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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
U•• L•••••• H•••••• A•term loan first lien$770,000$770,000
109c
S+525 bp
I•••••• G•••• I• B•term loan first lien$761,000$761,000
113c
S+475 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$752,000$741,000
100c
14.00%
T• K•• A••••••••• L•••term loan unsecured or subordinated$748,000$741,000
100c
12.50%
A•••••••• W••••••••• 2• L••term loan second lien$733,000$733,000
104c
S+1050 bp
PIK 15.10%
E•• I••••••••• S•••••term loan unsecured or subordinated$729,000$726,000
102c
11.00%
PIK 2.50%
B••••••••• L••equity equityNot disclosed$709,000
119c
H••••••••• B•••• P•• L••term loan first lien$806,000$700,000
91c
S+525 bp
F••••••••• L••equity equityNot disclosed$697,000
78c
C•• E••••••••• L••term loan first lien$696,000$685,000
100c
S+600 bp
H•••• S••••••• G•••• L••term loan first lien$684,000$684,000
102c
S+450 bp
T• K•• A••••••••• L•••term loan first lien$688,000$675,000
100c
S+450 bp
W••••••• F••••• L••equity equityNot disclosed$662,000
85c
C•• F•••• H••••••• C••• L••• S••••• O••term loan first lien$661,000$661,000
100c
S+900 bp
PIK 13.50%
B••••••••• G•••• U• L••term loan first lien$677,000$656,000
106c
S+475 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$653,000$653,000
100c
11.00%
PIK 1.00%
G•••••••••term loan first lien$677,000$652,000
103c
S+475 bp
G• E•••• B••••• I•••revolver lien unstated$651,000$651,000
104c
S+450 bp
Z•••• L•••• S••••term loan first lien$665,000$648,000
101c
S+525 bp
A••• C•••••• S••••••••• I•••term loan first lien$656,000$642,000
100c
S+575 bp
S•• I••••••••• L••term loan first lien$641,000$641,000
102c
S+675 bp
P••••••••• L••term loan first lien$640,000$640,000
101c
S+575 bp
A••• C•••••• S••••••••• I•••term loan first lien$656,000$639,000
98c
S+500 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.9M$625,000
39c
S+700 bp
PIK 12.40%
P•••••• I••••••• A••••••••• I•••revolver lien unstated$676,000$610,000
92c
S+625 bp
A•• C••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$600,000$600,000
100c
9.00%
W•••••••• H•••••••• I•••equity equityNot disclosed$553,000
176c
C••• U••••••• G•••equity equityNot disclosed$547,000
102c
A••••• M••••warrants equityNot disclosed$533,000
26650c
O••••• B•••• L••••••term loan first lien$533,000$528,000
100c
S+500 bp
R••••• H•••••••• I•••equity equityNot disclosed$528,000
132c
H•• C•••••••••term loan first lien$537,000$517,000
105c
S+525 bp
R•••••• I••••••••• U• I••••••••• H•••••• I•••term loan first lien$524,000$516,000
104c
S+500 bp
PIK 1.50%
O••••• H••••• L••• T•••••••term loan lien unstated$513,000$513,000
100c
10.00%
A•• C••••••••• L••equity equityNot disclosed$512,000
157c
G••• L••term loan first lien$509,000$503,000
100c
S+600 bp
X••••••• B•••• L••••••equity equityNot disclosed$492,000
218c
I•• I••••••••• I•••equity equityNot disclosed$492,000
131c
S•••• S•••••• B•••••• L••equity equityNot disclosed$490,000
55c
S••• B••••• L•••revolver lien unstated$519,000$490,000
97c
S+625 bp
W•••••••• H•••••••• I•••revolver lien unstated$497,000$487,000
103c
S+500 bp
V•••• G••••• H•••••• L••• S•••••••••equity equity$488,000$484,000
99c
9.50%
S•••• B•••• B•••term loan first lien$508,000$477,000
94c
S+575 bp
P••••••• D••••• H••••••• L••term loan first lien$476,000$475,000
101c
S+830 bp
A•••••• B•••• L••••••term loan first lien$495,000$472,000
110c
S+500 bp
B•• B••••• I•••equity equityNot disclosed$470,000
111c
A•••• B•••• L••••••term loan second lien$509,000$457,000
100c
PIK 10.50%
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$436,000
157c
V•••• B••••• L••equity equityNot disclosed$433,000
262c
