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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
- Borrowers
- 964
- Mark on cost
- 96.6¢
What matters now
- $2.41Bon 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•• → - $49.4Mnewly 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.
- 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 - 124 → 140loans 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.
- 1034 → 964borrowers
Lost a net 70 borrowers in the quarter to Jun 30, 2026, to 964.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1803498 · file 814-01358ShowHide
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $87B | 964 | 97c | 140 | 434 bp |
| Mar 31, 2026 | $91B | 1,034 | 98c | 124 | 435 bp |
| Dec 31, 2025 | $94B | 1,060 | 99c | 137 | 440 bp |
| Sep 30, 2025 | $86B | 1,014 | 99c | 113 | 446 bp |
All 17 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $82B | 983 | 99c | 108 | 455 bp |
| Mar 31, 2025 | $80B | 948 | 99c | 100 | 464 bp |
| Dec 31, 2024 | $152B | 921 | 99c | 194 | 476 bp |
| Sep 30, 2024 | $68B | 832 | 99c | 69 | 488 bp |
| Jun 30, 2024 | $63B | 786 | 99c | 50 | 490 bp |
| Mar 31, 2024 | $61B | 711 | 99c | 43 | 500 bp |
| Dec 31, 2023 | $65B | 700 | 99c | 41 | 489 bp |
| Sep 30, 2023 | $56B | 639 | 99c | 35 | 504 bp |
| Jun 30, 2023 | $55B | 627 | 98c | 19 | 501 bp |
| Mar 31, 2023 | $56B | 571 | 98c | 23 | 500 bp |
| Dec 31, 2022 | $70B | 897 | 98c | 21 | 474 bp |
| Sep 30, 2022 | $50B | 606 | 98c | 4 | 509 bp |
| Dec 31, 2021 | $36B | 470 | 100c | 0 | 501 bp |
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
Full timeline · 20 eventsShow fewer
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 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
- D••••••• I•• delayed draw term loan2 BDCs hold it · matures Sep 9, 2030$1.6B 100c
- I•• G•••• H•••••••• I•• revolver2 BDCs hold it · matures Dec 3, 2029$1.6B 101c
- I••••••• H•••••••• I•• delayed draw term loan2 BDCs hold it · matures Nov 24, 2033$1.3B 94c
- G••••••••• I•• other3 BDCs hold it · matures Dec 16, 2030$1.2B 97c
- M•••••••• I•• other3 BDCs hold it · matures Oct 29, 2028$1.2B 51c
- M•••••••• B••••••••• I•• delayed draw term loan2 BDCs hold it · matures May 18, 2029$1.2B 102c
- Z••••••• I•• revolver3 BDCs hold it · matures Nov 22, 2028$1.1B 99c
- M••••••• F•••••••• delayed draw term loan2 BDCs hold it · matures Sep 28, 2029$1.1B 114c
- L••• G••••• I•• delayed draw term loan1 BDC hold it · matures May 10, 2030$963M 101c
- C•••••• L••••••• G••••• I•• revolver2 BDCs hold it · matures Jul 20, 2028 · possible sponsor V•••••• C•••••• F••• M••••••••• L•••••$958M 93c
- T•••••••• B•••• L•••••• delayed draw term loan2 BDCs hold it · matures Jul 1, 2031$948M 99c
- S•••• B•••• L•• other3 BDCs hold it · matures Oct 17, 2031$929M 100c
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•••• C• A••••••••• C•••• | revolver lien unstated | $8.3M | $762,000 13c | S+450 bp | May 25, 2029 |
| B•••••• P••••••••• I••• | unstated lien unstated | $759,000 | $761,000 101c | S+325 bp | Feb 4, 2033 |
| G••••• B•••••••• L•• | unstated lien unstated | $755,000 | $753,000 100c | S+450 bp | Sep 29, 2028 |
| S••• U•• H•••••••• L•• | unstated lien unstated | $745,000 | $745,000 100c | S+400 bp | Nov 8, 2032 |
| A•••• B•••• I••••••••• L••• | unstated lien unstated | $1.1M | $744,000 95c | S+500 bp | Jan 14, 2033 |
