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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
N• H•••••• L••revolver first lien$184,000$184,000
109c
S+650 bp
Q•••••••• I••••••••• L••preferred equity equityNot disclosed$180,000
125c
P••••• S••••••• C••••••• L••warrants equityNot disclosed$170,000
P••••••• D••••• H••••••• L••equity equityNot disclosed$170,000
71c
G••••• P•••••• L•••term loan first lien$166,000$166,000
102c
S+595 bp
M•• E•••••• I•••revolver lien unstated$172,000$163,000
100c
S+475 bp
O••••• H••••• L••equity equityNot disclosed$158,000
L••••••••• L••equity equityNot disclosed$158,000
251c
I•• H•••• A••••••• L•••••revolver lien unstated$160,000$156,000
100c
S+550 bp
A••••• M••••term loan second lien$149,000$155,000
103c
PIK 17.50%
O•• H••••••• P••••••••• L••equity equityNot disclosed$155,000
112c
E•• P•••• H••••• L••revolver lien unstated$229,000$151,000
70c
S+575 bp
D••• G••••term loan first lien$196,000$151,000
79c
S+400 bp
C•••••• R••••••••• S••••••• L••revolver lien unstated$157,000$149,000
97c
S+600 bp
T••• C•••••••• B••••• I•••term loan first lien$144,000$141,000
100c
S+500 bp
I•• H•••• A••••••• L•••••equity equityNot disclosed$140,000
97c
F••••• H••••••term loan first lien$159,000$139,000
106c
S+575 bp
C••• B••••• L••equity equityNot disclosed$138,000
102c
S••••• E••••• S••••••••• L••equity equityNot disclosed$137,000
100c
P•••••••• M•••••notes lien unstated$137,000$137,000
100c
8.50%
P•••••••• M•••••notes lien unstated$137,000$136,000
99c
5.40%
P•••••••• M•••••notes lien unstated$137,000$136,000
99c
5.90%
F••••• B••••• L••equity equityNot disclosed$136,000
P•••••••• M•••••notes lien unstated$137,000$135,000
99c
4.70%
F••••• B••••• L••equity equityNot disclosed$132,000
108c
P•••••• I••••••• A••••••••• I•••equity equityNot disclosed$132,000
70c
P••••••••• L••equity equityNot disclosed$127,000
195c
F•• B•••• L••equity equityNot disclosed$126,000
145c
O•• H••••••• P••••••••• L••revolver lien unstated$126,000$123,000
101c
S+500 bp
A•••••• C••••••• P•••••••• L••equity equityNot disclosed$120,000
136c
S••••• P••••••• H•••••••• L••preferred equity equityNot disclosed$120,000
138c
D••••••• I••••••••• L••preferred equity equityNot disclosed$117,000
122c
I•• I••••••••• I•••revolver lien unstated$116,000$116,000
109c
S+600 bp
Z• H••••• L••equity equityNot disclosed$111,000
146c
N•• B•••• L••equity equityNot disclosed$109,000
115c
M•• B••••• I•••equity equityNot disclosed$108,000
140c
B•••••••• L••••••term loan first lien$101,000$100,000
102c
S+525 bp
T•••••••• I•••revolver lien unstated$102,000$98,000
104c
S+550 bp
P••••••••• L••revolver lien unstated$97,000$97,000
102c
S+575 bp
O••••• H••••• L••term loan lien unstated$96,000$96,000
100c
10.00%
D•••• I••••••••• H••••••• C••equity equityNot disclosed$94,000
100c
E•••••• W••• A••••••••• C••••••• L••revolver lien unstated$94,000$91,000
99c
S+650 bp
G••• I• G•••term loan first lien$86,000$86,000
101c
S+600 bp
PIK 10.00%
T••••••••• I•••equity equityNot disclosed$79,000
33c
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••revolver lien unstated$78,000$77,000
100c
S+500 bp
P•••••• C•••••••••equity equityNot disclosed$77,000
183c
M••••••• A••••••••• I•••revolver lien unstated$95,000$75,000
84c
S+550 bp
Q•••••••• I••••••••• L••equity equityNot disclosed$73,000
2433c
M•••••• H•••••• A•equity equityNot disclosed$69,000
