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P••••• S••••• C•••••• B•• I•••
A business development company traded as PSBD, managed by P••••• S••••• B•• A•••••• L••, holding $1.1B across 205 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
- $1.1B
- Borrowers
- 205
- Mark on cost
- 89.4¢
- First lien
- 87%
Schedule of investments, 10-Q and 10-K
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
- $19.7Mon non-accrual, 2 borrowers
2 borrowers on non-accrual, $19.7M principal; the largest is F•••• B••••• G••••• L•• ($12.8M).
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 F•••• B••••• G••••• L•• → - $6.95Mnewly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $6.95M principal: A•••••••• H•••••••• L•• ($6.95M).
Q2 2026 · The newest credit problems in the book.
- 48 below 80¢$228M principal
48 positions across 30 borrowers marked below 80¢ on cost, $228M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 213 → 205borrowers
Lost a net 8 borrowers in the quarter to Jun 30, 2026, to 205.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1794776 · file 814-01334ShowHide
Fair value
$1.1B
as of Jun 30, 2026
Principal held
$1.2B
debt pieces, the filer's figure
Cost
$1.2B
89c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
319
205 borrowers
First lien
87%
96% debt by fair value
Quarters on the tape
9
since Dec 31, 2023
Facilities held
237
36 sponsors financed
Portfolio through time
Fair value by quarter end$1.1B as of Jun 30, 2026
Dec 31, 2023$4.3B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.1B | 205 | 89c | 13 | 478 bp |
| Mar 31, 2026 | $1.2B | 213 | 90c | 14 | 473 bp |
| Dec 31, 2025 | $2.4B | 211 | 93c | 36 | 484 bp |
| Sep 30, 2025 | $1.3B | 188 | 94c | 13 | 480 bp |
All 9 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.3B | 188 | 95c | 13 | 479 bp |
| Mar 31, 2025 | $5.0B | 192 | 95c | 13 | 477 bp |
| Dec 31, 2024 | $5.5B | 195 | 96c | 26 | 494 bp |
| Sep 30, 2024 | $5.2B | 198 | 97c | 0 | 473 bp |
| Dec 31, 2023 | $4.3B | 183 | 95c | 5 | 485 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- I••••• S•••••••• I•• first lien term loan3 BDCs hold it · matures Jun 1, 2029$12.2M 55c
- R••••• S•••••••• I•• first lien term loan5 BDCs hold it · matures Nov 28, 2028 · possible sponsor C•••• S••••• C••••••$12.0M 96c
- S••••• B• H••••• B• L•• first lien term loan1 BDC hold it · matures Feb 12, 2029$11.6M 87c
- R••••••••• H•••••• C••• first lien term loan12 BDCs hold it · matures Dec 11, 2031 · possible sponsor F•••••••• P•••••••$11.4M 80c
- M•••••• S•••••••• H•••••••• I•• first lien term loan2 BDCs hold it · matures Nov 1, 2030 · possible sponsor T•••• C•••••• M••••••••• L•••$11.4M 58c
- N•••••••• G•••• S•••••••• I•• first lien term loan1 BDC hold it · matures May 31, 2030$11.1M 100c
- N••••••• M••••• H•••••••• I•• first lien term loan2 BDCs hold it · matures Dec 31, 2030$11.0M 103c
