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A• P•••••• C••••• I•••••••• C•••

Business development companymanaged by A• P•••••• C••••• I•••••••• L••Non-traded· AUSTIN, TX

A non-traded business development company, managed by A• P•••••• C••••• I•••••••• L••, holding $1.9B across 216 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.9B
Schedule of investments, 10-Q and 10-K
Borrowers
216
Schedule of investments, 10-Q and 10-K
Mark on cost
97.3¢
Schedule of investments, 10-Q and 10-K
First lien
97%
Schedule of investments, 10-Q and 10-K
Schedule of investments (593)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $10.4M
    on non-accrual, 2 borrowers

    2 borrowers on non-accrual, $10.4M principal; the largest is S•••••••• C••• H•••••••• L•• ($6.57M).

    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 S•••••••• C••• H•••••••• L•• →
  2. $6.57M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $6.57M principal: S•••••••• C••• H•••••••• L•• ($6.57M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open S•••••••• C••• H•••••••• L•• →
  3. 38 below 80¢
    $65.3M principal

    38 positions across 21 borrowers marked below 80¢ on cost, $65.3M 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. 38 → 66
    loans paying in kind

    Loans paying in kind rose from 38 to 66 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 →
Every headline figure, and the identifiersCIK 1634452 · file 814-01196Show
Fair value
$1.9B
as of Jun 30, 2026
Principal held
$2.0B
debt pieces, the filer's figure
Cost
$2.0B
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
593
216 borrowers
First lien
97%
97% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
476
34 sponsors financed
Portfolio through time
Fair value by quarter end$1.9B as of Jun 30, 2026
Dec 31, 2022$6.7B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.9B21697c66505 bp
Mar 31, 2026$1.9B21398c38511 bp
Dec 31, 2025$3.8B21399c78514 bp
Sep 30, 2025$1.8B21099c41513 bp
All 13 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.7B20999c43521 bp
Mar 31, 2025$6.9B20999c45526 bp
Dec 31, 2024$8.7B20799c71542 bp
Sep 30, 2024$6.4B20199c60537 bp
Jun 30, 2024$4.6B19599c59557 bp
Mar 31, 2024$4.3B19599c57570 bp
Dec 31, 2023$13B18998c124565 bp
Sep 30, 2023$3.8B18398c65563 bp
Dec 31, 2022$6.7B18498c70562 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2023
1,003 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
G•• B••••• I••••term loan first lienNot disclosedNot disclosedS+450 bp
PIK 3.75%
Jun 24, 2026
G•• B••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
PIK 3.75%
Jun 24, 2026
C•••••••• B•••• C••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+525 bpSep 16, 2027
Page 11 of 11Previous
Registration
Fiscal year end
1231reported
Incorporated
NYreported
On the SEC BDC report
2018 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Former names
AB Private Credit Corpreported
Latest schedule
0001193125-26-352137reported