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B•••••• C•••••• I••••••••• C•••

Business development companymanaged by B•••••• L••Non-traded· CHARLOTTE, NC

A non-traded business development company, managed by B•••••• L••, holding $1.4B across 321 borrowers at Jun 30, 2026.

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

Fair value
$1.4B
Schedule of investments, 10-Q and 10-K
Borrowers
321
Schedule of investments, 10-Q and 10-K
Mark on cost
97.8¢
Schedule of investments, 10-Q and 10-K
First lien
72%
Schedule of investments, 10-Q and 10-K
Schedule of investments (789)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $22.1M
    on non-accrual, 9 borrowers

    9 borrowers on non-accrual, $22.1M principal; the largest is B••••• G•••• ($5.42M).

    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 B••••• G•••• →
  2. $3M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $3M principal: S••••• A••••• I•• ($2.18M), T••• A•• D••••••••• L•• ($812K).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open S••••• A••••• I•• →
  3. 19 below 80¢
    $34.9M principal

    19 positions across 15 borrowers marked below 80¢ on cost, $34.9M 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. 0 → 56
    loans paying in kind

    Loans paying in kind rose from 0 to 56 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. 1 → 321
    borrowers

    Added a net 320 borrowers in the quarter to Jun 30, 2026, to 321.

    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 1811972 · file 814-01348Show
Fair value
$1.4B
as of Jun 30, 2026
Principal held
$1.1B
debt pieces, the filer's figure
Cost
$1.4B
98c on cost, debt pieces
Unfunded
$140M
commitments not yet drawn
Positions
789
321 borrowers
First lien
72%
81% debt by fair value
Quarters on the tape
16
since Dec 31, 2021
Facilities held
708
43 sponsors financed
Portfolio through time
Fair value by quarter end$1.4B as of Jun 30, 2026
Jul 8, 2021$53.3M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.4B32198c56529 bp
May 27, 2026$5.0M1n/a0n/a
Mar 31, 2026$1.3B30798c59533 bp
Dec 31, 2025$2.7B34999c113537 bp
All 21 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Sep 30, 2025$1.4B30499c65537 bp
Jun 30, 2025$1.4B290100c62545 bp
Mar 31, 2025$1.4B27998c61554 bp
Dec 31, 2024$1.5B33997c59566 bp
Sep 30, 2024$1.6B27599c58576 bp
Jun 30, 2024$1.5B26798c58582 bp
Mar 31, 2024$1.6B26699c58586 bp
Dec 31, 2023$1.8B29499c55587 bp
Sep 30, 2023$1.5B25297c47588 bp
Jun 30, 2023$1.5B24497c36586 bp
Mar 31, 2023$1.5B24497c33587 bp
Dec 31, 2022$1.8B26497c29581 bp
Aug 12, 2022$11.2M1n/a0n/a
Dec 31, 2021$221M4n/a0725 bp
Jul 8, 2021$53.3M1n/a0n/a
May 31, 2021Not disclosed1n/a0n/a
Apr 28, 2020Not disclosed1n/a0n/a
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, 2024
800 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
C•• D••••••term loan first lien$2.1M$2.1M
106c
S+475 bp
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••term loan first lien$2.1M$2.1M
101c
S+500 bp
C••••• S••• R•••• S••term loan first lien$2.0M$2.0M
101c
S+625 bp
J•• B•••• L••••••term loan first lien$2.0M$2.0M
83c
S+450 bp
E• D•••••••••term loan first lien$2.0M$2.0M
99c
S+550 bp
R••••• B••••• B•••term loan first lien$2.1M$2.0M
87c
S+625 bp
U•••••• •••••••••term loan first lien$2.0M$2.0M
100c
S+493 bp
A••••••••• H•••••••preferred equity equityNot disclosed$2.0M
