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A•••• C••••• B•• I•••
Business development companyNon-traded· BOSTON, MA
A non-traded business development company, holding $383M across 263 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $383M
- Borrowers
- 263
- Mark on cost
- 94.5¢
- First lien
- 97%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- 38 below 80¢$56.3M principal
38 positions across 27 borrowers marked below 80¢ on cost, $56.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 14 → 18loans paying in kind
Loans paying in kind rose from 14 to 18 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.
Every headline figure, and the identifiersCIK 1633858 · file 814-01154ShowHide
Fair value
$383M
as of Jun 30, 2026
Principal held
$399M
debt pieces, the filer's figure
Cost
$404M
94c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
659
263 borrowers
First lien
97%
97% debt by fair value
Quarters on the tape
14
since Dec 31, 2022
Facilities held
474
62 sponsors financed
Portfolio through time
Fair value by quarter end$383M as of Jun 30, 2026
Dec 31, 2022$421M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $383M | 263 | 94c | 18 | 482 bp |
| Mar 31, 2026 | $403M | 267 | 95c | 14 | 474 bp |
| Dec 31, 2025 | $805M | 333 | 97c | 28 | 477 bp |
| Sep 30, 2025 | $401M | 273 | 97c | 15 | 485 bp |
All 14 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $402M | 258 | 97c | 14 | 493 bp |
| Mar 31, 2025 | $1.6B | 245 | 97c | 0 | 495 bp |
| Dec 31, 2024 | $1.8B | 303 | 98c | 0 | 504 bp |
| Sep 30, 2024 | $396M | 243 | 98c | 7 | 511 bp |
| Jun 30, 2024 | $383M | 229 | 98c | 4 | 527 bp |
| Mar 31, 2024 | $376M | 217 | 99c | 1 | 537 bp |
| Dec 31, 2023 | $1.6B | 248 | 99c | 2 | 535 bp |
| Sep 30, 2023 | $391M | 211 | 98c | 0 | 528 bp |
| Jun 30, 2023 | $391M | 210 | 98c | 0 | 524 bp |
| Dec 31, 2022 | $421M | 221 | 98c | 1 | 510 bp |
Sponsors financed
- W•••••• P••••• L•• possible4 borrowers $5.2M
- C•••• S••••• C•••••• possible4 borrowers $3.4M
- A••••• I•••••••• possible3 borrowers $6.5M
- T• A••••••••• possible3 borrowers $5.2M
- 3 borrowers $4.8M
All 15 sponsorsShow fewer
- A•••••••• I••••••••• M••••••••• L•• possible3 borrowers $3.5M
- S••••••••• C•••••• L• possible3 borrowers $3.0M
- 3 borrowers $2.9M
- I••••••• C•••••• P•••••••• L•• possible2 borrowers $7.8M
- T•• L• possible2 borrowers $7.2M
- W••• C•••••• P••••••• possible2 borrowers $6.0M
- H••••• C••••••• L•• possible2 borrowers $5.8M
- W• C•••••• P••••••• possible2 borrowers $5.1M
- G••••••••• E••••• G•••• possible2 borrowers $4.9M
- L•••••• G•••• • P•••••••• L••• possible2 borrowers $4.6M
What changed
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
Full timeline · 20 eventsShow fewer
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat 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
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- I••••••••• first lien term loan1 BDC hold it · matures Jan 20, 2028$5.9M 101c
- C••••• B•••••• first lien term loan1 BDC hold it · matures Jun 28, 2030 · possible sponsor P•••••••• C•••••• P•••••••$5.7M 101c
- N•• S•••••• 2••••• first lien term loan2 BDCs hold it · matures Nov 1, 2029 · possible sponsor T•• L•$5.6M 101c
- V••••• C••••••••• L•• first lien term loan6 BDCs hold it · matures May 7, 2032$5.0M 101c
- A••••••• V••••• P••••••• first lien term loan2 BDCs hold it · matures Sep 30, 2027 · possible sponsor H••••• C••••••• L••$4.8M 100c
