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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 |
|---|---|---|---|---|---|
| E•••••• B••••••• C••••••• L•• | equity equity | Not disclosed | $140M 150c | ||
| R••••• H••••••• L•• | preferred equity equity | Not disclosed | $89.2M 100c | S+600 bp PIK 9.70% | |
| P••••• S••••••• C••••••• L•• | term loan first lien | $54.0M | $48.6M 91c | S+600 bp PIK 4.00% | |
| V• S•••• I••••••••• I• L•• | term loan first lien | $46.4M | $44.9M 100c | S+500 bp PIK 4.40% | |
| S••••••• H••••••• B••• | equity equity | Not disclosed | $43.7M 124c | ||
| S••••••• H••••••• B•• | equity equity | Not disclosed | $43.7M | ||
| J••••••• P••••••• L•• | unstated lien unstated | Not disclosed | $35.2M 100c | ||
| S••••••••• L•• | term loan second lien | $33.6M | $32.5M 100c | S+850 bp | |
| N••• H•••••• L•• | term loan first lien | $22.1M | $22.0M 101c | S+525 bp | |
| R•• C••••••••• | term loan first lien | $21.6M | $21.4M 100c | S+550 bp | |
| T••• C•••••••• B••••• I••• | term loan first lien | $20.2M | $20.2M 101c | S+450 bp | |
| C•••••• M••••• H•••••••• L•• | equity equity | Not disclosed | $20.2M 122c | ||
| A•• I• M•• H••••••• I••• | term loan first lien | $19.1M | $18.9M 100c | S+525 bp | |
| O•• H••••••• P••••••••• L•• | term loan first lien | $18.2M | $18.1M 100c | S+475 bp | |
| U••• A••••••••• I••• ••••• U• L•••• S••••••• I•••• | term loan first lien | $17.9M | $17.8M 100c | S+550 bp | |
| W••••••• F••••• L•• | term loan first lien | $17.2M | $17.0M 100c | S+525 bp | |
| D•••••••• B••••• L••• | term loan first lien | $17.1M | $16.9M 100c | S+500 bp | |
| B•••••• A•••••••• G•••• H•••••••• L•• | preferred equity equity | Not disclosed | $16.5M 92c | PIK 7.00% | |
| S••••••• H••••••• L•• | term loan first lien | $16.1M | $16.1M 100c | 12.00% | |
| C•••••• M••••• H•••••••• L•• | term loan unsecured or subordinated | $16.6M | $16.0M 101c | 8.00% | |
| H•••••••• V••••••••• P•••••••• L•• | term loan unsecured or subordinated | $16.1M | $15.2M 95c | PIK 11.00% | |
| S••• B••••• L••• | term loan first lien | $15.1M | $14.7M 98c | S+625 bp | |
| N•• B•••• L•• | term loan first lien | $14.6M | $14.6M 101c | S+475 bp | |
| D•••• | term loan first lien | $14.4M | $14.4M 101c | S+475 bp | |
| C••••••• • G•••••• L•• | term loan first lien | $14.4M | $14.3M 100c | S+500 bp | |
| B•••••• E••••••••• S••••••• H••••• L•••••• | term loan first lien | $16.4M | $14.2M 86c | S+280 bp PIK 5.00% | |
| P•• C•••••• H••••• L•• | term loan second lien | $14.4M | $14.1M 100c | S+550 bp | |
| N••• B•••• P•• L•• | term loan first lien | $13.8M | $13.8M 96c | S+500 bp | |
| W•••• 5•• I••• | term loan first lien | $13.7M | $13.7M 101c | S+450 bp | |
| F••• S••• H•••••• L•• | term loan second lien | $13.7M | $13.7M 101c | S+725 bp | |
| E•••••• B••••••• C••••••• L•• | revolver lien unstated | $13.5M | $13.5M 100c | S+650 bp | |
| E•••••• B••••••• C•••••• H••••••• L•• | revolver lien unstated | Not disclosed | $13.5M | S+650 bp | |
