On May 14, 2026, our Board of Directors (the "Board of Directors" or the "Board") declared the following distributions on our common stock:
Month Ending
Record Date
Payment Date
Amount Per Share
July 31, 2026
July 17, 2026
July 31, 2026
$0.20
August 31, 2026
August 17, 2026
August 31, 2026
$0.20
September 30, 2026
September 16, 2026
September 30, 2026
$0.20
Net asset value ("NAV") per share as of March 31, 2026 stood at $10.56, compared with a NAV per share on December 31, 2025 of $15.51.
In addition, management's unaudited estimate of the range of the NAV per share of our common stock as of April 30, 2026, is between $11.12 and $11.42. This estimate is not a comprehensive statement of our financial condition or results for the month ended April 30, 2026. This estimate did not undergo the Company's typical quarter-end financial closing procedures and was not approved by our Board of Directors. We advise you that our NAV per share for the quarter ending June 30, 2026 may differ materially from this estimate, which is given only as of April 30, 2026. See additional information under "Supplemental Information Regarding April Net Asset Value Estimate" below.
Net investment income ("NII"), calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), was approximately $54.5 million, or $0.56 per share, for the quarter ended March 31, 2026.
Our core net investment income ("Core NII") was approximately $100.7 million, or $1.03 per share, for the quarter ended March 31, 2026.
Core NII incorporates all applicable cash distributions received, or entitled to be received (if any, in either case), on our collateralized loan obligation ("CLO") equity investments. See additional information under "Supplemental Information Regarding Core Net Investment Income" below.
We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.
Total investment income for the quarter ended March 31, 2026 amounted to approximately $94.0 million, which represented a decrease of approximately $23.8 million from the quarter ended December 31, 2025.
For the quarter ended March 31, 2026 we recorded investment income as follows:
Approximately $90.8 million from our CLO equity and CLO warehouse investments, and
Approximately $3.1 million from our CLO debt investments and other income.
Our total expenses for the quarter ended March 31, 2026 were approximately $39.4 million, compared with total expenses of approximately $46.0 million for the quarter ended December 31, 2025.
As of March 31, 2026, the following metrics applied (note that none of these metrics represented a total return to shareholders):
The weighted average effective yield of our CLO equity investments at current cost was 11.7%, down from 13.8% as of December 31, 2025.
The weighted average cash distribution yield of our CLO equity investments at current cost was 16.7%, down from 19.0% as of December 31, 2025.
For the quarter ended March 31, 2026, we recorded a net decrease ...