| E• A••••••• L•• | unstated lien unstated | $735,000 | $738,000 101c | S+325 bp | Feb 10, 2031 |
| C••• • C••• P••••••• L•• | unstated lien unstated | $1.9M | $736,000 40c | S+375 bp | Dec 29, 2028 |
| B•• I••••••••• H•••••• L•• | unstated lien unstated | $731,000 | $730,000 100c | S+275 bp | Apr 25, 2031 |
| G• D•••• O•••••••• C•• L•• | unstated lien unstated | $735,000 | $718,000 98c | S+175 bp | May 30, 2031 |
| E••••• A••••• H•••••• I••• | unstated lien unstated | $718,000 | $718,000 100c | S+175 bp | Oct 31, 2032 |
| H••••• G•••• V•••••••• B•••••••• L•• | unstated lien unstated | $702,000 | $701,000 100c | S+200 bp | Jan 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 bp | Sep 26, 2031 |
| J••• F••••••••• L•• | unstated lien unstated | $694,000 | $695,000 100c | S+350 bp | Feb 26, 2032 |
| C••••••••• H•••••••• L•• • C•••• A• C••••••••• | preferred equity equity | Not disclosed | $689,000 111c | ||
| G•••• S••• B•••• P••• L••• | delayed draw term loan lien unstated | $1.0M | $689,000 106c | S+475 bp | Nov 15, 2031 |
| M••••• B••••• I••• | unstated lien unstated | $684,000 | $687,000 101c | S+400 bp | Apr 15, 2033 |
| G•••••• C•••• | unstated lien unstated | $671,000 | $672,000 100c | S+200 bp | Jan 24, 2029 |
| A••••••• B••••••• • C••••••••• S••••• C•• I••• | unstated lien unstated | $669,000 | $671,000 100c | S+175 bp | Jan 31, 2031 |
| M••••• C•• W••• H•••••••• I••• | unstated lien unstated | $664,000 | $666,000 100c | S+275 bp | Mar 27, 2031 |
| I•••• N•••• A•••••• H••••••• I••• | unstated lien unstated | $663,000 | $662,000 100c | S+200 bp | Nov 2, 2031 |
| G•• P••••••• H•••••• C•••••• I•• L•• | revolver lien unstated | $658,000 | $658,000 114c | S+500 bp | Mar 3, 2030 |
| T••• B••••• L•• | delayed draw term loan lien unstated | $666,000 | $655,000 99c | S+400 bp | Oct 29, 2032 |
| F•••• U• B••••• I••• | unstated lien unstated | $652,000 | $654,000 100c | S+275 bp | Feb 21, 2031 |
| L••••••• I••• | unstated lien unstated | $647,000 | $646,000 100c | S+200 bp | May 9, 2033 |
| C••••• M•••• 2• S•• r••• • A••••••••• V•••••• U•••• | unstated lien unstated | Not disclosed | $645,000 65c | ||
| R•••• L•• | delayed draw term loan lien unstated | $648,000 | $644,000 100c | S+350 bp | Nov 5, 2032 |
| C•••••• V••••• B•••• | delayed draw term loan lien unstated | $758,000 | $642,000 85c | S+575 bp | Feb 23, 2029 |
| L•••• • W••••• I••••••••• I••• | unstated lien unstated | $639,000 | $641,000 100c | S+200 bp | Apr 16, 2029 |
| R••••••• I••••••••• M•••••••• I••• | unstated lien unstated | $937,000 | $638,000 69c | S+650 bp | Oct 30, 2028 |
| M•••••••• S••• | unstated lien unstated | $558,000 | $635,000 98c | S+425 bp | Jul 15, 2032 |
| C•••• F••••••• L•• | unstated lien unstated | $625,000 | $624,000 100c | S+200 bp | Jan 30, 2033 |
| S••••••••• I••• | warrants equity | Not disclosed | $617,000 | ||
| Q•••• E••••••••• I••• | unstated lien unstated | $601,000 | $603,000 101c | S+200 bp | Nov 1, 2032 |
| C•••• S••••••• G••••• I••• | unstated lien unstated | $693,000 | $602,000 87c | S+325 bp | Aug 13, 2032 |
| C•••• B••••• L••• | delayed draw term loan lien unstated | $595,000 | $595,000 101c | S+475 bp | Mar 31, 2032 |
| M•• G•••• L•• | unstated lien unstated | $590,000 | $592,000 100c | S+325 bp | Jul 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 bp | Dec 18, 2029 |