- R••• H•••••• G••• first lien term loan2 BDCs hold it · matures Jan 31, 2029$10.5M 98c
- P•••••••• S••••••• I••••••••• first lien term loan2 BDCs hold it · matures Apr 24, 2028$10.5M 77c
- A••••• B••••••• H••••••• L•• first lien term loan4 BDCs hold it · matures Dec 23, 2030$10.5M 101c
- L•• A••••••••• L•• first lien term loan3 BDCs hold it · matures Jun 6, 2031$10.3M 85c
- R•••••••• G••••• I•• first lien term loan3 BDCs hold it · matures Jan 31, 2031 · possible sponsor C••• G•••••• L•$10.3M 69c
Schedule of investments at Sep 30, 2025
266 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| P•••••• G••••• I•••••••• S•••••••• L•• I•••••••• | term loan first lien | $2.0M | $2.0M 101c | SOFR+500 bp | Oct 16, 2028 |
| U•••••••• C••••••••• I•• M•••• | term loan first lien | $2.0M | $2.0M 101c | SOFR+425 bp | Jun 25, 2029 |
| C•• S••••••••• finance (CLO) | notes unsecured or subordinated | $2.0M | $2.0M 101c | SOFR+718 bp | Oct 17, 2038 |
| H••••••• R•••••••• S••••••• I•••••••• | term loan first lien | $2.0M | $2.0M 100c | SOFR+350 bp | Apr 18, 2030 |
| C•••••• D• B•••• L•• M•••• | term loan first lien | $2.0M | $2.0M 101c | SOFR+300 bp | Oct 30, 2030 |
| C•• S••••••••• finance (CLO) | notes unsecured or subordinated | $2.0M | $2.0M 103c | SOFR+775 bp | Apr 20, 2034 |
| T••• H•••••• C•••• C••••••••• and P•••••••• | term loan first lien | $2.0M | $1.9M 96c | SOFR+600 bp | Mar 31, 2028 |
| C•• S••••••••• finance (CLO) | notes unsecured or subordinated | $2.0M | $1.9M 100c | SOFR+782 bp | Oct 20, 2037 |
| R•••••••• G••••• I••• A••• C••••••••• | term loan first lien | $2.0M | $1.8M 95c | SOFR+500 bp | Jan 31, 2028 |
| O••••• M••••• S•• I•• L•• S••••••• | term loan first lien | $3.6M | $1.8M 50c | SOFR+475 bp | Jul 27, 2027 |
| P•••••• C•••• A•••••••• and D•••••• | term loan second lien | $2.9M | $1.7M 60c | SOFR+775 bp | Feb 1, 2029 |
| R••••••• S•••••••• P•••••• L•• H••••••••• P•••••••• and S••••••s | unstated lien unstated | Not disclosed | $1.7M 75c | ||
| A••••••• R••• S••• C•••••• L•• M••••• and M••••• | term loan second lien | $2.8M | $1.6M 59c | SOFR+725 bp | Jun 4, 2029 |
| B••••••• H•••••••• L•• C•••••••• | term loan first lien | $1.6M | $1.6M 101c | SOFR+475 bp | Oct 25, 2029 |
| P•••••• P•• H•••••••• I••• C••••••••• and P•••••••• | term loan first lien | $1.5M | $1.5M 102c | SOFR+500 bp PIK 1.25% | Oct 2, 2028 |
| S•••• G•••• IT S••••••s | term loan first lien | $3.0M | $1.5M 63c | SOFR+375 bp | Aug 28, 2028 |
| R• B••••• I••• A••• C••••••••• | term loan first lien | $1.5M | $1.5M 100c | SOFR+350 bp | Jul 28, 2028 |
| C•• S••••••••• finance (CLO) | notes unsecured or subordinated | $1.5M | $1.5M 103c | SOFR+801 bp | Oct 20, 2038 |
| I••••• S•••••••• I••• S••••••• | term loan second lien | $3.0M | $1.4M 47c | SOFR+725 bp | Jun 1, 2029 |
| T•••• S•••••••• L•• C••••••••• and P•••••••• | term loan first lien | $1.4M | $1.4M 102c | SOFR+550 bp | Nov 30, 2028 |
