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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $1.9B
Borrowers: 216
Mark on cost: 97.3¢
First lien: 97%

Schedule of investments (593)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•• →
$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•• →
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
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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.9B	216	97c	66	505 bp
Mar 31, 2026	$1.9B	213	98c	38	511 bp
Dec 31, 2025	$3.8B	213	99c	78	514 bp
Sep 30, 2025	$1.8B	210	99c	41	513 bp

All 13 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.7B	209	99c	43	521 bp
Mar 31, 2025	$6.9B	209	99c	45	526 bp
Dec 31, 2024	$8.7B	207	99c	71	542 bp
Sep 30, 2024	$6.4B	201	99c	60	537 bp
Jun 30, 2024	$4.6B	195	99c	59	557 bp
Mar 31, 2024	$4.3B	195	99c	57	570 bp
Dec 31, 2023	$13B	189	98c	124	565 bp
Sep 30, 2023	$3.8B	183	98c	65	563 bp
Dec 31, 2022	$6.7B	184	98c	70	562 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

S••••••• G•••• H•••••••• I•• first lien term loan
8 BDCs hold it · matures Jul 2, 2029 · possible sponsor W•••••• P••••• L••
$28.6M 100c
G••••••••• S•••••••• I•• first lien term loan
4 BDCs hold it · matures Sep 1, 2028
$26.9M 99c
D••••••• I•• first lien term loan
2 BDCs hold it · matures Mar 11, 2030
$25.2M 100c
T•••••• I• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Aug 31, 2029
$25.0M 100c
V•••• P••••••••• L•• first lien term loan
13 BDCs hold it · matures May 24, 2028 · possible sponsor G•• E••••• H•••••••• L••
$23.3M 100c
S•••••• P•••••• L•• first lien term loan
6 BDCs hold it · matures Oct 16, 2031
$21.3M 94c
R•• T•• I••••••••• H•••••••• I•• first lien term loan
3 BDCs hold it · matures May 30, 2031
$20.8M 100c
G••••••••• I••••••••• I•• I•• first lien delayed draw term loan
2 BDCs hold it · matures Jun 1, 2029
$20.7M 101c
S••••••• I•• first lien term loan
1 BDC hold it · matures Feb 18, 2030
$20.5M 101c
P••••••••• H••••••• C••• first lien term loan
2 BDCs hold it · matures Jun 21, 2030
$20.2M 101c
S••• P••••••••• I•• first lien term loan
9 BDCs hold it · matures Nov 12, 2031
$19.9M 98c
L••••••••• S•••••• L•••••• first lien term loan
2 BDCs hold it · matures Dec 23, 2030
$19.5M 101c