| E••••••••• H•••••• L•• | equity equity | Not disclosed | $558,000 69c | ||
| D•••••• A••••••••• C•• I••• | unstated lien unstated | $547,000 | $549,000 101c | S+200 bp | Oct 31, 2031 |
| R•••••• F••••••• I••• | unstated lien unstated | $539,000 | $540,000 100c | S+200 bp | Jun 13, 2031 |
| B••••••• P••••••••• I••• | unstated lien unstated | $528,000 | $528,000 100c | S+175 bp | Apr 27, 2033 |
| S••••••• I••••••••• I••• | unstated lien unstated | $521,000 | $522,000 100c | S+175 bp | Sep 22, 2028 |
| Q••••• A••••••••• L•• | unstated lien unstated | $620,000 | $520,000 84c | S+225 bp | Jun 28, 2030 |
| C••• • M•••• L• | unstated lien unstated | $515,000 | $515,000 100c | S+200 bp | Jul 1, 2033 |
| C•••••• U• M•••• I••• L• | delayed draw term loan lien unstated | $512,000 | $513,000 100c | S+250 bp | Nov 1, 2032 |
| K••• I••• | unstated lien unstated | $497,000 | $497,000 100c | S+200 bp | Jan 17, 2031 |
| A•••• B••••• L•• | unstated lien unstated | $494,000 | $495,000 102c | S+250 bp | Sep 23, 2031 |
| I•• A••••••• L•• | unstated lien unstated | $490,000 | $491,000 100c | S+325 bp | Apr 9, 2031 |
| C•••••• L•••••••• I••• | unstated lien unstated | $489,000 | $484,000 99c | S+300 bp | Mar 24, 2031 |
| S••••••••• L•• | revolver lien unstated | $1.4M | $468,000 41c | S+350 bp | Feb 7, 2030 |
| M•• T•••• B••••••••• m•• | unstated lien unstated | $417,000 | $464,000 100c | S+500 bp | May 17, 2032 |
| R•••••••• P•••••••• I••• | unstated lien unstated | $463,000 | $464,000 100c | S+450 bp | Jun 30, 2032 |
| B•••••• G••••• U• H••••••• L•• | unstated lien unstated | $457,000 | $459,000 101c | S+275 bp | Dec 10, 2031 |
| B••••••• P•••••••• L•• | unstated lien unstated | $455,000 | $457,000 101c | S+300 bp | Sep 29, 2032 |
| P••••••• B••••• L•• | delayed draw term loan lien unstated | $443,000 | $444,000 100c | S+250 bp | Oct 1, 2032 |
| E••••••••• S••••••••• I••• | unstated lien unstated | $463,000 | $443,000 96c | S+225 bp | Jul 7, 2031 |
| A•••• B•••• I••••••••• L••• | unstated lien unstated | $681,000 | $440,000 95c | S+500 bp | Jan 14, 2033 |
| H•••• B••••• L•• | unstated lien unstated | $433,000 | $437,000 102c | S+400 bp | Dec 10, 2032 |
| F•••••• P••••• L•• | unstated lien unstated | $422,000 | $424,000 101c | S+225 bp | Dec 20, 2032 |
| C••••• M••••••••• B•••••••• L•• | unstated lien unstated | $417,000 | $417,000 113c | S+550 bp | Nov 5, 2029 |
| M•••••• S••••••• H•••••••• L•• | unstated lien unstated | $616,000 | $416,000 69c | S+675 bp | Jul 27, 2028 |
| R•••••• C••••• R••••••••• L•• | unstated lien unstated | $416,000 | $415,000 100c | S+200 bp | Nov 3, 2032 |
| A••• C•••••• I••••••••• H•••••••• L•• | revolver lien unstated | $514,000 | $396,000 77c | S+650 bp | Aug 7, 2026 |
| E•••••••• H•••••••• I••• | unstated lien unstated | $391,000 | $391,000 100c | S+200 bp | Mar 19, 2032 |
| A•• I••••••••• H••••••• 2• L•• | delayed draw term loan lien unstated | $384,000 | $385,000 100c | S+225 bp | Dec 21, 2028 |
| P•••• B•••••••• H•••••••• L•• • C•••• A••••••••• B• | equity equity | Not disclosed | $383,000 91c | ||
| C••••• T••••••••• O•••••••• C•• L•• | unstated lien unstated | $382,000 | $382,000 100c | S+175 bp | Nov 5, 2032 |
| S••••••• P••••••• M•••••••• L•• | unstated lien unstated | $383,000 | $382,000 100c | S+200 bp | Sep 24, 2032 |
| D•••••• T••••••• O••••••••• C••• M••••••••• • E•••••• J• L• | unstated lien unstated | Not disclosed | $380,000 100c | 3.50% | |
