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B••••••••• P•••••• C••••• F•••

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
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 Jun 30, 2026
2,411 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A•••• C• A••••••••• C••••revolver lien unstated$8.3M$762,000
13c
S+450 bpMay 25, 2029
B•••••• P••••••••• I•••unstated lien unstated$759,000$761,000
101c
S+325 bpFeb 4, 2033
G••••• B•••••••• L••unstated lien unstated$755,000$753,000
100c
S+450 bpSep 29, 2028
S••• U•• H•••••••• L••unstated lien unstated$745,000$745,000
100c
S+400 bpNov 8, 2032
A•••• B•••• I••••••••• L•••unstated lien unstated$1.1M$744,000
95c
S+500 bpJan 14, 2033
E• A••••••• L••unstated lien unstated$735,000$738,000
101c
S+325 bpFeb 10, 2031
C••• • C••• P••••••• L••unstated lien unstated$1.9M$736,000
40c
S+375 bpDec 29, 2028
B•• I••••••••• H•••••• L••unstated lien unstated$731,000$730,000
100c
S+275 bpApr 25, 2031
E••••• A••••• H•••••• I•••unstated lien unstated$718,000$718,000
100c
S+175 bpOct 31, 2032
G• D•••• O•••••••• C•• L••unstated lien unstated$735,000$718,000
98c
S+175 bpMay 30, 2031
H••••• G•••• V•••••••• B•••••••• L••unstated lien unstated$702,000$701,000
100c
S+200 bpJan 17, 2031
S••• G••••• L•••••••• N••••••• L••delayed draw term loan lien unstated$700,000$700,000
100c
S+1050 bp
PIK 9.50%
Nov 27, 2029
L•••• P•••••• I•••unstated lien unstated$777,000$699,000
94c
S+425 bpSep 26, 2031
J••• F••••••••• L••unstated lien unstated$694,000$695,000
100c
S+350 bpFeb 26, 2032
C••••••••• H•••••••• L•• • C•••• A• C•••••••••preferred equity equityNot disclosed$689,000
111c
G•••• S••• B•••• P••• L•••delayed draw term loan lien unstated$1.0M$689,000
106c
S+475 bpNov 15, 2031
M••••• B••••• I•••unstated lien unstated$684,000$687,000
101c
S+400 bpApr 15, 2033
G•••••• C••••unstated lien unstated$671,000$672,000
100c
S+200 bpJan 24, 2029
A••••••• B••••••• • C••••••••• S••••• C•• I•••unstated lien unstated$669,000$671,000
100c
S+175 bpJan 31, 2031
M••••• C•• W••• H•••••••• I•••unstated lien unstated$664,000$666,000
100c
S+275 bpMar 27, 2031
I•••• N•••• A•••••• H••••••• I•••unstated lien unstated$663,000$662,000
100c
S+200 bpNov 2, 2031
G•• P••••••• H•••••• C•••••• I•• L••revolver lien unstated$658,000$658,000
114c
S+500 bpMar 3, 2030
T••• B••••• L••delayed draw term loan lien unstated$666,000$655,000
99c
S+400 bpOct 29, 2032
F•••• U• B••••• I•••unstated lien unstated$652,000$654,000
100c
S+275 bpFeb 21, 2031
L••••••• I•••unstated lien unstated$647,000$646,000
100c
S+200 bpMay 9, 2033
C••••• M•••• 2• S•• r••• • A••••••••• V•••••• U••••unstated lien unstatedNot disclosed$645,000
65c
R•••• L••delayed draw term loan lien unstated$648,000$644,000
100c
S+350 bpNov 5, 2032
C•••••• V••••• B••••delayed draw term loan lien unstated$758,000$642,000
85c
S+575 bpFeb 23, 2029
L•••• • W••••• I••••••••• I•••unstated lien unstated$639,000$641,000
100c
S+200 bpApr 16, 2029
R••••••• I••••••••• M•••••••• I•••unstated lien unstated$937,000$638,000
69c
S+650 bpOct 30, 2028
M•••••••• S•••unstated lien unstated$558,000$635,000
98c
S+425 bpJul 15, 2032
