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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
M•• B••••• I•••term loan first lien$662,000$662,000
101c
S+500 bp
P••••••••• L••term loan first lien$645,000$645,000
101c
S+575 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$648,000$640,000
100c
11.00%
PIK 1.00%
R••• L•••• L••equity equityNot disclosed$639,000
90c
A•••••••• W••••••••• 2• L••term loan second lien$634,000$634,000
97c
S+1050 bp
PIK 15.10%
B••••••••• L••equity equityNot disclosed$632,000
106c
T••• A•• D••••••••• L••equity equityNot disclosed$625,000
120c
A••••• M••••equity equityNot disclosed$619,000
111c
P••••• E••••••••• L•••••equity equityNot disclosed$615,000
166c
H••••••••• B•••• P•• L••term loan first lien$694,000$602,000
86c
S+525 bp
C•• F•••• H••••••• C••• L••• S••••• O••term loan lien unstated$597,000$597,000
100c
S+1200 bp
PIK 16.70%
W••••••• F••••• L••equity equityNot disclosed$594,000
76c
P•••••• I••••••• A••••••••• I•••revolver lien unstated$607,000$593,000
100c
S+625 bp
H•••• S••••••• G•••• L••term loan first lien$599,000$591,000
101c
S+450 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$600,000$588,000
100c
12.00%
B••••••••• L••revolver lien unstated$584,000$584,000
101c
S+550 bp
S•• I••••••••• L••term loan first lien$589,000$583,000
101c
S+675 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.1M$553,000
55c
S+700 bp
PIK 9.60%
A••• C•••••• S••••••••• I•••term loan first lien$549,000$542,000
100c
S+500 bp
U•• L•••••• H•••••• A•term loan first lien$536,000$536,000
96c
S+525 bp
S••••••• B•term loan first lien$554,000$534,000
93c
S+525 bp
G••• L••term loan first lien$539,000$529,000
100c
S+600 bp
P••••• S••••••• C••••••• L••warrants equityNot disclosed$528,000
A•• C••••••••• L••equity equityNot disclosed$525,000
161c
O••••• B•••• L••••••term loan first lien$533,000$522,000
99c
S+525 bp
O••••• H••••• L••• T•••••••term loan lien unstated$513,000$513,000
100c
10.00%
R•••••• I••••••••• U• I••••••••• H•••••• I•••term loan first lien$523,000$508,000
103c
S+500 bp
PIK 1.50%
B•••••• A•••••• 2••••• C•••• B• P••• T•••••• T••••term loan first lien$489,000$507,000
104c
8.40%
S•••• B•••• B•••term loan first lien$508,000$507,000
100c
S+557 bp
O••••• H••••• L••preferred equity equityNot disclosed$503,000
184c
PIK 15.00%
W•••••••• H•••••••• I•••revolver lien unstated$497,000$497,000
106c
S+650 bp
V•••• G••••• H•••••• L••• S•••••••••equity equity$500,000$495,000
99c
9.50%
W•••••••• H•••••••• I•••equity equityNot disclosed$487,000
155c
W••••••• F••••• L••revolver lien unstated$498,000$487,000
100c
S+525 bp
P••••••• D••••• H••••••• L••term loan first lien$499,000$487,000
100c
S+830 bp
R••••• H•••••••• I•••equity equityNot disclosed$466,000
117c
C••• U••••••• G•••equity equityNot disclosed$461,000
86c
R••••• H•••••••• I•••revolver lien unstated$475,000$460,000
103c
S+625 bp
A••••• M••••warrants equityNot disclosed$460,000
23000c
I•• I••••••••• I•••equity equityNot disclosed$457,000
122c
B•• B••••• I•••equity equityNot disclosed$441,000
104c
P•••••• B•••• B•••term loan first lien$412,000$401,000
87c
S+675 bp
A•••• B•••• L••••••term loan second lien$421,000$389,000
96c
PIK 10.50%
Q•••••• U••••term loan first lien$389,000$389,000
87c
S+625 bp
PIK 2.40%
V•••• B••••• L••equity equityNot disclosed$388,000
237c
N•••• A••••••••• I•••equity equityNot disclosed$387,000
1433c
A••• B•••• P•• L••term loan second lien$387,000$387,000
84c
S+730 bp
Q•••••• U••••term loan first lien$376,000$376,000
101c
S+625 bp
N• H•••••• L••equity equityNot disclosed$375,000
85c
J•••• F••• H••••••••• • D••••••••• L••equity equityNot disclosed$372,000
