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T••••••••• P•••••• V•••••• C••••• I•••
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 · the latest schedule of investments read for this BDC
- Fair value
- $387M
- Borrowers
- 193
- Mark on cost
- 92.2¢
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $24Mon 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•• → - $7Mnewly 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.
- 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 814-01327ShowHide
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
15
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 quartersShow fewer
| 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
- New borrower on a BDC scheduleJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Largest facilities held, with co-lenders
- F•••• B•••••• L•• term loan2 BDCs hold it · matures May 1, 2027$25.1M 89c
- F••••••••• I•• term loan2 BDCs hold it · matures Jun 1, 2027$10.5M 100c
- V••••••••• I•• term loan2 BDCs hold it · matures Sep 1, 2029$10.0M 100c
- H•••••• I•• term loan2 BDCs hold it · matures Dec 1, 2027$9.9M 80c
- S••••• I•• term loan1 BDC hold it$9.6M 40c
- P••••••• E••••••••• I•• term loan2 BDCs hold it · matures Sep 1, 2028$9.5M 100c
- S•••••• I•• term loan2 BDCs hold it · matures Dec 1, 2028$9.0M 100c
- P••••••• I•• term loan2 BDCs hold it · matures Aug 23, 2031$8.9M 100c
- S•••••• I•• term loan2 BDCs hold it · matures May 1, 2030$8.4M 95c
- C•••••••• G•••• L•• term loan2 BDCs hold it · matures Jun 10, 2031$8.0M 100c
- T••••••• I•• term loan2 BDCs hold it · matures Mar 31, 2027$7.5M 83c
- T•••• E•••••• I•• term loan2 BDCs hold it · matures Sep 1, 2029$7.5M 100c
Schedule of investments at Sep 30, 2025
519 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A••••••••• I••• 1• | warrants equity | Not disclosed | $743,000 576c | ||
| H•••••• C••••••••• D••• I••••••••• | term loan lien unstated | $741,000 | $739,000 100c | S+100 bp | |
| T••••• M••••••• I••• 2• | term loan lien unstated | $733,000 | $728,000 98c | S+475 bp | |
| C••••• L••••• I••• 1• | term loan lien unstated | $2.5M | $690,000 26c | S+650 bp | |
| Q•••• C••••••• L••• 1• | term loan lien unstated | $846,000 | $664,000 90c | PIK 6.00% | |
| Q•••• C••••••• L••• 1• | equity equity | Not disclosed | $663,000 109c | ||
| T••• F••••••• I••• 2• | term loan lien unstated | $720,000 | $650,000 86c | 11.00% | |
| S••••• I••• 2• | term loan lien unstated | $1.2M | $646,000 60c | PIK 15.00% | |
| B•••• a•• W••• M•••• 2• L•••••• 3• | term loan lien unstated | $515,000 | $644,000 118c | 10.50% | |
| T••• P••••••• L•••••• | equity equity | Not disclosed | $642,000 125c | ||
| M••••••••• N•••••••• I••• | revolver lien unstated | $2.6M | $633,000 24c | S+1225 bp PIK 12.25% | |
| K•••• F•••••••• T••••••••• I••••••••• 1• | warrants equity | Not disclosed | $633,000 696c | ||
| P•••• B•••••• I••• | warrants equity | Not disclosed | $608,000 195c | ||
| B•••• a•• W••• M•••• 2• L•••••• 2• | term loan lien unstated | $475,000 | $595,000 119c | 10.50% | |
| S••••• I••• 1• | term loan lien unstated | $1.1M | $578,000 61c | PIK 15.00% | |
| F••••• I•••• 2• | term loan lien unstated | $556,000 | $552,000 100c | S+400 bp | |
| P••••• A• F•••• G••• 4• | term loan lien unstated | $515,000 | $551,000 107c | S+1350 bp | |
| P••••• G•••• I••• | term loan lien unstated | $550,000 | $550,000 100c | S+350 bp | |
