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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 Jun 30, 2024
403 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| B•••••••• | term loan first lien | $492,500 | $492,286 102c | SOFR+450 bp | Aug 15, 2029 |
| S•••••• L•••• | term loan first lien | $497,429 | $491,211 99c | SOFR+400 bp | Oct 29, 2027 |
| A•• M• S••• | term loan first lien | $498,640 | $491,160 100c | SOFR+475 bp | Oct 25, 2028 |
| M•••••• | term loan first lien | $486,250 | $488,227 101c | SOFR+375 bp | May 10, 2028 |
| I••••••••• P•••••• | term loan first lien | $497,500 | $486,306 101c | SOFR+625 bp | Jul 19, 2029 |
| C••••••• | term loan first lien | $488,750 | $486,306 100c | SOFR+375 bp | Oct 8, 2028 |
| S••••••• S•••••• | term loan first lien | $498,750 | $486,281 100c | SOFR+700 bp | Feb 1, 2029 |
| B••••••• | term loan first lien | $486,620 | $485,403 100c | SOFR+475 bp | Oct 31, 2025 |
| F••• S••• P•••••••• | term loan first lien | $491,250 | $483,881 100c | SOFR+425 bp | May 5, 2029 |
| C•••••••• H••••• | term loan first lien | $493,750 | $482,641 104c | SOFR+750 bp | Nov 30, 2028 |
| D••••••• | term loan first lien | $480,114 | $482,627 101c | SOFR+375 bp | May 19, 2028 |
| K•••• E••••••••• S••••••s | term loan first lien | $487,500 | $482,625 100c | SOFR+500 bp | Oct 29, 2027 |
| S••••• | term loan first lien | $485,000 | $478,938 99c | SOFR+375 bp | Mar 2, 2028 |
| A• G••••• D••• S••••••• E••••• S••••••••• | equity equity | $273 | $477,980 175c | ||
| S•••••• | term loan first lien | $472,894 | $473,634 101c | SOFR+475 bp | Mar 15, 2030 |
| B••• C••• | term loan first lien | $479,644 | $473,610 100c | SOFR+350 bp | Sep 6, 2025 |
| A••••••••• | term loan first lien | $485,063 | $469,298 97c | SOFR+400 bp | Sep 20, 2028 |
| H••••• S••••• E••••• S••••••••• | equity equity | $25,000 | $467,000 187c | ||
| A••••••• S••••••••• | term loan first lien | $486,189 | $466,741 97c | SOFR+425 bp | Jun 30, 2028 |
| I••••••• E••••••••• | term loan first lien | $485,113 | $466,618 96c | SOFR+375 bp | Mar 2, 2028 |
| I••••••• | revolver first lien | $464,363 | $459,396 104c | SOFR+650 bp | Dec 22, 2028 |
| G••••• W••• P•••••••• | term loan first lien | $456,250 | $441,422 97c | SOFR+525 bp | Dec 1, 2027 |
| P•••••• | term loan first lien | $482,675 | $434,407 90c | SOFR+675 bp | Dec 2, 2024 |
| D••••• W•••• S•••••••• | term loan first lien | $462,973 | $425,125 94c | SOFR+463 bp | Mar 27, 2028 |
| G••••• S••••• | revolver first lien | $422,535 | $422,535 102c | SOFR+525 bp | May 12, 2028 |
| I••••••••• S••••••• G••••• E••••• S••••••••• | equity equity | $238 | $405,533 170c | ||
| I••••••••• E••••• S••••••••• | equity equity | $387 | $398,798 103c | ||
| P•••••• | term loan first lien | $386,250 | $383,353 101c | SOFR+525 bp | Jan 19, 2031 |
| E••••• a•• T••••••••• E••••••• | revolver first lien | $376,258 | $376,258 104c | SOFR+650 bp | May 29, 2029 |
| R•• • M•••••• | term loan first lien | $377,041 | $367,615 98c | SOFR+475 bp | Feb 6, 2025 |
| S•• F••• | term loan first lien | $348,750 | $351,163 104c | SOFR+450 bp | Apr 5, 2029 |
