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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.

Fair value
$387M
Schedule of investments, 10-Q and 10-K
Borrowers
193
Schedule of investments, 10-Q and 10-K
Mark on cost
92.2¢
Schedule of investments, 10-Q and 10-K
Schedule of investments (492)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. $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•• →
  3. 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
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$387M19392c36474 bp
Mar 31, 2026$394M19191c43473 bp
Dec 31, 2025$772M19792c87484 bp
Sep 30, 2025$362M19590c42517 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$347M18292c42520 bp
Mar 31, 2025$417M17790c28525 bp
Dec 31, 2024$1.2B21394c109523 bp
Sep 30, 2024$438M17596c33545 bp
Jun 30, 2024$415M17096c27557 bp
Mar 31, 2024$444M16397c19573 bp
Dec 31, 2023$548M18697c5573 bp
Sep 30, 2023Not disclosed68n/a0n/a
Jun 30, 2023Not disclosed56n/a0n/a
Mar 31, 2023Not disclosed56n/a0n/a
Dec 31, 2022$442M17597c1611 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2025
993 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A•• I•••••••••preferred equity equityNot disclosed$830,000
100c
B••••••••• T••••••••• H•••••••• L•••equity equityNot disclosed$823,000
100c
B••••••••• T••••••••• H•••••••• L•••equity equityNot disclosed$823,000
100c
S•••••• V•• I•••term loan lien unstated$831,000$818,000
100c
S+350 bp
S•••••• V•• I•••term loan lien unstated$831,000$818,000
100c
S+350 bp
H•••••• C•••••••••term loan lien unstated$741,000$786,000
106c
S+100 bp
H•••••• C•••••••••term loan lien unstated$741,000$786,000
106c
S+100 bp
P••••••• E••••••••• I•••term loan lien unstated$757,000$753,000
100c
S+175 bp
P••••••• E••••••••• I•••term loan lien unstated$757,000$753,000
100c
S+175 bp
A••••••••• I•••preferred equity equityNot disclosed$743,000
576c
A••••••••• I•••preferred equity equityNot disclosed$743,000
576c
S••••• I•••term loan lien unstated$1.7M$735,000
51c
PIK 15.00%
S••••• I•••term loan lien unstated$1.7M$735,000
51c
PIK 15.00%
M••• S••••• I•••term loan lien unstated$713,000$702,000
100c
M••• S••••• I•••term loan lien unstated$713,000$702,000
100c
May 1, 2028
M••••• A• G•••preferred equity equityNot disclosed$696,000
100c
M••••• A• G•••preferred equity equityNot disclosed$696,000
100c
H•••• G••• ••••• C••••• L••••• I••••term loan lien unstated$2.5M$690,000
26c
S+650 bp
H•••• G••• ••••• C••••• L••••• I••••term loan lien unstated$2.5M$690,000
26c
S+650 bp
F•••••••• I•••preferred equity equityNot disclosed$687,000
4580c
F•••••••• I•••preferred equity equityNot disclosed$687,000
4580c
O••••••• H•••••• I•••term loan lien unstated$544,000$680,000
100c
S+350 bp
O••••••• H•••••• I•••term loan lien unstated$544,000$680,000
100c
S+350 bp
T••• H••••••• L••••••preferred equity equityNot disclosed$643,000
125c
T••• H••••••• L••••••preferred equity equityNot disclosed$643,000
125c
Q•••• C••••••• L•••term loan lien unstated$859,000$614,000
80c
PIK 6.00%
Q•••• C••••••• L•••term loan lien unstated$859,000$614,000
80c
PIK 6.00%
Q•••• C••••••• L•••preferred equity equityNot disclosed$613,000
100c
Q•••• C••••••• L•••preferred equity equityNot disclosed$613,000
100c
P•••• B•••••• I•••warrants equityNot disclosed$608,000
195c
P•••• B•••••• I•••warrants equityNot disclosed$608,000
195c
T••• F••••••• I•••preferred equity equityNot disclosed$579,000
475c
T••• F••••••• I•••preferred equity equityNot disclosed$579,000
475c
P••••• A• F•••• G•••term loan lien unstated$515,000$554,000
107c
S+775 bp
P••••• A• F•••• G•••term loan lien unstated$515,000$554,000
107c
S+775 bp
F••••• I•••term loan lien unstated$556,000$553,000
100c
S+400 bp
F••••• I•••term loan lien unstated$556,000$553,000
100c
S+400 bp
S••••• I•••term loan lien unstated$1.3M$546,000
51c
PIK 15.00%
S••••• I•••term loan lien unstated$1.3M$546,000
51c
PIK 15.00%
F••••••••• I•••preferred equity equityNot disclosed$539,000
150c
F••••••••• I•••preferred equity equityNot disclosed$539,000
150c
O••••••• H•••••• I•••preferred equity equityNot disclosed$520,000
