Despite underperformance in these two names, we continue to see financial performance improvement and positive valuation migration in investments like direct travel and dermatology associates.

May 10, 2023 / CFO / receipt, needs a key / Tom Hennigan, CFO | earnings call 2023-05-10 | transcript f65f871f-4e12-4d59-a8eb-1303afd4bb15 | chars 8422-8614 | segment 8

However, we expect further developments for that investment in the coming months, which will result in restoring the position to accrual status. In addition, we anticipate any credit softness from the current macroeconomic headwinds will be buffered by further upside on the dermatology associates and direct travel positions.

Feb 28, 2023 / CFO / receipt, needs a key / Tom Hennigan, CFO | earnings call 2023-02-28 | transcript b965207a-4891-4ce2-ac05-fce40c9373f6 | chars 7824-8150 | segment 8

The primary drivers were the one-time impact of direct travel and the benefit of rising benchmark rates. Importantly, Improvement in core investment income was aided by lower net non-accruals.

Nov 9, 2022 / CFO / receipt, needs a key / Tom Hennigan, CFO | earnings call 2022-11-09 | transcript 40860d11-e200-47df-947f-dbed55eb470c | chars 6980-7172 | segment 7

In addition, total non-accruals decreased substantially from 4.4% to 2.3% based on amortized costs, with direct travel and the first out portion of the amended U.S. Durham investment being restored to accrual status.

Nov 9, 2022 / CFO / receipt, needs a key / Tom Hennigan, CFO | earnings call 2022-11-09 | transcript 40860d11-e200-47df-947f-dbed55eb470c | chars 9791-10007 | segment 10

We've used that combination in the past to achieve successful recoveries, and we're following a similar playbook on our current non-accruals, dermatology, direct travel, and Solero.

Nov 3, 2021 / CFO / receipt, needs a key / Tom Hennigan, CFO | earnings call 2021-11-03 | transcript 31fb700b-cd3e-4d19-86e7-88e074bbea4b | chars 17115-17296 | segment 17