Cracks in the US private credit industry are widening: Loans marked as non-accrual across the 20 largest publicly traded business development companies (BDCs) rose +0.8 percentage points in Q2 2026, to a median 2.8% of cost, the highest since 2017. BDCs are publicly traded firms that lend to small, mid-sized, and distressed US businesses, giving retail investors access to private credit markets. This increase means a growing share of private-credit borrowers have either stopped making payments or are at risk of defaulting on their loans. Furthermore, new funding commitments minus the value of investments repaid or sold across the 12 largest listed BDCs fell to -$2.5 billion in Q2 2025, the lowest in at least 2.5 years. This marks the 3rd consecutive quarter of negative net funding. Meanwhile, Fitch Ratings said last week that private credit defaults rose to an all-time high in July. Stress in the $2 trillion private credit market is intensifying.

World Currencies vs. the U.S. Dollar One-Year Change As of June 30, 2026: 🇨🇴 Colombian peso: +19.2% 🇮🇱 Israeli shekel: +13.2% 🇭🇺 Hungarian forint: +8.9% 🇿🇦 South African rand: +8.1% 🇲🇽 Mexican peso: +7.7% 🇨🇳 Chinese yuan: +5.6% 🇦🇺 Australian dollar: +5.2% 🇧🇷 Brazilian real: +5.2% 🇲🇾 Malaysian ringgit: +3.1% 🇳🇴 Norwegian krone: +1.8% 🇨🇱 Chilean peso: +1.0% 🇪🇬 Egyptian pound: +0.8% 🇭🇰 Hong Kong dollar: +0.1% 🇦🇪 UAE dirham: 0.0% 🇶🇦 Qatari riyal: 0.0% 🇸🇦 Saudi riyal: -0.2% 🇷🇺 Russian ruble: -0.4% 🇨🇿 Czech koruna: -1.1% 🇸🇬 Singapore dollar: -1.7% 🇨🇭 Swiss franc: -1.8% 🇹🇭 Thai baht: -2.3% 🇸🇪 Swedish krona: -2.4% 🇪🇺 Euro: -3.0% 🇩🇰 Danish krone: -3.1% 🇬🇧 Pound sterling: -3.4% 🇨🇦 Canadian dollar: -4.1% 🇵🇱 Polish złoty: -4.2% 🇳🇿 New Zealand dollar: -6.8% 🇹🇼 Taiwan dollar: -8.2% 🇵🇭 Philippine peso: -8.2% 🇮🇩 Indonesian rupiah: -9.3% 🇮🇳 Indian rupee: -9.4% 🇯🇵 Japanese yen: -11.3% 🇰🇷 South Korean won: -12.6% 🇹🇷 Turkish lira: -14.6% 🇦🇷 Argentine peso: -18.9% Source: Deutsche Bank, Bloomberg Finance LP.

📊 @Solana is the largest network by RWA holder count at 290,353, up 133.5% year-to-date Below is the breakdown by asset class and market share: 1) Stocks: 234.6K (80.8%) 2) Commodities: 27.2K (9.4%) 3) U.S. Treasury Debt: 8.9K (3.1%) 4) Specialty Finance: 8.1K (2.8%) 5) Asset-Backed Credit: 5.6K (1.9%) 6) Non-US Government Debt: 4.3K (1.5%) 7) Real Estate: 1.3K (0.5%) 8) Diversified Credit: 159 (0.1%) 9) Corporate Credit: 71 (0.02%) 10) Active Strategies: 27 (0.01%) 11) Private Equity: 20 (0.01%) 12) Cryptocurrencies: 12 (0.01%)

