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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
J•• B•••• L••••••term loan first lien$2.0M$2.0M
85c
S+450 bp
S••••• I•••••term loan first lien$2.0M$2.0M
101c
S+600 bp
N•• I••••••••• 2• B•••term loan first lien$2.0M$2.0M
113c
S+600 bp
C•••••• B••••••••• I•••term loan first lien$2.0M$2.0M
101c
S+800 bp
A•••• B•••• L••••••term loan first lien$2.0M$2.0M
99c
S+575 bp
M••••••• A••••••••• I•••term loan first lien$2.1M$1.9M
96c
S+550 bp
R••••• B••••• B•••term loan first lien$2.2M$1.9M
86c
S+625 bp
A•••••••• W••••••••• 2• L••term loan first lien$1.9M$1.9M
99c
S+600 bp
M••••• S••• H••••••• B•••• P•• L••••••term loan first lien$1.9M$1.9M
87c
S+600 bp
M•••••••• B•••• L••••••term loan first lien$1.9M$1.9M
102c
S+500 bp
A•••••• H••••••• H• L••••••term loan first lien$1.9M$1.9M
100c
S+638 bp
B•••• I••••••••• G••••• L••term loan first lien$1.9M$1.9M
100c
S+500 bp
C•• P•••••• L••preferred equity equityNot disclosed$1.9M
264c
C•••••• R••••••••• S••••••• L••term loan first lien$2.0M$1.9M
96c
S+600 bp
D••••••• I••••••••• L••term loan first lien$1.9M$1.9M
102c
S+550 bp
W•••••• A••••••••• L••term loan first lien$1.9M$1.9M
100c
S+500 bp
M••••• M•••• L••••••term loan first lien$1.9M$1.8M
98c
S+525 bp
E• D•••••••••term loan first lien$1.9M$1.8M
103c
S+550 bp
D•••• I••••••••• H••••••• C••term loan first lien$1.8M$1.8M
100c
S+450 bp
S••• P•••••• M•••• L••••••term loan first lien$1.8M$1.8M
102c
S+600 bp
A•••••• I•••••••••term loan first lien$1.8M$1.8M
100c
S+575 bp
A••••••••• L••term loan first lien$1.8M$1.8M
100c
S+500 bp
A•••••• C••••••• P•••••••• L••term loan first lien$1.8M$1.7M
100c
S+500 bp
T•••••••• B•••• L••••••term loan first lien$1.8M$1.7M
111c
S+525 bp
G••••• A••••••• G•••• L••••••term loan first lien$1.7M$1.7M
91c
S+491 bp
O•• H••••••• I• C•••term loan first lien$1.7M$1.7M
101c
S+500 bp
F••••• 4• L••••••term loan first lien$1.6M$1.6M
100c
S+650 bp
F••••••term loan first lien$1.6M$1.6M
101c
S+610 bp
B•••••••• L••••••term loan first lien$1.7M$1.6M
93c
S+500 bp
PIK 0.30%
P••••• E••••••••• L•••••term loan first lien$1.6M$1.6M
101c
S+475 bp
I••••••••• G•••• B•••term loan first lien$1.7M$1.6M
99c
S+600 bp
U•• L•••••• H•••••• A•term loan first lien$1.6M$1.6M
107c
S+525 bp
S••••• C•••••• N•term loan first lien$1.6M$1.6M
101c
S+675 bp
S••••• A••••• I•••term loan first lien$1.8M$1.5M
87c
S+550 bp
M•••••• H•••••• A•term loan first lien$1.5M$1.5M
94c
S+550 bp
U••••• T•••••• H•••••• I•• G•••term loan first lien$1.9M$1.5M
77c
S+675 bp
Z••••••• B•••• L••••••term loan first lien$3.1M$1.4M
46c
S+650 bp
PIK 11.50%
M•• E•••••• I•••term loan first lien$1.5M$1.4M
100c
S+475 bp
P•• I••••••••• 4• L••term loan first lien$1.4M$1.4M
101c
S+575 bp
T• S• C••••• A••••••••• C••••term loan unsecured or subordinated$1.4M$1.4M
101c
PIK 7.80%
A•••• 1•••• G•••term loan first lien$1.5M$1.4M
84c
S+575 bp
W••••• E••••• S••••••••• T•••• V•• S•••••••••equity equity$1.4M$1.4M
99c
7.40%
O••••• V••••• B•••• L••••••term loan first lien$1.4M$1.3M
91c
S+500 bp
E••••• S••••••• B•••• P•• L••term loan first lien$1.6M$1.3M
72c
S+650 bp
A••••• C••••••• B•••• P•• L••term loan first lien$1.3M$1.3M
90c
S+450 bp
T•• O••••• M•••• G••••• I•••equity equityNot disclosed$1.3M
322c
D••••••••• L••term loan first lien$1.6M$1.3M
84c
S+650 bp
A••••• M••••equity equityNot disclosed$1.3M
229c
L••••• B•••• L••••••term loan second lien$1.4M$1.2M
91c
PIK 12.00%
A••••• B••••• I•••term loan unsecured or subordinated$1.2M$1.2M
101c
PIK 12.00%
M•••• R•••••••• I••• ••••••••term loan first lien$1.2M$1.2M
100c