2080c
O••••••• H•••••• I•••preferred equity equityNot disclosed$520,000
2080c
F•• H•••••• I•••preferred equity equityNot disclosed$500,000
100c
F•• H•••••• I•••preferred equity equityNot disclosed$500,000
100c
T••• S•••••• I•••preferred equity equityNot disclosed$500,000
100c
T••• S•••••• I•••preferred equity equityNot disclosed$500,000
100c
F••••• I•••term loan lien unstated$500,000$496,000
100c
S+400 bp
M••••• A• G•••term loan lien unstated$429,000$496,000
114c
S+1000 bp
H•••• I•••term loan lien unstated$500,000$496,000
100c
S+300 bp
H•••• I•••term loan lien unstated$500,000$496,000
100c
S+300 bp
M••••• A• G•••term loan lien unstated$429,000$496,000
114c
S+1000 bp
F••••• I•••term loan lien unstated$500,000$496,000
100c
S+400 bpDec 1, 2027
T••••••••• I•••term loan lien unstated$500,000$493,000
100c
S+225 bp
T••••••••• I•••term loan lien unstated$500,000$493,000
100c
S+225 bpDec 1, 2027
M••••• A• G•••term loan lien unstated$480,000$489,000
102c
S+900 bp
S••••• I•••term loan lien unstated$1.1M$489,000
52c
PIK 15.00%
M••••• A• G•••term loan lien unstated$480,000$489,000
102c
S+900 bp
M••••• A• G•••term loan lien unstated$480,000$489,000
102c
S+900 bp
S••••• I•••term loan lien unstated$1.1M$489,000
52c
PIK 15.00%
P••••• A• F•••• G•••term loan lien unstated$425,000$457,000
107c
S+775 bp
P••••• A• F•••• G•••term loan lien unstated$425,000$457,000
107c
S+775 bp
M• M•••• L••••••notes lien unstated$1.7M$454,000
42c
M• M•••• L••••••notes lien unstated$1.7M$454,000
42c
T•• B•••• T•• H•••••••• I•••preferred equity equityNot disclosed$450,000
324c
T•• B•••• T•• H•••••••• I•••preferred equity equityNot disclosed$450,000
324c
S••••• I•••term loan lien unstated$1.0M$441,000
51c
PIK 15.00%
S••••• I•••term loan lien unstated$1.3M$441,000
51c
PIK 15.00%
S••••••• I•••term loan lien unstated$455,000$437,000
95c
S+150 bp
S••••••• I•••term loan lien unstated$455,000$437,000
95c
S+150 bpOct 1, 2028
M••••• I•••preferred equity equityNot disclosed$412,000
70c
M••••• I•••preferred equity equityNot disclosed$412,000
70c
A•••••• A•• I•••preferred equity equityNot disclosed$400,000
100c
A•••••• A•• I•••preferred equity equityNot disclosed$400,000
100c
P••• T•••• P••term loan lien unstated$400,000$398,000
100c
S+100 bp
P••• T•••• P••term loan lien unstated$400,000$398,000
100c
S+100 bp
H•••••• C•••••••••preferred equity equityNot disclosed$366,000
122c
H•••••• C•••••••••preferred equity equityNot disclosed$366,000
122c
F•••••••• I•••preferred equity equityNot disclosed$350,000
100c
F•••••••• I•••preferred equity equityNot disclosed$350,000
100c
U• C••••••• T••••••••• I•••preferred equity equityNot disclosed$348,000
100c
U• C••••••• T••••••••• I•••preferred equity equityNot disclosed$348,000
100c
M• M•••• L••••••term loan lien unstated$1.7M$344,000
60c
M• M•••• L••••••term loan lien unstated$1.7M$344,000
60c
P••••• G•••• I•••term loan lien unstated$343,000$340,000
100c
S+350 bp
P••••• G•••• I•••term loan lien unstated$343,000$340,000
100c
S+350 bp
R••••••••• G•••preferred equity equityNot disclosed$340,000
101c
R••••••••• G•••preferred equity equityNot disclosed$340,000
101c
W••• D••• I•••preferred equity equityNot disclosed$322,000
129c
W••• D••• I•••preferred equity equityNot disclosed$322,000
129c
M••••••• T••••••••• C•••••••••preferred equity equityNot disclosed$319,000
64c
M••••••• T••••••••• C•••••••••preferred equity equityNot disclosed$319,000
64c
W•••••••• F•••••• L•••••••• L••••••term loan lien unstated$296,000$314,000
106c
S+675 bp
W•••••••• F•••••• L•••••••• L••••••term loan lien unstated$296,000$314,000
106c
S+675 bp
W••••••• L•••• I•••term loan lien unstated$300,000$302,000
100c
S+85 bpNov 1, 2027
W••••••• L•••• I•••term loan lien unstated$300,000$302,000
100c
S+85 bp
F•••••••• I•••preferred equity equityNot disclosed$295,000
206c
F•••••••• I•••preferred equity equityNot disclosed$295,000
206c
R•••• L•••• I•••preferred equity equityNot disclosed$275,000
110c
C••••••• V••••••• I•••preferred equity equityNot disclosed$275,000
134c
Page 3 of 10PreviousNext
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.