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G•••••• S•••• P•••••• M••••• M••••• C••••• I• L••

Business development companymanaged by G•••••• S•••• A•••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by G•••••• S•••• A•••• M••••••••• L••, holding $1.4B across 56 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: $1.4B
Borrowers: 56
Mark on cost: 94.2¢
First lien: 98%

Schedule of investments (165)Quarter by quarter Sponsors

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

What matters now

$105M
on non-accrual, 4 borrowers
4 borrowers on non-accrual, $105M principal; the largest is O•• G• L•• ($47.4M).
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 O•• G• L•• →
16 below 80¢
$138M principal
16 positions across 8 borrowers marked below 80¢ on cost, $138M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
95.3¢ → 94.2¢
book mark on cost
Marked its book down from 95.3¢ to 94.2¢ 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 →
$2.0B → $1.5B
fair value, 4 quarters
Its portfolio shrank 24% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1772704 · file 814-01307Show

Fair value

$1.4B

as of Jun 30, 2026

Principal held

$1.5B

debt pieces, the filer's figure

Cost

$1.5B

94c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

165

56 borrowers

First lien

98%

98% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

20 sponsors financed

Portfolio through time

Fair value by quarter end$1.5B as of Jun 30, 2026

Dec 31, 2022$12B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.5B	56	94c	37	586 bp
Mar 31, 2026	$1.6B	57	95c	44	585 bp
Dec 31, 2025	$1.8B	59	97c	41	585 bp
Sep 30, 2025	$1.6B	63	97c	35	583 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$2.0B	69	98c	35	593 bp
Mar 31, 2025	$13B	73	98c	30	599 bp
Dec 31, 2024	$13B	80	98c	43	611 bp
Sep 30, 2024	$14B	81	98c	35	609 bp
Jun 30, 2024	$14B	87	95c	37	620 bp
Mar 31, 2024	$15B	91	97c	38	628 bp
Dec 31, 2023	$29B	92	97c	71	624 bp
Sep 30, 2023	$11B	94	97c	42	632 bp
Jun 30, 2023	$306M	96	n/a	36	632 bp
Mar 31, 2023	$300M	97	n/a	33	627 bp
Dec 31, 2022	$12B	98	98c	36	632 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
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Full timeline · 20 events

Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Returned to accrualJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Placed on non-accrualMar 31, 2026
••• Locked
Placed on non-accrualMar 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
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

Z•••• H•••••• I•• first lien term loan
10 BDCs hold it · matures Jul 1, 2027
$89.1M 99c
D••••••• C••••••••• first lien term loan
22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••
$57.8M 100c
S••••••• G•••• H•••••••• I•• first lien term loan
8 BDCs hold it · matures Jul 2, 2029 · possible sponsor W•••••• P••••• L••
$57.7M 100c
H••••• L•• first lien term loan
3 BDCs hold it · matures Oct 23, 2027
$56.8M 91c
H•••• H• B••••• I•• first lien term loan
5 BDCs hold it · matures Oct 15, 2027
$56.0M 100c
H•••••••• H••• S•••••••• I•• first lien term loan
8 BDCs hold it · matures Dec 15, 2026 · possible sponsor T•• L•
$53.4M 97c
P••••• I••••••••• L•• first lien term loan
4 BDCs hold it · matures Oct 19, 2028
$51.9M 100c
B••• M••• B••••• I•• first lien term loan
3 BDCs hold it · matures Jan 25, 2028
$50.0M 99c
A• H••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Dec 31, 2026 · possible sponsor A••••••• M••••••••• H••••••• L•
$47.5M 98c
O•• G• L•• first lien term loan
4 BDCs hold it · matures Aug 31, 2026
$47.4M 77c
S••••••• H•••••••• L•• first lien term loan
16 BDCs hold it · matures Aug 29, 2031
$43.9M 99c
E•• S••••••••• I•• first lien term loan
4 BDCs hold it · matures May 3, 2027
$39.6M 100c

