LIEN — what changed in the latest 10-Q
A section-by-section comparison of LIEN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-14 vs the prior 10-Q · 2025-11-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +22 | −25 | ~30 | 96 |
| Market risk (Item 3) | Text added/removed | +1 | −2 | ~4 | 11 |
| Controls & procedures | Text added/removed | +1 | −2 | ~4 | 11 |
| Legal proceedings | Text added/removed | +1 | −2 | ~4 | 11 |
| Risk factors | Text added/removed | +1 | −2 | ~4 | 11 |
| Other information | Text added/removed | +1 | −2 | ~4 | 11 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-14
As of March 31, 2026, our investment portfolio had an aggregate fair value of approximately $364.0 million and was comprised of approximately $331.2 million in first lien, senior secured loans, approximately $28.2 million in senior secured notes, approximately $1.4 million in second lien, senior sec…
A summary of the composition of our investment portfolio at amortized cost and fair value as a percentage of total investments as of March 31, 2026 and December 31, 2025 are shown in the following tables.
The following tables show the composition of our investment portfolio by geographic region of the United States at amortized cost and fair value as a percentage of total investments as of March 31, 2026 and December 31, 2025. The geographic composition is determined by the location of the headquarte…
Administrative and Support and Waste Management and Remediation Services
Administrative and Support and Waste Management and Remediation Services
Text removed vs the prior filing · source: 10-Q · 2025-11-13
To the extent that any of our investments are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which wil…
As of September 30, 2025, our investment portfolio had an aggregate fair value of approximately $311.4 million and was comprised of approximately $269.3 million in first lien, senior secured loans, approximately $39.0 million in senior secured notes, approximately $1.5 million in second lien, senior…
A summary of the composition of our investment portfolio at amortized cost and fair value as a percentage of total investments as of September 30, 2025 and December 31, 2024 are shown in the following tables.
The following tables show the composition of our investment portfolio by geographic region of the United States at amortized cost and fair value as a percentage of total investments as of September 30, 2025 and December 31, 2024. The geographic composition is determined by the location of the headqu…
The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-14
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
the ability to realize benefits anticipated by the Loan Portfolio Acquisition (as defined below).
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-14
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
the ability to realize benefits anticipated by the Loan Portfolio Acquisition (as defined below).
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-14
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
the ability to realize benefits anticipated by the Loan Portfolio Acquisition (as defined below).
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-14
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
the ability to realize benefits anticipated by the Loan Portfolio Acquisition (as defined below).
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-14
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
the ability to realize benefits anticipated by the Loan Portfolio Acquisition (as defined below).
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 1…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice