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A business development company

Business development companyListed: ARCC· NEW YORK, NY

A business development company traded as ARCC, holding $29B across 611 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$29B
Borrowers
611
Mark on cost
96.7¢
First lien
59%
Schedule of investments (1,922)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $984M
    on non-accrual, 21 borrowers

    21 borrowers on non-accrual, $984M principal; the largest is Pathway Vet Alliance LLC ($88.4M).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen Pathway Vet Alliance LLC →
  2. $169M
    newly on non-accrual

    4 borrowers newly placed on non-accrual in Q2 2026, $169M principal: Amerivet Partners Management, Inc ($84.6M), Aventine Intermediate LLC ($62.2M), NAS, LLC ($12.5M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Amerivet Partners Management, Inc →
  3. 46 below 80¢
    $1.15B principal

    46 positions across 29 borrowers marked below 80¢ on cost, $1.15B principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 599 → 611
    borrowers

    Added a net 12 borrowers in the quarter to Jun 30, 2026, to 611.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
Every headline figure, and the identifiersCIK 1287750 · file 814-00663Show
Fair value
$29B
as of Jun 30, 2026
Principal held
$23B
debt pieces, the filer's figure
Cost
$30B
97c on cost, debt pieces
Unfunded
$5.0B
commitments not yet drawn
Positions
1,922
611 borrowers
First lien
59%
77% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
1,515
29 sponsors financed
Portfolio through time
Fair value by quarter end$29B as of Jun 30, 2026
Dec 31, 2021$20B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$29B61197c192529 bp
Mar 31, 2026$29B59997c189529 bp
Dec 31, 2025$30B59898c173532 bp
Sep 30, 2025$29B58298c187541 bp
All 17 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$28B55798c187551 bp
Mar 31, 2025$27B55797c183561 bp
Dec 31, 2024$27B54397c192574 bp
Sep 30, 2024$26B52898c186584 bp
Jun 30, 2024$25B51697c168596 bp
Mar 31, 2024$23B50097c147612 bp
Dec 31, 2023$26B49397c161618 bp
Sep 30, 2023$22B47296c132620 bp
Jun 30, 2023$21B45995c122616 bp
Mar 31, 2023$21B45395c121617 bp
Dec 31, 2022$26B45396c141619 bp
Sep 30, 2022$21B43297c131612 bp
Dec 31, 2021$20B39999c121627 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
  • New borrower on a BDC scheduleJun 30, 2026
  • New lender joined a facilityJun 30, 2026
  • Placed on non-accrualJun 30, 2026
  • New borrower on a BDC scheduleJun 30, 2026
  • Placed on non-accrualJun 30, 2026

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every position change, including routine ones
Largest facilities held, with co-lenders

+1,512 additional facilities held

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Schedule of investments at Mar 31, 2024
1,533 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Avetta, LLCterm loan first lien$33.0M$33.0M
100c
S+575 bpOct 1, 2030
ATI Restoration, LLCterm loan first lien$32.6M$32.6M
100c
S+550 bpJul 1, 2026
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LPpreferred equity equityNot disclosed$32.2M
100c
PIK 12.50%
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLCterm loan first lien$32.1M$32.1M
100c
S+590 bpOct 1, 2025
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLCterm loan first lien$58.8M$31.7M
64c
S+950 bpFeb 1, 2027

1,533 positions on this schedule

Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Registration
Fiscal year end
1231reported
Incorporated
MDreported
On the SEC BDC report
2012 to 2025reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001628280-26-050307reported
Capital chain

This record sits on 156 traced paths of capital across the graphs.

Allocator to credit manager to facility to borrower

DFX traced 156 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

7,906 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)