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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 Dec 31, 2023
502 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S•••••• H••••, G••••• & L•••••• | revolver first lien | $291,000 | $291,000 100c | S+1375 bp PIK 13.75% | Apr 11, 2028 |
| S•••••• H••••, G••••• & L•••••• | revolver first lien | $291,000 | $291,000 100c | S+1375 bp PIK 13.75% | Apr 11, 2028 |
| H••••• D•••• H••••••••• & P••••••••• | delayed draw term loan first lien | $271,000 | $271,000 101c | S+600 bp | Aug 20, 2029 |
| H••••••••• H••••••••• & P••••••••• | delayed draw term loan first lien | $271,000 | $271,000 101c | S+600 bp | Aug 20, 2029 |
| R•••••• T•••••••••: C•••• | revolver first lien | $267,000 | $267,000 170c | S+625 bp | Dec 29, 2028 |
| U•••••• H••• T••• I••••••••• | term loan first lien | $262,000 | $256,000 98c | S+668 bp | May 14, 2029 |
| U•••••• H••• T••• I••••••••• | term loan first lien | $262,000 | $256,000 98c | S+668 bp | May 14, 2029 |
| M••••• 5••• G••• H••••••••• & P••••••••• | term loan first lien | $226,000 | $243,000 97c | S+625 bp PIK 0.75% | May 28, 2026 |
| M••••• 5••• G••• H••••••••• & P••••••••• | term loan first lien | $226,000 | $243,000 97c | S+625 bp PIK 0.75% | May 28, 2026 |
| S•••••• M••••• C••••••••• & B••••••• | equity equity | Not disclosed | $220,000 130c | ||
| G•••• P•••• S• A••••••••• | equity equity | $2,000 | $213,000 116c | ||
| C•••••• B•••• L•••••• S••••••s: B••••••• | term loan first lien | $213,000 | $213,000 101c | S+625 bp | Jun 7, 2028 |
| D••••• T•••••• I••• T•••••••••: C••••••• | term loan first lien | $202,000 | $202,000 100c | S+615 bp | Oct 2, 2025 |
| O•• B•••• L•••••• M••••: P••••••••• | term loan first lien | $139,000 | $168,000 102c | S+650 bp | Jun 29, 2029 |
| A•• H••••••• T•••••••••: C•••• | equity equity | $9,000 | $166,000 1844c | ||
| O•••• S••••••s: B••••••• | term loan first lien | $123,000 | $156,000 93c | S+503 bp | May 5, 2028 |
| D•••• B•••• L•••••• H••••••••• & P••••••••• | term loan second lien | $121,000 | $155,000 94c | S+775 bp | Apr 27, 2026 |
| D•••• B•••• L•••••• H••••••••• & P••••••••• | term loan second lien | $121,000 | $155,000 94c | S+775 bp | Apr 27, 2026 |
| P•••••••• S••••••s: B••••••• | term loan first lien | $126,000 | $150,000 88c | S+325 bp PIK 3.00% | Jul 17, 2028 |
| L••••••• P••• S••••••s: B••••••• | term loan first lien | $112,000 | $148,000 102c | S+751 bp PIK 7.51% | Jul 7, 2028 |
| W••••••••• A•••••••• & D•••••• | revolver first lien | $146,000 | $146,000 114c | S+700 bp | Feb 28, 2029 |
| M••••• 5••• G••• H••••••••• & P••••••••• | term loan first lien | $132,000 | $142,000 99c | S+625 bp PIK 0.75% | May 28, 2026 |
| M••••• 5••• G••• H••••••••• & P••••••••• | term loan first lien | $132,000 | $142,000 99c | S+625 bp PIK 0.75% | May 28, 2026 |
| Z••••••• B•••• P•• L•••••• S••••••s: C••••••• | term loan first lien | $206,000 | $140,000 98c | S+500 bp | Jul 12, 2024 |
| U•••••• H••• T••• I••••••••• | term loan first lien | $128,000 | $125,000 98c | S+668 bp | May 14, 2029 |
| U•••••• H••• T••• I••••••••• | term loan first lien | $128,000 | $125,000 98c | S+668 bp | May 14, 2029 |
| E•••••••• C••••••••• R••••• M•••••••• C••••••• L•• M••••: D••••••••• & P••••••••• | revolver first lien | $111,000 | $111,000 100c | S+500 bp PIK 1.50% | Dec 31, 2025 |
| E•••••••• C••••••••• R••••• M•••••••• C••••••• L•• M••••: D••••••••• & P••••••••• | revolver first lien | $111,000 | $111,000 100c | S+500 bp PIK 1.50% | Dec 31, 2025 |
| V• G••••• H••••••• L•• C••••••••, P••••••• & R••••• | term loan first lien | $99,000 | $102,000 100c | S+575 bp | Dec 22, 2027 |
| P•• B•••••••, F••• & T•••••• | preferred equity equity | $33,000 | $102,000 | ||
| A••••• H••• T••• I••••••••• | term loan first lien | $80,000 | $102,000 104c | S+525 bp | Jun 4, 2029 |
| i•••••••• S••••••s: B••••••• | term loan first lien | $92,000 | $101,000 105c | S+1000 bp PIK 10.00% | Jul 13, 2028 |
