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H•••••• P••• C•••••••• I•••••• I•••

Business development companymanaged by O•• A••••••Non-traded· CHICAGO, IL

A non-traded business development company, managed by O•• A••••••, holding $19.9M across 26 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: $19.9M
Borrowers: 26
Mark on cost: 66.5¢
First lien: 55%

Schedule of investments (48)Quarter by quarter Sponsors

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

What matters now

73.8¢ → 66.5¢
book mark on cost
Marked its book down from 73.8¢ to 66.5¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
13 below 80¢
$20.8M principal
13 positions across 11 borrowers marked below 80¢ on cost, $20.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$33.9M → $19.9M
fair value, 4 quarters
Its portfolio shrank 41% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →
32 → 26
borrowers
Lost a net 6 borrowers in the quarter to Jun 30, 2026, to 26.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1661306 · file 814-01185Show

Fair value

$19.9M

as of Jun 30, 2026

Principal held

$33.3M

debt pieces, the filer's figure

Cost

$29.0M

66c on cost, debt pieces

Unfunded

$745,451

commitments not yet drawn

Positions

26 borrowers

First lien

55%

96% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

1 sponsors financed

Portfolio through time

Fair value by quarter end$19.9M as of Jun 30, 2026

Dec 31, 2022$95.2M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$19.9M	26	66c	5	665 bp
Mar 31, 2026	$24.8M	32	74c	8	636 bp
Dec 31, 2025	$82.9M	34	82c	19	633 bp
Sep 30, 2025	$30.7M	33	86c	7	631 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$33.9M	34	88c	6	639 bp
Mar 31, 2025	$35.8M	35	89c	8	634 bp
Dec 31, 2024	$76.3M	36	91c	18	638 bp
Sep 30, 2024	$38.2M	37	90c	7	638 bp
Jun 30, 2024	$39.1M	34	92c	7	658 bp
Mar 31, 2024	$40.5M	37	91c	6	668 bp
Dec 31, 2023	$52.6M	40	91c	10	677 bp
Sep 30, 2023	$45.9M	40	93c	7	698 bp
Jun 30, 2023	$49.8M	41	93c	3	704 bp
Mar 31, 2023	$52.5M	44	93c	4	703 bp
Dec 31, 2022	$95.2M	47	96c	6	698 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

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

Full timeline · 20 events

Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

A••• C••••• C•• 2••• L•• unsecured or subordinated notes
1 BDC hold it · matures Apr 20, 2035
$3.6M 38c
A••• C••••• C•• 2••••• L•• unsecured or subordinated notes
1 BDC hold it · matures Oct 22, 2038
$3.0M 49c
E•••••••• C•• 2•••••• L•• unsecured or subordinated notes
1 BDC hold it · matures Jan 20, 2038
$2.9M 48c
E•••••• H••• H•••••• L•• second lien term loan
1 BDC hold it · matures Oct 1, 2026
$1.8M 29c
D••• a•• E••••• I•• H••••••• G•••••• G•••• other
1 BDC hold it · matures Aug 1, 2029
$1.8M 66c
I•••••• H•••••••• L•• first lien term loan
2 BDCs hold it · matures Sep 30, 2027
$1.7M 100c
B•••••• H••••• S•••••••• I•• second lien term loan
2 BDCs hold it · matures Jun 11, 2028
$1.7M 1c
T••••••• L•••••• P••••••••• second lien term loan
3 BDCs hold it · matures Nov 2, 2028
$1.5M 95c
A••• C••••• C•• 2••• L•• unsecured or subordinated notes
1 BDC hold it · matures Jul 18, 2034
$1.5M 23c
S• A••••••••• L•• first lien term loan
3 BDCs hold it · matures Dec 20, 2029
$1.3M 101c
O•• G• L•• first lien term loan
4 BDCs hold it · matures Aug 31, 2026
$1.3M 83c
C••••••••• B••••• L•• first lien term loan
1 BDC hold it · matures Dec 30, 2027
$1.3M 96c

