This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Significant scale as the largest publicly traded business development company Over 20% exposure to software, a sector that remains under pressure due to AI uncertainty Experienced management team with long operating history and stable operating results through different credit cycles Higher payment-in-kind income than publicly traded peer average, primarily driven by its exposure to preferred equity Diversified funding mix that is primarily unsecured debt Rising but manageable nonaccruals at less than 3%, with markdowns on some of the larger investments Granular investment portfolio Concentration in leveraged lending to middle-market companies, which are illiquid