| U•••••• H••• T••• I••••••••• | term loan first lien | $92,000 | $100,000 102c | S+625 bp | May 14, 2029 |
| U•••••• H••• T••• I••••••••• | term loan first lien | $92,000 | $100,000 102c | S+625 bp | May 14, 2029 |
| C•••• A••••••••• | term loan first lien | $98,000 | $97,000 100c | S+515 bp | May 12, 2028 |
| R••••••• E••••••••• I••••••••• | term loan first lien | $68,000 | $86,000 105c | S+625 bp | Jun 25, 2029 |
| R••••••• E••••••••• I••••••••• | term loan first lien | $68,000 | $86,000 105c | S+625 bp | Jun 25, 2029 |
| V•••• B•••• A• H••• T••• I••••••••• | term loan first lien | $570,000 | $84,000 90c | S+400 bp | Mar 10, 2025 |
| V•••• B•••• A• H••• T••• I••••••••• | term loan first lien | $570,000 | $84,000 90c | S+400 bp | Mar 10, 2025 |
| V•••• B•••• A• H••• T••• I••••••••• | term loan first lien | $740,000 | $73,000 78c | S+400 bp | Mar 10, 2025 |
| V•••• B•••• A• H••• T••• I••••••••• | term loan first lien | $740,000 | $73,000 78c | S+400 bp | Mar 10, 2025 |
| 9• S•••• M•••• G•••• I••• M••••: D••••••••• & P••••••••• | revolver first lien | $90,000 | $68,000 103c | S+525 bp | Apr 30, 2026 |
| T•• S•••• B•••• P•• L•• M••••: A•••••••••, P••••••• & P••••••••• | term loan first lien | $98,000 | $67,000 88c | S+700 bp | Apr 30, 2026 |
| S••••• B•••• L•••••• S••••••s: C••••••• | term loan first lien | $61,000 | $62,000 91c | S+728 bp PIK 7.28% | May 11, 2026 |
| F•• U• F•••• L•••••• H••• T••• I••••••••• | term loan first lien | $81,000 | $55,000 100c | S+575 bp | Sep 30, 2026 |
| P•••••••• S••••••s: B••••••• | delayed draw term loan first lien | $39,000 | $44,000 86c | S+300 bp PIK 3.00% | Jul 17, 2028 |
| N•• L••• V••••• G•••• R••••• | delayed draw term loan first lien | $55,000 | $41,000 93c | S+550 bp | May 26, 2028 |
| F•••• I•••••••• P•••••• B•••• L•••••• | revolver first lien | $32,000 | $35,000 97c | S+550 bp | Nov 26, 2028 |
| F•••• I•••••••• P•••••• B•••• L•••••• | revolver first lien | $32,000 | $35,000 97c | S+550 bp | Nov 26, 2028 |
| R••••••• E••••••••• I••••••••• | term loan first lien | $27,000 | $30,000 107c | S+600 bp | Jun 25, 2029 |
| R••••••• E••••••••• I••••••••• | term loan first lien | $27,000 | $30,000 107c | S+600 bp | Jun 25, 2029 |
| D•••• B•••• L•••••• H••••••••• & P••••••••• | term loan first lien | $42,000 | $29,000 91c | S+450 bp | Apr 28, 2025 |
| D•••• B•••• L•••••• H••••••••• & P••••••••• | term loan first lien | $42,000 | $29,000 91c | S+450 bp | Apr 28, 2025 |
| N•• L••• V••••• G•••• R••••• | delayed draw term loan first lien | $29,000 | $21,000 78c | S+550 bp | May 26, 2028 |
| C•••••• B•••• L•••••• S••••••s: B••••••• | delayed draw term loan first lien | $16,000 | $20,000 100c | S+525 bp | Feb 1, 2029 |
| D•••• B•••• L•••••• H••••••••• & P••••••••• | revolver first lien | $6,000 | $8,000 100c | S+450 bp | Oct 28, 2024 |
| D•••• B•••• L•••••• H••••••••• & P••••••••• | revolver first lien | $6,000 | $8,000 100c | S+450 bp | Oct 28, 2024 |
| N•• I••••••••• I••• B•••••••, F••• & T•••••• | equity equity | $308,000 | $7,000 2c | ||
| B••••••••• O•• • G••• L••• E•••••: Oil & Gas | equity equity | Not disclosed | $1,000 100c | ||
| D•••• P••••••• S••••••s: B••••••• | revolver first lien | Not disclosed | -$3,000 | S+775 bp | Jun 1, 2028 |
| E••••••••• W•• G••••••• P•••••••• E••••• | revolver first lien | Not disclosed | -$19,000 40c | S+576 bp | Nov 19, 2027 |
| F•••• I•••••••• S••••••••• | revolver first lien | Not disclosed | -$22,000 63c | S+640 bp | Dec 2, 2026 |
| F•••• I•••••••• S••••••••• | revolver first lien | Not disclosed | -$22,000 63c | S+640 bp | Dec 2, 2026 |
| F•••• F•••••• A••••••• F•••••••• G••••• L••• | revolver first lien | Not disclosed | -$24,000 267c | S+550 bp | Dec 23, 2026 |
| F•••• F•••••• A••••••• F•••••••• G••••• L••• | revolver first lien | Not disclosed | -$24,000 267c | S+550 bp | Dec 23, 2026 |
