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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
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$703,000$674,000
93c
S+525 bp
M•• B••••• I•••term loan first lien$660,000$660,000
101c
S+500 bp
A••• C•••••• S••••••••• I•••term loan first lien$660,000$654,000
102c
S+575 bp
A••• C•••••• S••••••••• I•••term loan first lien$660,000$652,000
100c
S+500 bp
A•••••••• W••••••••• 2• L••term loan second lien$653,000$648,000
99c
S+1050 bp
PIK 15.60%
F••••••••• L••equity equityNot disclosed$645,000
73c
C•••••• P••••••••• L••term loan unsecured or subordinated$650,000$644,000
100c
11.00%
PIK 1.00%
P••••••••• L••term loan first lien$643,000$643,000
101c
S+575 bp
W•••••••• H•••••••• I•••revolver lien unstated$627,000$627,000
104c
S+650 bp
B••••••••• G•••• U• L••term loan first lien$649,000$623,000
101c
S+550 bp
C•• F•••• H••••••• C••• L••• S••••• O••term loan lien unstated$618,000$618,000
100c
S+900 bp
PIK 13.60%
R••••• H•••••••• I•••revolver lien unstated$615,000$607,000
103c
S+500 bp
H••••••••• B•••• P•• L••term loan first lien$698,000$601,000
85c
S+525 bp
H•••• S••••••• G•••• L••term loan first lien$598,000$598,000
102c
S+450 bp
S•• I••••••••• L••term loan first lien$588,000$588,000
102c
S+675 bp
B••••••••• L••revolver lien unstated$584,000$584,000
101c
S+550 bp
T••• A•• D••••••••• L••equity equityNot disclosed$573,000
110c
A•• C••••••••• L••equity equityNot disclosed$565,000
173c
U•• L•••••• H•••••• A•term loan first lien$559,000$559,000
101c
S+525 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.2M$556,000
56c
S+700 bp
PIK 9.40%
A••••• M••••warrants equityNot disclosed$538,000
26900c
C•• P•••••• L••revolver lien unstated$551,000$534,000
100c
S+450 bp
G••• L••term loan first lien$538,000$529,000
100c
S+600 bp
O••••• B•••• L••••••term loan first lien$533,000$524,000
100c
S+525 bp
O••••• H••••• L••preferred equity equityNot disclosed$519,000
148c
PIK 15.00%
S••• B••••• L•••revolver lien unstated$519,000$517,000
103c
S+625 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$522,000$512,000
104c
S+500 bp
PIK 1.50%
S•••• B•••• B•••term loan first lien$508,000$508,000
100c
S+575 bp
R••••• H•••••••• I•••equity equityNot disclosed$503,000
126c
P••••• S••••••• C••••••• L••warrants equityNot disclosed$503,000
V•••• G••••• H•••••• L••• S•••••••••equity equity$500,000$499,000
100c
9.50%
C••• U••••••• G•••equity equityNot disclosed$498,000
93c
S•••• S•••••• B•••••• L••equity equityNot disclosed$496,000
56c
H•••••••• H•••••••• I•••revolver lien unstated$503,000$494,000
100c
S+525 bp
H•• C•••••••••term loan first lien$515,000$492,000
100c
S+525 bp
I•• I••••••••• I•••equity equityNot disclosed$489,000
130c
W•••••••• H•••••••• I•••equity equityNot disclosed$485,000
154c
B•••••• A•••••• 2••••• C•••• B• P••• T•••••• T••••term loan first lien$462,000$481,000
104c
8.40%
P••••••• D••••• H••••••• L••term loan first lien$476,000$470,000
100c
S+830 bp
B•• B••••• I•••equity equityNot disclosed$449,000
106c
J•••• F••• H••••••••• • D••••••••• L••equity equityNot disclosed$421,000
393c
H• A••••••• B•••• L••term loan first lien$453,000$419,000
100c
S+475 bp
P•••••• B•••• B•••term loan first lien$430,000$419,000
91c
S+650 bp
R• H•••••••• L••revolver lien unstated$409,000$400,000
104c
S+625 bp
A•••• B•••• L••••••term loan second lien$435,000$396,000
98c
PIK 10.50%
U•• A•••••••• I•••revolver lien unstated$390,000$390,000
104c
S+475 bp
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$381,000
138c
B•••••••• L••••••term loan first lien$372,000$366,000
104c
S+500 bp
C•• S•••••••• L••revolver lien unstated$354,000$354,000