- A••••••• E••••••••• G•••• first lien term loan2 BDCs hold it · matures Dec 30, 2028$4.5M 31c
- C••••• P••••••• first lien term loan1 BDC hold it · matures Jul 28, 2031$4.5M 101c
- E••••• • T••••••••• E••••••• first lien term loan1 BDC hold it · matures May 29, 2029 · possible sponsor G•••• C••••••$4.5M 102c
- A•••••• S••••••••• first lien term loan1 BDC hold it · matures Nov 21, 2029$4.4M 76c
- A••••• first lien term loan1 BDC hold it · matures Oct 18, 2029$4.3M 102c
- R•••••••• first lien term loan1 BDC hold it · matures Jul 21, 2028 · possible sponsor W••••••• H••••• I••••••••• L••$4.3M 74c
- C••••••••• first lien term loan1 BDC hold it · matures Jul 31, 2028 · possible sponsor T• A•••••••••$4.2M 98c
Schedule of investments at Sep 30, 2023
366 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C••••••• | term loan first lien | $492,500 | $483,881 99c | SOFR+375 bp | Oct 8, 2028 |
| S••••• | term loan first lien | $488,750 | $483,863 99c | SOFR+400 bp | Mar 2, 2028 |
| C•••••••• H••••• | term loan first lien | $497,500 | $483,819 104c | SOFR+750 bp | Nov 30, 2028 |
| I••••••• E••••••••• | term loan first lien | $488,806 | $483,307 99c | //www.audaxcreditbdc.com/20230930#London Interbank Offered Rate+375 bp | Mar 2, 2028 |
| D••••••• | term loan first lien | $483,807 | $481,905 100c | //www.audaxcreditbdc.com/20230930#London Interbank Offered Rate+350 bp | May 19, 2028 |
| D••••••• | term loan first lien | $482,500 | $480,254 102c | SOFR+400 bp | Oct 16, 2026 |
| A••••••• S••••••••• | term loan first lien | $489,955 | $478,931 99c | SOFR+425 bp | Jun 30, 2028 |
| N•••••• G•••• | term loan first lien | $481,818 | $474,591 99c | SOFR+550 bp | Jan 27, 2027 |
| B••• C••• | term loan first lien | $483,461 | $471,978 100c | SOFR+350 bp | Sep 6, 2025 |
| I••••••••• E••••• S••••••••• | equity equity | $387 | $470,817 122c | ||
| P•••• G•••• | term loan first lien | $487,528 | $470,221 97c | SOFR+375 bp | Jul 24, 2026 |
| F••• S••• P•••••••• | term loan first lien | $495,000 | $469,015 96c | SOFR+425 bp | May 5, 2029 |
| P•••••• | term loan first lien | $486,397 | $466,941 97c | SOFR+575 bp | Dec 2, 2024 |
| G••••• W••• P•••••••• | term loan first lien | $475,000 | $465,500 99c | SOFR+525 bp | Dec 1, 2027 |
| A••••••••• | term loan first lien | $488,750 | $464,313 95c | SOFR+400 bp | Jun 22, 2026 |
| D••••• W•••• S•••••••• | term loan first lien | $466,723 | $456,222 101c | SOFR+463 bp | Mar 27, 2028 |
| C••••• B•••••• | revolver first lien | $456,189 | $456,189 100c | SOFR+550 bp | Jun 30, 2028 |
| S•••••• | term loan first lien | $481,250 | $455,684 95c | SOFR+350 bp | Feb 12, 2027 |
| C••••••••• P•••••••• P••••••• | term loan first lien | $479,469 | $452,425 95c | //www.audaxcreditbdc.com/20230930#London Interbank Offered Rate+375 bp | Apr 30, 2025 |
| R•• • M•••••• | term loan first lien | $446,875 | $440,172 99c | SOFR+450 bp | Feb 6, 2025 |
| S•• F••• | term loan first lien | $435,707 | $435,360 104c | SOFR+450 bp | Apr 5, 2029 |
| H••••• S••••• E••••• S••••••••• | equity equity | $25,000 | $426,164 170c | ||
| W•••••• D••••• | term loan first lien | $493,750 | $407,035 84c | SOFR+525 bp | Aug 18, 2028 |
| R•• • M•••••• | term loan first lien | $380,920 | $375,207 98c | SOFR+425 bp | Feb 6, 2026 |
| A• G••••• D••• S••••••• E••••• S••••••••• | equity equity | $273 | $360,322 132c | ||
| C••••••••• | term loan first lien | $488,750 | $359,231 74c | SOFR+325 bp | Jan 6, 2028 |
