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B••••••••• P•••••• C••••• F•••

Business development companymanaged by B••••••••• P•••••• C••••• S••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by B••••••••• P•••••• C••••• S••••••••• L••, holding $87B across 964 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$87B
Schedule of investments, 10-Q and 10-K
Borrowers
964
Schedule of investments, 10-Q and 10-K
Mark on cost
96.6¢
Schedule of investments, 10-Q and 10-K
Schedule of investments (2,411)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $2.41B
    on non-accrual, 17 borrowers

    17 borrowers on non-accrual, $2.41B principal; the largest is M•••••••• I•• ($1.17B).

    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 M•••••••• I•• →
  2. $49.4M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $49.4M principal: C•• G•••••• I•• ($49.4M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open C•• G•••••• I•• →
  3. 141 below 80¢
    $5.68B principal

    141 positions across 80 borrowers marked below 80¢ on cost, $5.68B principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 124 → 140
    loans paying in kind

    Loans paying in kind rose from 124 to 140 positions in the quarter to Jun 30, 2026.

    Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
  5. 1034 → 964
    borrowers

    Lost a net 70 borrowers in the quarter to Jun 30, 2026, to 964.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
Every headline figure, and the identifiersCIK 1803498 · file 814-01358Show
Fair value
$87B
as of Jun 30, 2026
Principal held
$85B
debt pieces, the filer's figure
Cost
$90B
97c on cost, debt pieces
Unfunded
$20B
commitments not yet drawn
Positions
2,411
964 borrowers
First lien
not established
92% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
1,247
88 sponsors financed
Portfolio through time
Fair value by quarter end$87B as of Jun 30, 2026
Dec 31, 2021$36B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$87B96497c140434 bp
Mar 31, 2026$91B1,03498c124435 bp
Dec 31, 2025$94B1,06099c137440 bp
Sep 30, 2025$86B1,01499c113446 bp
All 17 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$82B98399c108455 bp
Mar 31, 2025$80B94899c100464 bp
Dec 31, 2024$152B92199c194476 bp
Sep 30, 2024$68B83299c69488 bp
Jun 30, 2024$63B78699c50490 bp
Mar 31, 2024$61B71199c43500 bp
Dec 31, 2023$65B70099c41489 bp
Sep 30, 2023$56B63999c35504 bp
Jun 30, 2023$55B62798c19501 bp
Mar 31, 2023$56B57198c23500 bp
Dec 31, 2022$70B89798c21474 bp
Sep 30, 2022$50B60698c4509 bp
Dec 31, 2021$36B470100c0501 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, 2021
627 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M•••••• I••••••••• H•••••••• L••unstated lien unstated$2.0M$2.0M
99c
S+375 bpOct 19, 2027
C••• • C••• P••••••• L••unstated lien unstated$2.0M$2.0M
101c
S+350 bpFeb 9, 2026
P•••••• V•• A•••••••• L••unstated lien unstated$2.0M$2.0M
100c
S+375 bpMar 31, 2027
A•••••••• L••unstated lien unstated$2.0M$2.0M
100c
S+350 bpFeb 15, 2027
P•••• B•••••••• H•••••••• L••equity equityNot disclosed$2.0M
100c
P•••• B•••••••• H•••••••• L••equity equityNot disclosed$2.0M
100c
M••• H•••••••• L•••equity equityNot disclosed$1.9M
180c
M••• H•••••••• L•••equity equityNot disclosed$1.9M
180c
G•• D• C••••••• C• L• ••••••••• L•••preferred equity equityNot disclosed$1.8M
127c
A•• G•••• H••••••• L•equity equityNot disclosed$1.8M
108c
J•••••• H•••••••• L• • A••equity equityNot disclosed$1.8M
148c
J•••••• H•••••••• L• • A••equity equityNot disclosed$1.8M
148c
G•• D• C•••••••• E•• L• ••• A••••••••• H•••••••• L••equity equityNot disclosed$1.6M
277c
C••••••• P•••••• L••equity equityNot disclosed$1.4M
100c
N•• H•••• H•••••••• L•••preferred equity equityNot disclosed$1.2M
107c
N•• H•••• H•••••••• L•••preferred equity equityNot disclosed$1.2M
107c
P•••••• B•••• P••••••••• L••unstated lien unstated$990,000$990,000
100c
S+350 bpJun 1, 2026
A••••• F•••••••• S•••unstated lien unstated$994,000$986,000
98c
S+575 bpAug 15, 2029
P•••• A••••••••• I• I•••unstated lien unstated$398,000$397,000
100c
S+400 bpJun 22, 2026
C••••• H•••••• I•••equity equityNot disclosed$233,000
186c
N•• A••••••••• C•••• •••••••••revolver lien unstated$214,000$180,000
135c
S+575 bpMar 9, 2027
N•• A••••••••• C••••revolver lien unstated$214,000$180,000
135c
S+575 bpMar 9, 2027
I•••••••••unstated lien unstatedNot disclosedNot disclosedS+50 bp
I•••••••••unstated lien unstatedNot disclosedNot disclosedS+75 bp
I•••••••••unstated lien unstatedNot disclosedNot disclosedS+100 bp
I•••••••••unstated lien unstatedNot disclosedNot disclosedS+150 bp
I•••••••••unstated lien unstatedNot disclosedNot disclosedS+125 bp
Page 7 of 7Previous
Registration
Fiscal year end
1231reported
Incorporated
unknownreported
On the SEC BDC report
2021 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001803498-26-000048reported

Not yet on record: first lien.