- What I thought
- In January the name read as fairly valued: it traded near NAV with the dividend comfortably covered by net investment income, and the price looked about right for the credit risk on the book.
- What changed
- The Q1 filing landed alongside a post-quarter selloff. Dividend coverage held, but the price fell to a discount to NAV while attention focused on a small, well-flagged uptick in non-accruals.
- What I missed
- The January read under-weighted how sensitive the price was to a single quarter's non-accrual print — it treated a near-NAV price as settled rather than as something a routine credit wobble could dislocate.
- The new view
- The updated view reads undervalued: the discount looks larger than the change in credit quality appears to justify, measured on a 12-month horizon against BIZD.
Reversals · the autopsy log
When the record is wrong, it says so.
A reversal fires whenever a view changes or a call goes wrong — fast, and in the same place every time. The old view is never edited or deleted; a reversal is a new, dated record that links the old stance to the new one and walks the same four questions. Neutral and observational, not a confession.