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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 Jun 30, 2025
700 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
I•••••• G•••• I• B•term loan first lien$761,000$761,000
113c
S+475 bp
A•••••••• W••••••••• 2• L••term loan second lien$746,000$746,000
106c
S+1050 bp
PIK 15.60%
T••• A•• D••••••••• L••term loan unsecured or subordinated$752,000$740,000
100c
14.00%
K•••• H••• P••••••• L•term loan unsecured or subordinated$748,000$739,000
100c
12.50%
E•• I••••••••• S•••••term loan unsecured or subordinated$725,000$720,000
102c
11.00%
PIK 2.50%
F••••••••• L••equity equityNot disclosed$714,000
80c
W••••••• F••••• L••equity equityNot disclosed$692,000
89c
H•••• S••••••• G•••• L••term loan first lien$686,000$681,000
101c
S+491 bp
K•••• H••• P••••••• L•term loan first lien$688,000$674,000
100c
S+450 bp
B••••••••• G•••• U• L••term loan first lien$690,000$665,000
108c
S+475 bp
R••••• H••••••• L••equity equityNot disclosed$660,000
B••••••••• L••equity equityNot disclosed$650,000
109c
C•••••• P••••••••• L••term loan unsecured or subordinated$651,000$650,000
101c
11.00%
PIK 1.00%
A••• C•••••• S••••••••• I•••term loan first lien$660,000$649,000
101c
S+575 bp
A••• C•••••• S••••••••• I•••term loan first lien$659,000$645,000
99c
S+500 bp
H• A••••••• B•••• L••term loan first lien$676,000$645,000
100c
S+450 bp
S•• I••••••••• L••term loan first lien$643,000$643,000
102c
S+675 bp
P••••••••• L••term loan first lien$641,000$641,000
101c
S+575 bp
C•• F•••• H••••••• C••• L••• S••••• O••term loan lien unstated$639,000$639,000
100c
S+900 bp
PIK 13.30%
G• E•••• B••••• I•••revolver lien unstated$651,000$639,000
103c
S+450 bp
H••••••••• B•••• P•• L••term loan first lien$734,000$623,000
88c
S+525 bp
A•• C••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$600,000$604,000
101c
9.00%
R••• L•••• L••equity equityNot disclosed$601,000
85c
M•• B••••• I•••term loan first lien$581,000$581,000
101c
S+500 bp
A•• C••••••••• L••equity equityNot disclosed$576,000
177c
A••••• M••••warrants equityNot disclosed$542,000
27100c
C••• U••••••• G•••equity equityNot disclosed$540,000
100c
T••• A•• D••••••••• L••equity equityNot disclosed$537,000
103c
A••••••• C••••••term loan second lien$575,000$535,000
100c
13.50%
O••••• H••••• L••preferred equity equityNot disclosed$535,000
138c
PIK 15.00%
G••• L••term loan first lien$536,000$528,000
100c
S+600 bp
H•• C•••••••••term loan first lien$547,000$525,000
106c
S+525 bp
O••••• B•••• L••••••term loan first lien$533,000$525,000
100c
S+525 bp
A•••••• A•••••••• C•••••••••revolver lien unstated$530,000$516,000
98c
S+575 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$511,000
104c
S+500 bp
PIK 1.50%
R••••• H•••••••• I•••equity equityNot disclosed$507,000
127c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.2M$494,000
47c
S+700 bp
PIK 9.40%
V•••• G••••• H•••••• L••• S•••••••••equity equity$500,000$493,000
99c
9.50%
I•• I••••••••• I•••equity equityNot disclosed$487,000
130c
W•••••••• H•••••••• I•••equity equityNot disclosed$486,000
154c
S•••• S•••••• B•••••• L••equity equityNot disclosed$484,000
54c
S•••• B•••• B•••term loan first lien$508,000$483,000
95c
S+575 bp
J•••• F••• H••••••••• • D••••••••• L••equity equityNot disclosed$476,000
445c
P••••••• D••••• H••••••• L••term loan first lien$476,000$474,000
101c
S+830 bp
A•••••• B•••• L••••••term loan first lien$494,000$468,000
109c
S+500 bp
P•••••• B•••• B•••term loan first lien$467,000$467,000
102c
S+650 bp
B•• B••••• I•••equity equityNot disclosed$462,000
109c
B•••••• A•••••• 2••••• C•••• B• P••• T•••••• T••••term loan first lien$435,000$456,000
105c
