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B••• C•••••• S•••••••• F••••••• I•••
A business development company traded as B•••, managed by B••• A•••••••• L•, holding $2.4B across 243 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
- $2.4B
- Borrowers
- 243
- Mark on cost
- 95.6¢
- First lien
- 63%
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
- $70.7Mon non-accrual, 3 borrowers
3 borrowers on non-accrual, $70.7M principal; the largest is S•••••• M••••• ($36.3M).
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 S•••••• M••••• → - $70.2Mnewly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $70.2M principal: S•••••• M••••• ($36.3M), A• • R• L••••••••• I•• ($33.9M).
Q2 2026 · The newest credit problems in the book.
- 21 below 80¢$145M principal
21 positions across 9 borrowers marked below 80¢ on cost, $145M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
Every headline figure, and the identifiersCIK 1655050 · file 814-01175ShowHide
Fair value
$2.4B
as of Jun 30, 2026
Principal held
$2.2B
debt pieces, the filer's figure
Cost
$2.4B
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
677
243 borrowers
First lien
63%
85% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
553
37 sponsors financed
Portfolio through time
Fair value by quarter end$2.4B as of Jun 30, 2026
Dec 31, 2021$2.9B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $2.4B | 243 | 96c | 78 | 574 bp |
| Mar 31, 2026 | $2.5B | 243 | 96c | 85 | 573 bp |
| Dec 31, 2025 | $2.7B | 233 | 98c | 103 | 581 bp |
| Sep 30, 2025 | $2.5B | 221 | 98c | 72 | 585 bp |
All 17 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $2.5B | 207 | 98c | 74 | 590 bp |
| Mar 31, 2025 | $2.5B | 196 | 98c | 70 | 585 bp |
| Dec 31, 2024 | $3.0B | 209 | 97c | 85 | 610 bp |
| Sep 30, 2024 | $2.4B | 185 | 98c | 50 | 616 bp |
| Jun 30, 2024 | $2.6B | 174 | 99c | 44 | 618 bp |
| Mar 31, 2024 | $2.8B | 174 | 99c | 44 | 636 bp |
| Dec 31, 2023 | $2.8B | 161 | 98c | 63 | 647 bp |
| Sep 30, 2023 | $2.5B | 169 | 98c | 36 | 639 bp |
| Jun 30, 2023 | $2.5B | 169 | 98c | 31 | 626 bp |
| Mar 31, 2023 | $2.5B | 164 | 97c | 28 | 621 bp |
| Dec 31, 2022 | $5.2B | 186 | 97c | 56 | 620 bp |
| Sep 30, 2022 | $2.3B | 156 | 96c | 6 | 611 bp |
| Dec 31, 2021 | $2.9B | 136 | 99c | 17 | 579 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- 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
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- Placed on non-accrualJun 30, 2026
- Placed on non-accrualJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New 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
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- V••••••• I••••••••• unsecured or subordinated term loan1 BDC hold it · matures Feb 22, 2028$254M 88c
- V••••••• B••• C•••••• unsecured or subordinated term loan2 BDCs hold it · matures Dec 24, 2036$179M 90c
- S•••••• H•••••• L•• first lien term loan2 BDCs hold it · matures May 13, 2030$71.0M 103c
- A•• V••••• first lien delayed draw term loan2 BDCs hold it · matures Mar 27, 2027 · possible sponsor R•••• C•••••• G••••• L••$59.9M 100c
- A••••••• T•••••• R••••• G••••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Dec 1, 2028$49.9M 89c
- $39.5M n/a
- D••• first lien term loan2 BDCs hold it · matures Sep 30, 2029$33.2M 99c
- A••••••••• I•• first lien term loan4 BDCs hold it · matures May 25, 2029$31.9M 84c
- E•••••••• C••••••••• R••••• M•••••••• C••••••• L•• first lien term loan2 BDCs hold it · matures Sep 30, 2026$30.2M 102c
- T•••••• first lien term loan1 BDC hold it · matures Feb 28, 2029$29.3M 101c
- S••••••• L•• first lien term loan2 BDCs hold it · matures Mar 27, 2029$29.3M 91c
- T•••• C•••• S•••••••• I•• first lien term loan2 BDCs hold it · matures Sep 7, 2029$27.6M 100c
Schedule of investments at Sep 30, 2023
417 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A••••• G•••••• U•••••• I••• B•••••••, F••• & T•••••• | revolver first lien | Not disclosed | -$30,000 -111c | S+650 bp | May 24, 2028 |
| F•••• I•••••••• S••••••••• | revolver first lien | Not disclosed | -$36,000 95c | S+625 bp | Dec 2, 2026 |
| F•••• F•••••• A••••••• F•••••••• G••••• L••• | revolver first lien | Not disclosed | -$49,000 490c | S+550 bp | Dec 23, 2026 |