348c
S•••• S•••••• B•••••• L••equity equityNot disclosed$358,000
40c
U••• C••••term loan first lien$373,000$354,000
95c
S+675 bp
PIK 1.80%
C•• S•••••••• L••revolver lien unstated$354,000$349,000
101c
S+525 bp
B•••••••• L••••••term loan first lien$356,000$348,000
100c
S+500 bp
C••••••• O••••••••• P••••••• C••••term loan first lien$1.5M$345,000
19c
S+700 bp
PIK 10.30%
C•••••• H•••••• C••••••• L••equity equityNot disclosed$341,000
100c
M• G•••• V••••••• C•••••••••equity equityNot disclosed$340,000
91c
E•• I•••••••••equity equityNot disclosed$338,000
165c
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$333,000
120c
A•••••• I•••••••••term loan unsecured or subordinated$330,000$326,000
95c
S+1050 bp
PIK 13.20%
S••••••••• G••••• I•••equity equityNot disclosed$322,000
176c
R•••• B•••• L••equity equityNot disclosed$318,000
100c
A•••• B•••• L••••••term loan first lien$309,000$309,000
97c
S+550 bp
E••••••• E•••••••• • E••••••••• C••term loan first lien$313,000$307,000
100c
10.50%
PIK 3.00%
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$609,000$302,000
58c
S+700 bp
PIK 11.30%
S••••• A••••• I•••revolver lien unstated$336,000$302,000
91c
S+550 bp
N•••• A••••••••• I•••preferred equity equityNot disclosed$302,000
126c
O••••• B•••• L••••••term loan first lien$307,000$301,000
85c
S+525 bp
D••••••••• L••revolver lien unstated$347,000$301,000
88c
S+625 bp
F••• S••• H•••••• L••equity equityNot disclosed$294,000
58c
D••• G••••term loan first lien$306,000$289,000
94c
S+400 bp
PIK 2.30%
S••• B••••• L•••revolver lien unstated$319,000$280,000
94c
S+625 bp
H•••• 3• H••••••term loan first lien$280,000$278,000
109c
S+563 bp
S•• I••••••••• L••equity equityNot disclosed$277,000
133c
G••• I• G•••term loan first lien$271,000$271,000
95c
S+600 bp
PIK 10.00%
T••••••••• I•••term loan unsecured or subordinated$285,000$268,000
95c
10.00%
PIK 4.00%
A•••••• B•••• L••••••term loan first lien$284,000$256,000
98c
S+500 bp
A•• W•••••••• L•••••••• H•••••••• I•••equity equityNot disclosed$255,000
157c
F••••• B••••• L••equity equityNot disclosed$253,000
207c
C••• U••••••• G•••equity equityNot disclosed$249,000
100c
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$247,000
105c
Z• H••••• L••revolver lien unstated$254,000$247,000
99c
S+550 bp
G••• L••equity equityNot disclosed$243,000
100c
S••••••• H••••••• L••equity equityNot disclosed$239,000
100c
R• H•••••••• L••revolver lien unstated$236,000$236,000
112c
S+625 bp
E•• P•••• H••••• L••revolver lien unstated$305,000$233,000
80c
S+575 bp
X••••••• B•••• L••••••equity equityNot disclosed$229,000
101c
E••• G••••• L••••••••• I•••equity equityNot disclosed$227,000
79c
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$225,000
99c
F••••• 4• L••••••term loan first lien$218,000$217,000
97c
S+650 bp
X••••••• B•••• L••••••term loan first lien$221,000$216,000
93c
S+525 bp
P••••••• D••••• H••••••• L••equity equityNot disclosed$210,000
88c
A•••••••• S••••••• C•••••• ••••• L••equity equityNot disclosed$205,000
211c
W••••••• F••••• L••preferred equity equityNot disclosed$199,000
100c
PIK 20.00%
S••• B••••• L•••equity equityNot disclosed$195,000
63c
A••••• B••••• I•••equity equityNot disclosed$192,000
150c
G••• I• G•••term loan first lien$446,000$189,000
42c
S+600 bp
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$188,000
100c
M••••••••• H•••••• B•••• S••••term loan first lien$187,000$187,000
96c
S+650 bp
PIK 6.00%
C••••••• O••••••••• P••••••• C••••• S••••term loan first lien$65,000$185,000
289c
S+700 bp
PIK 15.00%
Page 4 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