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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 Mar 31, 2025
663 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
E•••••• B••••••• C••••••• L••equity equityNot disclosed$67.6M
147c
R••••• H••••••• L••preferred equity equityNot disclosed$61.6M
100c
S+600 bp
PIK 10.40%
P••••• S••••••• C••••••• L••term loan first lien$21.5M$21.4M
100c
S+600 bp
PIK 4.00%
K•• D••••• H•••••••• L••term loan first lien$18.5M$18.5M
101c
S+475 bp
S•••• B•••• L••• S••••• O••term loan first lien$17.2M$17.1M
100c
S+500 bp
B•••• P••••••• L•unstated lien unstatedNot disclosed$16.8M
115c
B•••• P••••••• L•equity equityNot disclosed$16.8M
114c
T•••••• M••••••• S••••••• I•••term loan first lien$17.4M$16.0M
92c
S+550 bp
PIK 2.00%
S••••••• B••••• L••term loan first lien$16.0M$15.8M
100c
S+550 bp
N•••• B•••••• S••••••••• I•••term loan first lien$14.8M$14.8M
101c
S+450 bp
B•••••• A•••••••• G•••• H•••••••• L••• M•••••••• R••••••notes lien unstated$13.6M$14.0M
103c
11.50%
S••• B••••• L•••term loan first lien$13.3M$13.3M
102c
S+625 bp
V• S•••• I••••••••• I• L••term loan first lien$13.6M$13.1M
100c
S+850 bp
F• H••• I••••••••• H•••••••• I••• ••••• F••••••• T••••••••• I••••term loan first lien$12.4M$12.4M
100c
S+450 bp
P•••••• C•••••••••term loan first lien$12.5M$12.4M
100c
S+450 bp
V•••• B••••• L••term loan first lien$11.9M$11.8M
100c
S+450 bp
R••••• H•••••••• I•••term loan first lien$11.6M$11.5M
101c
S+500 bp
C••••••• • G•••••• L••term loan first lien$11.6M$11.4M
100c
S+475 bp
P•••••• F•••••••• B•••••• L••term loan first lien$11.5M$11.4M
100c
S+625 bp
R•• S•••••••• L••term loan first lien$11.3M$11.1M
100c
S+500 bp
D••••term loan first lien$11.2M$11.1M
100c
S+475 bp
C••• U••••••• G•••term loan first lien$11.2M$10.9M
92c
S+650 bp
PIK 0.30%
G• E•••• B••••• I•••term loan first lien$10.8M$10.7M
102c
S+475 bp
L••••••••• L••term loan first lien$10.7M$10.7M
101c
S+475 bp
A•• I• M•• H••••••• I•••term loan first lien$10.5M$10.4M
100c
S+550 bp
S•••••••• H•••••••• I•••preferred equity equityNot disclosed$10.4M
102c
PIK 12.50%
C•••••• M••••• H•••••••• L••equity equityNot disclosed$10.0M
121c
F••••••••• I•••••• L••• S•••••••••equity equity$10.0M$9.9M
107c
6.90%
S••••••••• I•••term loan first lien$9.1M$9.1M
101c
S+450 bp
R•• C•••••••••term loan first lien$8.9M$8.8M
100c
S+525 bp
W••••••• R•••• L••unstated lien unstatedNot disclosed$8.6M
41c
S••••••••• G••••• I•••term loan first lien$8.6M$8.6M
102c
S+500 bp
A•••••• A•••••••• C•••••••••term loan first lien$8.7M$8.5M
99c
S+575 bp
B•• H••••••• I• C•••term loan first lien$9.4M$8.4M
93c
S+600 bp
V••••••• B•••• L••••••term loan first lien$8.3M$8.1M
96c
S+650 bp
A•• C••••••••• L••term loan first lien$8.1M$8.1M
101c
S+475 bp
X••••••• B•••• L••••••term loan first lien$8.1M$8.0M
103c
S+550 bp
B••••••••• I•••term loan first lien$7.9M$7.9M
100c
S+475 bp
C•••••• M••••• H•••••••• L••term loan unsecured or subordinated$8.3M$7.9M
101c
8.00%
C• G•••• H•••••••• L••term loan first lien$7.8M$7.8M
101c
S+500 bp
T•••••••• S••••••••• I•••term loan first lien$7.8M$7.8M
101c
S+600 bp
P••••••••• S•••••••• H•••••••• L••term loan first lien$7.7M$7.6M
100c
S+450 bp
E••• G••••• L••••••••• I•••term loan second lien$7.6M$7.6M
101c
S+700 bp
T•••• B••••• I•••term loan first lien$8.0M$7.5M
95c
S+600 bp
F•• B•••• L••term loan first lien$7.5M$7.5M
101c
S+500 bp
E•• P•••• H••••• L••term loan first lien$7.9M$7.4M
95c
S+575 bp
B•••••• A•••••••• G•••• H•••••••• L••preferred equity equityNot disclosed$7.4M
89c
PIK 7.00%
