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B•••••• B••• I•••
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.
- Fair value
- $2.5B
- Borrowers
- 347
- Mark on cost
- 97.1¢
- First lien
- 68%
What matters now
- $46.1Mon 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•• → - $3Mnewly 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.
- 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 → 70loans 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.
- 1 → 347borrowers
Added a net 346 borrowers in the quarter to Jun 30, 2026, to 347.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1379785 · file 814-00733ShowHide
| 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 quartersShow fewer
| 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 |
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Full timeline · 20 eventsShow fewer
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- P••••• S••••••• C••••••• L•• first lien term loan3 BDCs hold it$55.4M 91c
- V• S•••• I••••••••• I• L•• first lien term loan3 BDCs hold it$46.8M 100c
- S••••••••• L•• second lien term loan3 BDCs hold it$33.5M 100c
- $24.3M 101c
- N••• H•••••• L•• first lien term loan16 BDCs hold it · matures Nov 12, 2030$22.0M 101c
- T••• C•••••••• B••••• I•• first lien term loan4 BDCs hold it · matures Dec 8, 2031$20.2M 101c
- B•••••• M••••••• L•••••• first lien term loan3 BDCs hold it$20.0M 99c
- C•• F•••• H••••••• C••• L•• first lien term loan3 BDCs hold it · possible sponsor G•••• C••••••$19.7M 101c
- A•• I• M•• H••••••• I•• first lien term loan3 BDCs hold it$19.0M 100c
- O•• H••••••• P••••••••• L•• first lien term loan8 BDCs hold it · matures Dec 1, 2029$18.2M 100c
- U••• A••••••••• I•• first lien term loan2 BDCs hold it$17.8M 100c
- W••••••• F••••• L•• first lien term loan3 BDCs hold it$17.2M 100c
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••••••• B•••• L•••••• | term loan first lien | $1.8M | $1.8M 116c | S+525 bp | |
| G•••••••• I• B• | term loan first lien | $1.8M | $1.8M 112c | S+510 bp | |
| A•••• B•••• L•••••• | term loan first lien | $1.9M | $1.8M 106c | S+400 bp PIK 3.20% | |
| M•••• R•••••••• I••• •••••••• | term loan first lien | $1.8M | $1.8M 100c | S+450 bp | |
| I••••••••• G•••• B••• | term loan first lien | $1.8M | $1.7M 106c | S+625 bp | |
| W•••• B•••• L•••••• | term loan first lien | $1.7M | $1.7M 101c | S+475 bp | |
| H•••• S••••••• G•••• L•• | term loan first lien | $1.7M | $1.7M 102c | S+450 bp | |
| F••••• 4• L•••••• | term loan first lien | $1.7M | $1.7M 104c | S+650 bp | |
| U•• L•••••• H•••••• A• | term loan first lien | $1.7M | $1.7M 114c | S+525 bp | |
| Z•••• L•••• S•••• | term loan first lien | $1.8M | $1.7M 102c | S+525 bp | |
| B••••• G•••• | term loan first lien | $2.8M | $1.7M 66c | S+450 bp PIK 12.50% | |
| B••••• | term loan first lien | Not disclosed | $1.7M | S+450 bp PIK 12.50% | |
| M••••• M•••• L•••••• | term loan first lien | $1.8M | $1.7M 97c | S+575 bp | |
| P••••••••• L•• | term loan first lien | $1.6M | $1.6M 101c | S+575 bp | |
| A••••• C••••••• B•••• P•• L•• | term loan first lien | $1.6M | $1.6M 95c | S+450 bp | |
| P•••••• B•••• B••• | term loan first lien | $1.6M | $1.6M 100c | S+600 bp | |
| S••••• A••••• I••• | term loan first lien | $1.8M | $1.6M 88c | S+225 bp PIK 3.80% | |
| C•••••• B••••••••• I•••• R•••••• R••••• | unstated lien unstated | Not disclosed | $1.6M 120c | ||
| A••• I••••••••• | term loan first lien | $1.6M | $1.6M 102c | S+625 bp | |
| M•• E•••••• I••• | term loan first lien | $1.6M | $1.5M 101c | S+450 bp | |
