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A business development company

Business development companyListed: BBDC· CHARLOTTE, NC

A business development company traded as BBDC, 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%
Schedule of investments (855)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $46.1M
    on non-accrual, 11 borrowers

    11 borrowers on non-accrual, $46.1M principal; the largest is RA Outdoors LLC ($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 RA Outdoors LLC →
  2. $3M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $3M principal: Scaled Agile, Inc ($2.18M), Team Air Distributing, LLC ($812K).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Scaled Agile, Inc →
  3. 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
  4. 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 →
  5. 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
19
since Dec 31, 2020
Facilities held
759
11 sponsors financed
Portfolio through time
Fair value by quarter end$2.5B as of Jun 30, 2026
Dec 31, 2020$104M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.5B34797c70535 bp
May 27, 2026$5.0M1n/a0n/a
Mar 31, 2026$2.4B33597c78538 bp
Dec 31, 2025$2.4B38097c80543 bp
All 24 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Nov 25, 2025$10.0M1n/a0n/a
Sep 30, 2025$2.5B34597c87543 bp
Jun 30, 2025$2.6B33998c81548 bp
Mar 31, 2025$2.6B33296c80556 bp
Dec 31, 2024$5.1B39795c154567 bp
Sep 30, 2024$2.4B33897c81577 bp
Jun 30, 2024$2.4B33796c84582 bp
Mar 31, 2024$2.5B34097c78588 bp
Dec 31, 2023$2.5B37696c67592 bp
Sep 30, 2023$2.5B34096c65591 bp
Jun 30, 2023$2.5B33396c49588 bp
Mar 31, 2023$2.6B33494c51591 bp
Dec 31, 2022$2.5B36593c44586 bp
Sep 30, 2022$2.3B31693c47590 bp
Aug 12, 2022$45.4M1n/a0n/a
Dec 31, 2021$2.0B28799c28576 bp
Jul 8, 2021$306M1n/a0n/a
Feb 8, 2021Not disclosed3n/a0n/a
Dec 31, 2020$104M10n/a0725 bp
May 13, 2020Not disclosed1n/a0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
  • 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

+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

+756 additional facilities held

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

Schedule of investments at Jun 30, 2026
855 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Premium Investunstated lien unstatedNot disclosedNot disclosed
Canadian Orthodontic Partners Corp.delayed draw term loan lien unstatedNot disclosedNot disclosed
GCDL LLCdelayed draw term loan lien unstatedNot disclosedNot disclosedS+600 bp
SVI International LLCrevolver lien unstatedNot disclosedNot disclosed
Spatial Business Systems LLCrevolver lien unstatedNot disclosedNot disclosed

855 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
NCreported
On the SEC BDC report
2012 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001379785-26-000030reported
Capital chain

This record sits on 60 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

DFX traced 60 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

5,099 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)