Schedule of investments at Jun 30, 2025

560 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
M•• H•••••••• I•••	revolver first lien	$0	-$4,871 82c	SOFR+500 bp	Apr 16, 2027
D••••• R•••••••• I•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$5,044 46c	SOFR+100 bp	Jun 26, 2030
B••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$5,339 105c	SOFR+500 bp	Mar 5, 2032
U•••••• I•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$5,399 148c	SOFR+525 bp	Dec 9, 2030
R•••• T•••• U• B••••• I•••	delayed draw term loan first lien	$0	-$5,570 37c	SOFR+475 bp	Sep 30, 2031
V••••• P••••••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$5,600 75c	SOFR+500 bp	Jun 11, 2029
B••••••••• T••••••••• L••	revolver first lien	$0	-$5,831 89c	SOFR+500 bp	Dec 31, 2027
T•••••••• I••••••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$6,143 39c	SOFR+600 bp	Jul 31, 2030
A•••••• B••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$7,008 45c	SOFR+500 bp	Dec 6, 2029
J••••• L••	revolver first lien	$0	-$7,278 76c	SOFR+500 bp	Oct 4, 2030
D••••• R•••••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$7,566 72c	SOFR+100 bp	Jun 26, 2030
O••• A••••••••• L•• H•••••••••	revolver first lien	$0	-$7,575 89c	SOFR+500 bp	Dec 20, 2030
O••• A••••••••• L•• H•••••••••	delayed draw term loan first lien	$0	-$7,575 73c	SOFR+500 bp	Dec 20, 2030
D•••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$8,055 102c	SOFR+525 bp	May 7, 2032
S••• a•• P••••••• L•••• H••••••• L••	revolver first lien	$0	-$8,794 36c	SOFR+450 bp	Sep 15, 2028
M•• G••••• H•••••••• I•••	delayed draw term loan first lien	$0	-$9,089 49c	SOFR+550 bp	Apr 9, 2029
S••••• N••••• B•••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$9,130 107c	SOFR+600 bp	Feb 6, 2031
V•••••• B•••• L••	revolver first lien	$0	-$9,458 80c	SOFR+525 bp	Mar 1, 2030
K•• P••••• H•••••••• I•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$11,102 156c	SOFR+475 bp	Mar 12, 2032
N••• H•••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$11,169 114c	SOFR+525 bp	Nov 9, 2029
N••• H•••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$11,904 87c	SOFR+525 bp	Nov 12, 2030
B••••••••• B••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$11,905 209c	SOFR+650 bp	Nov 16, 2027
V••••• A•• I••• S••••••• & T••• Services	revolver first lien	$0	-$12,001 205c	SOFR+525 bp	Mar 2, 2028
L•••• D•••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$12,023 105c	SOFR+550 bp	Mar 5, 2031
T•• B•••• L•• S••••••• & T••• Services	revolver first lien	$0	-$12,083 103c	SOFR+500 bp	Apr 30, 2031
R••• F••••• L••	revolver first lien	$0	-$12,196 130c	SOFR+575 bp	Aug 16, 2029
D••••• B•••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$12,415 86c	SOFR+287 bp	Feb 6, 2030
S••••••• S••••••• B••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$12,928 84c	SOFR+500 bp	Sep 30, 2031
K•• P••••• H•••••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$12,952 130c	SOFR+475 bp	Mar 12, 2032
S••••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$13,251 225c	SOFR+500 bp	Jun 12, 2028
K••••••• B•••••••• L••	delayed draw term loan first lien	$0	-$13,732 117c	SOFR+525 bp	Jun 18, 2031
U•••••••• T••••••••• H•••••••• L•• H•••••••••	revolver first lien	$0	-$14,439 157c	SOFR+475 bp	Mar 12, 2032
T•• B•••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$15,103 103c	SOFR+500 bp	Apr 30, 2031
F••••••• M••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$15,357 118c	SOFR+500 bp	Jul 18, 2030
A•• T••••• L•• H•••••••••	delayed draw term loan first lien	$0	-$16,096 104c	SOFR+500 bp	Dec 22, 2027
P••••••••• H••••••• C••• H•••••••••	delayed draw term loan first lien	$0	-$17,337 40c	SOFR+500 bp	Jun 21, 2030
A•••••••• I•••	revolver first lien	$0	-$18,466 108c	SOFR+525 bp	Dec 24, 2031
L•••••• P••••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$19,993 109c	SOFR+450 bp	Nov 24, 2031
L••• D•••• I••••••••• I•••• L••	revolver first lien	$0	-$21,507 103c	SOFR+525 bp	Mar 31, 2031
S•••• L••• I••	revolver first lien	$0	-$22,432 241c	SOFR+550 bp PIK 0.50%	Aug 16, 2027
L••••••••• S•••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$22,838 88c	SOFR+525 bp	Dec 23, 2030
H•••••• S•••••••• L••	revolver first lien	$0	-$24,191 105c	SOFR+475 bp	Mar 14, 2031
V•••••••• B••••• L••	revolver first lien	$0	-$24,735 148c	SOFR+550 bp	Mar 21, 2030
K••••••• B•••••••• L••	revolver first lien	$0	-$25,633 136c	SOFR+525 bp	Jun 18, 2031
L••••••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$27,601 100c	SOFR+525 bp	Jun 23, 2032
L•••• H•• B••••• I•• H•••••••••	delayed draw term loan first lien	$0	-$28,259 79c	SOFR+625 bp	Jan 21, 2030
B•• H•••••••• L••	revolver first lien	$0	-$28,333 103c	SOFR+550 bp	Apr 22, 2032
A••••••• R•••• L•••••••••	delayed draw term loan first lien	$0	-$28,880	SOFR+500 bp	Sep 10, 2030
E••••••• P•••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$29,320 148c	SOFR+650 bp	Jan 22, 2031
U•••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$30,954 123c	SOFR+525 bp	Dec 9, 2030
B•• H•••••••• L•• H•••••••••	delayed draw term loan first lien	$0	-$32,094 103c	SOFR+550 bp	Apr 22, 2032
N••••• C••••••••• S••••••• & T••• Services	revolver first lien	$0	-$39,297 115c	SOFR+500 bp	Sep 10, 2030
F•••••••• O••••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$41,864 229c	SOFR+700 bp	Nov 27, 2029
S•••••• P•••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$46,935 128c	SOFR+650 bp	May 13, 2030
D• B•••••• C•••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$47,200 212c	SOFR+475 bp	Feb 10, 2032
D••••••• P••••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$48,196 144c	SOFR+475 bp	Dec 16, 2031
L••• D•••• I••••••••• I•••• L••	delayed draw term loan first lien	$0	-$83,355 206c	SOFR+525 bp	Mar 31, 2031
V•••••••• B••••• L••	delayed draw term loan first lien	$0	-$103,364 261c	SOFR+550 bp	Mar 21, 2031
S••••••••• I•• S••••••• & T••• Services	revolver first lien	$34,660	-$288,391 -1308c	SOFR+700 bp	Apr 5, 2029
G•••••• A••••••••• L••	equity equity	Not disclosed	Not disclosed n/a

Page 6 of 6Previous

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