PhenixFIN Corp

Previous wording

In 2023, the Federal Reserve raised short-term interest rates. Additional interest rate increases may come. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from our performance to the extent we are exposed to such interest rates and/or volatility. In periods of rising interest rates, such as the current interest rate environment, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum interest rates (such as a SOFR floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates.

Current wording

In 2023, the Federal Reserve raised short-term interest rates. Additional interest rate increases may come. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from our performance to the extent we are exposed to such interest rates and/or volatility. In periods of rising interest rates, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum interest rates (such as a SOFR floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates.

Previous wording

During the three and six months ended March 31, 2026, the Company recorded an expense of $66,875 and $133,750, respectively, for these awards. During the three and six months ended March 31, 2025, the Company recorded an expense of $303,848 and $630,168, respectively, for these awards.

Current wording

During the three and nine months ended June 30, 2026, the Company recorded an expense of $0 and $0, respectively, for these awards. During the three and nine months ended June 30, 2025, the Company recorded an expense of $275,342 and $905,510, respectively, for these awards.

Previous wording

As of March 31, 2026 and September 30, 2025, our portfolio had a fair market value of approximately $295.8 million and $302.3 million, respectively.

Current wording

As of June 30, 2026 and September 30, 2025, our portfolio had a fair market value of approximately $301.6 million and $302.3 million, respectively.

Previous wording

During the six months ended March 31, 2026, we received proceeds from sale and settlements of investments of $30.4 million, including principal proceeds, net realized gains on investments of $0.4 million and invested $28.6 million.

Current wording

During the nine months ended June 30, 2026, we received proceeds from sale and settlements of investments of $47.9 million, including principal proceeds, net realized gains on investments of $0.0 million and invested $48.7 million.

Previous wording

During the six months ended March 31, 2025, we received proceeds from sale and settlements of investments of $74.0 million, including principal proceeds, net realized gains on investments of $0.1 million and invested $132.9 million.

Current wording

During the nine months ended June 30, 2025, we received proceeds from sale and settlements of investments of $90.8 million, including principal proceeds, net realized losses on investments of $(11.9) million and invested $159.5 million.

Previous wording

As of March 31, 2026, our income-bearing investment portfolio based upon cost represented 61.1% of our total portfolio of which 63.6% bore interest based on floating rates, such as SOFR, 10.3% bore interest at fixed rates, and 26.1% are income-producing equity investments. As of September 30, 2025, our income-bearing investment portfolio based upon cost represented 64.8% of our total portfolio of which 58.8% bore interest based on floating rates, such as SOFR, 14.9% bore interest at fixed rates, and 26.3% are income-producing equity investments. As of March 31, 2026, the Company had a weighted average yield of 13.1% on debt and other income producing investments. As of September 30, 2025, the Company had a weighted average yield of 12.8% on debt and other income producing investments. The weighted average yield of our total portfolio does not represent the total return to our stockholders.

Current wording

As of June 30, 2026, our income-bearing investment portfolio based upon cost represented 63.0% of our total portfolio of which 63.9% bore interest based on floating rates, such as SOFR, 8.3% bore interest at fixed rates, and 27.8% are income-producing equity investments. As of September 30, 2025, our income-bearing investment portfolio based upon cost represented 64.8% of our total portfolio of which 58.8% bore interest based on floating rates, such as SOFR, 14.9% bore interest at fixed rates, and 26.3% are income-producing equity investments. As of June 30, 2026, the Company had a weighted average yield of 13.2% on debt and other income producing investments. As of September 30, 2025, the Company had a weighted average yield of 12.8% on debt and other income producing investments. The weighted average yield of our total portfolio does not represent the total return to our stockholders.

Previous wording

Operating results for three and six months ended March 31, 2026 and 2025 are as follows (dollars in thousands):

Current wording

Operating results for three and nine months ended June 30, 2026 and 2025 are as follows (dollars in thousands):

Previous wording

For the three months ended March 31, 2026, investment income totaled $5.2 million, of which $4.1 million was attributable to portfolio interest, approximately $0.9 million was attributable to dividend income, $0.2 million was attributable to fee and other income, and $0.0 million was attributable to interest on cash and cash equivalents. For the six months ended March 31, 2026, investment income totaled $11.9 million, of which $8.0 million was attributable to portfolio interest, approximately $3.4 million was attributable to dividend income, $0.4 million was attributable to fee and other income, and $0.1 million was attributable to interest on cash and cash equivalents. Dividend income was received from nine investments during the six months ended March 31, 2026.

