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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
C•• F•••• H••••••• C••• L••• 2••• L•••term loan lien unstated$4.4M$4.4M
103c
S+1000 bp
PIK 14.70%
D•••••••• B••••• L•••term loan first lien$4.4M$4.3M
100c
S+500 bp
M• G•••• V••••••• C•••••••••term loan first lien$4.3M$4.3M
100c
S+550 bp
N• H•••••• L••term loan first lien$4.2M$4.2M
102c
S+650 bp
E•••••• W••• A••••••••• C••••••• L••term loan first lien$4.3M$4.2M
99c
S+650 bp
T••••••• M•••••••• C••••••• L••term loan first lien$4.1M$4.1M
99c
S+475 bp
E••••• E••••••••• S•••••••• I•••term loan first lien$4.0M$4.0M
100c
S+575 bp
F••••• H••••••term loan first lien$4.1M$4.0M
101c
S+525 bp
A••
E••••••••
term loan first lien$4.0M$4.0M
107c
S+565 bp
S•••• B•••• B•••term loan first lien$3.9M$3.9M
102c
S+575 bp
H••• C••• A••••••••• L••term loan first lien$4.4M$3.9M
89c
S+500 bp
L•••••••• C••••••••• L••term loan first lien$3.9M$3.9M
100c
S+450 bp
M••••• B•••term loan first lien$4.0M$3.9M
94c
S+593 bp
B••••••••• L••term loan first lien$3.8M$3.8M
100c
S+550 bp
P•••••• I••••••• A••••••••• I•••term loan first lien$3.8M$3.7M
99c
S+625 bp
L••••• B•••• L••••••term loan first lien$3.9M$3.7M
93c
S+600 bp
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••term loan unsecured or subordinated$3.6M$3.6M
101c
S+775 bp
PIK 12.20%
R••• L•••• L••term loan first lien$3.7M$3.6M
101c
S+550 bp
C•••••• M••••• H•••••••• L••term loan unsecured or subordinated$3.8M$3.6M
99c
8.00%
T•• A••••••••• L••term loan first lien$3.7M$3.6M
100c
S+475 bp
W••••••• F••••• L••term loan first lien$3.6M$3.5M
100c
S+550 bp
J• A••••••••• L••term loan first lien$3.5M$3.5M
101c
S+550 bp
T•• O••••• M•••• G••••• I•••term loan first lien$3.6M$3.5M
98c
S+475 bp
S••••• E••••• S••••••••• L••term loan first lien$3.6M$3.5M
100c
S+500 bp
J•••• F••• H••••••••• • D••••••••• L••term loan first lien$3.5M$3.5M
101c
S+550 bp
E••••••••• C••••••••• I••••••••• I•••term loan first lien$3.5M$3.5M
100c
S+650 bp
R•• S••• M••••• S•• L••equity equityNot disclosed$3.5M
68c
H••••••••• I•••term loan first lien$3.4M$3.4M
102c
S+475 bp
N•••••••• R••••••••• L••term loan first lien$3.4M$3.4M
102c
S+465 bp
I• S•••••term loan first lien$3.5M$3.4M
90c
S+550 bp
E•••••• L••term loan first lien$3.7M$3.4M
92c
S+750 bp
PIK 2.00%
B•• B••••• I•••term loan first lien$3.4M$3.4M
100c
S+500 bp
C••• B••••• L••term loan first lien$3.4M$3.4M
101c
S+500 bp
A• B••••• I•••term loan first lien$3.4M$3.4M
103c
S+525 bp
P•••••• E••••• C••••• L••term loan first lien$3.4M$3.4M
106c
6.90%
C••••••••• B••••• L••equity equityNot disclosed$3.3M
C••••••••• B••••• L••equity equityNot disclosed$3.3M
69c
D••• G••••term loan first lien$3.5M$3.3M
96c
S+400 bp
H•••••••• L•••term loan first lien$3.3M$3.3M
106c
S+675 bp
A••••••••• H•••••••• C•••• A• C•••••••••preferred equity equityNot disclosed$3.2M
129c
M••••••••• P••••••••• M••••••••• G•••term loan first lien$3.2M$3.2M
100c
S+538 bp
C•••••• B••••••••• I•••• R•••••• R•••••unstated lien unstatedNot disclosed$3.2M
180c
A••••• B••••• I•••term loan first lien$3.2M$3.2M
101c
S+525 bp
R•••• B•••• L••term loan first lien$3.2M$3.2M
100c
S+475 bp
I••••••••• L••preferred equity equityNot disclosed$3.1M
100c
10.00%
N•• B•••• L••term loan first lien$3.0M$3.0M
103c
S+550 bp
F••••••• R• S••••••••• P•••••••• 2•••••preferred equity equityNot disclosed$3.0M
159c
C••••••••• B••••• L••term loan first lien$3.1M$3.0M
97c
S+800 bp
L•••••••• C••••••••• L••equity equityNot disclosed$3.0M
257c
T•••••• B•••term loan first lien$2.9M$2.9M