C•••• F••••••• L••unstated lien unstated$625,000$624,000
100c
S+200 bpJan 30, 2033
S••••••••• I•••warrants equityNot disclosed$617,000
Q•••• E••••••••• I•••unstated lien unstated$601,000$603,000
101c
S+200 bpNov 1, 2032
C•••• S••••••• G••••• I•••unstated lien unstated$693,000$602,000
87c
S+325 bpAug 13, 2032
C•••• B••••• L•••delayed draw term loan lien unstated$595,000$595,000
101c
S+475 bpMar 31, 2032
M•• G•••• L••unstated lien unstated$590,000$592,000
100c
S+325 bpJul 21, 2028
A•••• C• A••••••••• C••••revolver lien unstated$6.2M$570,000
13c
S+450 bp
PIK 3.25%
May 25, 2029
S••••••••• I•••unstated lien unstated$627,000$567,000
96c
S+500 bpDec 18, 2029
E••••••••• H•••••• L••equity equityNot disclosed$558,000
69c
D•••••• A••••••••• C•• I•••unstated lien unstated$547,000$549,000
101c
S+200 bpOct 31, 2031
R•••••• F••••••• I•••unstated lien unstated$539,000$540,000
100c
S+200 bpJun 13, 2031
B••••••• P••••••••• I•••unstated lien unstated$528,000$528,000
100c
S+175 bpApr 27, 2033
S••••••• I••••••••• I•••unstated lien unstated$521,000$522,000
100c
S+175 bpSep 22, 2028
Q••••• A••••••••• L••unstated lien unstated$620,000$520,000
84c
S+225 bpJun 28, 2030
C••• • M•••• L•unstated lien unstated$515,000$515,000
100c
S+200 bpJul 1, 2033
C•••••• U• M•••• I••• L•delayed draw term loan lien unstated$512,000$513,000
100c
S+250 bpNov 1, 2032
K••• I•••unstated lien unstated$497,000$497,000
100c
S+200 bpJan 17, 2031
A•••• B••••• L••unstated lien unstated$494,000$495,000
102c
S+250 bpSep 23, 2031
I•• A••••••• L••unstated lien unstated$490,000$491,000
100c
S+325 bpApr 9, 2031
C•••••• L•••••••• I•••unstated lien unstated$489,000$484,000
99c
S+300 bpMar 24, 2031
S••••••••• L••revolver lien unstated$1.4M$468,000
41c
S+350 bpFeb 7, 2030
M•• T•••• B••••••••• m••unstated lien unstated$417,000$464,000
100c
S+500 bpMay 17, 2032
R•••••••• P•••••••• I•••unstated lien unstated$463,000$464,000
100c
S+450 bpJun 30, 2032
B•••••• G••••• U• H••••••• L••unstated lien unstated$457,000$459,000
101c
S+275 bpDec 10, 2031
B••••••• P•••••••• L••unstated lien unstated$455,000$457,000
101c
S+300 bpSep 29, 2032
P••••••• B••••• L••delayed draw term loan lien unstated$443,000$444,000
100c
S+250 bpOct 1, 2032
E••••••••• S••••••••• I•••unstated lien unstated$463,000$443,000
96c
S+225 bpJul 7, 2031
A•••• B•••• I••••••••• L•••unstated lien unstated$681,000$440,000
95c
S+500 bpJan 14, 2033
H•••• B••••• L••unstated lien unstated$433,000$437,000
102c
S+400 bpDec 10, 2032
F•••••• P••••• L••unstated lien unstated$422,000$424,000
101c
S+225 bpDec 20, 2032
C••••• M••••••••• B•••••••• L••unstated lien unstated$417,000$417,000
113c
S+550 bpNov 5, 2029
M•••••• S••••••• H•••••••• L••unstated lien unstated$616,000$416,000
69c
S+675 bpJul 27, 2028
R•••••• C••••• R••••••••• L••unstated lien unstated$416,000$415,000
100c
S+200 bpNov 3, 2032
A••• C•••••• I••••••••• H•••••••• L••revolver lien unstated$514,000$396,000
77c
S+650 bpAug 7, 2026
E•••••••• H•••••••• I•••unstated lien unstated$391,000$391,000
100c
S+200 bpMar 19, 2032
A•• I••••••••• H••••••• 2• L••delayed draw term loan lien unstated$384,000$385,000