Current wording

For the three months ended June 30, 2026, investment income totaled $6.5 million, of which $4.4 million was attributable to portfolio interest, approximately $1.8 million was attributable to dividend income, $0.3 million was attributable to fee and other income, and $0.0 million was attributable to interest on cash and cash equivalents. For the nine months ended June 30, 2026, investment income totaled $18.3 million, of which $12.4 million was attributable to portfolio interest, approximately $5.2 million was attributable to dividend income, $0.6 million was attributable to fee and other income, and $0.1 million was attributable to interest on cash and cash equivalents. Dividend income was received from nine investments during the nine months ended June 30, 2026.

Previous wording

For the three months ended March 31, 2025, investment income totaled $6.0 million, of which $3.9 million was attributable to portfolio interest, approximately $2.1 million was attributable to dividend income, $0.0 million was attributable to fee and other income, and $0.0 million was attributable to interest on cash and cash equivalents. For the six months ended March 31, 2025, investment income totaled $12.2 million, of which $7.8 million was attributable to portfolio interest, approximately $4.2 million was attributable to dividend income, $0.1 million was attributable to fee and other income, and $0.1 million was attributable to interest on cash and cash equivalents. Dividend income was received from eight investments during the six months ended March 31, 2025.

Current wording

For the three months ended June 30, 2025, investment income totaled $6.2 million, of which $4.6 million was attributable to portfolio interest, approximately $0.9 million was attributable to dividend income, $0.7 million was attributable to fee and other income, and $27.8 thousand was attributable to interest on cash and cash equivalents. For the nine months ended June 30, 2025, investment income totaled $18.4 million, of which $12.4 million was attributable to portfolio interest, approximately $5.1 million was attributable to dividend income, $0.8 million was attributable to fee and other income, and $0.1 million was attributable to interest on cash and cash equivalents. Dividend income was received from seven investments during the nine months ended June 30, 2025.

Previous wording

Operating expenses for the three and six months ended March 31, 2026 and 2025 are as follows (dollars in thousands):

Current wording

Operating expenses for the three and nine months ended June 30, 2026 and 2025 are as follows (dollars in thousands):

Previous wording

For the three months ended March 31, 2026, total operating expenses decreased by $(0.6) million, or (11.9)% compared to the three months ended March 31, 2025. For the six months ended March 31, 2026, total operating expenses decreased by $(0.7) million, or (6.8)% compared to the six months ended March 31, 2025.

Current wording

For the three months ended June 30, 2026, total operating expenses decreased by $(0.6) million, or (12.5)% compared to the three months ended June 30, 2025. For the nine months ended June 30, 2026, total operating expenses decreased by $(1.3) million, or (8.8)% compared to the nine months ended June 30, 2025.

Previous wording

Interest and financing expenses for the three months ended March 31, 2026 decreased by $(0.3) million, or (10.4)% compared to the three months ended March 31, 2025. The decrease in interest and financing expenses for the three and six months ended March 31, 2026 was primarily due to borrowing at lower floating interest rates on the Credit Facility.

Current wording

Interest and financing expenses for the three months ended June 30, 2026 decreased by $(0.3) million, or (12.8) % compared to the three months ended June 30, 2025. Interest and financing expenses for the nine months ended June 30, 2026 decreased by $(0.7) million, or (9.3)% compared to the nine months ended June 30, 2025. The decrease in interest and financing expenses for the three and nine months ended June 30, 2026 was primarily due to borrowing at lower floating interest rates on the Credit Facility.

Previous wording

Professional fees and general and administrative expenses for the three months ended March 31, 2026 increased by $(0.1) million, or (12.9)% compared to the three months ended March 31, 2025.

Current wording

Professional fees and general and administrative expenses for the three months ended June 30, 2026 decreased by $(0.1) million, or (9.0)% compared to the three months ended June 30, 2025. Professional fees and general and administrative expenses for the nine months ended June 30, 2026 decreased by $(0.1) million, or (2.9)% compared to the nine months ended June 30, 2025.

Previous wording

During the six months ended March 31, 2026, we recognized $0.4 million of realized losses on our portfolio investments. The realized losses for the six months ended March 31, 2026 were primarily due to realized losses on sales of Copper Property CTL Pass Through Trust for $0.6 million and Chimera Investment Corp for $0.4 million, offset by realized gains on sales of Neptune Bidco US Inc. for $0.4 million and CB&L Associates Holdco I, LLC for $0.3 million.