| S••• P••••••••• I••• | term loan first lien | $13.6M | $13.4M 100c | S+450 bp | |
| C•• P•••••• L•• | term loan first lien | $13.5M | $13.4M 101c | S+450 bp | |
| W•••••• A••••••••• L•• | term loan first lien | $13.2M | $13.2M 101c | S+500 bp | |
| V•••• B••••• L•• | term loan first lien | $13.2M | $13.2M 100c | S+450 bp | |
| G••• I••••••••• I••• | term loan first lien | $12.5M | $13.1M 107c | S+800 bp | |
| R••••• H•••••••• I••• | term loan first lien | $13.1M | $13.0M 101c | S+500 bp | |
| P•••••• C••••••••• | term loan first lien | $13.3M | $13.0M 99c | S+450 bp | |
| A•••••• A•••••••• C••••••••• | term loan first lien | $13.0M | $13.0M 100c | S+475 bp | |
| K•• D••••• H•••••••• L•• | term loan first lien | $13.0M | $13.0M 100c | S+425 bp | |
| W•••••••• H•••••••• I••• | term loan first lien | $12.9M | $12.8M 101c | S+500 bp | |
| S••••••••• G••••• I••• | term loan first lien | $12.8M | $12.8M 102c | S+500 bp | |
| N•••••••• R••••••••• L•• | term loan first lien | $12.6M | $12.6M 101c | S+440 bp | |
| T•••••• M••••••• S••••••• I••• | term loan first lien | $14.3M | $12.3M 87c | S+550 bp PIK 2.00% | |
| C••••••• D•••••• C•••• | term loan first lien | $12.3M | $12.1M 100c | S+500 bp | |
| R•• G••••• L•• | term loan first lien | $12.1M | $12.0M 100c | S+525 bp | |
| S•••• B•••• L•• | term loan lien unstated | $12.1M | $12.0M 100c | S+500 bp | |
| W••• H••••••• I•• C••• | term loan first lien | $12.1M | $12.0M 100c | S+500 bp | |
| I•• I••••••••• I••• | term loan first lien | $11.9M | $11.9M 101c | S+650 bp | |
| U••••• L•••••• L•••••• | term loan first lien | $12.3M | $11.9M 100c | S+725 bp | |
| S••••••• H••••••• B••• | term loan unsecured or subordinated | $11.7M | $11.7M 100c | PIK 3.10% | |
| S••••••• H••••••• B•• | term loan unsecured or subordinated | Not disclosed | $11.7M | PIK 3.10% | |
| G• 3• C•••••••• P••••••••• L•• | term loan first lien | $11.8M | $11.6M 100c | S+575 bp | |
| S•••••••• H•••••••• I••• | preferred equity equity | Not disclosed | $11.5M 100c | PIK 12.50% | |
| B•• H••••••• I• C••• | term loan first lien | $14.7M | $11.5M 81c | S+200 bp PIK 5.00% | |
| R••••••• P•••• S••••••• I••• | term loan first lien | $11.1M | $11.1M 100c | S+575 bp | |
| I••••••••• L•• | preferred equity equity | Not disclosed | $11.0M 99c | 10.00% PIK 7.50% | |
| C•• F•••• H••••••• C••• L•• | term loan first lien | $10.9M | $10.9M 102c | S+786 bp | |
| H•• T••••••••• • I••••••••• | term loan first lien | $11.1M | $10.9M 98c | S+850 bp | |
| C••••••••• L•• | term loan first lien | $10.8M | $10.7M 100c | S+525 bp | |
| S••••••• H••••••• B••• | revolver lien unstated | $10.6M | $10.6M 101c | PIK 6.00% | |
| S••••••• H••••••• B•• | revolver lien unstated | Not disclosed | $10.6M | PIK 6.00% | |
| B•• G•••••• L•• | term loan first lien | $10.4M | $10.4M 107c | S+550 bp | |
| C••••••••• B••••• L•• | equity equity | Not disclosed | $10.2M 84c | ||
