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B••• C•••••• S•••••••• F••••••• I•••

Business development companymanaged by B••• A•••••••• L•Listed: B•••· BOSTON, MA

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 2026-06-30 · 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 (677)Quarter by quarter Sponsors

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

What matters now

$70.7M
on 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••••• →
$70.2M
newly 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.
FactBDC schedules of investments, 30 Jun 2026Open S•••••• M••••• →
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 814-01175Show

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

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 quarters

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
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

Placed on non-accrualJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

V••••••• I••••••••• unsecured or subordinated term loan
1 BDC hold it · matures Feb 22, 2028
$254M 88c
V••••••• B••• C•••••• unsecured or subordinated term loan
2 BDCs hold it · matures Dec 24, 2036
$179M 90c
S•••••• H•••••• L•• first lien term loan
2 BDCs hold it · matures May 13, 2030
$71.0M 103c
A•• V••••• first lien delayed draw term loan
2 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 debt
1 BDC hold it · matures Dec 1, 2028
$49.9M 89c
G•••••• S•••• F•••••••• S••••• G••••••••• F••• I••••••••• S•••• C•••• other
1 BDC hold it
$39.5M n/a
D••• first lien term loan
2 BDCs hold it · matures Sep 30, 2029
$33.2M 99c
A••••••••• I•• first lien term loan
4 BDCs hold it · matures May 25, 2029
$31.9M 84c
E•••••••• C••••••••• R••••• M•••••••• C••••••• L•• first lien term loan
2 BDCs hold it · matures Sep 30, 2026
$30.2M 102c
T•••••• first lien term loan
1 BDC hold it · matures Feb 28, 2029
$29.3M 101c
S••••••• L•• first lien term loan
2 BDCs hold it · matures Mar 27, 2029
$29.3M 91c
T•••• C•••• S•••••••• I•• first lien term loan
2 BDCs hold it · matures Sep 7, 2029
$27.6M 100c

