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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••••••••• I••••••• L•• | preferred equity equity | Not disclosed | $3.7M 119c | ||
| U••• C•••• | term loan first lien | $3.7M | $3.7M 100c | S+590 bp | |
| M•••• R•••••••• I••• •••••••• | term loan first lien | $3.5M | $3.5M 100c | S+450 bp | |
| C•••• P••••• N• | term loan first lien | $3.5M | $3.5M 106c | S+600 bp | |
| S•••• B•••• B••• | term loan first lien | $3.7M | $3.5M 104c | S+575 bp | |
| O• I•• B••• | term loan first lien | $3.6M | $3.5M 93c | S+565 bp | |
| U• B••• N••••••• A••••••••• S••••• 2••••• | notes lien unstated | $3.4M | $3.5M 101c | S+700 bp | |
| H••••••• ••••• S••••• •••• B•••• B••••• | term loan first lien | $3.5M | $3.4M 93c | S+475 bp | |
| U• B••• N••••••• A••••••••• S••••• 2••••• | notes lien unstated | $3.4M | $3.4M 102c | S+750 bp | |
| C•• E••••••••• L•• | term loan first lien | $3.4M | $3.4M 100c | S+600 bp | |
| A••• B•••• L•••••• | term loan first lien | $3.4M | $3.4M 104c | S+675 bp | |
| H•• C••••••••• | term loan first lien | $3.4M | $3.4M 103c | S+525 bp | |
| T• S• C••••• A••••••••• C•••• | term loan unsecured or subordinated | $3.3M | $3.3M 100c | S+775 bp PIK 11.40% | |
| E•••••• B••••••• C••••••• L•• | term loan first lien | $3.3M | $3.3M 100c | S+660 bp | |
| E•••••• B••••••• C•••••• H••••••• L•• | term loan first lien | Not disclosed | $3.3M | S+660 bp | |
| M•• B••••• L•• | term loan first lien | $3.3M | $3.3M 100c | S+475 bp | |
| O•• H••••••• I• C••• | term loan first lien | $3.3M | $3.3M 101c | S+500 bp | |
| A••• C•••••• S••••••••• I••• | term loan first lien | $3.3M | $3.3M 102c | S+575 bp | |
| L••••••••• S••••••• I••••••••• I••• | term loan first lien | $3.2M | $3.2M 100c | S+500 bp | |
| E•••••• M•••• L•••••• | term loan first lien | $3.2M | $3.2M 100c | S+475 bp | |
| H••• C••• A••••••••• L•• | term loan first lien | $3.8M | $3.2M 84c | S+500 bp PIK 1.00% | |
| S••••••• D••••••••• A••••••• C•••••• | term loan first lien | $3.1M | $3.1M 107c | S+513 bp | |
| M•• A••••••••• G•••• G••• | term loan first lien | $3.1M | $3.1M 100c | S+765 bp | |
| S••••••• H••••••• B••• | term loan unsecured or subordinated | $3.0M | $3.0M 100c | PIK 15.00% | |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $3.2M | $3.0M 94c | S+625 bp | |
| F••••••••• L••• | preferred equity equity | Not disclosed | $3.0M 108c | ||
| M•••••• H•••••• A• | term loan first lien | $3.2M | $3.0M 94c | S+525 bp | |
| I••••••• H••••••• G••• | term loan first lien | $3.0M | $3.0M 101c | S+475 bp | |
| E•• P•••• H••••• L•• | equity equity | Not disclosed | $2.9M 98c | ||
| A••••••••• H••••••• | equity equity | Not disclosed | $2.9M 88c | ||
| O•• A•• B••••• L•• | term loan first lien | $3.0M | $2.9M 100c | S+450 bp | |
| S•••• 3• H••••• L•• | term loan first lien | $2.9M | $2.9M 100c | S+550 bp | |