| F•••• I•••••••• M••• | delayed draw term loan first lien | Not disclosed | -$28,000 122c | S+675 bp | Feb 1, 2029 |
| M••••••• C••••••••• L••• T••••••••• | revolver first lien | Not disclosed | -$28,000 65c | S+510 bp | Jul 17, 2028 |
| F•••• I•••••••• M••• | delayed draw term loan first lien | Not disclosed | -$28,000 122c | S+675 bp | Feb 1, 2029 |
| E••••••••• W•• G••••••• P•••••••• E••••• | revolver first lien | Not disclosed | -$32,000 68c | S+576 bp | Nov 19, 2027 |
| A••••• G•••••• U•••••• I••• B•••••••, F••• & T•••••• | revolver first lien | Not disclosed | -$39,000 115c | S+650 bp | May 24, 2028 |
| N•• L••• V••••• G•••• R••••• | revolver first lien | Not disclosed | -$46,000 288c | May 26, 2026 | |
| A••••• I••••••••• H••••••••• & P••••••••• | delayed draw term loan first lien | Not disclosed | -$48,000 68c | S+575 bp | Jun 1, 2028 |
| A••••• I••••••••• H••••••••• & P••••••••• | delayed draw term loan first lien | Not disclosed | -$48,000 68c | S+575 bp | Jun 1, 2028 |
| A••••••••• H••• T••• I••••••••• | revolver first lien | Not disclosed | -$60,000 240c | S+625 bp | May 25, 2028 |
| K•••••••• C••••••••• A••••••••• I•• A•••••••• & D•••••• | revolver first lien | $47,000 | -$61,000 -133c | S+561 bp PIK 0.50% | Jul 1, 2025 |
| S••••••••• S••••••s: B••••••• | revolver first lien | Not disclosed | -$63,000 72c | Nov 23, 2027 | |
| C••••••• G••••• W•••••••• W•• | revolver first lien | Not disclosed | -$63,000 1260c | S+640 bp | Apr 27, 2027 |
| A•• A•• C•••••• Capital E•••••••• | delayed draw term loan first lien | Not disclosed | -$73,000 103c | S+675 bp | Oct 31, 2029 |
| F•••• I•••••••• S••••••••• | delayed draw term loan first lien | Not disclosed | -$82,000 63c | S+640 bp | Dec 2, 2026 |
| F•••• I•••••••• S••••••••• | delayed draw term loan first lien | Not disclosed | -$82,000 63c | S+640 bp | Dec 2, 2026 |
| S•••••• I••• H••• T••• I••••••••• | delayed draw term loan first lien | Not disclosed | -$92,000 511c | S+650 bp | Mar 6, 2028 |
| S•••••• I••• H••• T••• I••••••••• | revolver first lien | Not disclosed | -$92,000 511c | S+650 bp | Mar 6, 2028 |
| S•••••• I••• H••• T••• I••••••••• | revolver first lien | Not disclosed | -$92,000 511c | S+650 bp | Mar 6, 2028 |
| S•••••• I••• H••• T••• I••••••••• | delayed draw term loan first lien | Not disclosed | -$92,000 511c | S+650 bp | Mar 6, 2028 |
| A•••••••• A••••••••• C• L•• C•••••••••, P•••••••• & G•••• | revolver first lien | Not disclosed | -$114,000 265c | S+626 bp | Dec 29, 2027 |
| C•••• I••••••••• I••• C••••••••• & B••••••• | revolver first lien | Not disclosed | -$120,000 54c | S+565 bp | May 12, 2025 |
| T•••••• T••••••••• | delayed draw term loan first lien | Not disclosed | -$127,000 | S+725 bp | Feb 28, 2029 |
| A•••••• G•••• H••••••• L••• W•••••••• | delayed draw term loan first lien | Not disclosed | -$278,000 897c | S+600 bp | Jul 6, 2028 |
| V••••••• B••• C•••••• | term loan unsecured or subordinated | $10,000 | -$379,000 -7c | ||
| V••••••• B••• C•••••• | term loan unsecured or subordinated | $10,000 | -$1.8M -17930c | ||
| H••••• D•••• H••••••••• & P••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+600 bp | Aug 20, 2029 |
| F•••• I•••••••• M•••••• U• F•••••• L•••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+575 bp | Dec 19, 2024 |
| A•• H•••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F••••••• T••••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| G••• W•••• I••••••••• T•••••••••: C•••• | revolver first lien | Not disclosed | Not disclosed n/a | S+710 bp | Dec 16, 2028 |
| A•• A•• C•••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•• H••••• L• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F•••• F•••••• C••••••• W••••• | revolver first lien | Not disclosed | Not disclosed | S+685 bp | Jun 30, 2029 |
| P•••••• G••••• H••••••••• H••••, G••••• & L•••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+800 bp | Jan 19, 2027 |
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