Schedule of investments at Dec 31, 2022

336 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
N•• • J• L••• ••• t•• F••••••••• G••••• P••••••••• Services	term loan first lien	Not disclosed	-$81,000 -180c	S+575 bp	Nov 30, 2027
Z•••• I••••••••• L•• ••• i••••••• R••• E••••• M•••• • D•••••••••	term loan first lien	$8.4M	-$84,000	S+650 bp	Jul 1, 2027
C•••••••• F•••••• M••••• S••• L•• E•••••••••	term loan first lien	Not disclosed	-$85,000 -181c	S+650 bp	Dec 31, 2027
C••••• S•••••••• A••••••••• I••• H••••• C••• P•••••••• & Services	term loan first lien	Not disclosed	-$102,000 -276c	S+550 bp	May 11, 2028
S••••••• H•••••••• L•• ••• F••••••••• S•••••••• C••••••••• & E•••••••••	term loan first lien	Not disclosed	-$103,000 -130c	S+800 bp	Aug 31, 2026
G•• B•••• I••• ••• C•••• G•••• H••••• C••• T•••••••••	term loan first lien	Not disclosed	-$105,000 -525c	S+825 bp PIK 3.75%	Jun 24, 2026
C•••••••• B•••• I••• ••• L••••••• P••••••••• Services	term loan first lien	$3.7M	-$110,000 159c	S+625 bp	May 18, 2029
S••••••• G•••• H•••••••• I••• ••• N••••••••• S•••••••	term loan first lien	Not disclosed	-$112,000 -211c	S+625 bp	Jul 2, 2027
A• H••••• B••••• I••• ••• S••••••••• S•••••••	term loan first lien	$4.2M	-$125,000 212c	S+700 bp	Jul 1, 2026
A•••••• B••••• I••• ••• F••••••• P•••••• S•••••••• D••••••••• Financial Services	term loan first lien	$6.5M	-$130,000 224c	S+600 bp	May 8, 2028
A•••••• B••••• I••• ••• F••••••• P•••••• S•••••••• Financial Services	term loan first lien	Not disclosed	-$130,000 -224c	S+600 bp	May 8, 2028
M•• S••••••• L•• R••• E••••• M•••• • D•••••••••	term loan first lien	Not disclosed	-$134,000 -1031c	S+550 bp	Feb 10, 2026
S•••••••• M••••••••• L•• •••• S•• H•••••••• L••• D••••••••• C••••••• Services	term loan first lien	$6.8M	-$136,000 219c	S+600 bp	Jul 6, 2027
O•• G• L•• H••••• C••• P•••••••• & Services	term loan first lien	Not disclosed	-$162,000 -386c	S+675 bp	Dec 22, 2025
i••••• I•••• P••••••••• Services	term loan first lien	$10.2M	-$178,000	S+725 bp	Aug 18, 2028
G••••••••• I••• S•••••••	term loan first lien	Not disclosed	-$181,000 -278c	S+675 bp	Jul 30, 2027
H••••••••• S•••••••• I••• H••••• C••• T•••••••••	term loan first lien	Not disclosed	-$191,000 -294c	S+700 bp	Apr 9, 2026
G••••••••• I••• ••• N•••••• S•••••••	term loan first lien	Not disclosed	-$232,000 -1657c	S+550 bp	Dec 1, 2028
S•••••• I•••••••• G••••• L•• I••••••••	term loan first lien	Not disclosed	-$363,000 -111c	S+600 bp	Oct 9, 2026
H•••• H• B••••• I•• H••••• C••• P•••••••• & Services	term loan first lien	Not disclosed	-$440,000 -240c	S+575 bp	Oct 15, 2027
C••• H••••• Holdings Corp H••••• C••• P•••••••• & Services	term loan first lien	Not disclosed	-$544,000 -183c	S+575 bp	Jun 15, 2027
T••••••• L•• B•••••••• R•••••	term loan first lien	Not disclosed	-$952,000 -1831c	S+700 bp	Dec 18, 2026
T••••••• L•• I••••••• & Direct M•••••••• R•••••	term loan first lien	Not disclosed	-$952,000 -1831c	S+700 bp	Dec 18, 2026
Z•••• I••••••••• L•• ••• i••••••• R••• E••••• M•••• • D•••••••••	term loan first lien	$80.5M	Not disclosed	S+650 bp	Jul 1, 2027
I•••••••••	unstated lien unstated	Not disclosed	Not disclosed
W••••••••• H•••••• C•••••• L•• D••••••••• C••••••• Services	equity equity	Not disclosed	Not disclosed
M••••••••• I••• H••••• C••• T•••••••••	preferred equity equity	Not disclosed	Not disclosed n/a
W••••••• •••••	warrants equity	Not disclosed	Not disclosed
1•• L••••••••• U•••••••••	term loan first lien	Not disclosed	Not disclosed
I••••••••• U•••••••• D••• • 0••••	subordinated debt unsecured or subordinated	Not disclosed	Not disclosed
G••••••••• I••• S•••••••	term loan first lien	$40.6M	Not disclosed n/a	S+675 bp	Jul 30, 2027
1•• L••••••••• S•••••• D•••	term loan first lien	Not disclosed	Not disclosed
2•• L••••••••• S•••••• D•••	term loan second lien	Not disclosed	Not disclosed
Z•• I••• C••••••••	term loan second lien	Not disclosed	Not disclosed	S+825 bp	Aug 11, 2025
C••••• S•••• •••••	equity equity	Not disclosed	Not disclosed
P•••••••• S•••• •••••	preferred equity equity	Not disclosed	Not disclosed

Page 4 of 4Previous

Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2019 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-344590reported