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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 Sep 30, 2025
720 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
T••• C•••••••• B••••• I•••term loan first lien$2.0M$2.0M
101c
S+500 bp
M•••••••• B•••• L••••••term loan first lien$2.0M$2.0M
106c
S+525 bp
T••• H•••••• C•••term loan first lien$2.0M$2.0M
101c
S+600 bp
C•••••• B••••••••• I•••term loan first lien$2.0M$2.0M
102c
S+800 bp
S••••• I•••••term loan first lien$2.1M$2.0M
102c
S+650 bp
C••••• S••• R•••• S••term loan first lien$2.0M$2.0M
100c
S+625 bp
W•••••• A••••••••• L••term loan first lien$2.0M$2.0M
101c
S+500 bp
T••••••• R••••• L••unstated lien unstatedNot disclosed$1.9M
24c
A•••••• H••••••• H• L••••••term loan first lien$1.9M$1.9M
100c
S+613 bp
C•• P•••••• L••preferred equity equityNot disclosed$1.9M
264c
G••• L••term loan first lien$1.9M$1.9M
100c
S+525 bp
L••••••••• S••••••• I••••••••• I•••term loan first lien$1.9M$1.9M
100c
S+500 bp
O•• I••••••••• H•••••••• L••term loan first lien$1.9M$1.9M
100c
S+475 bp
B••••••• S••term loan first lien$2.7M$1.9M
74c
S+400 bp
PIK 2.50%
M••••• M•••• L••••••term loan first lien$2.0M$1.9M
100c
S+575 bp
A••••••••• L••term loan first lien$1.8M$1.8M
102c
S+450 bp
D•••• I••••••••• H••••••• C••term loan first lien$1.8M$1.8M
100c
S+450 bp
F••••••• R• S••••••••• P•••••••• 2•••••preferred equity equityNot disclosed$1.8M
95c
G••••• A••••••• G•••• L••••••term loan first lien$1.8M$1.8M
97c
S+491 bp
F••••••term loan first lien$1.8M$1.8M
110c
S+585 bp
T•••••••• B•••• L••••••term loan first lien$1.8M$1.8M
116c
S+525 bp
I••••••••• G•••• B•••term loan first lien$1.8M$1.7M
106c
S+625 bp
F••••• 4• L••••••term loan first lien$1.7M$1.7M
104c
S+650 bp
U•• L•••••• H•••••• A•term loan first lien$1.7M$1.7M
114c
S+525 bp
R••• C•••••••• I••••••••• I••• I•••term loan first lien$1.7M$1.7M
100c
S+450 bp
A•••••• C••••••• P•••••••• L••term loan first lien$1.7M$1.7M
101c
S+500 bp
O•• H••••••• I• C•••term loan first lien$1.6M$1.6M
101c
S+500 bp
P••••• E••••••••• L•••••term loan first lien$1.6M$1.6M
101c
S+475 bp
D••••• B••••• L••term loan first lien$1.6M$1.6M
100c
S+475 bp
S••••• A••••• I•••term loan first lien$1.8M$1.6M
88c
S+225 bp
PIK 3.80%
M•••••• H•••••• A•term loan first lien$1.6M$1.6M
99c
S+500 bp
A•• L•••• H•••••••• L••term loan first lien$1.6M$1.6M
100c
S+450 bp
B••••• A••••••• G•••• I••term loan second lien$1.5M$1.5M
100c
S+750 bp
T• S• C••••• A••••••••• C••••term loan unsecured or subordinated$1.5M$1.5M
101c
PIK 7.80%
A•••••••term loan first lien$3.5M$1.4M
45c
S+290 bp
M•• E•••••• I•••term loan first lien$1.5M$1.4M
100c
S+450 bp
C•• F•••• H••••••• C••• L••equity equityNot disclosed$1.4M
U••••••••• L••term loan first lien$1.5M$1.4M
100c
S+475 bp
E••••• S••••••• B•••• P•• L••term loan first lien$1.6M$1.4M
78c
S+650 bp
L••••• B•••• L••••••term loan second lien$1.6M$1.4M
96c
PIK 12.00%
B••••• S••••• U••••••••• L••term loan first lien$1.4M$1.4M
100c
S+550 bp
P•• I••••••••• 4• L••term loan first lien$1.4M$1.4M
100c
S+575 bp
O••••• V••••• B•••• L••••••term loan first lien$1.4M$1.4M
93c
S+500 bp
M•• B••••• L••term loan first lien$1.4M$1.3M
100c
S+475 bp
A••••• M••••equity equityNot disclosed$1.3M
239c
A••••• B••••• I•••term loan unsecured or subordinated$1.3M$1.3M
101c
PIK 12.00%
S•••• I••••••••• I••• I•••term loan first lien$1.3M$1.3M
101c
S+450 bp
Z••••••• B•••• L••••••term loan first lien$1.3M$1.3M
131c
S+650 bp
PIK 11.30%
S••••••• S•••••••term loan first lien$1.3M$1.3M
115c
S+500 bp
C• G•••• H•••••••• L••equity equityNot disclosed$1.2M
300c
A••••• C••••••• B•••• P•• L••term loan first lien$1.2M$1.2M
