It’s difficult to paint the economy with a broad brush. Clearly, some segments are experiencing distress, particularly those that have significant direct commodity exposure. The good news for NXT and the economy generally is that the financial profiles of most portfolio companies are healthy. Of course, nothing lasts forever. As we consider a possible downturn in the credit cycle, NXT has shifted even more of its portfolio over the last 12 to 18 months to the most senior tranche of the capital stack. We expect that this will help minimise potential credit losses in a downturn.

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