A••••••••term loan first lien$7.8M$7.4M
93c
S+650 bp
A•• S•••••••term loan second lien$7.6M$7.3M
97c
S+925 bp
F••••••••• L••term loan first lien$7.3M$7.3M
101c
S+575 bp
H••••• L••• L•••••••• H••••••• L••••••term loan first lien$7.1M$7.1M
102c
S+475 bp
T••• H•••••• C•••term loan first lien$7.1M$7.1M
100c
S+575 bp
S••• P••••••••• I•••term loan first lien$7.1M$7.0M
100c
S+500 bp
A••••••••• H•••••• G•••term loan first lien$7.1M$7.0M
98c
S+608 bp
P•••••••• M•••••notes lien unstated$7.0M$7.0M
100c
11.40%
F••• S••• H•••••• L••term loan second lien$7.1M$6.9M
98c
S+725 bp
R••••••••• P••••• H•••••••• L••term loan first lien$7.4M$6.9M
94c
S+550 bp
S•• H••••••• L•term loan first lien$6.8M$6.8M
102c
S+500 bp
O•• H••••••• P••••••••• L••term loan first lien$6.8M$6.7M
100c
S+500 bp
S•••••• B••••••• S•••••• L••term loan first lien$6.7M$6.7M
102c
S+500 bp
U•• A•••••••• I•••term loan first lien$6.6M$6.6M
102c
S+475 bp
N••• B•••• P•• L••term loan first lien$6.5M$6.5M
88c
S+500 bp
R•••• B••••• L••term loan first lien$6.5M$6.5M
101c
S+550 bp
C••••••••• L••term loan first lien$6.6M$6.4M
99c
S+500 bp
O• B••••• I•••term loan first lien$6.4M$6.4M
101c
S+450 bp
e••••••••• L••term loan first lien$6.4M$6.4M
101c
S+500 bp
W••• H••••••• I•• C•••term loan first lien$6.4M$6.3M
100c
S+500 bp
S••••• P••••••• H•••••••• L••term loan first lien$6.3M$6.3M
101c
S+500 bp
W•••••••• H•••••••• I•••term loan first lien$6.2M$6.2M
103c
S+650 bp
F••••• B••••• L••term loan first lien$6.1M$6.1M
101c
S+500 bp
C•• P•••••• L••term loan first lien$6.1M$6.1M
100c
S+450 bp
G••••••• S•••••••• L••term loan first lien$5.7M$5.7M
101c
S+475 bp
V••••••• P••• T•••••• T•••• 2••••••• S•••••••••equity equity$5.7M$5.6M
98c
6.30%
E•••••• B••••••• C••••••• L••revolver lien unstated$5.6M$5.6M
101c
S+650 bp
I•• I••••••••• I•••term loan first lien$5.6M$5.6M
102c
S+625 bp
R• H•••••••• L••term loan first lien$5.5M$5.5M
102c
S+625 bp
I••••••• H•••••• N• ••••••term loan first lien$5.4M$5.4M
111c
S+600 bp
H•••••••• H•••••••• I•••term loan first lien$5.4M$5.3M
100c
S+525 bp
H•• T••••••••• • I•••••••••term loan first lien$5.5M$5.1M
92c
S+850 bp
H••• I•••••term loan first lien$5.1M$5.1M
112c
S+625 bp
A••• H••••••• I• L••term loan first lien$7.9M$5.0M
70c
6.70%
PIK 7.60%
L••• T••• C••• G••••• I•••term loan first lien$5.3M$4.9M
93c
S+600 bp
PIK 3.70%
R••••••• P•••• S••••••• I•••term loan first lien$4.9M$4.9M
101c
S+600 bp
B••••• R••• M••••••••• I•••term loan first lien$4.9M$4.9M
100c
S+450 bp
F•••••••term loan first lien$4.9M$4.8M
99c
S+650 bp
W•• H•••••••• I•••term loan first lien$4.9M$4.8M
100c
S+475 bp
M•••• R••••••• I•••term loan first lien$5.0M$4.8M
96c
S+625 bp
A•••• I•••••••• B•••••• N•term loan first lien$4.8M$4.8M
103c
S+700 bp
H•••••••• V••••••••• P•••••••• L••term loan unsecured or subordinated$5.1M$4.8M
93c
PIK 11.00%
D••••• B••••term loan first lien$4.8M$4.8M
99c
S+525 bp
W•••• 5•• I•••term loan first lien$4.7M$4.7M
102c
S+575 bp
C•• S•••••••• L••term loan first lien$4.7M$4.7M
101c
S+500 bp
S•••••••• B•••term loan first lien$4.6M$4.6M
101c
S+500 bp
D••• H••••••• C••••term loan first lien$4.6M$4.6M
102c
S+500 bp
O• I•• B•••term loan first lien$4.6M$4.6M
89c
S+540 bp
T•••••••• I•••term loan first lien$4.6M$4.5M
101c
S+550 bp
Z• H••••• L••term loan first lien$4.6M$4.5M
100c
S+550 bp
S••• A••••••••• I•••term loan first lien$4.9M$4.5M
92c
S+575 bp
P•••••••• B•••• P•• L••term loan first lien$4.5M$4.5M
94c
S+525 bp
I•••••• G•••• I• B•term loan first lien$4.4M$4.4M
93c
S+500 bp
Page 1 of 7Next
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