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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 Mar 31, 2026

664 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S•••••• M•••••	unstated lien unstated	Not disclosed	Not disclosed
B•••• B••••	unstated lien unstated	Not disclosed	Not disclosed
O••••	unstated lien unstated	Not disclosed	Not disclosed
R••••••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
W••	unstated lien unstated	Not disclosed	Not disclosed
P•• G••••	unstated lien unstated	Not disclosed	Not disclosed
E••••••••• M••••••• S•••••• S••••••s: B•••••••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Aug 1, 2030
P••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 31, 2030
S•• P••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
P••• W••••	unstated lien unstated	Not disclosed	Not disclosed
F•••• F•••••• M•••••• F••••• L••	revolver first lien	Not disclosed	Not disclosed	S+425 bp	Oct 29, 2032
A•••••• H•••••••• I••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	May 6, 2028
P•••••• G••••• H••••••••• H••••, G••••• & L••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Jan 19, 2028
D•••• B•••• L•••••• S••••••s: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 30, 2030
C•••••••• Y•••• L•• S••••••s: C•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 30, 2031
C••• F•••• F••••• L•• W••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+600 bp	Jun 6, 2031
P•••••••• U••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
D•••	unstated lien unstated	Not disclosed	Not disclosed
G••••••	unstated lien unstated	Not disclosed	Not disclosed
G•••• P•••• S•	unstated lien unstated	Not disclosed	Not disclosed
E••	unstated lien unstated	Not disclosed	Not disclosed
E•• H•••••	unstated lien unstated	Not disclosed	Not disclosed
A••••• A••••••• T•••••••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• A••••••	unstated lien unstated	Not disclosed	Not disclosed
A• S••••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
B•• T••••••• F•••• I••••••••• 1• L••	unstated lien unstated	Not disclosed	Not disclosed
A•• P••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G•••••• I••••••••• H••••••• L•• T•••••••••: C••••	warrants equity	$122,000	Not disclosed
A•• H•••••••• L•• T•••••••••: C••••	equity equity	Not disclosed	Not disclosed n/a
S••••• G•••• H•••••••• L•• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed	S+560 bp	Jun 16, 2027
R•• S••••••• C••••••• G••••: N•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Feb 21, 2030
i••••••••	unstated lien unstated	Not disclosed	Not disclosed
T••••••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••	unstated lien unstated	Not disclosed	Not disclosed
H•••••••• L•	unstated lien unstated	Not disclosed	Not disclosed
C••••••• W•••••	unstated lien unstated	Not disclosed	Not disclosed
C••• B••	unstated lien unstated	Not disclosed	Not disclosed
A• S••••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
W•• W••••••••	equity equity	$2.9M	Not disclosed n/a
C•• H••••••••• P••••••••• I••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Sep 17, 2031
S•••••• I••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+650 bp	Mar 6, 2028
T••••••• L•• R•••••	equity equity	$8,000	Not disclosed n/a
A•• S••••••s: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 17, 2031
F•••• U••• B•••• I•• W••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	Aug 1, 2031
A••••• I•••••••••	unstated lien unstated	Not disclosed	Not disclosed
C••••••••	unstated lien unstated	Not disclosed	Not disclosed
H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
L•••••••• H••••••• B• L••	unstated lien unstated	Not disclosed	Not disclosed
T•• H••••• L•	unstated lien unstated	Not disclosed	Not disclosed
D•••••••• S••••• L••••• S••••••s: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Mar 18, 2030
L•• C• C••••••••• L•••	unstated lien unstated	Not disclosed	Not disclosed
F•••• F•••••• P••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Jan 31, 2031
S•••••• I••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+650 bp	Mar 6, 2028
T••••••• L•• R•••••	equity equity	$70,000	Not disclosed n/a
H• I•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
E••• B•• C••••••• I•• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••••••• Y•••• L•• S••••••s: C•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 30, 2031
F•••• I•••••••• M••••••• A••••••••• I•••	revolver first lien	Not disclosed	Not disclosed n/a		Dec 20, 2027
B••••• S••••••••• L••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Mar 25, 2028
G•••••• I••••••••• H••••••• L•• T•••••••••: C••••	equity equity	$1.0M	Not disclosed n/a
m•••••••	unstated lien unstated	Not disclosed	Not disclosed
F••••••• T••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
N•••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Dec 9, 2028
B•• H•• I••••••••• 1• L••	unstated lien unstated	Not disclosed	Not disclosed

Page 7 of 7Previous

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