| F•••• I•••••••• M••• | delayed draw term loan first lien | Not disclosed | -$54,000 225c | S+675 bp | Feb 1, 2029 |
| C••••••• G••••• W•••••••• W•• | revolver first lien | Not disclosed | -$58,000 967c | S+625 bp | Apr 27, 2027 |
| S••••••••• S••••••s: B••••••• | revolver first lien | Not disclosed | -$63,000 68c | S+575 bp | Nov 23, 2027 |
| A••••••••• H••• T••• I••••••••• | revolver first lien | Not disclosed | -$69,000 256c | S+625 bp | May 25, 2028 |
| K•••••••• C••••••••• A••••••••• I•• A•••••••• & D•••••• | revolver first lien | $47,000 | -$82,000 -195c | S+500 bp | Jul 1, 2025 |
| T•••••• T••••••••• | delayed draw term loan first lien | Not disclosed | -$91,000 | S+700 bp | Feb 28, 2029 |
| S•••••• I••• H••• T••• I••••••••• | delayed draw term loan first lien | Not disclosed | -$92,000 -460c | S+650 bp | Mar 6, 2028 |
| S•••••• I••• H••• T••• I••••••••• | revolver first lien | Not disclosed | -$92,000 -460c | S+650 bp | Mar 6, 2028 |
| A•••••••• A••••••••• C• L•• C•••••••••, P••••••••, & G•••• | revolver first lien | Not disclosed | -$98,000 213c | S+600 bp | Dec 29, 2027 |
| F•••• I•••••••• S••••••••• | delayed draw term loan first lien | Not disclosed | -$137,000 96c | S+625 bp | Dec 2, 2026 |
| A•••••• G•••• H••••••• L••• W•••••••• | delayed draw term loan first lien | Not disclosed | -$172,000 538c | S+575 bp | Jul 6, 2028 |
| V••••••• B••• C•••••• | term loan unsecured or subordinated | $10,000 | -$990,000 -9900c | ||
| A•• P••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| D• B••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| D•••• P••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••• T••••••••• S•••••••• •••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| P•••••••• U••••••• H•••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R•• C••••••• I••• A• O•••• L••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| 9• S•••• M•••• G•••• I••• M••••: D••••••••• & P••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+525 bp | Apr 30, 2026 |
| A• S••••••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| D• B••• I••• T••••••••• | equity equity | Not disclosed | Not disclosed n/a | ||
| i•••••••• F••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| N•• I••••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| J••• H•••••••• L•• A••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+525 bp | Sep 9, 2025 |
| G•••••• I••••••••• H••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R•• O••• L•• C••••••• G••••: N••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+760 bp | Feb 25, 2025 |
| C• T•••• H•••••••• I••• H••••••••• & P••••••••• | preferred equity equity | $2.0M | Not disclosed n/a | ||
| S••••• G•••• H•••••••• L•• H••••••••• & P••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+550 bp | Jun 16, 2027 |
| S••••• L•• H••• T••• I••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+800 bp | Dec 9, 2026 |
| P•••••• G••••• H••••••••• H••••, G••••• & L•••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+800 bp | Jan 19, 2027 |
| A• S••••••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| G••• A••••••• ••••••••• C• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• | term loan unsecured or subordinated | Not disclosed | Not disclosed | ||
| S•••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| G•••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| D• B••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| W••••• E••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| B••••••••• O•• • G••• L••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A•••• G••••• L• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••••• M••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| B••• C•••••• | term loan unsecured or subordinated | Not disclosed | Not disclosed | ||
| D• B••• I••• T••••••••• | warrants equity | Not disclosed | Not disclosed n/a | ||
| I••••••• F•••••••• G•••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•• H••••••• I••• S••••••s: B••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+525 bp | Dec 23, 2025 |
| E••• B•• C••••••• I•• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C• N••• I••••••••• L•• H••• T••• I••••••••• | revolver first lien | Not disclosed | Not disclosed | Oct 31, 2025 | |