WE HAVE NOW OFFICIALLY COMPLETED 7 OUT OF THE 12 MONTHS IN 2026 This is how every stock in the NASDAQ 100 has performed so far in 2026 Sandisk $SNDK +411.8%🟢 Western Digital $WDC +216.3%🟢 Seagate $STX +210.9%🟢 Micron $MU +188.4%🟢 Intel $INTC +144.4%🟢 Nebius $NBIS +127.5%🟢 AMD $AMD +122.3%🟢 Marvell $MRVL +120.7%🟢 Arm Holdings $ARM +119.3%🟢 Fortinet $FTNT +103.9%🟢 Applied Materials $AMAT +97.5%🟢 Datadog $DDOG +97.1%🟢 Lumentum $LITE +93.7%🟢 Teradyne $TER +90.0%🟢 Astera Labs $ALAB +87.1%🟢 Palo Alto $PANW +80.2%🟢 Lam Research $LRCX +71.2%🟢 CrowdStrike $CRWD +62.9%🟢 Texas Instruments $TXN +58.9%🟢 Monolithic Power $MPWR +57.3%🟢 ASML $ASML +52.3%🟢 Cisco $CSCO +50.6%🟢 KLA Corp $KLAC +50.5%🟢 Ross Stores $ROST +39.4%🟢 CSX $CSX +39.0%🟢 Analog Devices $ADI +35.5%🟢 Old Dominion $ODFL +35.3%🟢 Diamondback Energy $FANG +35.0%🟢 Baker Hughes $BKR +32.8%🟢 DexCom $DXCM +25.7%🟢 Monster Beverage $MNST +25.7%🟢 Starbucks $SBUX +25.0%🟢 PACCAR $PCAR +21.2%🟢 Coca-Cola Europacific $CCEP +20.7%🟢 Marriott $MAR +20.2%🟢 Fastenal $FAST +18.9%🟢 Honeywell $HON +18.9%🟢 Amgen $AMGN +17.7%🟢 Amazon $AMZN +17.7%🟢 Microchip $MCHP +16.6%🟢 Mondelez $MDLZ +15.8%🟢 Google $GOOGL +13.8%🟢 Apple $AAPL +13.6%🟢 Broadcom $AVGO +12.5%🟢 Linde $LIN +12.2%🟢 Airbnb $ABNB +11.6%🟢 Keurig Dr Pepper $KDP +11.1%🟢 American Electric Power $AEP +10.9%🟢 Costco Wholesale $COST +10.4%🟢 Cintas CTAS +8.8%🟢 Cadence CDNS +8.8%🟢 Nvidia NVDA +7.6%🟢 Kraft Heinz KHC +6.6%🟢 Gilead Sciences GILD +6.1%🟢 Xcel Energy XEL +5.9%🟢 NXP Semiconductors NXPI +5.6%🟢 Vertex Pharmaceuticals VRTX +5.2%🟢 Exelon EXC +5.1%🟢 Paychex PAYX +4.2%🟢 ADP +3.6%🟢 Electronic Arts EA +2.7%🟢 Ferrovial FER +0.8%🟢 CoreWeave CRWV +0.2%🟢 Walmart WMT -0.2%🔴 Regeneron Pharmaceuticals REGN -1.2%🔴 PayPal PYPL -2.0%🔴 O'Reilly Automotive ORLY -2.0%🔴 PepsiCo PEP -2.8%🔴 Microsoft MSFT -3.9%🔴 Take-Two TTWO -5.1%🔴 MercadoLibre MELI -6.8%🔴 Rocket Lab RKLB -6.9%🔴 Axon AXON -7.1%🔴 Warner Bros. Discovery WBD -8.7%🔴 Booking BKNG -10.0%🔴 Roper ROP -11.9%🔴 DoorDash DASH -13.4%🔴 Qualcomm QCOM -13.7%🔴 Comcast CMCSA -14.4%🔴 T-Mobile TMUS -14.9%🔴 Meta Platforms META -15.7%🔴 GE HealthCare Technologies GEHC -17.1%🔴 Synopsys SNPS -17.2%🔴 IDEXX IDXX -17.4%🔴 Autodesk ADSK -20.9%🔴 PDD Holdings PDD -21.9%🔴 Netflix NFLX -23.5%🔴 Thomson Reuters TRI -24.5%🔴 Workday WDAY -25.4%🔴 Copart CPRT -25.6%🔴 Constellation Energy CEG -25.6%🔴 Shopify SHOP -27.2%🔴 SpaceX SPCX -27.8%🔴 Adobe ADBE -28.5%🔴 Honeywell Aerospace HONA -30.5%🔴 Palantir PLTR -30.8%🔴 Tesla TSLA -30.8%🔴 Intuitive Surgical ISRG -37.6%🔴 Strategy MSTR -38.6%🔴 AppLovin APP -41.3%🔴 Alnylam Pharmaceuticals ALNY -48.3%🔴 Intuit INTU -52.3%🔴

$NVDA reports Q2’27 after the close. Options are pricing a 4.86% move, $250B in market value. Here is how NVIDIA traded one day after each of its last 12 reports: Q1’27: -1.8% 🔴 Q4’26: -5.5% 🔴 Q3’26: -3.2% 🔴 Q2’26: -0.8% 🔴 Q1’26: +3.2% 🟢 Q4’25: -8.5% 🔴 Q3’25: +0.5% 🟢 Q2’25: -6.4% 🔴 Q1’25: +9.3% 🟢 Q4’24: +16.4% 🟢 Q3’24: -2.5% 🔴 Q2’24: +0.1% 🟢

BREAKING: US stock market futures surge after Pakistan announces that the US and Iran have reached a peace deal: 1. S&P 500: +0.8% 2. Nasdaq 100: +1.3% 3. Dow Jones: +0.6% 4. WTI Crude: -5.0% 5. Brent: -4.0% 6. Gold: +2.0% Pakistan says the peace deal is set to be signed on June 19th.