98c
S+540 bp
C•••• P••••• N•term loan first lien$3.0M$2.9M
97c
S+600 bp
A••••• M••••term loan unsecured or subordinated$3.1M$2.9M
107c
2.00%
PIK 9.00%
F•••••••• S••••••• I••••••••• H••••••• I•••preferred equity equityNot disclosed$2.9M
60c
PIK 11.00%
X••••••• B•••• L••••••term loan unsecured or subordinated$3.0M$2.9M
101c
PIK 11.00%
H••••••• H••••••• L••term loan first lien$2.9M$2.8M
100c
S+475 bp
F••••••••• L•••• O•••preferred equity equityNot disclosed$2.8M
100c
P••••••• B••••• I•••term loan first lien$2.8M$2.8M
99c
S+500 bp
T•••• B•••• L••term loan first lien$2.8M$2.7M
100c
S+500 bp
G••••• A••••••• G•••• L••••••term loan first lien$2.7M$2.7M
92c
S+491 bp
A••• B•••• L••••••term loan first lien$2.7M$2.7M
95c
S+550 bp
N•••• A••••••••• I•••term loan first lien$2.6M$2.6M
101c
S+475 bp
I••••••• H••••••• G•••term loan first lien$2.6M$2.6M
97c
S+475 bp
Q••• S••• B•••• P•• L••term loan first lien$2.6M$2.6M
86c
S+375 bp
T••••••• R••••• L••unstated lien unstatedNot disclosed$2.6M
30c
N•••••term loan first lien$2.6M$2.6M
102c
S+635 bp
Q•••••••• I••••••••• L••term loan first lien$2.6M$2.6M
100c
S+650 bp
C•••• P••••• N•term loan first lien$2.6M$2.6M
103c
S+650 bp
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••term loan first lien$2.5M$2.5M
101c
S+425 bp
A••• H••••••term loan first lien$2.5M$2.5M
107c
S+540 bp
G••••• G•••••term loan first lien$2.5M$2.5M
103c
S+625 bp
M•••• R•••••••• I••• ••••••••term loan first lien$2.5M$2.5M
96c
S+450 bp
B•• G•••••• L••term loan first lien$2.5M$2.4M
101c
S+550 bp
B••••••• S••term loan first lien$2.5M$2.4M
96c
S+475 bp
S••••••• H••••••• L••term loan first lien$2.4M$2.4M
100c
PIK 12.00%
R•• S••• M••••• S•• L••term loan first lien$2.4M$2.4M
100c
S+800 bp
O••••• T••••••••• I•••term loan first lien$2.0M$2.4M
126c
S+675 bp
F••••••• B••••• L••term loan first lien$2.4M$2.4M
101c
S+475 bp
A••••••••• H•••••••• C•••• B• C•••••••••preferred equity equityNot disclosed$2.4M
142c
B•••••• E••••••••• S••••••• H••••• L••••••term loan first lien$2.4M$2.4M
96c
S+700 bp
G••• I••••••••• I•••term loan first lien$2.4M$2.4M
100c
S+950 bp
C•• D••••••term loan first lien$2.3M$2.3M
108c
S+475 bp
S••••••• S•••••••term loan first lien$2.4M$2.3M
103c
S+575 bp
S•••• B•••• L••equity equityNot disclosed$2.3M
386c
B•••••term loan first lien$2.3M$2.3M
93c
S+640 bp
P•••••• I•••••term loan first lien$2.3M$2.3M
102c
S+575 bp
E•••••• B••••••• C••••••• L••term loan second lien$2.2M$2.2M
101c
7.50%
I••• T••••••••• I•• L••term loan first lien$2.2M$2.2M
102c
S+475 bp
N••• H•••••• L••term loan first lien$2.2M$2.2M
99c
S+525 bp
M••••••• T•••••••• L••term loan first lien$2.2M$2.2M
100c
S+550 bp
C•• F•••• H••••••• C••• L••term loan lien unstated$2.2M$2.2M
103c
S+1000 bp
PIK 14.70%
B••••• G••••term loan first lien$4.5M$2.1M
49c
S+425 bp
PIK 8.20%
A•••••••term loan first lien$3.1M$2.1M
69c
S+290 bp
PIK 6.40%
B•••••• P•••• P•••••••• C•••••••••term loan second lien$2.3M$2.1M
96c
S+900 bp
I•• H•••• A••••••• L•••••term loan first lien$2.1M$2.1M
100c
S+550 bp
A••••••••• H•••••••preferred equity equityNot disclosed$2.1M
106c
O• I•• B•••term loan first lien$2.1M$2.1M
95c
S+550 bp
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••term loan first lien$2.1M$2.1M
101c
S+500 bp
U•••••• •••••••••term loan first lien$2.0M$2.0M
104c
S+493 bp
T••• H•••••• C•••term loan first lien$2.0M$2.0M
101c
S+600 bp
C••••• S••• R•••• S••term loan first lien$2.0M$2.0M
101c
S+625 bp
Page 2 of 7PreviousNext
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