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T••••••••• P•••••• V•••••• C••••• I•••

Business development companymanaged by T••••••••• A••••••• L••Non-traded· MENLO PARK, CA

A non-traded business development company, managed by T••••••••• A••••••• L••, holding $387M across 193 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: $387M
Borrowers: 193
Mark on cost: 92.2¢

Schedule of investments (492)Quarter by quarter Sponsors

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

What matters now

$24M
on non-accrual, 4 borrowers
4 borrowers on non-accrual, $24M principal; the largest is S••••• I•• ($9.61M).
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••••• I•• →
$7M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $7M principal: M••••• I•• ($7M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open M••••• I•• →
33 below 80¢
$33.5M principal
33 positions across 9 borrowers marked below 80¢ on cost, $33.5M 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 1792509 · file 814-01327Show

Fair value

$387M

as of Jun 30, 2026

Principal held

$334M

debt pieces, the filer's figure

Cost

$381M

92c on cost, debt pieces

Unfunded

$92.1M

commitments not yet drawn

Positions

492

193 borrowers

First lien

not established

80% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

332

12 sponsors financed

Portfolio through time

Fair value by quarter end$387M as of Jun 30, 2026

Dec 31, 2022$442M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$387M	193	92c	36	474 bp
Mar 31, 2026	$394M	191	91c	43	473 bp
Dec 31, 2025	$772M	197	92c	87	484 bp
Sep 30, 2025	$362M	195	90c	42	517 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$347M	182	92c	42	520 bp
Mar 31, 2025	$417M	177	90c	28	525 bp
Dec 31, 2024	$1.2B	213	94c	109	523 bp
Sep 30, 2024	$438M	175	96c	33	545 bp
Jun 30, 2024	$415M	170	96c	27	557 bp
Mar 31, 2024	$444M	163	97c	19	573 bp
Dec 31, 2023	$548M	186	97c	5	573 bp
Sep 30, 2023	Not disclosed	68	n/a	0	n/a
Jun 30, 2023	Not disclosed	56	n/a	0	n/a
Mar 31, 2023	Not disclosed	56	n/a	0	n/a
Dec 31, 2022	$442M	175	97c	1	611 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 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

Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 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
Spread increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

F•••• B•••••• L•• term loan
2 BDCs hold it · matures May 1, 2027
$25.1M 89c
F••••••••• I•• term loan
2 BDCs hold it · matures Jun 1, 2027
$10.5M 100c
V••••••••• I•• term loan
2 BDCs hold it · matures Sep 1, 2029
$10.0M 100c
H•••••• I•• term loan
2 BDCs hold it · matures Dec 1, 2027
$9.9M 80c
S••••• I•• term loan
1 BDC hold it
$9.6M 40c
P••••••• E••••••••• I•• term loan
2 BDCs hold it · matures Sep 1, 2028
$9.5M 100c
S•••••• I•• term loan
2 BDCs hold it · matures Dec 1, 2028
$9.0M 100c
P••••••• I•• term loan
2 BDCs hold it · matures Aug 23, 2031
$8.9M 100c
S•••••• I•• term loan
2 BDCs hold it · matures May 1, 2030
$8.4M 95c
C•••••••• G•••• L•• term loan
2 BDCs hold it · matures Jun 10, 2031
$8.0M 100c
T••••••• I•• term loan
2 BDCs hold it · matures Mar 31, 2027
$7.5M 83c
T•••• E•••••• I•• term loan
2 BDCs hold it · matures Sep 1, 2029
$7.5M 100c

