Credit Deterioration And Non-accrualsLoans moving to non-accrual and rising credit loss reserves have eroded earnings and book value, creating continued downside pressure on equity.
Earnings Volatility And Dividend UncertaintyNear-term earnings volatility during loan and asset resolution could prompt the board to adjust dividend decisions, adding uncertainty for income-focused investors.
Life-science Concentration And Leverage ConstraintsDeterioration in the life-science secured loan combined with leverage near management's target range increases concentration risk and may constrain future originations until additional capital is sourced.