Incentive Fee Reduction
The adviser has voluntarily agreed to reduce the incentive fee on net investment income from 20% to 17.5% for the next two fiscal quarters, providing additional financial support for quarterly distributions to shareholders.
Share Buyback Program
The Board has approved a share buyback program of up to $15 million due to the company's stock trading at a more than 40% discount to its book value, which is expected to be accretive.
Improvement in Nonaccrual Investments
Nonaccrual investments now represent 2.7% of the debt portfolio at fair value, an improvement compared with 4.9% in the prior quarter.