| G• E•••• B••••• I••• | equity equity | Not disclosed | $1.5M 220c | ||
| H• A••••••• B•••• L•• | term loan first lien | $1.5M | $1.5M 100c | S+450 bp | |
| C•• F•••• H••••••• C••• L•• | equity equity | Not disclosed | $1.4M | ||
| M• P••••••••• L•• | term loan first lien | $1.4M | $1.4M 101c | S+475 bp | |
| E••••• S••••••• B•••• P•• L•• | term loan first lien | $1.6M | $1.4M 78c | S+650 bp | |
| W••••••• F••••• L•• | equity equity | Not disclosed | $1.4M 85c | ||
| P••• S•• ••• M•••••• M••••• | term loan first lien | $1.4M | $1.4M 100c | S+525 bp | |
| P•• I••••••••• 4• L•• | term loan first lien | $1.4M | $1.4M 100c | S+575 bp | |
| D••••• B••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+475 bp | |
| C••••••••• B••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+800 bp PIK 12.30% | |
| R••• L•••• L•• | equity equity | Not disclosed | $1.4M 109c | ||
| B••••••••• L•• | equity equity | Not disclosed | $1.3M 119c | ||
| C••••• S••• R•••• S•• | term loan first lien | $1.3M | $1.3M 100c | S+625 bp | |
| J••• B•••• L•••••• ••••••• | term loan first lien | $1.3M | $1.3M 109c | S+525 bp | |
| X••••••• B•••• L•••••• | equity equity | Not disclosed | $1.2M 218c | ||
| A••••••••• B••• C••• L•• | term loan first lien | $1.2M | $1.2M 100c | S+500 bp | |
| R••••• H••••••• L•• | equity equity | Not disclosed | $1.2M | ||
| M•• A••••••••• G•••• G••• | term loan first lien | $1.2M | $1.2M 103c | 7.00% | |
| I•••••• G•••• I• B• | term loan first lien | $1.2M | $1.2M 113c | S+475 bp | |
| R••••• H•••••••• I••• | revolver lien unstated | $1.1M | $1.1M 103c | S+500 bp | |
| B•• B••••• I••• | equity equity | Not disclosed | $1.1M 111c | ||
| W•••••••• H•••••••• I••• | equity equity | Not disclosed | $1.1M 175c | ||
| R•• S••• M••••• S•• L•• | term loan first lien | $1.1M | $1.1M 102c | S+1000 bp PIK 14.20% | |
| O•••• I••••••••• N•••• B••• | term loan first lien | $1.1M | $1.1M 110c | S+525 bp | |
| E••••• I•••••••• G•••• I••• | term loan first lien | $1.1M | $1.1M 100c | S+425 bp | |
| D••••••••• L•• | term loan first lien | $1.5M | $1.1M 71c | S+625 bp PIK 0.30% | |
| A••••• M•••• | warrants equity | Not disclosed | $1.1M 26625c | ||
| U•••• B•••• L•••••• | term loan first lien | $1.1M | $1.0M 110c | S+430 bp | |
| S••••••• B• | term loan first lien | $1.0M | $1.0M 105c | S+500 bp | |
| S••• S••••• B•••• 3• L•••••• | term loan first lien | $1.0M | $1.0M 109c | S+645 bp | |
| T• K•• A••••••••• L••• | term loan first lien | $1.0M | $1.0M 100c | S+450 bp | |
| A••••••••• H•••••• G••• | term loan first lien | $1.0M | $1.0M 99c | S+508 bp | |
| D••••••••• B••• | term loan first lien | $1.0M | $1.0M 101c | S+525 bp | |
| M•• E•••••• I••• | revolver lien unstated | $1.0M | $990,000 100c | S+375 bp | |
| I•• I••••••••• I••• | equity equity | Not disclosed | $984,000 131c | ||
| W•••••••• H•••••••• I••• | revolver lien unstated | $993,000 | $975,000 103c | S+500 bp | |
| P•• I••••••••• 4• L•• | term loan first lien | $960,000 | $949,000 111c | S+575 bp | |
| P••••• E••••••••• L••••• | term loan first lien | $948,000 | $948,000 101c | S+475 bp | |
| E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S••• | term loan first lien | $2.8M | $938,000 39c | S+700 bp PIK 12.40% | |
| I••••• S••••••• I•• | term loan first lien | $913,000 | $937,000 108c | S+575 bp | |
| K••••••• B•••• B••• | term loan first lien | $932,000 | $918,000 107c | S+525 bp | |
| P•••••• I••••••• A••••••••• I••• | revolver lien unstated | $1.0M | $915,000 92c | S+625 bp | |