8.40%
A•••• B•••• L••••••term loan second lien$490,000$445,000
103c
PIK 10.50%
S••• B••••• L•••revolver lien unstated$479,000$442,000
96c
S+625 bp
B••••••••• L••revolver lien unstated$441,000$434,000
99c
S+550 bp
A•••••• I•••••••••term loan unsecured or subordinated$429,000$429,000
108c
S+1050 bp
PIK 12.50%
E• S••• B••••term loan first lien$422,000$410,000
107c
S+500 bp
V•••• B••••• L••equity equityNot disclosed$395,000
241c
F••• S••• H•••••• L••equity equityNot disclosed$394,000
78c
S••••••••• G••••• I•••equity equityNot disclosed$387,000
211c
G••• I• G•••term loan first lien$380,000$380,000
107c
S+600 bp
PIK 10.00%
U••• C••••term loan first lien$377,000$368,000
98c
S+400 bp
PIK 2.40%
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$366,000
132c
O•• H••••••• I• C•••revolver lien unstated$362,000$362,000
102c
S+475 bp
C•• S•••••••• L••revolver lien unstated$354,000$354,000
102c
S+500 bp
A•••• B•••• L••••••term loan first lien$350,000$350,000
110c
S+575 bp
O••••• B•••• L••••••term loan first lien$348,000$342,000
96c
S+525 bp
P•••••• I••••••• A••••••••• I•••revolver lien unstated$385,000$337,000
90c
S+625 bp
G••• L••equity equityNot disclosed$326,000
134c
S•• I••••••••• L••equity equityNot disclosed$316,000
152c
E••••••• E•••••••• • E••••••••• C••term loan first lien$318,000$313,000
100c
10.50%
PIK 3.00%
N• H•••••• L••revolver first lien$317,000$305,000
101c
S+650 bp
C•••••• P••••••••• L••equity equityNot disclosed$299,000
239c
R•••• B•••• L••equity equityNot disclosed$290,000
91c
S••••• A••••• I•••revolver lien unstated$339,000$289,000
86c
S+600 bp
C••• U••••••• G•••equity equityNot disclosed$288,000
116c
A•• W•••••••• L•••••••• H•••••••• I•••equity equityNot disclosed$278,000
172c
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$276,000
147c
P••••• E••••••••• L•••••revolver lien unstated$273,000$273,000
102c
S+475 bp
O••••• H••••• L••equity equityNot disclosed$269,000
T••••••••• I•••term loan unsecured or subordinated$291,000$265,000
92c
10.00%
PIK 4.00%
M• G•••• V••••••• C•••••••••equity equityNot disclosed$263,000
71c
G••••• P•••••• L•••term loan first lien$0$261,000
105c
S+550 bp
H•••••••• H•••••••• I•••revolver lien unstated$263,000$256,000
100c
S+525 bp
C••••••• O••••••••• P••••••• C••••• S••••term loan first lien$87,000$253,000
305c
S+700 bp
PIK 15.00%
N• H•••••• L••equity equityNot disclosed$252,000
57c
X••••••• B•••• L••••••equity equityNot disclosed$250,000
111c
X••••••• B•••• L••••••term loan first lien$251,000$250,000
107c
S+550 bp
E•• I•••••••••equity equityNot disclosed$247,000
120c
F••••• 4• L••••••term loan first lien$247,000$246,000
110c
S+650 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$602,000$239,000
43c
S+700 bp
PIK 12.40%
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$235,000
100c
C••••••• O••••••••• P••••••• C••••term loan first lien$1.6M$233,000
13c
S+700 bp
PIK 10.30%
P••••••••• S•••••••• H•••••••• L••revolver lien unstated$248,000$225,000
102c
S+450 bp
W••••••• F••••• L••preferred equity equityNot disclosed$220,000
100c
PIK 20.00%
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$219,000
96c
P••••••• D••••• H••••••• L••equity equityNot disclosed$209,000
88c
M•••••••• B•••• L••••••equity equityNot disclosed$209,000
151c
A••••• B••••• I•••equity equityNot disclosed$206,000
161c
S••• P••••••••• I•••revolver lien unstated$213,000$205,000
100c
S+500 bp
D••••••• I••••••••• L••preferred equity equityNot disclosed$200,000
104c
S•••• B•••• B•••revolver lien unstated$227,000$198,000
90c
S+575 bp
A••••••••• L••revolver lien unstated$204,000$197,000
100c
S+500 bp
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