| E•••• R••• C•••••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| V••••• T••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| B•• J•••••••• H••••••• A••••••• •• I••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| P•••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| D••••• T•••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••• A••••••• T••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| G•••• P•••• S• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R•••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••••••••• H••••••••• & P••••••••• | revolver first lien | Not disclosed | Not disclosed | S+610 bp | Aug 20, 2029 |
| C••••••• W••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••••••••• H••••••••• & P••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+610 bp | Aug 20, 2029 |
| B••••••••• O•• • G••• L••• E•••••: Oil & Gas | equity equity | Not disclosed | Not disclosed n/a | ||
| G•••••• S•••• F•••••••• S••••• G••••••••• F••• I••••••••• S• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L••••• C•••••••• L•••••• H•••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• A••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+675 bp | Nov 1, 2028 |
| F•••••• S•••• A•••••••• & D•••••• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+685 bp | Aug 22, 2029 |
| F•• A••••••••• I••• Capital E•••••••• | preferred equity equity | $4,000 | Not disclosed | ||
| B•• J•••••••• H••••••• A••••••• ••• I•• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•• H••••• L• C••••••• G••••: D•••••• | equity equity | $1.3M | Not disclosed n/a | ||
| A•• H•••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C• T•••• H•••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| G•••••• I••••••••• H••••••• L•• T•••••••••: C•••• | warrants equity | $122,000 | Not disclosed | ||
| A•••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S••••• P•••••••• C•••• A•••••••• & D•••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+560 bp | Jul 22, 2029 |
| A• S••••••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| B•••• B•••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| E••••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| N•••••• H••• T••• I••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+725 bp | Dec 9, 2029 |
| Y•• H•••••••• I••• C••••••••• & B••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+500 bp | Oct 31, 2025 |
| R••••••• E••••••••• I••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | Jun 24, 2029 | |
| A••••• I••••••••• H••••••••• & P••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+575 bp | Jun 1, 2028 |
| H••••••••• H••••••••• & P••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+610 bp | Aug 20, 2029 |
| F•••• I•••••••• W•••• I•••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+600 bp | Apr 3, 2028 |
| E•••••• B••••• I••• H••• T••• I••••••••• | revolver first lien | Not disclosed | Not disclosed | S+550 bp | Jul 19, 2026 |
| F••••••• T••••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R••••• I••••••••• I••• | revolver first lien | Not disclosed | Not disclosed n/a | S+450 bp | Sep 3, 2026 |
| K•••••••• A•••••••• G••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A•••••• H•••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•••• C•••• S•••••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•• H••••• L• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T••• P•••••• I••••••••• I•• L••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| U•••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F•••• F•••••• C••••••• W••••• | revolver first lien | Not disclosed | Not disclosed | Jun 30, 2029 | |
| E••••••• H••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L•••••••• H••••••• B• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• S••••••s: B••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+775 bp | Jan 31, 2029 |
| E•••••• B••••• I••• H••• T••• I••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+550 bp | Jul 19, 2024 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2018 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- Sankaty Capital Corpreported
- Latest schedule
- 0001193125-26-342491reported