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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $1.4B
Borrowers: 321
Mark on cost: 97.8¢
First lien: 72%

Schedule of investments (789)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•••• →
$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•• →
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
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 →
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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.4B	321	98c	56	529 bp
May 27, 2026	$5.0M	1	n/a	0	n/a
Mar 31, 2026	$1.3B	307	98c	59	533 bp
Dec 31, 2025	$2.7B	349	99c	113	537 bp

All 21 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Sep 30, 2025	$1.4B	304	99c	65	537 bp
Jun 30, 2025	$1.4B	290	100c	62	545 bp
Mar 31, 2025	$1.4B	279	98c	61	554 bp
Dec 31, 2024	$1.5B	339	97c	59	566 bp
Sep 30, 2024	$1.6B	275	99c	58	576 bp
Jun 30, 2024	$1.5B	267	98c	58	582 bp
Mar 31, 2024	$1.6B	266	99c	58	586 bp
Dec 31, 2023	$1.8B	294	99c	55	587 bp
Sep 30, 2023	$1.5B	252	97c	47	588 bp
Jun 30, 2023	$1.5B	244	97c	36	586 bp
Mar 31, 2023	$1.5B	244	97c	33	587 bp
Dec 31, 2022	$1.8B	264	97c	29	581 bp
Aug 12, 2022	$11.2M	1	n/a	0	n/a
Dec 31, 2021	$221M	4	n/a	0	725 bp
Jul 8, 2021	$53.3M	1	n/a	0	n/a
May 31, 2021	Not disclosed	1	n/a	0	n/a
Apr 28, 2020	Not disclosed	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P••••• S••••••• C••••••• L•• first lien term loan
3 BDCs hold it
$23.2M 91c
K•• D••••• H•••••••• L•• first lien term loan
5 BDCs hold it · matures Oct 1, 2029
$18.2M 101c
S•••• B•••• L•• term loan
3 BDCs hold it
$17.0M 100c
C•• F•••• H••••••• C••• L•• first lien term loan
3 BDCs hold it · possible sponsor G•••• C••••••
$15.3M 101c
V• S•••• I••••••••• I• L•• first lien term loan
3 BDCs hold it
$14.0M 100c
T•••••• M••••••• S••••••• I•• first lien term loan
4 BDCs hold it · matures Feb 26, 2027 · possible sponsor J••• L••••• a•• C•••••• L••
$13.9M 86c
C••••••• • G•••••• L•• first lien term loan
3 BDCs hold it · I•••••• E••••• P•••••••
$13.2M 101c
S••• B••••• L•• first lien term loan
3 BDCs hold it
$13.1M 98c
R••••• H•••••••• I•• first lien term loan
6 BDCs hold it · matures Nov 1, 2029
$12.9M 101c
C••• U••••••• G••• first lien term loan
3 BDCs hold it
$12.4M 97c
P•••••• C••••••••• first lien term loan
12 BDCs hold it · matures Oct 1, 2032
$12.3M 99c
F• H••• I••••••••• H•••••••• I•• first lien term loan
7 BDCs hold it · matures Feb 22, 2030
$12.3M 100c

Schedule of investments at Mar 31, 2025

663 positions

Borrower	Instrument	Principal	Fair value	Rate
I••••••••• G•••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
M• P••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
R••••• H••••••• L••	preferred equity equity	Not disclosed	Not disclosed
S••• P•••••• M•••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••• P••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
A•••• I•••••••• B•••••• N•	delayed draw term loan lien unstated	Not disclosed	Not disclosed
E••••• S••••••• B•••• P•• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
F••••• P•••••• S••••••• L••	revolver lien unstated	Not disclosed	Not disclosed
G••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
G••• I• G•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
U•••• B•••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
L••••• B•••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
M• G•••• V••••••• C•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
M•••••• H•••••• A•	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• G•••• U• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
I••••••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
N•• I••••••••• 2• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
A••••• B••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
U••••• T•••••• H•••••• I•• G•••	unstated lien unstated	Not disclosed	Not disclosed
A•••••••• W••••••••• 2• L••	unstated lien unstated	Not disclosed	Not disclosed
D•••••••• B••••• L•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
E••••••••• C••••••••• I••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H••••••• H••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
R•• S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
S•• I••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+675 bp
U•••••• •••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
A• B••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
A•• E••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
W••••••• F••••• L••• L••• o• C•••••	unstated lien unstated	Not disclosed	Not disclosed
T•••• B•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
U•• A•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
B••••• G••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
E••••• I•••••••• G•••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
M••••••••• H•••••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
T•••••••• B•••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
U•• L•••••• H•••••• A•	delayed draw term loan lien unstated	Not disclosed	Not disclosed
C•• D••••••	unstated lien unstated	Not disclosed	Not disclosed
E• D•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
G••• I• G•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••••• I•••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
W••••••• R•••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••• C•••••• S••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
C•••••• R••••••••• S••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
E• D•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F••••• P•••••• S••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
K••••••• B•••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
A•••••• B•••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
F••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H•••• S••••••• G•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
N••• H•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
G••••• A••••••• G•••• L••••••	term loan first lien	Not disclosed	Not disclosed
G••••• P•••••• L•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H••• I•••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
M•• E•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
F••••• H••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H•• C•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
N•• B•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
S••• A••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
T••••••• R••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G••••••• S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
H• A••••••• B•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
S••••••• H••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed

Page 7 of 7Previous

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