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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 |
|---|---|---|---|---|---|
| K• H•••••• I••• | warrants equity | Not disclosed | $169,000 90c | ||
| C••••••••• T•••••• L••• | equity equity | Not disclosed | $168,000 100c | ||
| D••• S••••••• C•••• | warrants equity | Not disclosed | $167,000 100c | ||
| W•••••••• F•••••• L•••••••• L••••••• 2• | unstated lien unstated | $141,000 | $167,000 110c | S+675 bp | |
| T•••• E•••••• I••• | warrants equity | Not disclosed | $157,000 100c | ||
| T••• F••••••• I••• 7• | term loan lien unstated | $150,000 | $156,000 94c | 14.00% | |
| C••••••• V••••••• I••• | equity equity | Not disclosed | $156,000 78c | ||
| P••••••••• I••• | warrants equity | Not disclosed | $155,000 131c | ||
| F•••• L•••• I••• | equity equity | Not disclosed | $151,000 60c | ||
| K••• L•••••• I••• | equity equity | Not disclosed | $150,000 100c | ||
| P••••• A• F•••• G••• 2• | term loan lien unstated | $137,000 | $147,000 100c | S+775 bp | |
| I••••• T••••••••• I••• | warrants equity | Not disclosed | $147,000 100c | ||
| T••• F••••••• I••• 1• | term loan lien unstated | $150,000 | $144,000 91c | 11.00% | |
| O••••••• S•••••• I••• | equity equity | Not disclosed | $143,000 95c | ||
| R•••••• L•••• I••• | warrants equity | Not disclosed | $140,000 115c | ||
| F••••••••• I••• 2• | warrants equity | Not disclosed | $135,000 150c | ||
| P••••• A• F•••• G••• 3• | term loan lien unstated | $128,000 | $135,000 100c | S+775 bp | |
| D•••• R•• O••• I••• 2• | term loan lien unstated | $47,000 | $135,000 100c | S+500 bp | |
| M•••••• I••• | warrants equity | Not disclosed | $135,000 45c | ||
| N•• G••• | warrants equity | Not disclosed | $134,000 77c | ||
| F••••••••• I••• 2• | warrants equity | Not disclosed | $132,000 68c | ||
| O••• C•••• ••••• G••••• C••••• 1• | equity equity | Not disclosed | $131,000 160c | ||
| C••••••• V••••••• I••• 2• | warrants equity | Not disclosed | $131,000 154c | ||
| M••••••• T••••••••• C••••••••• 2• | equity equity | Not disclosed | $130,000 69c | ||
| D•••• G••• 2• | term loan lien unstated | $268,000 | $130,000 49c | ||
| H•••• E••••• I••• | equity equity | Not disclosed | $129,000 168c | ||
| J••• S••••••• 1• | equity equity | Not disclosed | $126,000 36c | ||
| F••••••••• I••• 1• | warrants equity | Not disclosed | $122,000 106c | ||
| R••••••••• I••• ••••• M••• M••••••••• I•••• 3• | warrants equity | Not disclosed | $120,000 1091c | ||
| T••• F••••••• I••• 1• | term loan lien unstated | $116,000 | $120,000 94c | 14.00% | |
| A•••• H•••••• I••• | warrants equity | Not disclosed | $114,000 393c | ||
| T••••••••• | warrants equity | Not disclosed | $113,000 100c | ||
| E•••••••• A• I••• | warrants equity | Not disclosed | $113,000 61c | ||
| E•••• F•••••• G••••• I•••• 1• | warrants equity | Not disclosed | $113,000 179c | ||
| Q•••• C••••••• L••• 2• | term loan lien unstated | $141,000 | $111,000 90c | PIK 6.00% | |
| T••• F••••••• I••• 4• | term loan lien unstated | $105,000 | $110,000 95c | 14.00% | |
| S•••• N••••••••• I••• | warrants equity | Not disclosed | $109,000 279c | ||
| 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 | ||
| H•••• E••••• I••• 1• | warrants equity | Not disclosed | $106,000 200c | ||
| 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 | $102,000 95c | 14.00% | |
