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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 Jun 30, 2025

700 positions

Borrower	Instrument	Principal	Fair value	Rate
W••••••• F••••• L••	revolver lien unstated	$205,000	$190,000 97c	S+550 bp
R••••••••• P••••• H•••••••• L••	equity equity	Not disclosed	$190,000 47c
Z• H••••• L••	revolver lien unstated	$194,000	$189,000 99c	S+575 bp
S••• B••••• L•••	equity equity	Not disclosed	$186,000 60c
O•• H••••••• P••••••••• L••	revolver lien unstated	$189,000	$186,000 101c	S+475 bp
I•• H•••• A••••••• L•••••	revolver lien unstated	$194,000	$186,000 98c	S+600 bp
A•••••••• S••••••• C•••••• ••••• L••	equity equity	Not disclosed	$184,000 190c
Q•••••••• I••••••••• L••	preferred equity equity	Not disclosed	$184,000 128c
W•••••••• H•••••••• I•••	revolver lien unstated	$176,000	$176,000 115c	S+650 bp
A••••• M••••	term loan second lien	$171,000	$171,000 106c	PIK 15.50%
T••• C•••••••• B••••• I•••	term loan first lien	$169,000	$167,000 101c	S+500 bp
M•• E•••••• I•••	revolver lien unstated	$172,000	$165,000 101c	S+375 bp
M••••••••• H•••••• B•••• S••••	term loan first lien	$205,000	$165,000 94c	S+600 bp PIK 8.00%
M•••• R•••••••• I••• ••••••••	revolver lien unstated	$167,000	$162,000 100c	S+450 bp
E• S••• B••••	term loan first lien	$160,000	$158,000 107c	S+500 bp PIK 8.00%
A••••••••• B••• C••• L••	equity equity	Not disclosed	$157,000 100c
F••••• H••••••	term loan first lien	$173,000	$153,000 116c	S+525 bp
C•••••• R••••••••• S••••••• L••	revolver lien unstated	$157,000	$153,000 99c	S+600 bp
P••••••••• L••	equity equity	Not disclosed	$152,000 234c
O•• H••••••• P••••••••• L••	equity equity	Not disclosed	$151,000 109c
L••••••••• L••	equity equity	Not disclosed	$151,000 240c
E••• G••••• L••••••••• I•••	equity equity	Not disclosed	$150,000 52c
M••••••••• H•••••• B•••	revolver lien unstated	$187,000	$150,000 96c	S+550 bp PIK 7.50%
F••••• B••••• L••	equity equity	Not disclosed	$141,000
C••• B••••• L••	equity equity	Not disclosed	$138,000 102c
P•••••••• M•••••	notes lien unstated	$137,000	$138,000 101c	8.50%
P•••••••• M•••••	notes lien unstated	$137,000	$137,000 100c	5.40%
P•••••••• M•••••	notes lien unstated	$137,000	$137,000 100c	5.90%
P•••••••• M•••••	notes lien unstated	$137,000	$136,000 99c	4.70%
F••••• B••••• L••	equity equity	Not disclosed	$135,000 111c
S••••• E••••• S••••••••• L••	equity equity	Not disclosed	$129,000 93c
F•• B•••• L••	equity equity	Not disclosed	$126,000 145c
I•• H•••• A••••••• L•••••	equity equity	Not disclosed	$119,000 82c
I•• I••••••••• I•••	revolver lien unstated	$116,000	$116,000 108c	S+600 bp
A•••••• C••••••• P•••••••• L••	equity equity	Not disclosed	$115,000 131c
Z• H••••• L••	equity equity	Not disclosed	$112,000 187c
M•• B••••• I•••	equity equity	Not disclosed	$112,000 145c
S••••• P••••••• H•••••••• L••	preferred equity equity	Not disclosed	$112,000 129c
D•••• I••••••••• H••••••• C••	equity equity	Not disclosed	$104,000 111c
N•• B•••• L••	equity equity	Not disclosed	$103,000 108c
E• S••• B••••	term loan first lien	$102,000	$101,000 104c	S+500 bp
T•••••••• I•••	revolver lien unstated	$102,000	$98,000 104c	S+550 bp
P•••••• I••••••• A••••••••• I•••	equity equity	Not disclosed	$98,000 52c
G••• I• G•••	term loan first lien	$98,000	$98,000 110c	S+600 bp PIK 10.00%
O••••• H••••• L••	term loan lien unstated	$96,000	$96,000 100c	10.00%
P•••••• C•••••••••	equity equity	Not disclosed	$95,000 226c
G••• I• G•••	term loan first lien	$505,000	$81,000 18c	S+600 bp PIK 9.90%
Q•••••••• I••••••••• L••	equity equity	Not disclosed	$76,000 2533c
M•••••• H•••••• A•	equity equity	Not disclosed	$73,000 130c