Schedule of investments at Sep 30, 2024

489 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
R••••••• E••••••••• I•••••••••	term loan first lien	$68,000	$91,000 110c	S+650 bp	Jul 12, 2029
V•••• B•••• A• H••• T••• I•••••••••	term loan first lien	$570,000	$85,000 91c	S+400 bp	Mar 10, 2025
V•••• B•••• A• H••• T••• I•••••••••	term loan first lien	$740,000	$70,000 75c	S+400 bp	Mar 10, 2025
S•••••••• S••••• B•••• L••••••	term loan first lien	$68,000	$70,000 90c	S+628 bp PIK 6.28%	May 11, 2026
T•• S•••• B•••• P•• L•• M••••: A•••••••••, P••••••• & P•••••••••	term loan first lien	$98,000	$68,000 89c	S+700 bp	Apr 30, 2026
F•• U• F•••• L•••••• H••• T••• I•••••••••	term loan first lien	$81,000	$56,000 100c	S+580 bp	Sep 30, 2026
D•••• P••••••• S••••••s: B•••••••	revolver first lien	$52,000	$52,000 100c	S+750 bp	Jun 1, 2028
K•••••••• C••••••••• A••••••••• I•• A•••••••• & D••••••	revolver first lien	$48,000	$48,000 84c	S+626 bp	Jul 1, 2025
A••••••• A•••••• S••••••s: B•••••••	term loan first lien	$46,000	$46,000 100c	S+550 bp	Jul 26, 2030
P•••••••• S••••••s: B•••••••	term loan first lien	$126,000	$42,000 25c	S+600 bp	Jul 17, 2028
N•• L••• V••••• G•••• R•••••	delayed draw term loan first lien	$54,000	$40,000 91c	S+582 bp	May 26, 2028
A•••••• H•••••••• I••• H••• T••• I•••••••••	revolver first lien	$38,000	$38,000 123c	S+725 bp	May 6, 2027
N•• I••••••••• I••• B•••••••, F••• & T••••••	equity equity	$274,000	$34,000 8c
R••••••• E••••••••• I•••••••••	term loan first lien	$27,000	$30,000 107c	S+625 bp	Jul 12, 2029
G•••••• R•••••	equity equity	$101,000	$23,000 105c
N•• L••• V••••• G•••• R•••••	delayed draw term loan first lien	$28,000	$21,000 78c	S+582 bp	May 26, 2028
T•••••• T•••••••••	equity equity	$20,000	$18,000 90c
V••••••• B••• C••••••	term loan unsecured or subordinated	$10,000	$10,000 100c
M•• A••••••••• S••••••s: C•••••••	equity equity	Not disclosed	$6,000 50c
C••••••• G••••• W•••••••• W••	equity equity	Not disclosed	$6,000 50c
D••••••••• Capital E••••••••	term loan first lien	$1,000	$1,000 100c	S+401 bp	Dec 22, 2028
G•••••• H••• T••• I•••••••••	warrants equity	$4.3M	$0 0c
S••••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	-$11,000 79c	S+750 bp	Mar 15, 2029
V••••• W•••• U••••••••: W••••	revolver first lien	Not disclosed	-$11,000 100c	S+525 bp	Jul 24, 2031
H•••••• B•••••••, F••• & T••••••	delayed draw term loan first lien	Not disclosed	-$14,000 93c	S+575 bp	Sep 27, 2030
P•••••••• S••••••s: B•••••••	delayed draw term loan first lien	$40,000	-$14,000 -28c	S+600 bp	Jul 17, 2028
L•••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	-$25,000 208c	S+750 bp	Jul 2, 2029
D•••• B•••• L•••••• S••••••s: B•••••••	revolver first lien	Not disclosed	-$34,000 79c	S+550 bp	Oct 30, 2030
A•••••• H••••, G••••• & L••••••	revolver first lien	Not disclosed	-$35,000 100c	S+550 bp	Sep 6, 2030
B•• P•••••••• A•••••••• & D••••••	revolver first lien	Not disclosed	-$37,000 103c	S+500 bp	Jul 25, 2030
C••••••• G••••• W•••••••• W••	revolver first lien	Not disclosed	-$38,000 1900c		Apr 27, 2027
S•••••• I••• H••• T••• I•••••••••	revolver first lien	Not disclosed	-$39,000 260c	S+650 bp	Mar 6, 2028
S•••••• I••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	-$39,000 260c	S+650 bp	Mar 6, 2028
D••• S••••••s: B•••••••	delayed draw term loan first lien	Not disclosed	-$40,000 100c	S+750 bp	Sep 30, 2029
C••• B•• H••••, G••••• & L••••••	revolver first lien	Not disclosed	-$41,000 100c	S+535 bp	Sep 4, 2030
B•• P•••••••• A•••••••• & D••••••	delayed draw term loan first lien	Not disclosed	-$42,000 156c	S+500 bp	Jul 25, 2030
D•••• B•••• L•••••• S••••••s: B•••••••	delayed draw term loan first lien	Not disclosed	-$43,000 159c	S+550 bp	Apr 30, 2031
B••••••••• S••••••s: B•••••••	delayed draw term loan first lien	Not disclosed	-$48,000	S+550 bp	Jun 28, 2031
A••••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	-$51,000 243c	S+625 bp	May 25, 2028
B•• P•••••••• A•••••••• & D••••••	delayed draw term loan first lien	Not disclosed	-$63,000 77c	S+500 bp	Jul 25, 2030
T•••••• T•••••••••	delayed draw term loan first lien	Not disclosed	-$73,000	S+725 bp	Feb 28, 2029
A••••• G•••••• U•••••• I••• B•••••••, F••• & T••••••	revolver first lien	$12,000	-$76,000 345c	S+676 bp PIK 4.00%	May 24, 2028
V••••••• B••• C••••••	term loan unsecured or subordinated	$10,000	-$1.8M -33c
W••	unstated lien unstated	Not disclosed	Not disclosed
P••	unstated lien unstated	Not disclosed	Not disclosed