100c
S+225 bpDec 21, 2028
P•••• B•••••••• H•••••••• L•• • C•••• A••••••••• B•equity equityNot disclosed$383,000
91c
C••••• T••••••••• O•••••••• C•• L••unstated lien unstated$382,000$382,000
100c
S+175 bpNov 5, 2032
S••••••• P••••••• M•••••••• L••unstated lien unstated$383,000$382,000
100c
S+200 bpSep 24, 2032
B••••• H•• L•••equity equityNot disclosed$380,000
106c
D•••••• T••••••• O••••••••• C••• M••••••••• • E•••••• J• L•unstated lien unstatedNot disclosed$380,000
100c
3.50%
C••••••• I•••unstated lien unstated$378,000$379,000
101c
S+225 bpMar 2, 2033
A•••••• A•• P•••••• L••unstated lien unstated$371,000$373,000
101c
S+275 bpAug 18, 2030
P••• H•••••• I••• B•unstated lien unstated$360,000$361,000
100c
S+225 bpSep 29, 2032
S•••••• C••••unstated lien unstated$357,000$358,000
101c
S+175 bpOct 27, 2032
O•••••• W•••• U• H•••••• C••••unstated lien unstated$356,000$357,000
100c
S+325 bpNov 3, 2032
S•••••••• S••••••••• U••• L••unstated lien unstated$352,000$352,000
100c
S+275 bpApr 4, 2031
T•• W•••••••• H•••••••• L••unstated lien unstated$350,000$349,000
100c
S+175 bpNov 21, 2031
S•••• M••••• S••delayed draw term loan lien unstated$313,000$348,000
97c
S+450 bpOct 8, 2032
L•••• C•••• U• C••••••••• B••••• L••revolver lien unstated$345,000$346,000
100c
S+300 bpDec 2, 2031
L•••• H•••• P•••••• L••revolver lien unstated$352,000$346,000
99c
S+350 bpFeb 10, 2033
S••••••• I••••••••• U•• L••unstated lien unstated$344,000$345,000
101c
S+300 bpOct 29, 2032
F••••••••• T••••••••• H•••••••• I•••revolver lien unstated$353,000$344,000
98c
S+500 bpJan 9, 2030
N•••••• D•••••• H••••••• G••••• I•••unstated lien unstated$424,000$344,000
84c
S+575 bpApr 30, 2029
G•••••••• I•••unstated lien unstated$343,000$343,000
109c
S+525 bpJan 17, 2031
C•••••••• I•••unstated lien unstated$339,000$340,000
101c
S+250 bpOct 28, 2032
I••••••• E•••••••• U• H•••••••• I•••unstated lien unstated$338,000$339,000
101c
S+275 bpFeb 28, 2031
U• F•••••••• E••••••••• L••delayed draw term loan lien unstated$336,000$337,000
101c
S+325 bpDec 30, 2032
M•• D••••• S••••••••• L••revolver lien unstated$336,000$336,000
105c
S+550 bpFeb 13, 2031
W••••••••• P•••••••• L••unstated lien unstated$337,000$334,000
100c
S+375 bpOct 1, 2032
R•••••• F••••••• I•••unstated lien unstated$327,000$328,000
100c
S+200 bpAug 13, 2032
G••••• P•••••••• C••• I•••unstated lien unstated$319,000$320,000
100c
S+225 bpJan 26, 2033
C•••• B••••• L•••delayed draw term loan lien unstated$241,000$319,000
97c
S+475 bpMar 31, 2032
P•••••• R••• U••••••• P••••• C••••unstated lien unstated$317,000$317,000
100c
S+275 bpMar 10, 2028
S••••• E•••••••• G••••• I•••unstated lien unstated$313,000$312,000
100c
S+325 bpOct 4, 2030
E• P••••••••• L••unstated lien unstated$476,000$310,000
66c
S+350 bpNov 6, 2028
I•• H•••••• H•••••• I•••unstated lien unstated$331,000$310,000
99c
S+400 bpAug 20, 2030
N•••••• I••• B•delayed draw term loan lien unstated$267,000$304,000
107c
S+435 bpJan 14, 2032
A•••••• E••••••••• I•••unstated lien unstated$300,000$302,000
101c
S+300 bpApr 1, 2033
Page 18 of 25PreviousNext
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.