100c
C•••••• B••••••••• I•••term loan first lien$2.0M$2.0M
101c
S+800 bp
M••••• S••• H••••••• B•••• P•• L•••••••term loan first lien$1.9M$1.9M
87c
S+600 bp
B•••• I••••••••• G••••• L••term loan first lien$1.9M$1.9M
100c
S+500 bp
T••• H•••••• C•••term loan first lien$1.9M$1.9M
101c
S+600 bp
Q•••••• U••••term loan first lien$1.9M$1.9M
89c
S+625 bp
A•••••• H••••••• H• L••••••term loan first lien$1.9M$1.9M
99c
S+675 bp
A•••••••• W••••••••• 2• L••term loan first lien$1.9M$1.9M
97c
S+600 bp
D••••••• I••••••••• L••term loan first lien$1.9M$1.9M
102c
S+550 bp
C•••••• R••••••••• S••••••• L••term loan first lien$2.0M$1.9M
96c
S+600 bp
N•• I••••••••• 2• B•••term loan first lien$1.9M$1.9M
107c
S+600 bp
Q•••••••• I••••••••• L••term loan first lien$1.9M$1.9M
100c
S+575 bp
S••••• I•••••term loan first lien$1.9M$1.9M
96c
S+600 bp
W•••••• A••••••••• L••term loan first lien$1.9M$1.9M
100c
S+500 bp
A•••• B•••• L••••••term loan first lien$1.9M$1.9M
96c
S+575 bp
M•••••••• B•••• L••••••term loan first lien$1.9M$1.8M
98c
S+575 bp
M••••• M•••• L••••••term loan first lien$1.8M$1.8M
99c
S+525 bp
M••••••• A••••••••• I•••term loan first lien$2.1M$1.8M
89c
S+525 bp
O•• H••••••• I• C•••term loan first lien$1.8M$1.8M
101c
S+500 bp
A•••••• C••••••• P•••••••• L••term loan first lien$1.8M$1.8M
100c
S+500 bp
A•••••• I•••••••••term loan first lien$1.7M$1.7M
97c
S+575 bp
C•• P•••••• L••preferred equity equityNot disclosed$1.7M
237c
T•••••••• B•••• L••••••term loan first lien$1.7M$1.6M
108c
S+525 bp
P••••• E••••••••• L•••••term loan first lien$1.6M$1.6M
101c
S+475 bp
S••••• A••••• I•••term loan first lien$1.8M$1.6M
91c
S+550 bp
F••••• 4• L••••••term loan first lien$1.6M$1.6M
97c
S+650 bp
F••••••term loan first lien$1.6M$1.6M
97c
S+625 bp
B•••••••• L••••••term loan first lien$1.6M$1.6M
89c
S+500 bp
PIK 0.30%
S••••• C•••••• N•term loan first lien$1.5M$1.5M
97c
S+675 bp
G••••• A••••••• G•••• L••••••term loan first lien$1.5M$1.5M
90c
S+550 bp
I••••••••• G•••• B•••term loan first lien$1.6M$1.5M
95c
S+600 bp
A••••• C••••••• B•••• P•• L••term loan first lien$1.5M$1.5M
89c
S+450 bp
U•• L•••••• H•••••• A•term loan first lien$1.4M$1.4M
98c
S+525 bp
W••••• E••••• S••••••••• T•••• V•• S•••••••••equity equity$1.5M$1.4M
98c
7.40%
P•• I••••••••• 4• L••term loan first lien$1.4M$1.4M
101c
S+575 bp
D••••••••• L••term loan first lien$1.6M$1.4M
89c
S+625 bp
M•••••• H•••••• A•term loan first lien$1.4M$1.4M
87c
S+550 bp
E••••• S••••••• B•••• P•• L••term loan first lien$1.6M$1.3M
73c
S+650 bp
T•• O••••• M•••• G••••• I•••equity equityNot disclosed$1.3M
322c
A•••• 1•••• G•••term loan first lien$1.5M$1.3M
80c
S+575 bp
O••••• V••••• B•••• L••••••term loan first lien$1.3M$1.3M
88c
S+525 bp
T• S• C••••• A••••••••• C••••term loan unsecured or subordinated$1.3M$1.3M
101c
PIK 7.80%
L••••• B•••• L••••••term loan second lien$1.3M$1.2M
88c
PIK 12.00%
A••••• B••••• I•••term loan unsecured or subordinated$1.2M$1.2M
100c
PIK 12.00%
U••••• T•••••• H•••••• I•• G•••term loan first lien$1.7M$1.2M
70c
S+675 bp
M•••• R•••••••• I••• ••••••••term loan first lien$1.2M$1.2M
100c
S+475 bp
S••• P•••••• M•••• L••••••term loan first lien$1.1M$1.1M
99c
S+600 bp
S••••••• S•••••••term loan first lien$1.1M$1.1M
100c
S+575 bp
A••••••••• H•••••• G•••term loan first lien$1.1M$1.1M
99c
S+620 bp
R•• S••• M••••• S•• L••term loan first lien$1.1M$1.1M