| N•••••• O•• W•••• A• 1• | term loan lien unstated | $635,000 | $546,000 92c | S+825 bp PIK 8.25% | |
| A••••••• S•••• T••••••••• C•••• | warrants equity | Not disclosed | $543,000 572c | ||
| J•••• S•••••••• I••• 1• | term loan lien unstated | $500,000 | $541,000 100c | 10.00% | |
| F••••••••• I••• 1• | warrants equity | Not disclosed | $539,000 150c | ||
| T••• F••••••• I••• 2• | term loan lien unstated | $565,000 | $537,000 90c | 11.00% | |
| A•••• H•••••• I••• 1• | term loan lien unstated | $500,000 | $534,000 100c | S+800 bp | |
| J•••• S•••••••• I••• 2• | term loan lien unstated | $500,000 | $529,000 100c | 13.75% | |
| A•••• H•••••• I••• 2• | term loan lien unstated | $500,000 | $528,000 100c | S+800 bp | |
| S••••• I••• 6• | term loan lien unstated | $995,000 | $522,000 60c | PIK 15.00% | |
| O••••••• H•••••• I••• 2• | warrants equity | Not disclosed | $520,000 2080c | ||
| C••••• C••••••••• I••• 3• | term loan lien unstated | $1.3M | $512,000 39c | S+875 bp | |
| T••• S•••••• I••• | equity equity | Not disclosed | $500,000 100c | ||
| F•• H•••••• I••• | equity equity | Not disclosed | $500,000 100c | ||
| F••••• I•••• 3• | term loan lien unstated | $500,000 | $495,000 100c | S+400 bp | |
| H•••• I•••• 2• | term loan lien unstated | $500,000 | $494,000 100c | S+300 bp | |
| T••••••••• I••• | unstated lien unstated | $500,000 | $489,000 100c | S+225 bp | |
| M••••• A• G••• 1• | unstated lien unstated | $429,000 | $488,000 113c | S+1000 bp | |
| M••••• A• G••• 2• | unstated lien unstated | $480,000 | $482,000 101c | S+900 bp | |
| R•••• N••••••• I••• | revolver lien unstated | $2.4M | $475,000 19c | S+575 bp PIK 5.75% | |
| T•• B•••• T•• H•••••••• I••• | warrants equity | Not disclosed | $468,000 327c | ||
| T••• F••••••• I••• 5• | term loan lien unstated | $440,000 | $455,000 94c | 14.00% | |
| M• M•••• L••••••• C••••••••• | notes lien unstated | $1.7M | $454,000 42c | ||
| P••••• A• F•••• G••• 5• | term loan lien unstated | $425,000 | $454,000 107c | S+1450 bp | |
| S•••••• I••• 2• | term loan lien unstated | $455,000 | $433,000 95c | S+150 bp | |
| T••• F••••••• I••• 2• | term loan lien unstated | $400,000 | $419,000 90c | 14.00% | |
| M••••• I••• | warrants equity | Not disclosed | $412,000 70c | ||
| A•••••• A•• I••• | equity equity | Not disclosed | $400,000 100c | ||
| T••• F••••••• I••• 2• | term loan lien unstated | $434,000 | $390,000 86c | 11.00% | |
| F•••••••• I••• | warrants equity | Not disclosed | $353,000 2353c | ||
| T••• F••••••• I••• 1• | term loan lien unstated | $361,000 | $346,000 90c | 11.00% | |
| M• M•••• L••••••• G••••• C•••••• L••• 1• | notes lien unstated | $1.7M | $344,000 60c | ||
| R••••••••• G•••• | warrants equity | Not disclosed | $340,000 101c | ||
| T••• H••••••• L•••••• | warrants equity | Not disclosed | $339,000 753c | ||
| H••••••••• I•• 1• | term loan lien unstated | $332,000 | $331,000 100c | 17.25% | |
| N•••••• O•• W•••• A• 2• | term loan lien unstated | $356,000 | $327,000 99c | S+825 bp PIK 8.25% | |
| D•••• G••• 1• | term loan lien unstated | $723,000 | $326,000 45c | ||
| P•• F••• I••• | equity equity | Not disclosed | $323,000 162c | ||
| W••• D••• I••• | equity equity | Not disclosed | $322,000 129c | ||
| W•••••••• F•••••• L•••••••• L••••••• 3• | unstated lien unstated | $305,000 | $320,000 106c | S+675 bp | |
| M••••••• T••••••••• C••••••••• 3• | equity equity | Not disclosed | $319,000 64c | ||