Current wording

During the nine months ended June 30, 2026, we recognized $(14.2) thousand of realized losses on our portfolio investments. The realized losses for the nine months ended June 30, 2026 were primarily due to realized losses on Copper Property CTL Pass Through Trust of $(0.6) million and Chimera Investment Corp of $(0.4) million, offset by realized gains on Compass Diversified Holdings of $0.4 million, CB&L Associates Holdco I, LLC of $0.4 million and Neptune Bidco US, Inc. of $0.4 million.

Previous wording

During the three months ended March 31, 2025, we recognized $1.1 million of realized losses on our portfolio investments. During the six months ended March 31, 2025, we recognized $0.1 of realized gain on our portfolio investments. The realized losses for the three months ended March 31, 2025 were due to the realized loss of $1.9 million on Point.360, offset by realized gains on Altisource S.A.R.L., CB&L Associates Holdco I, LLC, and All Around Roustabout, LLC of $0.7 million. The realized gains for six months ended were primarily due to a realized gain on PHH Mortgage Corp. for $0.8 million, a realized gain on Chimera Investment Corp for $0.3 million, and realized gains on Altisource S.A.R.L., CB&L Associates Holdco I, LLC, and All Around Roustabout, LLC of $0.7 million, offset by a realized loss of $1.9 million on Point.360.

Current wording

During the three months ended June 30, 2025, we recognized $(12.0) million of net realized losses on our portfolio investments. During the nine months ended June 30, 2025, we recognized $(11.9) million of net realized losses on our portfolio investments. The net realized losses for the three months ended June 30, 2025 were due to the realized losses of $10.3 million on Black Angus Steakhouses, LLC, $1.0 million on Lighting Science Group Corporation, and $0.7 million on Velocity Pooling Vehicle, LLC. The net realized losses for nine months ended June 30, 2025 were primarily due to the realized losses of $10.3 million on Black Angus Steakhouses, LLC, $1.9 million on Point.360, $1.0 million on Lighting Science Group Corporation, and $0.7 million on Velocity Pooling Vehicle LLC, offset by a realized gain on PHH Mortgage Corp. for $0.8 million and realized gains on Altisource S.A.R.L., CB&L Associates Holdco I, LLC, and All Around Roustabout, LLC of $0.7 million.

Previous wording

For the three months ended March 31, 2026, we had $1.7 million of net unrealized appreciation on investments. The net unrealized appreciation resulted primarily from unrealized gains on FST Holdings Parent for $1.2 million, NVTN LLC for $1.2 million, and WHI Global LLC for $1.0 million, offset by unrealized losses on MB Precision Holdings LLC for $1.4 million.

Current wording

For the three months ended June 30, 2026, we had $1.8 million of net unrealized appreciation on investments. The net unrealized appreciation resulted primarily from unrealized gains on NSG Captive, Inc.

Previous wording

For the six months ended March 31, 2026, we had $(5.5) million of net unrealized depreciation on investments. The net unrealized depreciation resulted primarily from unrealized losses on NVTN LLC for $3.7 million, Altisource S.A.R.L. for $3.4 million, and MB Precision Holdings LLC for $1.5 million, offset by unrealized gains on ECC Capital Corp for $3.0 million.

Current wording

For the nine months ended June 30, 2026, we had $(3.7) million of net unrealized depreciation on investments. The net unrealized depreciation resulted primarily from unrealized losses on NVTN, LLC of $(3.8) million, Altisource S.A.R.L. of $(2.8) million, MB Precision Investment Holdings LLC of $(2.5) million, Lucky Bucks, LLC of $(1.9) million, and Advocates for Disabled Vets, LLC of $(1.6) million, offset by unrealized gains on NSG Captive Inc. of $3.6 million, FST Holdings Parent, LLC of $2.0 million, Power Stop LLC of $1.1 million, ECC Capital Corp. of $0.9 million, and JFL-NGS-WCS Partners, LLC of $0.9 million.

Previous wording

For the three months ended March 31, 2025, we had $(0.5) million of net unrealized depreciation on investments. The net unrealized depreciation resulted from unrealized depreciation on JFL-NGS-WCS Partners, LLC for $0.9 million, NVTN LLC for $0.9 million, ECC Capital Corp. for $0.4 million, and Staples, Inc. for $0.3 million, offset by the reversal of the unrealized loss on Point.360 for $2.1 million.