| O••• C•••• ••••• G••••• C••••• 2• | equity equity | Not disclosed | $101,000 128c | ||
| M• M•••• L••••••• G••••• C•••••• L••• 2• | notes lien unstated | $555,000 | $101,000 21c | ||
| R••••••• H••••• I••• | equity equity | Not disclosed | $100,000 100c | ||
| T••• F••••••• I••• | warrants equity | Not disclosed | $100,000 82c | ||
| T••••••• I••• | warrants equity | Not disclosed | $98,000 85c | ||
| E•••••••• S••••••••• I•••• 4• | term loan lien unstated | $322,000 | $98,000 31c | S+750 bp PIK 7.50% | |
| E•••••••• S••••••••• I••• 1• | term loan lien unstated | $322,000 | $98,000 30c | S+750 bp PIK 7.50% | |
| O••• C•••• ••••• G••••• C••••• 1• | warrants equity | Not disclosed | $93,000 103c | ||
| A••••••••• I••• 2• | warrants equity | Not disclosed | $93,000 581c | ||
| C••••••• V••••••• I••• 4• | warrants equity | Not disclosed | $91,000 100c | ||
| U•••• S•••••• I••• | warrants equity | Not disclosed | $88,000 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 | ||
| S••••• I••• 7• | term loan lien unstated | $145,000 | $76,000 66c | PIK 15.00% | |
| M••••••• T••••••••• C••••••••• | warrants equity | Not disclosed | $76,000 49c | ||
| P•••••• 1•••• I••• | revolver lien unstated | $350,000 | $76,000 21c | S+575 bp | |
| R•••• C•••••••• I••• 1• | warrants equity | Not disclosed | $76,000 127c | ||
| L••••••• I••• | warrants equity | Not disclosed | $76,000 115c | ||
| E•••• C••••••••• | warrants equity | Not disclosed | $75,000 100c | ||
| 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 | ||
| T••• F••••••• I••• | equity equity | Not disclosed | $68,000 68c | ||
| M•• | equity equity | Not disclosed | $68,000 | ||
| C••••••••• F•••••• C••••••••• 2• | warrants equity | Not disclosed | $67,000 140c | ||
| W••• D••• I••• 1• | warrants equity | Not disclosed | $67,000 122c | ||
| C••• A• L••• | warrants equity | Not disclosed | $66,000 80c | ||
| L••••• P•••••••• I••• 1• | warrants equity | Not disclosed | $66,000 75c | ||
| H•••• T••••••••• I••• 2• | equity equity | Not disclosed | $66,000 100c | ||
| H•••• I••• | equity equity | Not disclosed | $65,000 112c | ||
| E•••••••• S••••••••• I••• 3• | term loan lien unstated | $215,000 | $65,000 31c | S+750 bp PIK 7.50% | |
| M••• S•••• I••• | warrants equity | Not disclosed | $64,000 114c | ||
| D••••••• I••• | equity equity | Not disclosed | $62,000 89c | ||
| E•••• F•••••• G••••• I•••• 2• | warrants equity | Not disclosed | $62,000 100c | ||
| 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 | ||
| 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 | ||
| Q•••••• C•••••••• I••• 1• | term loan lien unstated | $52,000 | $56,000 100c | S+575 bp | |
| H•••• I••• | warrants equity | Not disclosed | $54,000 100c | ||
| A•••••• P••••• I••• | equity equity | Not disclosed | $54,000 32c | ||
| M••••• I••• 3• | equity equity | Not disclosed | $53,000 85c | ||
| N•••••• I••• | warrants equity | Not disclosed | $51,000 50c | ||
| M••••• I••• 1• | equity equity | Not disclosed | $51,000 165c | ||
| P••••••• L•••• I••• | warrants equity | Not disclosed | $51,000 100c | ||
| T••••••••• I••• | equity equity | Not disclosed | $50,000 100c | ||
| Q•••••• C•••••••• I••• | equity equity | Not disclosed | $50,000 100c | ||
| K•••••• I••• | equity equity | Not disclosed | $50,000 100c | ||
| R••••••••• I••• | equity equity | Not disclosed | $50,000 100c |
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.