Schedule of investments at Jun 30, 2025

490 positions

Borrower	Instrument	Principal	Fair value	Rate
C••••••••• T•••••• L•••	equity equity	Not disclosed	$168,000 100c
M• M•••• L••••••• G••••• C•••••• L••• 2•	unstated lien unstated	$555,000	$162,000 34c
C••••••• V••••••• I•••	equity equity	Not disclosed	$156,000 78c
T••• F••••••• I••• 7•	term loan lien unstated	$150,000	$155,000 95c	11.00%
P••••• A• F•••• G••• 3•	term loan lien unstated	$147,000	$153,000 100c	S+775 bp
F•••• L•••• I•••	equity equity	Not disclosed	$151,000 60c
K••• L•••••• I•••	equity equity	Not disclosed	$150,000 100c
O••••••• S•••••• I•••	equity equity	Not disclosed	$143,000 95c
T••• F••••••• I••• 1•	term loan lien unstated	$150,000	$142,000 90c	11.00%
R•••••• L•••• I•••	warrants equity	Not disclosed	$140,000 115c
N•• G•••	warrants equity	Not disclosed	$137,000 79c
M•••••• I•••	warrants equity	Not disclosed	$135,000 45c
F••••••••• I••• 2•	warrants equity	Not disclosed	$135,000 150c
F••••••••• I••• 2•	warrants equity	Not disclosed	$132,000 68c
D•••• G••• 2•	term loan lien unstated	$268,000	$131,000 49c
C••••••• V••••••• I••• 2•	warrants equity	Not disclosed	$131,000 154c
O••• C•••• ••••• G••••• C••••• 1•	equity equity	Not disclosed	$131,000 160c
M••••••• T••••••••• C••••••••• 2•	equity equity	Not disclosed	$130,000 69c
J••• S••••••• 1•	equity equity	Not disclosed	$126,000 36c
E••••• M•••• T••••••••• I••• 1•	term loan lien unstated	$1.0M	$123,000 12c	S+625 bp PIK 6.25%
R••••••••• I••• ••••• M••• M••••••••• I•••• 3•	warrants equity	Not disclosed	$120,000 1091c
T••• F••••••• I••• 1•	term loan lien unstated	$116,000	$119,000 94c	11.00%
E•••••••• A• I•••	warrants equity	Not disclosed	$113,000 61c
E•••• F•••••• G••••• I•••• 1•	warrants equity	Not disclosed	$113,000 179c
T•••••••••	warrants equity	Not disclosed	$113,000 100c
Q•••• C••••••• L••• 2•	term loan lien unstated	$139,000	$111,000 93c	PIK 6.00%
W•••••••• F•••••• L•••••••• L••••••• 1•	unstated lien unstated	$101,000	$111,000 109c	S+475 bp
P••••••• E••••••••• I••••	unstated lien unstated	$110,000	$111,000 100c	S+100 bp
S•••• N••••••••• I•••	warrants equity	Not disclosed	$109,000 279c
T••• F••••••• I••• 4•	term loan lien unstated	$105,000	$109,000 95c	11.00%
U••••••• I•••	warrants equity	Not disclosed	$109,000 248c
R••••••••• I••• ••••• M••• M••••••••• I•••• 1•	warrants equity	Not disclosed	$107,000 129c
B••• T••••••••• I•••	warrants equity	Not disclosed	$107,000 188c
O••• C•••• ••••• G••••• C••••• 2•	warrants equity	Not disclosed	$104,000 160c
L••• O•••••• S•••••••• I•••	warrants equity	Not disclosed	$103,000 178c
T••• F••••••• I••• 1•	term loan lien unstated	$100,000	$101,000 94c	11.00%
O••• C•••• ••••• G••••• C••••• 2•	equity equity	Not disclosed	$101,000 128c
T••• F••••••• I•••	warrants equity	Not disclosed	$100,000 82c
R••••••• H••••• I•••	equity equity	Not disclosed	$100,000 100c
E•••••••• S••••••••• I••• 1•	term loan lien unstated	$322,000	$99,000 30c	S+750 bp PIK 7.50%
E•••••••• S••••••••• I•••• 4•	term loan lien unstated	$322,000	$99,000 31c	S+750 bp PIK 7.50%
T••••••• I•••	warrants equity	Not disclosed	$98,000 85c
O••• C•••• ••••• G••••• C••••• 1•	warrants equity	Not disclosed	$93,000 103c
A••••••••• I••• 2•	warrants equity	Not disclosed	$93,000 581c
Q•••• C••••••• L••• 2•	equity equity	Not disclosed	$93,000 358c
C••••••• V••••••• I••• 4•	warrants equity	Not disclosed	$91,000 100c
B••• T••••••••• I•••	equity equity	Not disclosed	$87,000 109c
R••••• C•••• I•••	warrants equity	Not disclosed	$87,000 100c
