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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 Jun 30, 2026
2,411 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••• C••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
K••• A••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
A••• C•••••• I••••••••• H•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+650 bp
K••• A••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
I••• B••••• L••revolver lien unstatedNot disclosedNot disclosedS+500 bp
Q•• P•••••• I•••revolver lien unstatedNot disclosedNot disclosedS+450 bp
P•••••• P•••••••• L••revolver lien unstatedNot disclosedNot disclosed
P••••••• B•••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+200 bp
S•••• V•••••••• J• L•unstated lien unstatedNot disclosedNot disclosed
G•••• S••• B•••• P••• L•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
G•••• D•• I••••••••• L••revolver lien unstatedNot disclosedNot disclosedS+550 bp
Page 25 of 25Previous
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.