $39.7 million (including investments in money market funds). As of that date, we had $437 million of undrawn commitments available on our credit facilities (subject to borrowing base restrictions and other conditions). As of August 5, 2026, we had $275 million Notes outstanding, $956 million borrowed under our credit facilities and cash and cash equivalents of $21.7 million (including investments in money market funds).
Previous wording
As of March 31, 2026 and December 31, 2025, we had an aggregate $289.0 million and $287.5 million, respectively, of unfunded commitments, including $175.0 million and $171.1 million, respectively, of unfunded commitments on revolvers, to provide debt financing to our portfolio companies. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in our financial statements. Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any other off-balance sheet financings or liabilities.
Current wording
As of June 30, 2026 and December 31, 2025, we had an aggregate $293.3 million and $287.5 million, respectively, of unfunded commitments, including $169.4 million and $171.1 million, respectively, of unfunded commitments on revolvers, to provide debt financing to our portfolio companies. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in our financial statements. Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any other off-balance sheet financings or liabilities.
Previous wording
The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report. See Note 2 to our consolidated financial statements for the three months ended March 31, 2026, for more information on our critical accounting policies.
Current wording
The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report. See Note 2 to our consolidated financial statements for the six months ended June 30, 2026, for more information on our critical accounting policies.
Previous wording
We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. Original Issue Discounts (OIDs), market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.
Current wording
We record interest income, which includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest, on an accrual basis when collection of interest is probable. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if we determine that such PIK interest is not collectible. We do not accrue interest on loans and debt securities as a receivable for accounting purposes if we have reason to doubt our ability to collect such interest. Original Issue Discounts (OIDs), upfront loan origination fees, amendment fees, market discounts or premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums, accelerated accretion of upfront loan origination fees from unscheduled paydowns, and amendment fees that are earned at closing are generally considered non-recurring interest income.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For the six months ended June 30, 2026 and 2025, the top five largest contributors to the change in unrealized gains and the top five largest contributors to the change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
LTEV represents the total par value of our debt investment relative to our estimate of the enterprise value of the underlying borrower
Previous report — wording carried elsewhere
private middle market loans was 100.0% based on fair value 1,2