B•••••• A•••••• 2••••• C•••• B• P••• T•••••• T••••term loan first lien$408,000$430,000
105c
8.40%
T••• A•• D••••••••• L••equity equityNot disclosed$429,000
82c
O••••• H••••• L••preferred equity equityNot disclosed$427,000
156c
PIK 15.00%
E• S••• B••••term loan first lien$423,000$419,000
109c
S+500 bp
O••••• H••••• L••equity equityNot disclosed$413,000
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.2M$411,000
40c
S+700 bp
PIK 9.40%
N• H•••••• L••revolver first lien$427,000$407,000
98c
S+650 bp
F••• S••• H•••••• L••equity equityNot disclosed$394,000
78c
M•• E•••••• I•••revolver lien unstated$394,000$387,000
100c
S+375 bp
P•••••• B•••• B•••term loan first lien$382,000$382,000
100c
S+600 bp
S••••••••• G••••• I•••equity equityNot disclosed$378,000
207c
U••• C••••term loan first lien$379,000$374,000
99c
S+400 bp
PIK 2.40%
S•• I••••••••• L••equity equityNot disclosed$364,000
175c
G••• L••equity equityNot disclosed$355,000
146c
A•••• B•••• L••••••term loan first lien$350,000$350,000
110c
S+550 bp
M•• B••••• I•••term loan first lien$348,000$348,000
101c
S+500 bp
B••••••••• L••revolver lien unstated$346,000$346,000
101c
S+550 bp
O••••• B•••• L••••••term loan first lien$348,000$345,000
97c
S+500 bp
C•••••• P••••••••• L••equity equityNot disclosed$344,000
275c
E••••••• E•••••••• • E••••••••• C••term loan first lien$318,000$316,000
101c
13.50%
A•• W•••••••• L•••••••• H•••••••• I•••equity equityNot disclosed$308,000
190c
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$306,000
163c
H•••••••• H•••••••• I•••revolver lien unstated$311,000$304,000
100c
S+525 bp
M• G•••• V••••••• C•••••••••equity equityNot disclosed$299,000
80c
S••••• A••••• I•••revolver lien unstated$342,000$299,000
88c
S+225 bp
PIK 3.80%
C••• U••••••• G•••equity equityNot disclosed$291,000
117c
E• S••• B••••term loan first lien$287,000$286,000
100c
S+500 bp
A••••• H••••• 2• L••equity equityNot disclosed$281,000
4683c
P••••••• D••••• H••••••• L••equity equityNot disclosed$280,000
118c
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$279,000
69c
T••••••••• I•••term loan unsecured or subordinated$291,000$265,000
92c
10.00%
PIK 4.00%
C••••••• O••••••••• P••••••• C••••• S••••term loan first lien$89,000$257,000
295c
S+700 bp
PIK 15.00%
W•••• B•••• L••••••term loan first lien$257,000$253,000
100c
S+475 bp
P••••• E••••••••• L•••••revolver lien unstated$253,000$253,000
102c
S+475 bp
X••••••• B•••• L••••••term loan first lien$251,000$250,000
107c
S+575 bp
R•••• B•••• L••equity equityNot disclosed$247,000
78c
F••••• 4• L••••••term loan first lien$247,000$246,000
110c
S+650 bp
A•••••• A•••••••• C•••••••••revolver lien unstated$254,000$242,000
98c
S+575 bp
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$239,000
102c
E•• P•••• H••••• L••revolver lien unstated$331,000$234,000
73c
S+575 bp
H••• S••••• B•••• I•••term loan first lien$250,000$232,000
100c
S+450 bp
W••••••• F••••• L••preferred equity equityNot disclosed$231,000
100c
PIK 20.00%
E•• I•••••••••equity equityNot disclosed$226,000
110c
C••••••• O••••••••• P••••••• C••••term loan first lien$1.6M$219,000
12c
S+700 bp
PIK 10.30%
G••• I• G•••term loan first lien$391,000$214,000
59c
S+600 bp
PIK 10.00%
A••••• B••••• I•••equity equityNot disclosed$213,000
166c
O•• H••••••• P••••••••• L••revolver lien unstated$218,000$213,000
100c
S+500 bp
M•••••••• B•••• L••••••equity equityNot disclosed$210,000
152c
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$207,000
91c
N• H•••••• L••equity equityNot disclosed$205,000
47c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$602,000$199,000
36c
S+700 bp
PIK 12.40%
Page 4 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