| A•••• B•••• L•••••• | term loan second lien | $1.0M | $914,000 100c | PIK 10.50% | |
| Z• H••••• L•• | revolver lien unstated | $929,000 | $907,000 100c | S+575 bp | |
| E• S••• B•••• | term loan first lien | $913,000 | $907,000 99c | S+500 bp | |
| S•••• S•••••• B•••••• L•• | equity equity | Not disclosed | $895,000 55c | ||
| R• O•••••••• L•• | revolver lien unstated | $1.4M | $894,000 63c | S+675 bp PIK 11.30% | |
| M•••••• S•••••••• P••••• H•••••••• I••• | term loan second lien | $4.4M | $892,000 20c | S+700 bp | |
| D•••• W••• B••••• U• L•• | term loan first lien | $926,000 | $871,000 106c | S+1000 bp | |
| G• E•••• B••••• I••• | revolver lien unstated | $868,000 | $868,000 104c | S+450 bp | |
| C• B••••• L•• | term loan first lien | $875,000 | $861,000 100c | S+625 bp | |
| A••• I••••••••• | term loan first lien | $902,000 | $860,000 94c | S+625 bp | |
| C•• F•••• H••••••• C••• L•• | term loan first lien | $856,000 | $856,000 100c | S+700 bp | |
| A•• C••••••••• L•• | equity equity | Not disclosed | $848,000 157c | ||
| C•••••••• F•••• S••••••• | term loan first lien | $833,000 | $833,000 109c | S+525 bp | |
| J•••• F••• H••••••••• • D••••••••• L•• | equity equity | Not disclosed | $827,000 773c | ||
| E•• I••••••••• S••••• | term loan unsecured or subordinated | $821,000 | $818,000 102c | 11.00% PIK 2.50% | |
| S••• B••••• L••• | revolver lien unstated | $864,000 | $816,000 97c | S+625 bp | |
| T••••••••• S•••••• S••••• B•••• P•• L•• | term loan first lien | $828,000 | $812,000 100c | S+525 bp | |
| D••••••••• P•••••••• H••••••• L•• | term loan second lien | $815,000 | $802,000 100c | 11.00% PIK 1.50% | |
| I•• I••••••••• I••• | term loan first lien | $795,000 | $795,000 101c | S+600 bp | |
| U•• L•••••• H•••••• A• | term loan first lien | $770,000 | $770,000 109c | S+525 bp | |
| F••• S••• H•••••• L•• | equity equity | Not disclosed | $755,000 78c | ||
| T••• A•• D••••••••• L•• | term loan unsecured or subordinated | $752,000 | $741,000 100c | 14.00% | |
| F••••••••• L•• | equity equity | Not disclosed | $735,000 78c | ||
| K•• D••••• H•••••••• L•• | equity equity | Not disclosed | $721,000 113c | ||
| R••••• H•••••••• I••• | equity equity | Not disclosed | $704,000 132c | ||
| H••••••••• B•••• P•• L•• | term loan first lien | $806,000 | $700,000 91c | S+525 bp | |
| E• S••• B•••• | term loan first lien | $683,000 | $674,000 107c | S+500 bp PIK 8.00% | |
| O•• H••••••• P••••••••• L•• | revolver lien unstated | $687,000 | $671,000 101c | S+500 bp | |
| A•• W•••••••• L•••••••• H•••••••• I••• | equity equity | Not disclosed | $665,000 191c | ||
| C•• F•••• H••••••• C••• L••• S••••• O•• | term loan first lien | $661,000 | $661,000 100c | S+900 bp PIK 13.50% | |
| C•••••• P••••••••• L•• | term loan unsecured or subordinated | $653,000 | $653,000 100c | 11.00% PIK 1.00% | |
| B••••••••• L•• | revolver lien unstated | $642,000 | $642,000 101c | S+550 bp | |
| S•• I••••••••• L•• | term loan first lien | $641,000 | $641,000 102c | S+675 bp | |
| E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S••• | term loan first lien | $1.9M | $617,000 39c | S+700 bp PIK 9.40% | |
| N•• B•••• L•• | equity equity | Not disclosed | $614,000 130c | ||
| N• H•••••• L•• | revolver lien unstated | $641,000 | $610,000 98c | S+650 bp | |
| L•••••• G•••• H••••••• B•••• L•••••• | term loan first lien | $610,000 | $608,000 101c | S+575 bp | |
| A•••••• A•••••••• C••••••••• | revolver lien unstated | $634,000 | $606,000 98c | S+575 bp |
- 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