| N•• S•••••• 2••••• | delayed draw term loan first lien | $341,515 | $341,515 100c | SOFR+575 bp | Nov 1, 2029 |
| V•••••••• | revolver first lien | $355,722 | $337,936 98c | SOFR+575 bp | Dec 22, 2025 |
| V•••••• E••••••• S••••••• | delayed draw term loan first lien | $337,639 | $337,639 100c | SOFR+525 bp | Apr 1, 2027 |
| R•• • M•••••• | term loan first lien | $321,058 | $313,032 97c | SOFR+475 bp | Feb 6, 2026 |
| V•••••• E••••• S••••••••• L• | equity equity | $190 | $312,928 165c | ||
| U•• | term loan first lien | $315,938 | $312,778 100c | SOFR+425 bp | Aug 19, 2028 |
| O•• B•••••• S••••••• | term loan first lien | $312,562 | $310,217 99c | SOFR+625 bp | Nov 30, 2028 |
| O••••••••• E••••• S••••••••• | equity equity | $24,245 | $308,884 127c | ||
| N•• S••••••• E••••• S••••••••• | equity equity | $279 | $305,444 109c | ||
| M•••• • A•••••••• E••••• S••••••••• | equity equity | $217 | $297,411 137c | ||
| I••••••••• S••••••• G•••• | revolver first lien | $287,619 | $287,619 106c | SOFR+575 bp | Dec 7, 2028 |
| A••••••• B••••• A••••••• E••••• S••••••••• | equity equity | $16,071 | $273,207 | ||
| A••••• E••••• S••••••••• | equity equity | $23,810 | $242,619 102c | ||
| P•••• P•••••••• L• I••••••• | equity equity | $238,095 | $238,095 100c | ||
| I•••••• | term loan first lien | $232,125 | $232,125 100c | SOFR+1225 bp | Oct 30, 2024 |
| E••••• • T••••••••• E•••••••• E••••• S••••••••• | equity equity | $211,268 | $230,282 109c | ||
| C••••• B••••••• E••••• S••••••••• | equity equity | $129,870 | $228,863 176c | ||
| D•••••••• E•••••••• | revolver first lien | $230,769 | $223,269 98c | SOFR+575 bp | Apr 9, 2029 |
| O•• B•••••• S••••••• | term loan first lien | $219,341 | $217,696 104c | SOFR+800 bp | May 30, 2028 |
| M••••••••• E••••• S••••••••• | equity equity | $147,000 | $210,210 143c | ||
| C••••••••• | term loan first lien | $487,500 | $209,625 43c | SOFR+325 bp | Jan 6, 2028 |
| S•••• M••••••••• | term loan first lien | $200,000 | $199,000 101c | SOFR+450 bp | Apr 17, 2028 |
| C••••••••• | term loan first lien | $193,608 | $193,608 100c | SOFR+600 bp | Jun 13, 2029 |
| A••••••• E••••••••• G•••• | revolver first lien | $225,166 | $192,458 88c | SOFR+900 bp | Dec 30, 2027 |
| G••••• S•••••• E••••• S••••••••• | equity equity | $117,371 | $158,285 135c | ||
| G•• S•••••• E••••• S••••••••• | equity equity | $272 | $147,710 54c | ||
| V••••••••• E••••• S••••••••• | equity equity | $1,651 | $147,443 89c | ||
| M•••••••• | term loan first lien | $136,841 | $136,841 107c | SOFR+525 bp | Oct 4, 2028 |
| L•••••• G••••• E••••• S••••••••• S••••• A• | preferred equity equity | $113,636 | $134,091 118c | ||
| U••••• | revolver first lien | $133,065 | $132,399 102c | SOFR+600 bp | Oct 19, 2026 |
| U••••• A•• T••• | equity equity | $110,947 | $129,808 117c | ||
| I•••••••• E••••• S••••••••• | equity equity | $2,484 | $126,997 51c | ||
| B•••• | revolver first lien | $124,330 | $122,465 104c | SOFR+450 bp | Jul 1, 2027 |
| A••••••••• | term loan first lien | $119,820 | $115,926 100c | SOFR+550 bp | Jun 20, 2028 |
| L•••••• | term loan first lien | $420,305 | $113,482 27c | SOFR+450 bp | Feb 1, 2027 |
