Positive news:
\- Repositioning to first lien investments (however, also decreasing portfolio yield)
\- Fund leverage has decreased
\- Non accruals / PIK are relatively stable
\- Ebitda / credit metrics of underlying port co's is improving
Negative news:
\- Lower Base rates and spread compression from capital deployment in private credit are expected to further decrease investment income (Portfolio Yield is down 110bps)
[Link to full article](https://latticetech.co/insights/BDCs:%20ARCC%203Q25%20Commentary/ARCC3Q)