H•••• I••• 1•	warrants equity	Not disclosed	$84,000 109c
O••• C•••• ••••• G••••• C••••• 3•	warrants equity	Not disclosed	$83,000 99c
U••••••• T••••••••• I•••	equity equity	Not disclosed	$82,000 82c
P•••• H•••••• I•••	warrants equity	Not disclosed	$79,000 100c
S•••••• I•••	warrants equity	Not disclosed	$78,000 100c
J••• D••••••• I••••	warrants equity	Not disclosed	$77,000 99c
R•••• C•••••••• I••• 1•	warrants equity	Not disclosed	$76,000 127c
L••••••• I•••	warrants equity	Not disclosed	$76,000 115c
P•••••• 1•••• I•••	revolver lien unstated	$350,000	$76,000 21c	S+575 bp
M••••••• T••••••••• C•••••••••	warrants equity	Not disclosed	$76,000 49c
E•••• C•••••••••	warrants equity	Not disclosed	$75,000 100c
P••••••••• I•••	warrants equity	Not disclosed	$75,000 64c
P••• R•••••••• I••• 1•	warrants equity	Not disclosed	$72,000 55c
F••••• I••• 1•	warrants equity	Not disclosed	$71,000 96c
V•••• R•••••••• I•••	warrants equity	Not disclosed	$70,000 23c
K••• L•••••• I•••	warrants equity	Not disclosed	$69,000 96c
M••	equity equity	Not disclosed	$68,000
O•••••••• I••• 1•	warrants equity	Not disclosed	$68,000 219c
T••• F••••••• I•••	equity equity	Not disclosed	$68,000 68c
W••• D••• I••• 1•	warrants equity	Not disclosed	$67,000 122c
Q•••••• C•••••••• I••• 1•	term loan lien unstated	$63,000	$67,000 100c	S+575 bp
C••••••••• F•••••• C••••••••• 2•	warrants equity	Not disclosed	$67,000 140c
E•••••••• S••••••••• I••• 3•	term loan lien unstated	$215,000	$66,000 31c	S+750 bp PIK 7.50%
H•••• T••••••••• I••• 2•	equity equity	Not disclosed	$66,000 100c
C••• A• L•••	warrants equity	Not disclosed	$66,000 80c
H•••• E••••• I•••	equity equity	Not disclosed	$66,000 86c
H•••• I•••	equity equity	Not disclosed	$65,000 112c
S••••• I••• 7•	term loan lien unstated	$111,000	$64,000 56c	S+900 bp
L••••• P•••••••• I•••	warrants equity	Not disclosed	$63,000 72c
S•••••• I••• 1•	equity equity	Not disclosed	$62,000 100c
E•••• F•••••• G••••• I•••• 2•	warrants equity	Not disclosed	$62,000 100c
M••• S•••• I•••	warrants equity	Not disclosed	$62,000 111c
D••••••• I•••	equity equity	Not disclosed	$62,000 89c
G••• O••••• I••••••••• I•••	warrants equity	Not disclosed	$61,000 66c
E••••••• G•••	equity equity	Not disclosed	$59,000 113c
A•• I•••••••••	warrants equity	Not disclosed	$58,000
O•••••• I•••	warrants equity	Not disclosed	$58,000 100c
M••••• I••• 2•	equity equity	Not disclosed	$57,000 438c
F••••••••• I••• 1•	warrants equity	Not disclosed	$57,000 26c
F••••••••• I••• 3•	warrants equity	Not disclosed	$56,000 80c
H•••• I•••	warrants equity	Not disclosed	$54,000 100c
F••• L••••••• 2•	warrants equity	Not disclosed	$54,000 164c
A•••••• P••••• I•••	equity equity	Not disclosed	$54,000 32c
M••••• I••• 3•	equity equity	Not disclosed	$53,000 85c
M••••• I••• 1•	equity equity	Not disclosed	$51,000 165c
P••••••• L•••• I•••	warrants equity	Not disclosed	$51,000 100c
F••••••••• I••• 2•	warrants equity	Not disclosed	$51,000 100c
N•••••• I•••	warrants equity	Not disclosed	$51,000 50c
Q•••••• C•••••••• I•••	equity equity	Not disclosed	$50,000 100c
K•••••• I•••	equity equity	Not disclosed	$50,000 100c
T••••••••• I•••	equity equity	Not disclosed	$50,000 100c
R••••••••• I•••	equity equity	Not disclosed	$50,000 100c

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2021 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: T••••••••• Global Venture Credit, LLCreported
Latest schedule: 0001792509-26-000024reported

Not yet on record: first lien.