| P•••••••• B•••• P•• L•• | term loan first lien | $2.8M | $2.8M 104c | S+475 bp | |
| T••• H•••••• C••• | term loan first lien | $3.0M | $2.8M 96c | S+600 bp | |
| G••••• A••••••• G•••• L•••••• | term loan first lien | $2.8M | $2.8M 101c | S+491 bp | |
| Q••• F•••••• L•• | term loan first lien | $2.9M | $2.8M 100c | S+525 bp | |
| O••••• V••••• B•••• L•••••• | term loan first lien | $3.0M | $2.8M 87c | S+520 bp | |
| N••••• | term loan first lien | $2.7M | $2.7M 108c | S+650 bp | |
| T••••••• R••••• L•• | unstated lien unstated | Not disclosed | $2.7M 15c | ||
| P•••••• E••••• C••••• L•• | term loan first lien | $2.7M | $2.7M 106c | 6.90% | |
| C••••• K•• F•••••• I• L•• | preferred equity equity | Not disclosed | $2.7M 100c | 10.00% PIK 10.00% | |
| K••• T•••• L•• | term loan first lien | $2.7M | $2.7M 99c | S+525 bp | |
| Z••••••• B•••• L•••••• | term loan first lien | $2.7M | $2.7M 124c | S+650 bp | |
| A••••• M•••• | equity equity | Not disclosed | $2.6M 235c | ||
| S••••• H•••••••• L•• ••••• S••••• H•••••••• I•••• | term loan first lien | $2.6M | $2.6M 100c | S+450 bp | |
| H••••••••• I••• | term loan first lien | $2.6M | $2.6M 102c | S+450 bp | |
| A••• H•••••• | term loan first lien | $2.6M | $2.6M 112c | S+550 bp | |
| S••••• M•••• 2• I••• | term loan first lien | $2.6M | $2.6M 100c | S+450 bp | |
| S•••••• A••••••••• B•••• L•••••• | term loan first lien | $2.7M | $2.6M 101c | S+525 bp | |
| P••• S•• ••• M•••••• M••••• | term loan first lien | $2.6M | $2.6M 103c | S+515 bp | |
| C•• F•••• H••••••• C••• L•• | term loan first lien | $2.6M | $2.6M 100c | S+1000 bp PIK 13.90% | |
| A•••• B•••• L•••••• | term loan first lien | $2.6M | $2.6M 101c | S+500 bp | |
| B•• B••••• I••• | term loan first lien | $2.6M | $2.5M 100c | S+500 bp | |
| T• K•• A••••••••• L••• | term loan unsecured or subordinated | $2.5M | $2.5M 100c | PIK 12.30% | |
| S•••••••• B••• | term loan first lien | $2.5M | $2.5M 99c | S+525 bp | |
| M••• B•••• L•••••• | term loan first lien | $2.5M | $2.5M 100c | S+525 bp | |
| B••••• A••••••• G•••• I•• | term loan second lien | $2.5M | $2.4M 99c | S+750 bp | |
| B••••• A••••••• G•••• I•• | term loan second lien | $2.5M | $2.4M 99c | S+750 bp | |
| B••••• A••••••• G•••• I•• | term loan second lien | $2.5M | $2.4M 99c | S+750 bp | |
| R••••• B••••• B••• | term loan first lien | $2.4M | $2.4M 104c | S+600 bp | |
| E•• P•••• H••••• L•• | preferred equity equity | Not disclosed | $2.4M 102c | PIK 12.00% | |
| N•• I••••••••• 2• B••• | term loan first lien | $2.3M | $2.3M 116c | S+545 bp | |
| H• A••••••• B•••• L•• | term loan first lien | $2.4M | $2.3M 100c | S+475 bp | |
| B••••• I••• | term loan first lien | $2.3M | $2.3M 100c | S+450 bp | |
| A•••••• I••••••••• | term loan first lien | $2.3M | $2.3M 104c | S+498 bp | |
| M•••••••• B•••• L•••••• | term loan first lien | $2.3M | $2.3M 103c | S+510 bp | |