| B••••• H•• L••• | equity equity | Not disclosed | $380,000 106c | ||
| C••••••• I••• | unstated lien unstated | $378,000 | $379,000 101c | S+225 bp | Mar 2, 2033 |
| A•••••• A•• P•••••• L•• | unstated lien unstated | $371,000 | $373,000 101c | S+275 bp | Aug 18, 2030 |
| P••• H•••••• I••• B• | unstated lien unstated | $360,000 | $361,000 100c | S+225 bp | Sep 29, 2032 |
| S•••••• C•••• | unstated lien unstated | $357,000 | $358,000 101c | S+175 bp | Oct 27, 2032 |
| O•••••• W•••• U• H•••••• C•••• | unstated lien unstated | $356,000 | $357,000 100c | S+325 bp | Nov 3, 2032 |
| S•••••••• S••••••••• U••• L•• | unstated lien unstated | $352,000 | $352,000 100c | S+275 bp | Apr 4, 2031 |
| T•• W•••••••• H•••••••• L•• | unstated lien unstated | $350,000 | $349,000 100c | S+175 bp | Nov 21, 2031 |
| S•••• M••••• S•• | delayed draw term loan lien unstated | $313,000 | $348,000 97c | S+450 bp | Oct 8, 2032 |
| L•••• H•••• P•••••• L•• | revolver lien unstated | $352,000 | $346,000 99c | S+350 bp | Feb 10, 2033 |
| L•••• C•••• U• C••••••••• B••••• L•• | revolver lien unstated | $345,000 | $346,000 100c | S+300 bp | Dec 2, 2031 |
| S••••••• I••••••••• U•• L•• | unstated lien unstated | $344,000 | $345,000 101c | S+300 bp | Oct 29, 2032 |
| F••••••••• T••••••••• H•••••••• I••• | revolver lien unstated | $353,000 | $344,000 98c | S+500 bp | Jan 9, 2030 |
| N•••••• D•••••• H••••••• G••••• I••• | unstated lien unstated | $424,000 | $344,000 84c | S+575 bp | Apr 30, 2029 |
| G•••••••• I••• | unstated lien unstated | $343,000 | $343,000 109c | S+525 bp | Jan 17, 2031 |
| C•••••••• I••• | unstated lien unstated | $339,000 | $340,000 101c | S+250 bp | Oct 28, 2032 |
| I••••••• E•••••••• U• H•••••••• I••• | unstated lien unstated | $338,000 | $339,000 101c | S+275 bp | Feb 28, 2031 |
| U• F•••••••• E••••••••• L•• | delayed draw term loan lien unstated | $336,000 | $337,000 101c | S+325 bp | Dec 30, 2032 |
| M•• D••••• S••••••••• L•• | revolver lien unstated | $336,000 | $336,000 105c | S+550 bp | Feb 13, 2031 |
| W••••••••• P•••••••• L•• | unstated lien unstated | $337,000 | $334,000 100c | S+375 bp | Oct 1, 2032 |
| R•••••• F••••••• I••• | unstated lien unstated | $327,000 | $328,000 100c | S+200 bp | Aug 13, 2032 |
| G••••• P•••••••• C••• I••• | unstated lien unstated | $319,000 | $320,000 100c | S+225 bp | Jan 26, 2033 |
| C•••• B••••• L••• | delayed draw term loan lien unstated | $241,000 | $319,000 97c | S+475 bp | Mar 31, 2032 |
| P•••••• R••• U••••••• P••••• C•••• | unstated lien unstated | $317,000 | $317,000 100c | S+275 bp | Mar 10, 2028 |
| S••••• E•••••••• G••••• I••• | unstated lien unstated | $313,000 | $312,000 100c | S+325 bp | Oct 4, 2030 |
| I•• H•••••• H•••••• I••• | unstated lien unstated | $331,000 | $310,000 99c | S+400 bp | Aug 20, 2030 |
| E• P••••••••• L•• | unstated lien unstated | $476,000 | $310,000 66c | S+350 bp | Nov 6, 2028 |
| N•••••• I••• B• | delayed draw term loan lien unstated | $267,000 | $304,000 107c | S+435 bp | Jan 14, 2032 |
| A•••••• E••••••••• I••• | unstated lien unstated | $300,000 | $302,000 101c | S+300 bp | Apr 1, 2033 |
- 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
B••••••••• P•••••• C••••• F••• sits on 515 traced paths of capital across the graphs.
Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Not yet on record: first lien.