| A••••• | term loan first lien | $2.3M | $337,779 15c | S+650 bp | Dec 20, 2024 |
| V••••••••• E••••• S••••••••• | equity equity | $1,651 | $293,994 178c | ||
| A••••••• E••••••••• G••••• E••••• S••••••••• A•• | preferred equity equity | $331 | $283,916 86c | ||
| A••••••• E••••••••• G•••• | revolver first lien | $281,457 | $273,715 100c | SOFR+600 bp | Dec 30, 2027 |
| G•• S•••••• E••••• S••••••••• | equity equity | $272,422 | $272,422 100c | ||
| M•••• • A•••••••• E••••• S••••••••• | equity equity | $217 | $253,516 117c | ||
| O••••••••• E••••• S••••••••• | equity equity | $24,245 | $242,452 100c | ||
| E••••• • T••••••••• E•••••••• E••••• S••••••••• | equity equity | $211,268 | $240,885 114c | ||
| I•••••• | term loan first lien | $234,560 | $234,560 99c | S+-1225 bp | Oct 30, 2024 |
| N•• S•••••• 2•••••• E••••• S••••••••• | equity equity | $261 | $233,196 89c | ||
| I••••••••• S••••••• G••••• E••••• S••••••••• | equity equity | $238 | $231,287 97c | ||
| G••••• S•••••• E••••• S••••••••• | equity equity | $117,371 | $205,629 175c | ||
| C••••• B••••••• E••••• S••••••••• | equity equity | $129,870 | $202,820 156c | ||
| I•••••••• E••••• S••••••••• | equity equity | $2,484 | $200,052 81c | ||
| R••••••••• E••••• S••••••••• | equity equity | $20,548 | $172,002 84c | ||
| L•••••• G••••• E••••• S••••••••• S••••• A• | preferred equity equity | $113,636 | $158,867 140c | ||
| V•••••••• | revolver first lien | $161,226 | $155,987 103c | SOFR+575 bp | Dec 22, 2025 |
| U••••• | revolver first lien | $145,161 | $144,073 102c | SOFR+600 bp | Oct 19, 2026 |
| V•••••• E••••• S••••••••• L• | equity equity | $127 | $126,506 100c | ||
| T••• H•••••• | revolver first lien | $115,692 | $114,535 102c | SOFR+575 bp | Mar 31, 2028 |
| I•• R••••• E••••• S••••••••• | equity equity | $100 | $106,777 107c | ||
| B•••• P••••• G•••• | revolver first lien | $91,324 | $90,297 112c | SOFR+600 bp | Jul 29, 2028 |
| B••• C•••• | revolver first lien | $68,636 | $67,092 98c | SOFR+550 bp | Jan 21, 2028 |
| R•••••••• | revolver first lien | $56,507 | $55,469 98c | SOFR+575 bp | Jul 22, 2028 |
| V••••• | revolver first lien | $51,699 | $50,536 294c | SOFR+600 bp | Sep 4, 2029 |
| M••••••••• E••••• S••••••••• | equity equity | $74,074 | $50,411 68c | ||
| L•••••• G•••• | revolver first lien | $45,455 | $45,455 111c | SOFR+575 bp | Jun 15, 2028 |
| V••• E••••• S••••••••• | equity equity | $9,617 | $34,101 89c | ||
| B••••••• | revolver first lien | $28,886 | $28,561 104c | //www.audaxcreditbdc.com/20230930#London Interbank Offered Rate+650 bp | Oct 31, 2025 |
| O••• L•••••••• | revolver first lien | $28,459 | $27,534 101c | //www.audaxcreditbdc.com/20230930#London Interbank Offered Rate+500 bp | Dec 30, 2025 |
| B••••• E••••• S••••••••• | equity equity | $2,470 | $24,700 100c | ||
| I••••••••• S••••••• G•••• | revolver first lien | $19,048 | $19,048 1000c | SOFR+625 bp | Dec 7, 2028 |
| R•••••• | revolver first lien | $16,000 | $15,920 108c | SOFR+675 bp | Apr 1, 2029 |
| C•• | revolver first lien | $11,426 | $11,426 107c | SOFR+525 bp | Jun 1, 2028 |
| K•••• E••••••••• S••••••s | revolver first lien | $9,120 | $9,029 108c | SOFR+650 bp | Oct 29, 2027 |
| F•• T••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+525 bp | Dec 17, 2027 |
| A• G••••• D••• S•••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+650 bp | Dec 23, 2028 |