| T••• F••••••• I••• 1• | term loan lien unstated | $300,000 | $305,000 95c | 14.00% | |
| W••••••• L•••• I••• | term loan lien unstated | $300,000 | $301,000 100c | S+85 bp | |
| H•••••• C••••••••• | equity equity | Not disclosed | $299,000 100c | ||
| P••••• A• F•••• G••• 1• | term loan lien unstated | $243,000 | $280,000 100c | S+775 bp | |
| C••••••• V••••••• I••• 3• | warrants equity | Not disclosed | $275,000 134c | ||
| S•••••• I••• 2• | equity equity | Not disclosed | $271,000 60c | ||
| F••••••••• I••• | equity equity | Not disclosed | $268,000 98c | ||
| O••• C•••• ••••• G••••• C••••• 4• | warrants equity | Not disclosed | $265,000 315c | ||
| S•••• I••• | warrants equity | Not disclosed | $265,000 465c | ||
| T••• F••••••• I••• 1• | term loan lien unstated | $250,000 | $259,000 95c | 14.00% | |
| L••••• P•••••••• I••• | equity equity | Not disclosed | $250,000 100c | ||
| R•••• L•••• I••• | equity equity | Not disclosed | $250,000 100c | ||
| C••••• I••••••••• I••• | equity equity | Not disclosed | $250,000 100c | ||
| O•••••• F••• I• L• | equity equity | Not disclosed | $250,000 100c | ||
| S••••• I•••••••• I••• | equity equity | Not disclosed | $244,000 98c | ||
| D•••• G••• 4• | term loan lien unstated | $529,000 | $244,000 49c | ||
| A••••••••• I••• | equity equity | Not disclosed | $235,000 235c | ||
| S••••••• I••• | warrants equity | Not disclosed | $233,000 245c | ||
| A•• I•••••• H•••••• I••• | warrants equity | Not disclosed | $231,000 100c | ||
| F••••••••• I••• 3• | warrants equity | Not disclosed | $231,000 100c | ||
| T••• F••••••• I••• 3• | term loan lien unstated | $220,000 | $228,000 95c | 14.00% | |
| H•••• T••••••••• I••• 1• | equity equity | Not disclosed | $228,000 115c | ||
| A••••••••• I••• 3• | warrants equity | Not disclosed | $223,000 279c | ||
| T••• F••••••• I••• 1• | term loan lien unstated | $216,000 | $221,000 94c | 14.00% | |
| P••••• A• F•••• G••• | equity equity | Not disclosed | $219,000 88c | ||
| W•••••••• F•••••• L•••••••• L••••••• 1• | unstated lien unstated | $207,000 | $219,000 104c | S+475 bp | |
| L••••• H••••• I••• | warrants equity | Not disclosed | $216,000 584c | ||
| T••• F••••••• I••• 2• | term loan lien unstated | $240,000 | $215,000 86c | 11.00% | |
| T••• F••••••• I••• 6• | term loan lien unstated | $208,000 | $215,000 94c | 14.00% | |
| H••••••••• I••• 2• | term loan lien unstated | $214,000 | $213,000 100c | 18.00% | |
| T••• F••••••• I••• 1• | term loan lien unstated | $200,000 | $202,000 95c | 14.00% | |
| F•••••••• I••• | equity equity | Not disclosed | $195,000 136c | ||
| H•••• T••••••••• I••• | warrants equity | Not disclosed | $192,000 384c | ||
| S•••••••• I••• | warrants equity | Not disclosed | $187,000 890c | ||
| L••••• H••••• I••• | equity equity | Not disclosed | $187,000 100c | ||
| C•••••••• I••• 1• | warrants equity | Not disclosed | $184,000 155c | ||
| Q•••••• C•••••••• I••• 2• | term loan lien unstated | $173,000 | $182,000 100c | S+575 bp | |
| C•••••••• I••• | warrants equity | Not disclosed | $180,000 100c | ||
| H•••••••• I••• 1• | warrants equity | Not disclosed | $180,000 122c | ||
| M••••••• T••••••••• C••••••••• 1• | equity equity | Not disclosed | $179,000 69c | ||
| T••• F••••••• I••• 1• | term loan lien unstated | $170,000 | $176,000 95c | 14.00% | |
| A•••• G••••• I••• 1• | warrants equity | Not disclosed | $173,000 131c |
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.