| W•••• B•••• L•••••• | term loan first lien | $2.3M | $2.3M 101c | S+450 bp | |
| B••••• A••••••• G•••• I•• | term loan second lien | $2.3M | $2.3M 99c | S+750 bp | |
| B••••• A••••••• G•••• I•• | term loan second lien | $2.3M | $2.3M 99c | S+750 bp | |
| P•••••• B•••• B••• | revolver lien unstated | $2.2M | $2.2M 97c | S+650 bp | |
| I••••••• L•••••• | term loan first lien | $2.2M | $2.2M 107c | S+500 bp | |
| B••••• A••••••• G•••• I•• | term loan second lien | $2.3M | $2.2M 99c | S+750 bp | |
| C•••••• R•••• L•••••• | notes unsecured or subordinated | $4.1M | $2.2M 63c | ||
| G•• P•••••• I••• | term loan first lien | $2.2M | $2.2M 100c | S+450 bp | |
| L••••• B•••• L•••••• | term loan second lien | $2.4M | $2.2M 92c | PIK 12.00% | |
| U••••••••• L•• | term loan first lien | $2.4M | $2.2M 93c | S+475 bp | |
| A••••• B••••• I••• | term loan unsecured or subordinated | $2.2M | $2.2M 100c | PIK 12.00% | |
| O•• I••••••••• H•••••••• L•• | term loan first lien | $2.5M | $2.2M 88c | S+475 bp | |
| M•• E•••••• I••• | term loan first lien | $2.2M | $2.1M 97c | S+500 bp | |
| B••••••• B••••• L•• | term loan first lien | $2.2M | $2.1M 100c | S+425 bp | |
| H•••• S••••••• G•••• L•• | term loan first lien | $2.1M | $2.1M 99c | S+450 bp | |
| S•• M•••••• P•••••••• L••• | term loan first lien | $2.0M | $2.0M 100c | S+475 bp | |
| M••• L••• C••••••••• P•••• L•• | term loan first lien | $2.0M | $2.0M 100c | S+525 bp | |
| E• D••••••••• | term loan first lien | $2.0M | $2.0M 109c | S+500 bp | |
| J•• B•••• L•••••• | term loan first lien | $2.0M | $2.0M 91c | S+400 bp | |
| W••••••• F••••• L•• | equity equity | Not disclosed | $2.0M 118c | ||
| A•••• B•••• L•••••• | term loan first lien | $2.2M | $2.0M 101c | S+670 bp | |
| P••••• E••••••••• L••••• | equity equity | Not disclosed | $1.9M 262c | ||
| E•• H•••••••• L•• | term loan first lien | $2.0M | $1.9M 100c | S+475 bp | |
| P•••••• B•••• B••• | term loan first lien | $1.9M | $1.9M 98c | S+600 bp | |
| L••••• B•••• L•••••• | term loan first lien | $2.0M | $1.8M 97c | S+650 bp | |
| B••••••••• G•••• U• L•• | term loan first lien | $1.9M | $1.8M 105c | S+475 bp | |
| L•••••••• I••••••••• I•• L•• | term loan first lien | $2.9M | $1.8M 63c | S+700 bp | |
| I• S••••• | term loan first lien | $1.8M | $1.8M 95c | S+600 bp | |
| D••••• B••••• L•• | term loan first lien | $1.8M | $1.8M 100c | S+475 bp | |
| R•• S••• M••••• S•• L•• | term loan first lien | $2.9M | $1.8M 62c | S+700 bp PIK 10.70% | |
| U••• C•••• | term loan first lien | $1.8M | $1.8M 99c | S+590 bp | |
| D•••• I••••••••• H••••••• C•• | term loan first lien | $1.8M | $1.8M 101c | S+425 bp | |
| T•••••••• B•••• L•••••• | term loan first lien | $1.8M | $1.8M 116c | S+500 bp | |
| C•• F•••• H••••••• C••• L•• | equity equity | Not disclosed | $1.8M |
- 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