P••••••••• L••	revolver lien unstated	$71,000	$71,000 103c	S+575 bp
C• B••••• L••	equity equity	Not disclosed	$69,000 100c
M••••••• A••••••••• I•••	revolver lien unstated	$86,000	$66,000 81c	S+550 bp
H••••••••• I•••	equity equity	Not disclosed	$65,000 127c
D•••• I••••••••• H••••••• C••	revolver lien unstated	$70,000	$64,000 100c	S+450 bp
A•••• B•••• L••••••	term loan first lien	$68,000	$63,000 94c	S+400 bp PIK 3.30%
U••••••••• L••	equity equity	Not disclosed	$62,000 100c
T•••• B•••• L••	equity equity	Not disclosed	$60,000 120c
R•••• B••••• L••	revolver lien unstated	$58,000	$58,000 121c	S+500 bp
D••• H••••••• C••••	revolver lien unstated	$57,000	$57,000 110c	S+500 bp
A••••••••• B••• C••• L••	term loan unsecured or subordinated	$55,000	$55,000 100c	14.00%
W••••••• F••••• L••	preferred equity equity	Not disclosed	$54,000 100c	PIK 20.00%
A•••• 1•••• G•••	preferred equity equity	Not disclosed	$48,000 61c
A•••••••• S••••••• C•••••• ••••• L••	equity equity	Not disclosed	$48,000 192c
M••••••• A••••••••• I•••	preferred equity equity	Not disclosed	$48,000 52c
T• S• C••••• A••••••••• C••••	equity equity	Not disclosed	$42,000 183c
M••••••••• H•••••• B•••	term loan first lien	$66,000	$41,000 63c	S+650 bp PIK 8.50%
S•• I••••••••• L••	revolver lien unstated	$40,000	$40,000 105c	S+675 bp
R••••••• P•••• S••••••• I•••	equity equity	Not disclosed	$38,000 47c
T•• A••••••••• L••	revolver lien unstated	$40,000	$36,000 103c	S+475 bp
P••••••••• L••	term loan unsecured or subordinated	$32,000	$31,000 97c	8.00%
M• P••••••••• L••	equity equity	Not disclosed	$30,000 130c
P••••••• D••••• H••••••• L••	preferred equity equity	Not disclosed	$29,000 290c	PIK 10.00%
T••• C•••••••• B••••• I•••	equity equity	Not disclosed	$29,000 580c
F•• B•••• L••	equity equity	Not disclosed	$29,000 145c
S•• M•••••• P•••••••• L•••	equity equity	Not disclosed	$27,000 100c
P••••••• D••••• H••••••• L••	term loan first lien	$23,000	$23,000 100c	S+825 bp
A•••• B•••• L••••••• E••••• L•••	notes lien unstated	Not disclosed	$17,000 53c	PIK 10.00%
A•••• B•••• L••••••	preferred equity equity	Not disclosed	$17,000 53c	PIK 10.00%
L••••••••• S••••••• I••••••••• I•••	revolver lien unstated	$18,000	$16,000 100c	S+450 bp
K•••• H••• P••••••• L•	equity equity	Not disclosed	$16,000 100c
K••••••• B•••• B•••	revolver lien unstated	$11,000	$10,000 125c	S+525 bp
O•• I••••••••• H•••••••• L••	revolver lien unstated	$15,000	$9,000 100c	S+475 bp
A••••• H••••• 2• L••	equity equity	Not disclosed	$6,000 100c
M•••••• H•••••• A•	equity equity	Not disclosed	$4,000
S••••••••• I•••	revolver lien unstated	$0	$0 0c	S+450 bp
H••••••••• I•••	revolver lien unstated	$0	$0 0c	S+475 bp
A•••• B•••• L••••••	equity equity	Not disclosed	$0
C••••••• O••••••••• P••••••• C••••	equity equity	Not disclosed	$0 0c
B••••• G••••	preferred equity equity	Not disclosed	$0
I••••••••• L••	warrants equity	Not disclosed	$0
U•• A•••••••• I•••	revolver lien unstated	$0	$0 0c	S+475 bp
S•••••• B••••••• S•••••• L••	revolver lien unstated	$0	$0 0c	S+500 bp
D••••••••• L••	preferred equity equity	Not disclosed	$0 0c	PIK 13.00%
M• P••••••••• L••	revolver lien unstated	$0	$0 0c	S+475 bp
B••••• G••••	equity equity	Not disclosed	$0
C•• P•••••• L••	revolver lien unstated	$0	$0 0c	S+450 bp
A•• C••••••••• L••	revolver lien unstated	$0	$0 0c	S+475 bp
B••••• G••••	preferred equity equity	Not disclosed	$0
V• S•••• I••••••••• I• L••	equity equity	Not disclosed	$0
T•••••• B•••	revolver lien unstated	$0	$0 0c	S+540 bp

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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