102c
S+500 bp
N•••• A••••••••• I•••equity equityNot disclosed$353,000
1307c
U••• C••••term loan first lien$370,000$351,000
95c
S+450 bp
PIK 2.40%
S••••••••• G••••• I•••equity equityNot disclosed$346,000
189c
A•••••• I•••••••••term loan unsecured or subordinated$345,000$345,000
100c
S+1050 bp
PIK 14.40%
M• G•••• V••••••• C•••••••••equity equityNot disclosed$340,000
91c
P•••••• I••••••• A••••••••• I•••revolver lien unstated$354,000$339,000
99c
S+625 bp
W••••••• F••••• L••revolver lien unstated$342,000$326,000
98c
S+550 bp
P••••••••• S•••••••• H•••••••• L••revolver lien unstated$351,000$325,000
101c
S+450 bp
A•••• B•••• L••••••term loan first lien$322,000$321,000
101c
S+575 bp
R•••• B•••• L••equity equityNot disclosed$320,000
101c
R••••• H••••••• L••equity equityNot disclosed$317,000
G••• L••equity equityNot disclosed$314,000
129c
O••••• B•••• L••••••term loan first lien$320,000$314,000
88c
S+525 bp
E••••••• E•••••••• • E••••••••• C••term loan first lien$316,000$310,000
100c
10.50%
PIK 3.00%
V•••• B••••• L••equity equityNot disclosed$309,000
188c
N•••• A••••••••• I•••preferred equity equityNot disclosed$307,000
128c
N• H•••••• L••equity equityNot disclosed$298,000
68c
G••• I• G•••term loan first lien$294,000$294,000
99c
S+600 bp
PIK 10.00%
F••• S••• H•••••• L••equity equityNot disclosed$294,000
58c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$609,000$291,000
56c
S+700 bp
PIK 12.40%
S••••• A••••• I•••revolver lien unstated$336,000$291,000
87c
S+550 bp
H•••• 3• H••••••term loan first lien$292,000$290,000
114c
S+588 bp
C••••••• O••••••••• P••••••• C••••term loan first lien$1.5M$290,000
16c
S+700 bp
PIK 10.30%
S•• I••••••••• L••equity equityNot disclosed$283,000
136c
E•• I•••••••••equity equityNot disclosed$282,000
138c
A•• W•••••••• L•••••••• H•••••••• I•••equity equityNot disclosed$272,000
168c
A•••••• B•••• L••••••term loan first lien$296,000$270,000
103c
S+500 bp
T••••••••• I•••term loan unsecured or subordinated$288,000$266,000
93c
10.00%
PIK 4.00%
C••• U••••••• G•••equity equityNot disclosed$262,000
106c
C•••••• P••••••••• L••equity equityNot disclosed$257,000
206c
C••••••• O••••••••• P••••••• C••••• S••••term loan first lien$80,000$256,000
324c
S+700 bp
PIK 15.00%
J•••• F••• H••••••••• • D••••••••• L••revolver lien unstated$251,000$251,000
102c
S+550 bp
O•• H••••••• I• C•••revolver lien unstated$245,000$245,000
103c
S+500 bp
S••• B••••• L•••equity equityNot disclosed$239,000
77c
X••••••• B•••• L••••••equity equityNot disclosed$236,000
104c
Z• H••••• L••revolver lien unstated$241,000$236,000
100c
S+550 bp
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$231,000
98c
X••••••• B•••• L••••••term loan first lien$231,000$227,000
97c
S+550 bp
F••••• 4• L••••••term loan first lien$227,000$226,000
101c
S+650 bp
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$225,000
99c
W••••••• F••••• L••preferred equity equityNot disclosed$209,000
100c
PIK 20.00%
G• E•••• B••••• I•••revolver lien unstated$217,000$207,000
112c
S+475 bp
E••• G••••• L••••••••• I•••equity equityNot disclosed$204,000
71c
A••••• B••••• I•••equity equityNot disclosed$201,000
157c
A•••••••• S••••••• C•••••• ••••• L••equity equityNot disclosed$201,000
207c
M•••••••• B•••• L••••••equity equityNot disclosed$198,000
143c
M••••••••• H•••••• B•••• S••••term loan first lien$195,000$195,000
100c
S+650 bp
PIK 6.00%
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$195,000
104c
D••••••••• L••revolver lien unstated$254,000$191,000
76c
S+650 bp
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$190,000
47c
Page 4 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