Comparison and calculation notes
Acogroup full schedule comparison
Amounts are USD thousands. Interest text below is the complete source-row interest segment; spacing is collapsed only. It is not an estimated cash yield. Acquisition month is March 2022 throughout. Full legal agreement/amendment identity is unavailable.
| Date | Quoted interest column | Reported maturity | Principal | Cost | Fair value | FV/cost |
|---|---|---|---|---|---|---|
| 2023-12-31 | EURIBOR + 4.65 %, 8.6 % Cash, 2.3 % PIK | 10/26 | 3,260 | 3,193 | 2,899 | 90.79% |
| 2024-12-31 | 4.0 % Cash, EURIBOR + 2.9 % PIK, 6.6 % PIK | 10/26 | 2,952 | 3,094 | 2,173 | 70.23% |
| 2025-03-31 | 4.0 % Cash, EURIBOR + 2.9 % PIK, 6.4 % PIK | 04/28 | 3,080 | 3,098 | 2,137 | 68.98% |
| 2025-06-30 | EURIBOR + 2.90 %, 6.4 % PIK, 4.0 % PIK | 04/28 | 3,347 | 3,098 | 1,439 | 46.45% |
| 2025-09-30 | EURIBOR + 2.90 %, 6.4 % PIK, 4.0 % PIK | 04/28 | 3,494 | 3,231 | 1,450 | 44.88% |
| 2025-12-31 | EURIBOR + 2.90 %, 6.4 % PIK, 4.0 % PIK | 04/28 | 3,492 | 3,231 | 1,345 | 41.63% |
| 2026-03-31 | EURIBOR + 2.90 %, 6.4 % PIK, 4.0 % PIK | 04/28 | 3,426 | 3,231 | 1,011 | 31.29% |
| 2026-06-30 | EURIBOR + 2.90 %, 6.4 % PIK, 4.0 % PIK | 04/28 | 3,400 | 3,231 | 629 | 19.47% |
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June 2025 full non-accrual is an earnings-recognition event; later PIK labels do not show continued recognised interest. Fair values are estimates, not realised recoveries; original-currency/FX bridge missing.
Sources: the 2024 annual report supplies both December observations; the subsequent rows use the March 2025, June 2025, September 2025, December 2025, March 2026 and June 2026 schedules, Acogroup rows.
Same-fund matched H1 context
| Measure, USD thousands except share | H1 2025 | H1 2026 |
|---|---|---|
| PIK interest income | 4,077 | 4,541 |
| PIK dividend income | 4,406 | 1,625 |
| Combined PIK income | 8,483 | 6,166 |
| Total investment income | 71,163 | 66,964 |
| Combined PIK / total investment income | 11.92% | 9.21% |
| Separately reported total-interest-income line | 53,546 | 46,366 |
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These are accrual-income categories, not cash received. Portfolio mix changes; the aggregate is not an Acogroup counterfactual. 2025 PIK dividends are separately identified in the original PIK note and 2026 comparative operations statement.
Sources for the H1 comparison: June 2025 PIK note and June 2026 comparative operations statement.
Calculations
Fair value divided by its own stated cost gives each row’s percentage. These are estimated valuations, not realised-loss rates. The displayed maturity moved from October 2026 to April 2028, eighteen calendar months; the exact legal amendment date is not established.
For matched H1 income, (4,541 - 4,077) / 4,077 = 11.38%. Combined PIK income is 4,077 + 4,406 = 8,483 in H1 2025 and 4,541 + 1,625 = 6,166 in H1 2026. Dividing these totals by corresponding total investment income gives 8,483 / 71,163 = 11.92% and 6,166 / 66,964 = 9.21%. All amounts in these calculations are US-dollar thousands. Combined PIK is explicitly defined here as PIK interest plus PIK dividends; it is not cash collected.