| H• H•••••• L•• •••••• W••• L••• | term loan first lien | $10.1M | $10.1M 100c | S+575 bp | |
| P•••••• F•••••••• B•••••• L•• | term loan first lien | $10.1M | $10.1M 100c | S+575 bp | |
| L••••••••• L•• | term loan first lien | $9.9M | $9.9M 100c | S+450 bp | |
| P•••••• I••••• | term loan first lien | $9.7M | $9.7M 109c | S+575 bp | |
| P•••••• L•••• I••• | term loan first lien | $9.6M | $9.5M 100c | S+450 bp | |
| T•••• B•••• L•• | term loan first lien | $9.6M | $9.5M 100c | S+500 bp | |
| F•• B•••• L•• | term loan first lien | $9.3M | $9.3M 100c | S+450 bp | |
| R• O•••••••• L•• | term loan first lien | $15.8M | $9.3M 62c | S+675 bp PIK 10.30% | |
| X••••••• B•••• L•••••• | term loan first lien | $9.3M | $9.3M 107c | S+575 bp | |
| S••••• P••••••• H•••••••• L•• | term loan first lien | $9.3M | $9.3M 100c | S+475 bp | |
| P•••••••• M••••• | notes lien unstated | $9.3M | $9.1M 98c | 11.40% | |
| S••••••• H••••••• L•• | equity equity | Not disclosed | $9.1M 169c | ||
| B•• B••••• I••• | term loan first lien | $9.2M | $9.1M 100c | S+450 bp | |
| L•• B•••••••• L•• | term loan first lien | $9.1M | $9.0M 100c | S+525 bp | |
| E•• P•••• H••••• L•• | term loan first lien | $12.0M | $9.0M 75c | S+575 bp PIK 9.60% | |
| R•• S•••••••• L•• | term loan first lien | $9.2M | $9.0M 99c | S+500 bp | |
| H•••••••• H•••••••• I••• | term loan first lien | $9.0M | $8.9M 100c | S+525 bp | |
| M•• A••••••••• G•••• G••• | equity equity | Not disclosed | $8.8M 38c | ||
| H••••••• H••••••• L•• | term loan first lien | $8.8M | $8.8M 100c | S+475 bp | |
| U•• A•••••••• I••• | term loan first lien | $8.6M | $8.6M 101c | S+475 bp | |
| C••••••••• B••••• L•• | term loan first lien | $8.7M | $8.6M 98c | S+800 bp | |
| S•• H••••••• L• | term loan first lien | $8.6M | $8.5M 101c | S+500 bp | |
| L••• T••• C••• G••••• I••• | term loan first lien | $8.8M | $8.4M 96c | S+600 bp | |
| G• E•••• B••••• I••• | term loan first lien | $8.4M | $8.4M 100c | S+475 bp | |
| A••• G••••• P•••••••• L•• | term loan first lien | $8.9M | $8.3M 94c | S+475 bp | |
| C• A••••••••• H••••••• I••• | term loan first lien | $8.2M | $8.1M 99c | S+550 bp | |
| B••••• | term loan first lien | $8.1M | $8.1M 98c | S+650 bp | |
| B•••• I••••••••• G••••• L•• | term loan first lien | $8.0M | $8.0M 100c | S+475 bp | |
| T•• C•••••• G••••• I••• ••• T••••• H•••••••• L••• | term loan first lien | $7.8M | $7.8M 100c | S+450 bp | |
| P••••••••• S•••••••• H•••••••• L•• | term loan first lien | $7.7M | $7.7M 101c | S+425 bp | |
| M••••• S••• H••••••• B•••• P•• L•••••• | term loan first lien | $7.6M | $7.6M 93c | S+600 bp | |
| S••••• E••••• S••••••••• L•• | term loan first lien | $7.7M | $7.6M 101c | S+500 bp | |
| G••• L•• | term loan first lien | $7.7M | $7.6M 100c | S+525 bp | |
| I••••••••• F•••• F•••••••• N••• B••• | term loan first lien | $8.4M | $7.5M 90c | 10.50% | |
| T••••••• M•••••••• C••••••• L•• | term loan first lien | $7.6M | $7.5M 100c | S+475 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