Schedule of investments at Mar 31, 2024

64 positions

Borrower	Instrument	Principal	Fair value	Rate
A•• S••• A••• L•••••• I•••	term loan first lien	$5.2M	$5.2M 101c	S+550 bp
A••• C••••• C•• 2••• L••• Structured finance (CLO)	notes unsecured or subordinated	$3.6M	$2.2M 67c	13.49%
C••••••••• T••••••••• H•••••••• L••	term loan second lien	$2.1M	$2.1M 102c	S+675 bp
H••••••• G•••••• G••••• L•• ••••• T••••• F•••• M••••• • C••••••• M•••••••	term loan first lien	$2.0M	$2.0M 105c	S+675 bp
T••••••• L•••••• P•••••••••	term loan second lien	$1.5M	$1.4M 94c	S+850 bp
C••••••••• B••••• L••	term loan first lien	$1.4M	$1.3M 101c	S+675 bp
B•••••• H••••• S•••••••• I•••	term loan second lien	$1.3M	$1.3M 101c	S+850 bp
E••••••••• C••••••••• I••••••••• I•••	term loan second lien	$1.3M	$1.3M 103c	S+850 bp
T•••••• A••••••••• I•••	term loan first lien	$1.3M	$1.2M 94c	S+600 bp
A••• C••••• C•• 2•••••• Structured finance (CLO)	notes unsecured or subordinated	$1.9M	$1.2M 76c	16.85%
A•••• M••••• L••	term loan first lien	$1.2M	$1.1M 95c	S+550 bp
B••• H••• C••• H•••••••• I•••	term loan first lien	$1.1M	$1.1M 98c	S+650 bp
M••••• C•••••• M•• C•• X• L••• Structured finance (CLO)	subordinated debt unsecured or subordinated	$1.0M	$1.0M 106c	S+875 bp
E•••••• H••• H•••••• L••	term loan second lien	$1.2M	$1.0M 84c
I••••	term loan second lien	$1.0M	$1.0M 100c	S+675 bp
I•••••• H•••••••• L••	term loan first lien	$991,189	$991,189 100c	S+700 bp PIK 2.00%
A••• C••••• C•• 2••• L•• Structured finance (CLO)	notes unsecured or subordinated	$1.5M	$983,999 84c	21.61%
E•••••••• C•• 2•••••• L•• Structured finance (CLO)	notes unsecured or subordinated	$1.8M	$924,529 65c	13.55%
F••• S•••••• P••••••• M••••••••• L••	term loan first lien	$872,813	$864,237 100c	S+650 bp
H•••• H• B••••• I•••	term loan first lien	$841,269	$841,269 101c	S+575 bp
W•••••• I••• ••••• K•• A••••••••• C•••••	term loan first lien	$937,500	$825,145 88c	S+625 bp
O•• G• L••	term loan first lien	$855,313	$824,521 97c	S+675 bp
R••••••• H••••• 2• L• ••••• R•• S••••••••	term loan second lien	$1.0M	$816,880 82c	S+775 bp
B••• N•••• S••• U• H••••• 2• I••• ••••• D•••••• H••••••••	term loan first lien	$833,333	$750,833 91c	S+725 bp
M••••••• L••	term loan first lien	$742,819	$736,877 102c	S+625 bp
M••••••••• L••	term loan first lien	$687,829	$674,073 99c	S+625 bp PIK 0.50%
S• A••••••••• L••	term loan first lien	$625,000	$625,000 101c	S+674 bp
R•••••••• I•••	term loan first lien	$648,837	$598,877 95c	S+825 bp PIK 0.50%
H•••• H• B••••• I•••	term loan first lien	$531,981	$531,981 101c	S+575 bp
E•••••••• C•• 2••••••• L••• Structured finance (CLO)	notes unsecured or subordinated	$1.3M	$517,337 57c	13.16%
S•••• E•••••••• H•••••••• L••	term loan first lien	$493,750	$498,688 103c	S+750 bp
A••• I••••••••• 2• L••	term loan first lien	$493,750	$498,687 103c	S+625 bp
G••• G•••• ••••• L••••••• I••••	term loan first lien	$615,719	$475,335 77c	S+475 bp
O•• G• L••	term loan first lien	$450,725	$434,499 97c	S+675 bp
G••• G•••• ••••• L••••••• I••••	term loan first lien	$445,865	$427,585 96c	S+475 bp
B•••••• H••••• S•••••••• I•••	term loan second lien	$357,657	$357,657 101c	S+850 bp
H•••• H• B••••• I•••	delayed draw term loan first lien	$352,008	$352,008 101c	S+600 bp
S• A••••••••• L••	term loan first lien	$300,000	$300,000 101c	S+759 bp
R••• H•••••••• L••	equity equity	Not disclosed	$257,848
R•••••••• I•••	term loan first lien	$195,810	$180,732 93c	S+875 bp PIK 0.50%
O•• G• L••	revolver first lien	$166,667	$160,667 97c	S+675 bp
F••• S•••••• P••••••• M••••••••• L••	term loan first lien	$158,693	$157,134 100c	S+650 bp
I•••••• H•••••••• L••	revolver first lien	$156,250	$156,250 101c	S+700 bp PIK 2.00%
B••• H••• C••• H•••••••• I•••	equity equity	Not disclosed	$73,535 57c
A•••• O•• A••••••••• C•••••••••	term loan second lien	$1.0M	$68,300 8c	S+850 bp
D•• I•••••• S•••••••• L••	equity equity	Not disclosed	$51,413 45c
T•••••• A••••••••• I•••	revolver first lien	$50,735	$35,956 72c	S+600 bp
B••• H••• C••• H•••••••• I•••	preferred equity equity	Not disclosed	$35,088 102c	PIK 2.00%
C•• o•••• Structured finance (CLO)	unstated lien unstated	Not disclosed	$21,743 148c	13.16%
H•••• H• B••••• I•••	revolver first lien	$12,376	$12,376 110c	S+475 bp
A••• I••••••••• 2• L••	term loan first lien	$11,547	$11,663 103c	S+625 bp
R•••••••• I•••	warrants equity	Not disclosed	$10,560 21c
C••••••••• H•••••••• L••	equity equity	Not disclosed	$2,973 6c
M••••••• L••	revolver first lien	$0	-$851 35c	S+625 bp
M••••••• L••	delayed draw term loan first lien	$0	-$1,191 91c	S+625 bp
F••• S•••••• P••••••• M••••••••• L••	revolver first lien	$0	-$1,563 100c	S+650 bp
C••••••••• B••••• L••	revolver first lien	$0	-$2,017 59c	S+675 bp
B••• H••• C••• H•••••••• I•••	revolver first lien	$0	-$3,742 500c	S+650 bp
S• A••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H•••• H• B•••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
S• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• L••	revolver first lien	Not disclosed	Not disclosed	S+625 bp
M•••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+625 bp
H•••• H• B•••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+600 bp

Page 1 of 1

Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2018 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001661306-26-000068reported