S+450 bp
S••••••• S•••••••term loan first lien$1.1M$1.1M
102c
S+575 bp
A••••••••• H•••••• G•••term loan first lien$1.1M$1.1M
99c
S+608 bp
C• G•••• H•••••••• L••equity equityNot disclosed$1.1M
265c
G• E•••• B••••• I•••equity equityNot disclosed$1.1M
207c
R•• S••• M••••• S•• L••term loan first lien$1.1M$1.1M
102c
S+800 bp
U••••• L•••••• L••••••term loan first lien$1.1M$1.0M
96c
S+725 bp
K•• D••••• H•••••••• L••equity equityNot disclosed$1.0M
123c
T••• C•••••••• B••••• I•••term loan first lien$1.1M$1.0M
100c
S+500 bp
S••••••• D••••••••• A••••••• C••••••term loan first lien$1.0M$1.0M
100c
S+513 bp
G•••••••• I• B•term loan first lien$1.0M$1.0M
107c
S+535 bp
C•••••• F•••• S•• R••term loan first lien$1.0M$1.0M
110c
S+515 bp
D••••••••• B•••term loan first lien$1.0M$999,000
101c
S+525 bp
A•••••• A•••••••• C•••••••••revolver lien unstated$1.0M$997,000
99c
S+575 bp
J•••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$998,000$996,000
100c
8.00%
A••••••••• H•••••• G•••term loan first lien$977,000$977,000
104c
S+683 bp
O•••• I••••••••• N•••• B•••term loan first lien$987,000$973,000
100c
S+550 bp
S••• S••••• B•••• 3• L••••••term loan first lien$989,000$972,000
104c
S+645 bp
E••••• I•••••••• G•••• I•••term loan first lien$985,000$965,000
100c
S+450 bp
U•••• B•••• L••••••term loan first lien$962,000$961,000
108c
S+459 bp
T••• C•••••••• B••••• I•••term loan first lien$960,000$951,000
100c
S+500 bp
S••••• C•••••• N•term loan first lien$968,000$943,000
102c
S+600 bp
A•••• B•••• L••••••term loan first lien$989,000$913,000
97c
S+400 bp
PIK 2.80%
P•• I••••••••• 4• L••term loan first lien$883,000$883,000
104c
S+575 bp
W•••• B•••• L••••••term loan first lien$875,000$875,000
103c
S+550 bp
M• P••••••••• L••term loan first lien$869,000$864,000
102c
S+475 bp
D•••• W••• B••••• U• L••term loan second lien$887,000$849,000
100c
S+1000 bp
K••••••• B•••• B•••term loan first lien$857,000$847,000
99c
S+525 bp
O• B••••• I•••equity equityNot disclosed$827,000
392c
C•• F•••• H••••••• C••• L••term loan lien unstated$809,000$809,000
100c
S+700 bp
PIK 11.60%
S••••••• H••••••• L••equity equityNot disclosed$809,000
100c
A•••• B•••• L••••••term loan first lien$886,000$803,000
101c
S+400 bp
PIK 2.80%
G••••• P•••••• L•••term loan first lien$814,000$802,000
105c
S+570 bp
C•• F•••• H••••••• C••• L••equity equityNot disclosed$800,000
I•• I••••••••• I•••term loan first lien$799,000$799,000
101c
S+600 bp
A•• C••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$790,000$798,000
101c
9.00%
A••••••••• H•••••• G•••term loan first lien$803,000$797,000
87c
S+608 bp
I••••••• L••••••term loan first lien$807,000$792,000
96c
S+625 bp
D••••••••• P•••••••• H••••••• L••term loan second lien$809,000$792,000
100c
11.00%
PIK 1.50%
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.6M$772,000
51c
S+700 bp
PIK 12.40%
P••••• E••••••••• L•••••equity equityNot disclosed$746,000
202c
T••• A•• D••••••••• L••term loan unsecured or subordinated$753,000$739,000
100c
14.00%
U••• C••••term loan first lien$770,000$730,000
86c
S+450 bp
PIK 2.40%
W••••••• F••••• L••equity equityNot disclosed$727,000
94c
P•••••• B•••• B•••revolver lien unstated$733,000$718,000
90c
S+650 bp
E•• I••••••••• S•••••term loan unsecured or subordinated$720,000$714,000
101c
11.00%
PIK 2.50%
S••••••• B•term loan first lien$710,000$691,000
97c
S+525 bp
I•••••• G•••• I• B•term loan first lien$685,000$685,000
102c
S+500 bp
R••• L•••• L••equity equityNot disclosed$681,000
96c
B••••••••• L••equity equityNot disclosed$674,000
113c
Page 3 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