101c
S+800 bp
T••• C•••••••• B••••• I•••term loan first lien$1.1M$1.0M
100c
S+450 bp
K•• D••••• H•••••••• L••equity equityNot disclosed$1.0M
121c
U••••• L•••••• L••••••term loan first lien$1.1M$1.0M
93c
S+725 bp
G• E•••• B••••• I•••equity equityNot disclosed$1.0M
197c
J•••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$998,000$1.0M
101c
8.00%
D••••••••• B•••term loan first lien$1.0M$998,000
101c
S+525 bp
C•••••• F••••••• R••term loan first lien$964,000$964,000
106c
S+515 bp
T••• C•••••••• B••••• I•••term loan first lien$962,000$953,000
100c
S+475 bp
S••• S••••• B•••• 3• L••••••term loan first lien$959,000$941,000
101c
S+645 bp
G•••••••• I• B•term loan first lien$936,000$936,000
103c
S+510 bp
O•••• I••••••••• N•••• B•••term loan first lien$947,000$931,000
95c
S+575 bp
U•••• B•••• L••••••term loan first lien$934,000$930,000
104c
S+484 bp
A••••••••• H•••••• G•••term loan first lien$937,000$929,000
99c
S+620 bp
C• G•••• H•••••••• L••equity equityNot disclosed$928,000
230c
S••••• C•••••• N•term loan first lien$928,000$903,000
98c
S+600 bp
A•••• B•••• L••••••term loan first lien$948,000$886,000
94c
S+400 bp
PIK 2.80%
W•••• B•••• L••••••term loan first lien$875,000$873,000
103c
S+550 bp
G••••• P•••••• L•••term loan first lien$888,000$871,000
100c
S+545 bp
M• P••••••••• L••term loan first lien$869,000$864,000
102c
S+475 bp
P•• I••••••••• 4• L••term loan first lien$846,000$844,000
100c
S+575 bp
D•••• W••• B••••• U• L••term loan first lien$861,000$818,000
96c
S+1000 bp
A•• C••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$790,000$804,000
102c
9.00%
I•• I••••••••• I•••term loan first lien$801,000$800,000
101c
S+625 bp
A•••• B•••• L••••••term loan first lien$859,000$792,000
99c
S+400 bp
PIK 2.80%
A•••• B•••• L••••••term loan first lien$859,000$792,000
99c
S+400 bp
PIK 2.80%
A••••••••• H•••••• G•••term loan first lien$798,000$790,000
86c
S+620 bp
I••••••• L••••••term loan first lien$802,000$785,000
95c
S+625 bp
O• B••••• I•••equity equityNot disclosed$783,000
371c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.6M$777,000
52c
S+700 bp
PIK 11.50%
A••• C•••••• S••••••••• I•••term loan first lien$773,000$766,000
102c
S+575 bp
N••• H•••••• L••term loan first lien$732,000$732,000
102c
S+575 bp
F••••••••• L••equity equityNot disclosed$728,000
82c
S••••••• H••••••• L••term loan first lien$717,000$717,000
100c
PIK 12.00%
D••••••••• P•••••••• H••••••• L••term loan second lien$729,000$717,000
100c
11.00%
PIK 1.50%
E•• I••••••••• S•••••term loan unsecured or subordinated$716,000$707,000
101c
11.00%
PIK 2.50%
A•••••• A•••••••• C•••••••••revolver lien unstated$738,000$707,000
97c
S+575 bp
Q•••••••• I••••••••• L••term loan first lien$716,000$702,000
100c
S+575 bp
U••• C••••term loan first lien$737,000$700,000
83c
S+460 bp
PIK 2.40%
C•• F•••• H••••••• C••• L••equity equityNot disclosed$695,000
P•••••• B•••• B•••revolver lien unstated$703,000$684,000
86c
S+650 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$698,000$677,000
93c
S+550 bp
K••••••• B•••• B•••term loan first lien$695,000$677,000
93c
S+525 bp
I•••••• G•••• I• B•term loan first lien$669,000$669,000
99c
S+500 bp
Page 3 of 8PreviousNext
Registration
Fiscal year end
1231reported
Incorporated
MDreported
On the SEC BDC report
2020 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001811972-26-000018reported