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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 Jun 30, 2025

57 positions

Borrower	Instrument	Principal	Fair value	Rate
A••• C••••• C•• 2••• L••• Structured finance (CLO)	notes unsecured or subordinated	$3.6M	$2.4M 77c	16.58%
C••••••••• T••••••••• H•••••••• L••	term loan second lien	$2.1M	$2.1M 101c	S+675 bp
B••• N•••• S••• U• H••••• 2• I••• ••••• D•••••• H••••••••	unstated lien unstated	$1.8M	$1.8M 105c	S+725 bp
H••••••• G•••••• G••••• L•• ••••• T••••• F•••• M••••• • C••••••• M•••••••	term loan first lien	$1.8M	$1.6M 96c	S+675 bp
A••••••• L•••	term loan second lien	$1.5M	$1.4M 101c	S+525 bp
T••••••• L•••••• P•••••••••	term loan second lien	$1.5M	$1.4M 91c	S+850 bp
S• A••••••••• L••	term loan first lien	$1.4M	$1.3M 99c	S+575 bp
C••••••••• B••••• L••	term loan first lien	$1.3M	$1.3M 100c	S+675 bp
E•••••••• C•• 2•••••• L•• Structured finance (CLO)	notes unsecured or subordinated	$2.9M	$1.2M 70c	13.61%
E•••••• H••• H•••••• L••	term loan second lien	$1.5M	$1.2M 76c
B•••••• H••••• S•••••••• I•••	term loan second lien	$1.3M	$1.2M 88c	S+850 bp
T•••••• A••••••••• I•••	term loan first lien	$1.2M	$1.1M 91c	S+600 bp PIK 1.25%
A••• C••••• C•• 2••••• L•• Structured finance (CLO)	notes unsecured or subordinated	$1.9M	$1.1M 73c	4.32%
I•••••• H•••••••• L••	term loan first lien	$980,001	$980,001 101c	S+700 bp PIK 1.00%
B••• H••• C••• H•••••••• I•••	term loan first lien	$916,129	$916,129 101c	S+650 bp
A•••• M••••• L••	term loan first lien	$1.2M	$897,571 77c	S+550 bp
P•• G••••• L••	term loan first lien	$880,147	$875,927 100c	S+675 bp
H•••• H• B••••• I•••	term loan first lien	$830,512	$830,511 101c	S+575 bp
O•• G• L••	term loan first lien	$844,375	$796,246 95c	S+675 bp
A••• C••••• C•• 2••• L•• Structured finance (CLO)	notes unsecured or subordinated	$1.5M	$775,387 76c	12.90%
M••••••• L••	term loan first lien	$733,511	$740,846 103c	S+600 bp
M••••••••• L••	term loan first lien	$683,444	$645,171 95c	S+625 bp PIK 0.50%
I••••	term loan second lien	$670,732	$633,841 94c	S+675 bp
R•••••••• I•••	term loan first lien	$656,048	$624,558 97c	S+825 bp
H•••• H• B••••• I•••	term loan first lien	$584,380	$584,380 101c	S+575 bp
A••••••••• S••••••• L••	term loan first lien	$561,853	$553,988 100c	S+575 bp
H•••• H• B••••• I•••	term loan first lien	$525,226	$525,226 101c	S+575 bp
W•••••• I••• ••••• K•• A••••••••• C•••••	term loan first lien	$624,323	$499,459 80c	S+625 bp PIK 1.75%
A••• I••••••••• 2• L••	term loan first lien	$487,500	$487,012 101c	S+550 bp
R••••••• H••••• 2• L• ••••• R•• S••••••••	term loan second lien	$1.0M	$472,000 47c	S+775 bp
O•• G• L••	term loan first lien	$445,034	$419,667 95c	S+675 bp
E•••••••• C•• 2••••••• L••• Structured finance (CLO)	notes unsecured or subordinated	$1.3M	$385,938 49c	3.13%
G••• G•••• ••••• L••••••• I••••	term loan first lien	$440,292	$384,626 87c	S+475 bp
B•••••• H••••• S•••••••• I•••	term loan second lien	$357,657	$312,234 88c	S+850 bp
G••• G•••• ••••• L••••••• I••••	term loan first lien	$608,022	$220,408 36c	S+475 bp
D•• I•••••• S•••••••• L••	equity equity	Not disclosed	$195,061 169c
R•••••••• I•••	term loan first lien	$197,986	$188,483 96c	S+825 bp
R••• H•••••••• L••	equity equity	Not disclosed	$184,921
O•• G• L••	revolver first lien	$166,667	$157,167 95c	S+675 bp
I•••••• H•••••••• L••	revolver first lien	$156,250	$156,250 100c	S+700 bp PIK 1.00%
M••••••• L••	term loan first lien	$123,096	$124,327 102c	S+600 bp
B••• H••• C••• H•••••••• I•••	equity equity	Not disclosed	$70,143 54c
A••••••••• S••••••• L••	delayed draw term loan first lien	$60,345	$54,310 93c	S+575 bp
C••••••••• B••••• L••	revolver first lien	$47,893	$45,372 101c	S+675 bp
B••• H••• C••• H•••••••• I•••	preferred equity equity	Not disclosed	$36,080 105c	PIK 2.00%
C•• o•••• Structured finance (CLO)	unstated lien unstated	Not disclosed	$17,300 238c	3.13%
H•••• H• B••••• I•••	revolver first lien	$12,376	$12,376 106c	S+475 bp
A••• I••••••••• 2• L••	term loan first lien	$11,402	$11,390 101c	S+550 bp
T•••••• A••••••••• I•••	revolver first lien	$22,059	$9,221 43c	S+600 bp
C••••••••• H•••••••• L••	equity equity	Not disclosed	$3,468 7c
R•••••••• I•••	warrants equity	Not disclosed	$1,000 2c
M••••••• L••	revolver first lien	$0	$0 0c	S+600 bp
B••• H••• C••• H•••••••• I•••	revolver first lien	$0	$0 0c	S+650 bp
P•• G••••• L••	revolver first lien	$0	-$564 100c	S+675 bp
S• A••••••••• L••	revolver first lien	$0	-$1,571 246c	S+575 bp
H•••• H• B•••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
M•••••• L••	revolver 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