| I•• R••••• E••••• S••••••••• | equity equity | $100 | $89,596 90c | ||
| W•••••• D••••• | term loan first lien | $93,735 | $88,379 100c | SOFR+650 bp | May 18, 2028 |
| V••• E••••• S••••••••• | equity equity | $16,958 | $86,318 122c | ||
| H•••••••• C•••••••• U•••• | unstated lien unstated | $889 | $82,700 93c | ||
| V••••• | revolver first lien | $72,783 | $72,783 190c | SOFR+600 bp | Sep 4, 2029 |
| I•• R•••• | revolver first lien | $67,003 | $65,831 103c | SOFR+475 bp | Apr 21, 2028 |
| A••• S•••••• P••••••• | revolver first lien | $65,271 | $64,945 102c | SOFR+450 bp | Oct 24, 2029 |
| H•••••••• | revolver first lien | $51,724 | $51,336 108c | SOFR+575 bp | Dec 12, 2029 |
| B••••••• | revolver first lien | $48,663 | $48,541 103c | SOFR+475 bp | Oct 31, 2025 |
| B•••• P••••• G•••• | revolver first lien | $48,991 | $47,889 124c | SOFR+600 bp | Jul 29, 2028 |
| L•••••• G•••• | revolver first lien | $45,455 | $45,455 111c | SOFR+575 bp | Dec 15, 2028 |
| C••• • B••••••• | delayed draw term loan first lien | $45,455 | $45,114 177c | SOFR+600 bp | Mar 4, 2030 |
| F•• T••••••••• | revolver first lien | $44,444 | $43,000 99c | SOFR+525 bp | Dec 17, 2027 |
| W•••••••• | revolver first lien | $43,332 | $42,899 132c | SOFR+650 bp | Feb 15, 2029 |
| A•• T••••••••• | term loan first lien | $54,654 | $40,444 76c | SOFR+100 bp | Mar 25, 2027 |
| V•• | revolver first lien | $30,769 | $30,769 110c | SOFR+500 bp | Mar 12, 2027 |
| E••• I•••••••• | revolver first lien | $29,895 | $29,670 100c | SOFR+525 bp | Sep 29, 2028 |
| i••••••••• | delayed draw term loan first lien | $26,633 | $26,434 104c | SOFR+525 bp | May 25, 2028 |
| B••••• E••••• S••••••••• | equity equity | $2,470 | $21,861 89c | ||
| K•••• E••••••••• S••••••s | revolver first lien | $19,380 | $19,186 103c | SOFR+500 bp | Oct 29, 2027 |
| R•••••• | revolver first lien | $18,666 | $18,526 106c | SOFR+550 bp | Apr 1, 2029 |
| i••••••••• | revolver first lien | $17,460 | $17,329 103c | SOFR+525 bp | May 25, 2028 |
| M•• D••••• | revolver first lien | $14,706 | $14,669 100c | SOFR+600 bp | Feb 13, 2031 |
| U••••• A•• T••• | revolver first lien | Not disclosed | Not disclosed | SOFR+550 bp | Mar 28, 2030 |
| S•• E••••••••• S•••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+675 bp | May 2, 2029 |
| I••••••••• P•••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+625 bp | Jul 19, 2028 |
| A•••••• A•••••••• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+475 bp | Mar 12, 2027 |
| O••• T••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+550 bp | Dec 19, 2030 |
| K••• C•••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+525 bp | Apr 30, 2029 |
| H••••• M••••••••• A••••••••• S••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | SOFR+625 bp | Mar 30, 2029 |
| F•• T••••••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+525 bp | Dec 17, 2027 |
| E••• I•••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+500 bp | Sep 29, 2028 |
| O••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+650 bp | Jul 31, 2028 |
| P••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+550 bp | Nov 23, 2027 |
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