| G••••• S••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+550 bp | May 12, 2028 |
| H••••• S•••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+600 bp | May 18, 2029 |
| M•••• M••••••• S•••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+575 bp | Dec 14, 2027 |
| N•• S•••••• 2••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+675 bp | Nov 1, 2029 |
| N•• S•••••• 2••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+675 bp | Nov 1, 2029 |
| M•••• • A••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+650 bp | May 3, 2029 |
| R•••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+653 bp | Apr 1, 2029 |
| M••••••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+600 bp | Jul 22, 2028 |
| L•••••• G•••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+575 bp | Jun 9, 2028 |
| I••••••••• S••••••• G•••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+625 bp | Dec 7, 2028 |
| D•••••••• E•••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+575 bp | Apr 7, 2028 |
| E••• I•••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+525 bp | Sep 29, 2028 |
| A•••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+650 bp | Sep 30, 2028 |
| A• G••••• D••• S•••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+650 bp | Dec 23, 2028 |
| O••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+650 bp | Jul 31, 2027 |
| T•• F••••••••• G•••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+575 bp | Nov 30, 2027 |
| U••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+600 bp | Oct 19, 2026 |
| D•••••••• E•••••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+575 bp | Apr 7, 2028 |
| A••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+-650 bp | Dec 20, 2024 |
| K•••• E••••••••• S••••••s | revolver first lien | Not disclosed | Not disclosed | SOFR+650 bp | Oct 29, 2027 |
| C•••••• B••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+575 bp | Jul 31, 2028 |
| E••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+475 bp | Jun 1, 2026 |
| I••••••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+600 bp | Jan 20, 2028 |
| I••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+650 bp | Dec 24, 2029 |
| V••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+600 bp | Sep 4, 2029 |
| I••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+650 bp | Dec 24, 2028 |
| I••••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+650 bp | Dec 24, 2029 |
| G•• S••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+625 bp | Jul 5, 2027 |
| P••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+550 bp | Nov 23, 2027 |
| B•••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+425 bp | Jul 1, 2027 |
| C•••••••• B••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+575 bp | Feb 24, 2028 |
| E••• I•••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+525 bp | Sep 30, 2027 |
| R•••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+675 bp | Apr 1, 2029 |
| G•• S••••• | term loan first lien | Not disclosed | Not disclosed n/a | SOFR+625 bp | Jul 5, 2027 |
| I•• R•••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+475 bp | Apr 23, 2029 |
| M••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+600 bp | Jul 22, 2028 |
| M•••• • A••••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+650 bp | May 3, 2029 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2015 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-348682reported