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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 Sep 30, 2022
726 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
G•• D• C••••••• C• L• ••••••••• L•••preferred equity equityNot disclosed$1.9M
133c
T•••••• M•••• B••••• I•••unstated lien unstated$2.0M$1.8M
94c
S+350 bpDec 17, 2026
A•• G•••• H••••••• L•equity equityNot disclosed$1.8M
108c
P••••• S••••• C•• 2•••••• L•••
Structured finance (CLO)
unstated lien unstated$2.0M$1.7M
91c
S+650 bpMay 21, 2034
C••••• H•••••••• I•••unstated lien unstated$1.7M$1.7M
100c
S+575 bpFeb 5, 2026
F•••••• S•unstated lien unstated$1.5M$1.4M
97c
S+200 bpJan 29, 2029
C••••••• P•••••• L••equity equityNot disclosed$1.3M
94c
G•••••• C•••••••••unstated lien unstated$1.3M$1.2M
97c
S+250 bpJan 24, 2029
Z••• G•••• H•••••••• I•••unstated lien unstated$1.3M$1.1M
89c
S+300 bpMar 9, 2027
N•• H•••• H•••••••• L•••preferred equity equityNot disclosed$1.1M
100c
S•••••• C•••••• H•••••••• I•••unstated lien unstated$1.1M$979,000
105c
S+550 bpJun 18, 2026
R•••••••• T••••••••• G•••••unstated lien unstated$1.2M$855,000
76c
S+275 bpFeb 15, 2028
G••• S••••• M••••••• 5• L•••unstated lien unstated$1.0M$840,000
88c
S+675 bpApr 15, 2034
A••••• F•••••••• S•••unstated lien unstated$994,000$763,000
76c
S+575 bpAug 15, 2029
N••••••••• U•• L••unstated lien unstated$1.0M$749,000
90c
S+513 bpJul 15, 2029
C••••••••• I•••unstated lien unstated$749,000$694,000
98c
S+325 bpApr 6, 2026
E••••••••• H•••••• L••unstated lien unstatedNot disclosed$665,000
82c
M•••••• T••••• I•••unstated lien unstatedNot disclosed$116,000
93c
S••• H••••• I•••unstated lien unstated$23,000$20,000
87c
S+400 bpMar 4, 2028
O••• C•••••••••unstated lien unstated$6,000$6,000
100c
S+325 bpOct 14, 2024
F•••unstated lien unstatedNot disclosedNot disclosed
T••••unstated lien unstatedNot disclosedNot disclosed
I••••••••• O••unstated lien unstatedNot disclosedNot disclosed
F•••unstated lien unstatedNot disclosedNot disclosed
C•• G•••••• I•••unstated lien unstatedNot disclosedNot disclosed6.87%Oct 8, 2028
T••unstated lien unstatedNot disclosedNot disclosed
Page 8 of 8Previous
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.