K•••••••• A•••••••• G••••• I••	unstated lien unstated	Not disclosed	Not disclosed
G•••• P•••• S•	unstated lien unstated	Not disclosed	Not disclosed
E•••• R••• C•••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••• S••••••s: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+610 bp	Nov 23, 2027
N•••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+575 bp	Dec 9, 2029
C• N••• I••••••••• L•• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed		Oct 31, 2025
E•• H••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Aug 7, 2030
F•••• I•••••••• S•••••••••	revolver first lien	Not disclosed	Not disclosed n/a		Dec 2, 2026
A•• A•• C•••••• Capital E••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+650 bp	Oct 31, 2029
E••••••••• M••••••• S•••••• B••••••, Finance, I•••••••• & Real Estate	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Aug 1, 2030
F•••• F•••••• C••••••• W•••••	revolver first lien	Not disclosed	Not disclosed	S+560 bp	Jun 30, 2029
F•••• I•••••••• S•••••••••	revolver first lien	Not disclosed	Not disclosed		Dec 2, 2026
N•••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	May 30, 2031
I••••••••• A•••••••••	revolver first lien	$0	Not disclosed n/a	S+510 bp	Nov 1, 2028
A•••••••• S••••••s: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+575 bp	Jun 5, 2030
A• S••••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
L•••••••• H••••••• B• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
S•••••	unstated lien unstated	Not disclosed	Not disclosed
U••••••	unstated lien unstated	Not disclosed	Not disclosed
C••• B••	unstated lien unstated	Not disclosed	Not disclosed
G••• A••••••• ••••••••• C•	unstated lien unstated	Not disclosed	Not disclosed
L•••••••• H••••••• B• L••	unstated lien unstated	Not disclosed	Not disclosed
V••••• H•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• M•••••	unstated lien unstated	Not disclosed	Not disclosed
P••••••••	unstated lien unstated	Not disclosed	Not disclosed
F•••• F•••••• A••••••• F•••••••• G••••• L•••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Dec 23, 2027
E••••••• H••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B•••• B••••	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• O•• • G••• L•••	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• O•• • G••• L••• E•••••: Oil & Gas	equity equity	Not disclosed	Not disclosed n/a
D•••••••• S••••• L••••• S••••••s: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+575 bp	Mar 18, 2030
P•••••• G••••• H••••••••• H••••, G••••• & L••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+490 bp	Jan 19, 2028
R•• S••••••• L•• C••••••• G••••: N•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+600 bp	Feb 21, 2030
B•• J•••••••• H••••••• A••••••• •• I••• L•• A•••••••• & D••••••	equity equity	$1.1M	Not disclosed n/a
F•••• F•••••• C•••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp	Feb 18, 2028
R••••	unstated lien unstated	Not disclosed	Not disclosed
A•• P••••• L••	unstated lien unstated	Not disclosed	Not disclosed
T••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F•••• F•••••• W••••• E••••••••• G•••• ••••	revolver first lien	Not disclosed	Not disclosed n/a	S+550 bp	Oct 2, 2028
C• T•••• H•••••••• I••• H••••••••• & P•••••••••	preferred equity equity	$2.0M	Not disclosed n/a
N•••••• H••••••••• & P•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	Aug 29, 2031
W••••• E•••••	unstated lien unstated	Not disclosed	Not disclosed
G•••••• I••••••••• H••••••• L•• T•••••••••: C••••	warrants equity	$122,000	Not disclosed
S••••••• W••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	Dec 28, 2029
W••••• E••••• C••••••• G••••: D••••••	equity equity	$60,000	Not disclosed n/a
S•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
L•••••••• H••••••• B• L••	unstated lien unstated	Not disclosed	Not disclosed
B••••• S••••••••• L••••• H••••••••• & P•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+575 bp	Mar 25, 2028
C••• B•• H••••, G••••• & L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+535 bp	Sep 4, 2030
C••• S••••••s: B•••••••	term loan first lien	Not disclosed	Not disclosed		Feb 20, 2025
A••••	unstated lien unstated	Not disclosed	Not disclosed
I•••••••••	term loan unsecured or subordinated	Not disclosed	Not disclosed
L•••••••• H••••••• B• L••	unstated lien unstated	Not disclosed	Not disclosed

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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