95c
S+450 bp
M•••• R•••••••• I••• ••••••••term loan first lien$1.2M$1.2M
100c
S+450 bp
T•• O••••• M•••• G••••• I•••equity equityNot disclosed$1.2M
290c
I••••••••• F•••• F•••••••• N••• B•••• C•••• C•term loan first lien$1.1M$1.2M
104c
10.50%
H• A••••••• B•••• L••term loan first lien$1.2M$1.2M
100c
S+450 bp
W••••• E••••• S••••••••• T•••• V•• S•••••••••equity equity$1.2M$1.1M
97c
7.40%
G• E•••• B••••• I•••equity equityNot disclosed$1.1M
220c
G••••• P•••••• L•••term loan first lien$1.2M$1.1M
103c
S+575 bp
U••••• L•••••• L••••••term loan first lien$1.2M$1.1M
104c
S+725 bp
R•• S••• M••••• S•• L••term loan first lien$1.1M$1.1M
102c
S+1000 bp
PIK 14.20%
S••••••• D••••••••• A••••••• C••••••term loan first lien$1.1M$1.1M
109c
S+513 bp
G•••••••• I• B•term loan first lien$1.1M$1.1M
117c
S+510 bp
C•••••• F•••• S•• R••term loan first lien$1.1M$1.1M
120c
S+515 bp
A••••••••• H•••••• G•••term loan first lien$1.1M$1.1M
99c
S+508 bp
M• P••••••••• L••term loan first lien$1.1M$1.1M
101c
S+475 bp
O•••• I••••••••• N•••• B•••term loan first lien$1.1M$1.1M
110c
S+525 bp
D••••••••• L••term loan first lien$1.5M$1.1M
71c
S+625 bp
PIK 0.30%
U•••• B•••• L••••••term loan first lien$1.1M$1.0M
110c
S+430 bp
S••••••• H••••••• L••equity equityNot disclosed$1.0M
100c
S••••••• B•term loan first lien$1.0M$1.0M
105c
S+500 bp
S••• S••••• B•••• 3• L••••••term loan first lien$1.0M$1.0M
109c
S+645 bp
A•••• B•••• L••••••term loan first lien$1.1M$1.0M
106c
S+400 bp
PIK 3.20%
D••••••••• B•••term loan first lien$1.0M$1.0M
101c
S+525 bp
F••••••••• B•••• L••••••term loan first lien$1.0M$991,000
100c
S+600 bp
P••••• E••••••••• L•••••equity equityNot disclosed$971,000
262c
E••••• I•••••••• G•••• I•••term loan first lien$980,000$964,000
100c
S+425 bp
K•• D••••• H•••••••• L••equity equityNot disclosed$961,000
113c
P•• I••••••••• 4• L••term loan first lien$960,000$949,000
111c
S+575 bp
R• H•••••••• L••revolver lien unstated$927,000$925,000
102c
S+625 bp
K••••••• B•••• B•••term loan first lien$932,000$918,000
107c
S+525 bp
J•••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$887,000$893,000
101c
8.00%
A•••• B•••• L••••••term loan first lien$954,000$879,000
106c
S+400 bp
PIK 3.20%
D•••• W••• B••••• U• L••term loan second lien$926,000$871,000
102c
S+1000 bp
C• B••••• L••term loan first lien$875,000$861,000
100c
S+625 bp
W•••• B•••• L••••••term loan first lien$875,000$861,000
101c
S+475 bp
I••••••• L••••••term loan first lien$858,000$858,000
104c
S+625 bp
R••••• H•••••••• I•••revolver lien unstated$860,000$858,000
102c
S+500 bp
C•• F•••• H••••••• C••• L••term loan first lien$856,000$856,000
100c
S+700 bp
A••••••••• H•••••• G•••term loan first lien$854,000$848,000
92c
S+508 bp
U••• C••••term loan first lien$858,000$846,000
98c
S+615 bp
PIK 2.40%
J•••• F••• H••••••••• • D••••••••• L••equity equityNot disclosed$826,000
772c
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$828,000$812,000
100c
S+525 bp
D••••••••• P•••••••• H••••••• L••term loan second lien$815,000$802,000
100c
11.00%
PIK 1.50%
A••••••••• B••• C••• L••term loan first lien$810,000$800,000
100c
S+500 bp
P•••••• B•••• B•••revolver lien unstated$797,000$797,000
100c
S+650 bp
I•• I••••••••• I•••term loan first lien$795,000$795,000
101c
S+600 bp
C•••••• B••••••••• I•••• R•••••• R•••••unstated lien unstatedNot disclosed$791,000
120c
Q••• F•••••• L••term loan first lien$814,000$791,000
100c
S+550 bp
R••••• H••••••• L••equity equityNot disclosed$775,000
R••• L•••• L••equity equityNot disclosed$775,000
109c
Page 3 of 8PreviousNext
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