Muzinich BDC, Inc.

Muzinich BDC, Inc. reported a net decrease in net assets resulting from operations of -$12.8 million for FY 2025, a significant decline from a net increase of $11.9 million in FY 2024. This was driven by a decrease in total investment income from $23.8 million to $17.1 million and a substantial increase in net unrealized depreciation on investments from -$7.4 million to -$25.7 million. Net investment income was $13.0 million, down from $19.3 million in the prior year. The company's net asset value per share decreased from $1,016.20 to $812.40. Key factors included reduced investment activity following the expiration of the commitment period, repayment of debt investments, three loans placed on non-accrual status, and valuation markdowns across the portfolio. The company maintained a strong liquidity position with $54.2 million in cash provided by operating activities.

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