Current wording

For the three months ended June 30, 2025, we had $9.3 million of net unrealized gains. The net unrealized appreciation resulted from the reversal of the unrealized loss on Black Angus Steakhouses, LLC for $9.1 million, Lighting Science Group Corporation for $1.0 million, and Velocity Pooling Vehicle, LLC for $0.7 million as well as unrealized gains on ECC Capital Corporation for $1.4 million, offset by unrealized losses on JFL-NGS-WCS Partners, LLC of $(1.5) million and unrealized losses on Power Stop of $(1.1) million.

Previous wording

For the six months ended March 31, 2025, we had $(0.8) million of net unrealized depreciation on investments. The net unrealized depreciation resulted from unrealized depreciation on NVTN LLC of $1.1 million, Black Angus Steakhouses, LLC for $1.0 million, and NSG Captive Inc. for $0.8 million, offset by the reversal of the unrealized loss on Point.360 for $2.1 million.

Current wording

For the nine months ended June 30, 2025, we had $8.5 million of net unrealized gains. The net unrealized appreciation resulted from the reversal of the unrealized loss on Black Angus Steakhouses, LLC for $8.2 million, Lighting Science Group Corporation for $1.0 million, and Velocity Pooling Vehicle, LLC for $0.7 million, offset by unrealized losses on NVTN LLC of $(1.7) million.

Previous wording

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. For the three and six months ended March 31, 2026 the Company recorded a change in provision for deferred taxes of $(166,015) and $(589,444), respectively.

Current wording

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. For the three and nine months ended June 30, 2026 the Company recorded a change in provision for deferred taxes of $(86,737) and $(676,181), respectively.

Previous wording

For the three months ended March 31, 2026, we recorded a net increase in net assets resulting from operations of $1.1 million compared to a net decrease in net assets resulting from operations of $(0.9) million for the three months ended March 31, 2025. Based on 1,972,943 and 2,019,778 weighted average common shares outstanding for the three months ended March 31, 2026 and 2025, respectively, our per share net increase (decrease) in net assets resulting from operations was $0.57 for the three months ended March 31, 2026 and $(0.44) for the three months ended March 31, 2025.

Current wording

For the three months ended June 30, 2026, we recorded a net increase in net assets resulting from operations of $4.2 million compared to a net decrease in net assets resulting from operations of $(1.5) million for the three months ended June 30, 2025. Based on 1,932,597 and 2,017,330 weighted average common shares outstanding for the three months ended June 30, 2026 and 2025, respectively, our per share net increase (decrease) in net assets resulting from operations was $2.19 for the three months ended June 30, 2026 and $(0.74) for the three months ended June 30, 2025.

Previous wording

As of March 31, 2026 and September 30, 2025, we had $3.1 million and $7.3 million, respectively, in cash and cash equivalents.

Current wording

As of June 30, 2026 and September 30, 2025, we had $2.2 million and $7.3 million, respectively, in cash and cash equivalents.

Previous wording

On January 11, 2021, the Company announced that its board of directors approved a share repurchase program. On February 9, 2022, the Board of Directors approved the expansion of the amount authorized for repurchase under the Company’s share repurchase program from $15 million to $25 million. On February 8, 2023, the Board of Directors approved the further expansion of the amount authorized for repurchase under the Company’s share repurchase program from $25 million to $35 million. Under the share repurchase program, the Company repurchased an aggregate of 787,425 shares of common stock through March 31, 2026, or 28.9% of shares outstanding as of the program’s inception, with a total cost of $32.2 million. The total remaining amount authorized under the expanded share repurchase program at March 31, 2026 was approximately $2.8 million.

Current wording

On January 11, 2021, the Company announced that its board of directors approved a share repurchase program. On February 9, 2022, the Board of Directors approved the expansion of the amount authorized for repurchase under the Company’s share repurchase program from $15 million to $25 million. On February 8, 2023, the Board of Directors approved the further expansion of the amount authorized for repurchase under the Company’s share repurchase program from $25 million to $35 million. Under the share repurchase program, the Company repurchased an aggregate of 791,236 shares of common stock through June 30, 2026, or 29.0% of shares outstanding as of the program’s inception, with a total cost of $32.3 million. The total remaining amount authorized under the expanded share repurchase program at June 30, 2026 was approximately $2.7 million.

Previous wording

On December 15, 2022, the Company and its wholly-owned subsidiaries executed a three-year, $50 million revolving credit facility (the “Credit Facility”) with WoodForest Bank, N.A. (“WoodForest”), Valley National Bank, and Axiom Bank, (collectively, the “Lenders”). WoodForest was the administrative agent, sole bookrunner and sole lead arranger. The Credit Facility had an original maturity date of December 15, 2025.

Current wording

On December 15, 2022, the Company and its wholly-owned subsidiaries executed a three-year, $50 million revolving credit facility (the “Credit Facility”) with Woodforest National Bank (Woodforest), Valley National Bank, and Axiom Bank, (collectively, the “Lenders”). Woodforest was the administrative agent, sole bookrunner and sole lead arranger. The Credit Facility had an original maturity date of December 15, 2025.

Previous wording

Outstanding loans under the Credit Facility bear interest at a monthly rate of Term SOFR + 2.90%. The Company is also subject to a commitment fee of 0.25%, which shall accrue on the actual daily amount of the undrawn portion of the revolving credit. The Credit Facility contains customary representations and warranties and affirmative and negative covenants. The Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility.

Current wording

Outstanding loans under the Credit Facility bear interest at a monthly rate of Term SOFR + 2.50%. The Company is also subject to a commitment fee of 0.25%, which shall accrue on the actual daily amount of the undrawn portion of the revolving credit. The Credit Facility contains customary representations and warranties and affirmative and negative covenants. The Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility.

Previous wording

As of March 31, 2026 and September 30, 2025, we had commitments under loan and financing agreements to fund up to $3.4 million to six portfolio companies and $5.5 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedule of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of March 31, 2026 and September 30, 2025 is shown in the table below (dollars in thousands):

Current wording

As of June 30, 2026 and September 30, 2025, we had commitments under loan and financing agreements to fund up to $10.6 million to eight portfolio companies and $5.5 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedule of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of June 30, 2026 and September 30, 2025 is shown in the table below (dollars in thousands):

Previous wording

The Company did not declare any distribution payments during the six months ended March 31, 2026. On February 6, 2025, the Board of Directors declared a special dividend of $1.43 per share. This dividend was paid on February 19, 2025 to stockholders of record as of February 17, 2025.

Current wording

The Board of Directors declared a special dividend effective May 5, 2026 of $0.07 per share. This dividend was paid on May 28, 2026 to stockholders of record as of May 18, 2026. On February 6, 2025, the Board of Directors declared a special dividend of $1.43 per share. This dividend was paid on February 19, 2025 to stockholders of record as of February 17, 2025.

Previous wording

The Company has entered into contracts with its affiliated portfolio companies, The National Security Group (and certain of its affiliates) and ECC Capital Corporation, pursuant to which the Company (and/or certain of its subsidiaries) provide such affiliated portfolio companies certain services, including managing a portion of their assets. During the three and six months ended March 31, 2026, the Company recognized $0.2 million and $0.3 million of income, respectively, related to these contracts. During the three and six months ended March 31, 2025, the Company recognized $0.2 million and $0.3 million of income, respectively, related to these contracts.

Current wording

The Company has entered into contracts with its affiliated portfolio companies, The National Security Group (and certain of its affiliates) and ECC Capital Corporation, pursuant to which the Company (and/or certain of its subsidiaries) provide such affiliated portfolio companies certain services, including managing a portion of their assets. During the three and nine months ended June 30, 2026, the Company recognized $0.2 million and $0.5 million of income, respectively, related to these contracts. During the three and nine months ended June 30, 2025, the Company recognized $0.4 million and $0.6 million of income, respectively, related to these contracts.

Previous wording

*Non-accrual:*We place loans on non-accrual status when principal and interest payments are past due by 90 days or more, or when there is reasonable doubt that we will collect principal or interest. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. At March 31, 2026, a certain investment in one portfolio company held by the Company was on non-accrual status with a fair value of approximately $0.0 million, or 0% of the fair value of our portfolio, and a cost of $7.6 million. At September 30, 2025, a certain investment in one portfolio company held by the Company was on non-accrual status with a combined fair value of approximately $0.0 million, or 0.0% of the fair value of our portfolio, and a cost of $7.6 million.

Current wording

*Non-accrual:*We place loans on non-accrual status when principal and interest payments are past due by 90 days or more, or when there is reasonable doubt that we will collect principal or interest. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. At June 30, 2026, a certain investment in one portfolio company held by the Company was on non-accrual status with a fair value of approximately $0.0 million, or 0.0% of the fair value of our portfolio, and a cost of $7.6 million. At September 30, 2025, a certain investment in one portfolio company held by the Company was on non-accrual status with a combined fair value of approximately $0.0 million, or 0.0% of the fair value of our portfolio, and a cost of $7.6 million.