PAGERDUTY $PD Q2’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $124.4M (Est. $123M) 🟢; +0.8% YoY 🔹 Adj. EPS: $0.32 (Est. $0.31) 🟢 🔹 Free Cash Flow: $32.8M (Est. $17M) 🟢 🔹 ARR: $501M FY27 Guide: 🔹 Revenue: $491.5M-$496.5M (Est. $494M) 🟡 🔹 Adj. EPS: $1.33-$1.37 (Est. $1.32) 🟢 🔹 Non-GAAP Operating Margin: 25.0% to 26.0% Q3 Guide: 🔹 Revenue: $123.0M-$125.0M (Est. $124M) 🟡 🔹 Adj. EPS: $0.34-$0.36 (Est. $0.34) 🟡 🔹 Non-GAAP Operating Margin: 26.5% to 27.5% Other Q2 Metrics: 🔹 Non-GAAP Operating Income: $29.5M 🔹 Operating Margin: 8.2% 🔹 Dollar-Based Net Retention Rate: 98% 🔹 Net Income: $4.7M Key Updates: 🔹 CEO: John DiLullo appointed Chief Executive Officer 🔹 CFO: Eric Prengel named Chief Financial Officer; Howard Wilson retiring Comments: 🔸 “AI is transforming how software is built and operated, and PagerDuty is uniquely positioned to benefit from that shift.”

TRACTOR SUPPLY $TSCO Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.91B (Est. $3.81B) 🟢; +5.1% YoY 🔹 Adj. EPS: $0.43 (Est. $0.41) 🟢 🔹 Gross Margin: 36.4% Affirms FY26 Guide: 🔹 Adj. EPS: $1.90-$2.00 (Est. $1.94) 🟡 🔹 Adj. Net Income: $990M-$1.05B (Est. $1B) 🟡 🔹 Net Sales: +2.5%-+3.5% 🔹 Comparable Store Sales: -1% to flat 🔹 Adj. Oper Margin: 8.5%-8.8% 🔹 Oper Margin: 8.0%-8.3% 🔹 Net Income: $930M-$990M 🔹 GAAP EPS: $1.78-$1.88 Comparable Store Sales: 🔹 Total: +0.4% 🔹 Transaction Count: -0.3% 🔹 Average Ticket: +0.7% Other Q3 Metrics: 🔹 GAAP EPS: $0.43; -11.6% YoY 🔹 Operating Income: $307.7M; -10.2% YoY 🔹 Net Income: $224.7M; -13.3% YoY Key Updates: 🔹 Capital Returned: $213.4M 🔹 New Stores: 23 Tractor Supply 🔹 Petsense Stores Closed: 74 Comments: 🔸 “Our progress in the quarter and the actions underway give us confidence in our ability to deliver within our full-year guidance, which we are reaffirming today.”

GENERAL MOTORS $GM Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $50.02B (Est. $48.7B) 🟢; +2.9% YoY 🔹 Adj. EPS: $3.70 (Est. $3.63) 🟢; +32.2% YoY 🔹 Adj. EBIT: $4.11B (Est. $4.24B) 🔴; +21.6% YoY 🔹 Adj. EBIT Margin: 8.2%; +1.3 ppts YoY 🔹 Adj. Auto FCF: $5.88B; +40.0% YoY FY26 Guide: 🔹 Adj. EPS: $12.75-$13.75 (Est. $13.41) 🟡 🔹 Adj. EBIT: $14.5B-$15.5B (Est. $14.77B) 🟡 🔹 Adj. Auto FCF: $11.5B-$12.5B; from $9.5B-$11.5B 🔹 Net Income: $8.9B-$9.5B; from $8.4B-$9.8B 🔹 GAAP EPS: $9.72-$10.72; from $8.98-$10.98 🔹 Auto Operating Cash Flow: $17.3B-$20.3B Segment Performance: 🔹 GMNA EBIT-adjusted: $3.59B; +43.4% YoY 🔹 GMNA Margin: 8.7%; +2.5 ppts YoY 🔹 GMI EBIT-adjusted: $28M; -87.7% YoY 🔹 GM Financial EBT-adjusted: $668M; -16.9% YoY 🔹 China Equity Income: $32M; vs $80M LY Other Q3 Metrics: 🔹 GAAP EPS: $3.73; n.m. YoY 🔹 Net Income: $3.34B; n.m. YoY 🔹 Auto Operating Cash Flow: $8.05B; +32.6% YoY Key Updates: 🔹 Adjustments: $0.27 per share before a $0.06 tax effect and $0.23 tax adjustment 🔹 EV strategic realignment: $238M charge 🔹 New Share Repurchase Authorization: $20.0B multi-year 🔹 Quarterly Dividend: $0.18/share, payable December 17, 2026