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B•••••• B••• I•••

Business development companymanaged by B•••••• L••Listed: BBDC· CHARLOTTE, NC

A business development company traded as BBDC, managed by B•••••• L••, holding $2.5B across 347 borrowers at Jun 30, 2026.

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

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $2.5B
Borrowers: 347
Mark on cost: 97.1¢
First lien: 68%

Schedule of investments (855)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$46.1M
on non-accrual, 11 borrowers
11 borrowers on non-accrual, $46.1M principal; the largest is R• O••••••• L•• ($17.3M).
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 R• O••••••• L•• →
$3M
newly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $3M principal: S••••• A••••• I•• ($2.18M), T••• A•• D••••••••• L•• ($812K).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open S••••• A••••• I•• →
25 below 80¢
$77.3M principal
25 positions across 20 borrowers marked below 80¢ on cost, $77.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
0 → 70
loans paying in kind
Loans paying in kind rose from 0 to 70 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
1 → 347
borrowers
Added a net 346 borrowers in the quarter to Jun 30, 2026, to 347.
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 1379785 · file 814-00733Show

Fair value

$2.5B

as of Jun 30, 2026

Principal held

$2.1B

debt pieces, the filer's figure

Cost

$2.5B

97c on cost, debt pieces

Unfunded

$485M

commitments not yet drawn

Positions

855

347 borrowers

First lien

68%

81% debt by fair value

Quarters on the tape

since Dec 31, 2020

Facilities held

759

46 sponsors financed

Portfolio through time

Fair value by quarter end$2.5B as of Jun 30, 2026

Dec 31, 2020$104M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.5B	347	97c	70	535 bp
May 27, 2026	$5.0M	1	n/a	0	n/a
Mar 31, 2026	$2.5B	335	97c	78	538 bp
Dec 31, 2025	$2.7B	380	97c	80	543 bp

All 24 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Nov 25, 2025	$10.0M	1	n/a	0	n/a
Sep 30, 2025	$2.8B	345	97c	87	543 bp
Jun 30, 2025	$2.9B	339	98c	81	548 bp
Mar 31, 2025	$2.8B	332	96c	80	556 bp
Dec 31, 2024	$5.7B	397	95c	155	567 bp
Sep 30, 2024	$2.9B	338	97c	81	577 bp
Jun 30, 2024	$2.9B	337	96c	84	582 bp
Mar 31, 2024	$3.0B	340	97c	78	588 bp
Dec 31, 2023	$3.7B	376	96c	67	592 bp
Sep 30, 2023	$3.0B	340	96c	65	591 bp
Jun 30, 2023	$3.0B	333	96c	49	588 bp
Mar 31, 2023	$3.0B	334	94c	51	591 bp
Dec 31, 2022	$2.9B	365	93c	44	586 bp
Sep 30, 2022	$2.7B	316	93c	47	590 bp
Aug 12, 2022	$45.4M	1	n/a	0	n/a
Dec 31, 2021	$2.3B	287	99c	28	576 bp
Jul 8, 2021	$306M	1	n/a	0	n/a
Feb 8, 2021	Not disclosed	3	n/a	0	n/a
Dec 31, 2020	$104M	10	n/a	0	725 bp
May 13, 2020	Not disclosed	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P••••• S••••••• C••••••• L•• first lien term loan
3 BDCs hold it
$55.4M 91c
V• S•••• I••••••••• I• L•• first lien term loan
3 BDCs hold it
$46.8M 100c
S••••••••• L•• second lien term loan
3 BDCs hold it
$33.5M 100c
C•••••• M••••• H•••••••• L•• unsecured or subordinated term loan
3 BDCs hold it
$24.3M 101c
N••• H•••••• L•• first lien term loan
16 BDCs hold it · matures Nov 12, 2030
$22.0M 101c
T••• C•••••••• B••••• I•• first lien term loan
4 BDCs hold it · matures Dec 8, 2031
$20.2M 101c
B•••••• M••••••• L•••••• first lien term loan
3 BDCs hold it
$20.0M 99c
C•• F•••• H••••••• C••• L•• first lien term loan
3 BDCs hold it · possible sponsor G•••• C••••••
$19.7M 101c
A•• I• M•• H••••••• I•• first lien term loan
3 BDCs hold it
$19.0M 100c
O•• H••••••• P••••••••• L•• first lien term loan
8 BDCs hold it · matures Dec 1, 2029
$18.2M 100c
U••• A••••••••• I•• first lien term loan
2 BDCs hold it
$17.8M 100c
W••••••• F••••• L•• first lien term loan
3 BDCs hold it
$17.2M 100c