123c
H••••••••• I•••equity equityNot disclosed$64,000
125c
A••••••••• L••revolver lien unstated$70,000$62,000
100c
S+500 bp
A•••• B•••• L••••••term loan first lien$67,000$62,000
94c
S+400 bp
PIK 3.30%
D••• H••••••• C••••revolver lien unstated$57,000$57,000
110c
S+500 bp
A•••••••• S••••••• C•••••• ••••• L••equity equityNot disclosed$52,000
208c
W••••••• F••••• L••preferred equity equityNot disclosed$52,000
100c
PIK 20.00%
T•••• B•••• L••equity equityNot disclosed$52,000
104c
P••••• S••••••• C••••••• L••warrants equityNot disclosed$49,000
M••••••• A••••••••• I•••preferred equity equityNot disclosed$46,000
50c
T• S• C••••• A••••••••• C••••equity equityNot disclosed$39,000
170c
R••••••• P•••• S••••••• I•••equity equityNot disclosed$36,000
44c
A•••• 1•••• G•••preferred equity equityNot disclosed$34,000
43c
P••••••••• L••term loan unsecured or subordinated$32,000$31,000
97c
8.00%
P••••••• D••••• H••••••• L••preferred equity equityNot disclosed$29,000
290c
PIK 10.00%
F•• B•••• L••equity equityNot disclosed$29,000
145c
M• P••••••••• L••equity equityNot disclosed$26,000
113c
T••• C•••••••• B••••• I•••equity equityNot disclosed$25,000
500c
G••• I• G•••term loan first lien$465,000$24,000
5c
S+600 bp
PIK 9.90%
M•••• R•••••••• I••• ••••••••revolver lien unstated$28,000$22,000
100c
S+450 bp
P••••••• D••••• H••••••• L••term loan first lien$23,000$20,000
105c
S+825 bp
T•• A••••••••• L••revolver lien unstated$24,000$20,000
100c
S+475 bp
K••••••• B•••• B•••revolver lien unstated$19,000$19,000
106c
S+525 bp
D•••• I••••••••• H••••••• C••revolver lien unstated$23,000$17,000
100c
S+450 bp
A•••• B•••• L••••••preferred equity equityNot disclosed$16,000
50c
PIK 10.00%
A•••• B•••• L••••••• E••••• L•••notes lien unstatedNot disclosed$16,000
50c
PIK 10.00%
M•••••• H•••••• A•equity equityNot disclosed$13,000
I••• T••••••••• I•• L••revolver lien unstated$0$0
0c
S+475 bp
S•• I••••••••• L••revolver lien unstated$0$0
0c
S+675 bp
G••• I• G•••term loan first lien$0$0S+600 bp
PIK 10.00%
H••••••••• I•••revolver lien unstated$0$0
0c
S+475 bp
A••• C•••••• S••••••••• I•••revolver lien unstated$0$0
0c
S+575 bp
D••••••••• L••equity equityNot disclosed$0
0c
D••••••••• L••preferred equity equityNot disclosed$0
0c
PIK 13.00%
O• B••••• I•••revolver lien unstated$0$0
0c
S+450 bp
I••••••••• L••warrants equityNot disclosed$0
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan unsecured or subordinated$497,000$0
0c
PIK 11.50%
G••• I• G•••equity equityNot disclosed$0
N•• B•••• L••revolver lien unstated$0$0
0c
S+550 bp
T•••••• B•••revolver lien unstated$0$0
0c
S+540 bp
A•••••••• S••••••• C•••••• ••••• L••equity equityNot disclosed$0
0c
H•••• S••••••• G•••• L••revolver lien unstated$0$0
0c
S+450 bp
R•••• B••••• L••revolver lien unstated$0$0
0c
S+550 bp
C••••••• O••••••••• P••••••• C••••equity equityNot disclosed$0
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••revolver lien unstated$0$0
0c
S+425 bp
D••••••••• L••equity equityNot disclosed$0
0c
M••••••• A••••••••• I•••equity equityNot disclosed$0
0c
S••••••••• I•••revolver lien unstated$0$0
0c
S+450 bp
D••••••• I••••••••• L••revolver lien unstated$0$0
0c
S+550 bp
A•••• 1•••• G•••equity equityNot disclosed$0
0c
A•••• B•••• L••••••equity equityNot disclosed$0
A• B••••• I•••revolver lien unstated$0$0
0c
S+525 bp
Page 5 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