| L••••••• I••• IT S••••••s | term loan first lien | $4.1M | $1.4M 34c | SOFR+475 bp | Apr 28, 2028 |
| P•••• A••••••••• I• I••• H••••••••• P•••••••• and S••••••s | term loan first lien | $1.3M | $1.3M 100c | SOFR+550 bp | Jun 20, 2028 |
| M•••••• S••••••• H••••••• L•• S••••••• | term loan first lien | $6.3M | $1.3M 21c | SOFR+700 bp PIK 5.50% | Jul 27, 2028 |
| C•• S••••••••• finance (CLO) | notes unsecured or subordinated | $1.3M | $1.2M 96c | SOFR+887 bp | Apr 20, 2034 |
| A••••••• R••• S••• C•••••• L•• M••••• and M••••• | term loan first lien | $1.2M | $1.1M 105c | SOFR+700 bp | Jun 9, 2028 |
| M••••••• A••••••••• I••• D••••••••• Financial S••••••s | term loan first lien | $1.1M | $1.1M 101c | SOFR+475 bp | May 10, 2030 |
| N•• W••• P•••••• L•• H••••••••• P•••••••• and S••••••s | term loan first lien | $1.2M | $1.1M 93c | SOFR+1150 bp PIK 8.00% | May 9, 2030 |
| C••••• U• H•••••• C••••••••• P••••••••• S••••••s | term loan first lien | $1.1M | $1.1M 106c | SOFR+600 bp PIK 1.00% | Apr 29, 2030 |
| C•• S••••••••• finance (CLO) | notes unsecured or subordinated | $1.0M | $1.0M 99c | SOFR+740 bp | Jul 15, 2037 |
| M•••••• S••••••• H••••••• L•• S••••••• | term loan first lien | $949,963 | $966,350 103c | SOFR+625 bp | Jul 27, 2028 |
| K•••••••• F•••• S•••••• C••••••••• and P•••••••• | term loan first lien | $1.9M | $956,906 50c | SOFR+473 bp | Feb 4, 2026 |
| P••• I••••••••• H••••••• I••• IT S••••••s | term loan first lien | $1.7M | $955,440 56c | SOFR+575 bp | Jun 4, 2030 |
| K•••••••• F•••• S•••••• C••••••••• and P•••••••• | term loan first lien | $882,843 | $865,532 99c | SOFR+1000 bp | Oct 27, 2025 |
| T••• H•••••• C•••• C••••••••• and P•••••••• | term loan first lien | $887,543 | $842,336 96c | SOFR+600 bp | Mar 31, 2028 |
| C••••• U• H•••••• C••••••••• P••••••••• S••••••s | term loan first lien | Not disclosed | $821,325 | S+425 bp | May 31, 2030 |
| A•••••••• A••••••••• C••• I••• H•••••, R••••••••• and L•••••• | term loan first lien | $758,343 | $761,186 101c | SOFR+761 bp | Mar 11, 2030 |
| A•••••••• A••••••••• C••• I••• H•••••, R••••••••• and L•••••• | term loan first lien | $735,010 | $738,071 100c | SOFR+550 bp | Mar 11, 2030 |
| G••••• B••••••• L•• I•••••••• | term loan first lien | $718,418 | $729,513 106c | SOFR+450 bp | Sep 29, 2028 |
| C•• E••••• S•••• 2•••••• S•• S••••••••• finance (CLO) | notes unsecured or subordinated | $5.0M | $727,703 39c | Oct 26, 2034 | |
| C•• E••••• L•••• 2•••••• S•• S••••••••• finance (CLO) | notes unsecured or subordinated | $6.4M | $677,127 95c | Jan 17, 2030 | |
| C•• E••••• B•••• 2•••••• S•• S••••••••• finance (CLO) | notes unsecured or subordinated | $4.0M | $640,000 103c | Oct 15, 2030 | |
| M•••••• S••••••• H••••••• L•• S••••••• | term loan first lien | $641,850 | $528,098 83c | SOFR+675 bp | Jul 27, 2028 |
| M•••••• S••••••• H••••••• L•• S••••••• | term loan first lien | $1.2M | $518,944 44c | SOFR+700 bp | Jul 27, 2028 |