Schedule of investments at Sep 30, 2024

891 positions

Borrower	Instrument	Principal	Fair value	Rate
A••••• L••	revolver lien unstated	Not disclosed	Not disclosed
N•••• A••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
S•••••	term loan lien unstated	Not disclosed	Not disclosed
W•••••••• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
C••• B••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
C•••••• C•••••••• •••••• B••••• L•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
M••••• S••• H••••••• B•••• P•• L•••••••	term loan first lien	Not disclosed	Not disclosed
P•••••• C•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
Q•••••••• I••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
R••• S••••••••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed
R•••••• F•••••••• N•• 1• D••• S••••••••• J•••••	notes lien unstated	Not disclosed	Not disclosed
S•• I••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+675 bp
M• P••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
A•••••••• W••••••••• 2• L••	unstated lien unstated	Not disclosed	Not disclosed
B••••• R••• M••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
P••••• E••••••••• L•••••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
R• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+625 bp
S•••• B•••• B•••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
S••••••• H••••••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
T•••••••• B•••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
T•••• B••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
I••• 1••••• G•••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• B••••••• S•••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
C•• P•••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
D••• H••••••• C••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
R•• S••• M••••• S•• L••	revolver lien unstated	Not disclosed	Not disclosed	S+800 bp
A•••••••• S••••••• C•••••• ••••• L••• A••••••••• P••••••• • P•••••••••	equity equity	Not disclosed	Not disclosed
I•••••• G•••• I• B•	delayed draw term loan lien unstated	Not disclosed	Not disclosed
J•• B•••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
K••• L••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
K••••••• B•••• B•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
L••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
M•••• R•••••••• I••• ••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
M•••••• H•••••• A•	unstated lien unstated	Not disclosed	Not disclosed
M•••••••• B•••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••••• E••••• S••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
S••••••• S•••••••	term loan first lien	Not disclosed	Not disclosed
M• P••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
N•••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S•• I••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+675 bp
S••••••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
G••••• P•••••• L•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
M• G•••• V••••••• C•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
M••••••• E•••••••• C••	revolver lien unstated	Not disclosed	Not disclosed
N•• I••••••••• 2• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
P•••••• I••••••• A••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
R•••• B••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
S••••• I•••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
T•• H••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
F••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
W••••••• R•••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•• E••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
A••••• C••••••• B•••• P•• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
B•• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+521 bp
C••••••• O••••••••• P••••••• C••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
E••••••••• C••••••••• I••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
E••••• S••••••• B•••• P•• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
F••••• P•••••• S••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
G••••••• S•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
G•••• A•• B•••• P•• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
I•• I••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
M••••••••• H•••••• B•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
M••••••• A••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
O•• H••••••• P••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
R• O•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+675 bp
R••••• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
R••••• H••••••• L••	preferred equity equity	Not disclosed	Not disclosed
R••• L•••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
S•• H••••••• L•	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
S••• B••••• L•••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
T••• C•••••••• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••	revolver lien unstated	Not disclosed	Not disclosed	S+425 bp
U•• L•••••• H•••••• A•	delayed draw term loan lien unstated	Not disclosed	Not disclosed
e••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
A• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
O• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
P•••••• I•••••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
S•••••• B••••••• S•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
W•••• 5•• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
A••• C•••••• S••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
H••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
J••••••• P••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P••••••••• S•••••••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
I••••••• H•••••• N• ••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••••• E••••• S••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
S••••••• S•••••••• C••	term loan first lien	Not disclosed	Not disclosed
S••••• A••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
L•••••• G•••• H••••••• B•••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp

Page 9 of 9Previous

Registration

Fiscal year end: 1231reported
Incorporated: NCreported
On the SEC BDC report: 2012 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: Triangle Capital CORPreported
Latest schedule: 0001379785-26-000030reported