| P••• I••••••••• H••••••• I•• IT S••••••s | unstated lien unstated | Not disclosed | $446,440 35c | ||
| I•••••••• T•••••• O•••••••• I• L•• I••••••••• P•••• and R•••••••• E••••••••• P•••••••• | term loan first lien | $400,000 | $403,832 102c | SOFR+350 bp | May 6, 2032 |
| N•• W••• P•••••• L•• H••••••••• P•••••••• and S••••••s One | unstated lien unstated | Not disclosed | $365,364 51c | ||
| N••••••• M••••• H•••••••• I••• H••••••••• P•••••••• and S••••••s | term loan first lien | $291,993 | $291,300 100c | SOFR+375 bp | Feb 18, 2028 |
| D•••••• F•••••••• L•• M•••• | term loan first lien | $235,624 | $236,083 101c | SOFR+500 bp | Aug 2, 2027 |
| F•••• B••••• G••••• L•• A••• C••••••••• | term loan second lien | $3.0M | $231,810 8c | SOFR+850 bp | Mar 24, 2028 |
| P•••••• P•• H•••••••• I••• C••••••••• and P•••••••• | term loan second lien | $2.0M | $217,500 11c | SOFR+675 bp | Sep 30, 2029 |
| U• F•••••••• E••••••••• L•• H••••••••• P•••••••• and S••••••s | term loan first lien | $216,304 | $217,115 101c | SOFR+450 bp | Oct 10, 2031 |
| G••••• B••••••• L•• I•••••••• | term loan first lien | $118,069 | $114,880 100c | SOFR+450 bp | Sep 29, 2028 |
| U••• H•••••••• I••• C••••••••• and E••••••••• | term loan first lien | $112,196 | $113,378 101c | SOFR+525 bp | Sep 10, 2031 |
| D•••• E••••••••• E••••••••, I••••••••• and C••••••••• | term loan first lien | $96,608 | $97,526 112c | SOFR+475 bp | Jul 20, 2029 |
| U••• H•••••••• I••• C••••••••• and E••••••••• | term loan first lien | $67,714 | $68,230 101c | SOFR+550 bp | Sep 10, 2031 |
| M•• S••••••• L•• S••••••• | term loan first lien | $63,637 | $63,653 102c | SOFR+475 bp | Feb 10, 2027 |
| A••••• A••••••• I••• S••••••• | term loan first lien | $51,317 | $51,441 107c | SOFR+475 bp | Jan 30, 2031 |
| N•• W••• P•••••• L•• H••••••••• P•••••••• and S••••••s | unstated lien unstated | Not disclosed | $31,186 133c | ||
| C•• E••••• H•• 1••••• S•• S••••••••• finance (CLO) | notes unsecured or subordinated | Not disclosed | $30,750 106c | Jul 18, 2031 | |
| E•••••• H•••••••• I••• S••••••• | term loan first lien | $20,127 | $13,032 86c | SOFR+550 bp | Dec 22, 2029 |
| M•••• N••••••• D••••••••• T••••••••• S••••••s | unstated lien unstated | Not disclosed | $7,668 25c | ||
| C•• E••••• S•••• 2•••••• S•• S••••••••• finance (CLO) | notes unsecured or subordinated | $2.0M | $4,200 | Dec 29, 2029 | |
| M•••••• B•••• I••••••••• L•• C••••••••• and E••••••••• | term loan first lien | Not disclosed | Not disclosed | S+400 bp | Dec 1, 2028 |
| D••• I••••••••• S••••••••• I••••••••• M••••• S•••••• L•••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| D••• I••••••••• S••••••••• I••••••••• F••••••• I••••••••• M• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••• U• H•••••• C••••••••• P••••••••• S••••••s | term loan first lien | $1.8M | Not disclosed n/a | SOFR+425 bp | May 31, 2030 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-333791reported