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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 Dec 31, 2025
1,499 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
H• A••••••• B•••• L••term loan first lien$1.9M$1.9M
100c
S+450 bp
H• A••••••• B•••• L••term loan first lien$1.9M$1.9M
100c
S+450 bp
A••••••••• B••••• I•••term loan first lien$1.9M$1.8M
100c
S+450 bp
A••••••••• B••••• I•••term loan first lien$1.9M$1.8M
100c
S+450 bp
C••••• K•• F•••••• I• L••term loan first lien$1.9M$1.8M
100c
S+750 bp
C••••• K•• F•••••• I• L••term loan first lien$1.9M$1.8M
100c
S+750 bp
D•••• I••••••••• H••••••• C••term loan first lien$1.8M$1.8M
101c
S+450 bp
D•••• I••••••••• H••••••• C••term loan first lien$1.8M$1.8M
101c
S+450 bp
O•• I••••••••• H•••••••• L••term loan first lien$1.9M$1.8M
96c
S+475 bp
O•• I••••••••• H•••••••• L••term loan first lien$1.9M$1.8M
96c
S+475 bp
M•• E•••••• I•••term loan first lien$1.8M$1.8M
100c
S+475 bp
R••• C•••••••• I••••••••• I••• I•••term loan first lien$1.8M$1.8M
100c
S+450 bp
R••• C•••••••• I••••••••• I••• I•••term loan first lien$1.8M$1.8M
100c
S+450 bp
G••••• A••••••• G•••• L••••••term loan first lien$1.8M$1.8M
97c
S+491 bp
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
F••••••term loan first lien$1.8M$1.8M
110c
S+585 bp
T••••••• R••••• L••unstated lien unstatedNot disclosed$1.8M
T••••••• R••••• L••unstated lien unstatedNot disclosed$1.8M
23c
T••••••• R••••• L••unstated lien unstatedNot disclosed$1.8M
23c
T•••••••• B•••• L••••••term loan first lien$1.8M$1.8M
117c
S+525 bp
T•••••••• B•••• L••••••term loan first lien$1.8M$1.8M
117c
S+525 bp
M• P••••••••• L••term loan first lien$1.8M$1.8M
100c
S+475 bp
M• P••••••••• L••term loan first lien$1.8M$1.8M
100c
S+475 bp
M••••• M•••• L••••••term loan first lien$2.0M$1.8M
94c
S+575 bp
M••••• M•••• L••••••term loan first lien$2.0M$1.8M
94c
S+575 bp
U•• L•••••• H•••••• A•term loan first lien$1.7M$1.7M
116c
S+525 bp
U•• L•••••• H•••••• A•term loan first lien$1.7M$1.7M
116c
S+525 bp
S•• C•• B••••• I•••term loan first lien$1.7M$1.7M
100c
S+450 bp
S•• C•• B••••• I•••term loan first lien$1.7M$1.7M
100c
S+450 bp
F••••• 4• L••••••term loan first lien$1.7M$1.7M
104c
S+650 bp
F••••• 4• L••••••term loan first lien$1.7M$1.7M
104c
S+650 bp
O•• H••••••• I• C•••term loan first lien$1.6M$1.6M
101c
S+500 bp
O•• H••••••• I• C•••term loan first lien$1.6M$1.6M
101c
S+500 bp
I••••••••• G•••• B•••term loan first lien$1.8M$1.6M
100c
S+625 bp
I••••••••• G•••• B•••term loan first lien$1.8M$1.6M
100c
S+625 bp
D••••• B••••• L••term loan first lien$1.6M$1.6M
100c
S+475 bp
D••••• B••••• L••term loan first lien$1.6M$1.6M
100c
S+475 bp
P••••• E••••••••• L•••••term loan first lien$1.6M$1.6M
101c
S+450 bp
P••••• E••••••••• L•••••term loan first lien$1.6M$1.6M
101c
S+450 bp
B•• B••••• I•••term loan first lien$1.6M$1.6M
100c
S+500 bp
S••••• M•••• 2• I•••term loan first lien$1.6M$1.6M
100c
S+475 bp
S••••• M•••• 2• I•••term loan first lien$1.6M$1.6M
100c
S+475 bp
A•• L•••• H•••••••• L••term loan first lien$1.6M$1.6M
100c
S+425 bp
A•• L•••• H•••••••• L••term loan first lien$1.6M$1.6M
100c
S+425 bp
S••••• A••••• I•••term loan first lien$1.8M$1.6M
86c
S+225 bp
PIK 3.80%
S••••• A••••• I•••term loan first lien$1.8M$1.6M
86c
S+225 bp
PIK 3.80%
M•••••• H•••••• A•term loan first lien$1.6M$1.5M
98c
S+500 bp
M•••••• H•••••• A•term loan first lien$1.6M$1.5M
98c
S+500 bp
M•• B••••• L••term loan first lien$1.6M$1.5M
100c
S+475 bp
M•• B••••• L••term loan first lien$1.6M$1.5M
100c
S+475 bp
S•••••••• U• H••••••• I••term loan first lien$2.4M$1.5M
65c
S+550 bp
S•••••••• U• H••••••• I••term loan first lien$2.4M$1.5M
65c
S+550 bp
L••••• B•••• L••••••term loan second lien$1.7M$1.5M
98c
PIK 12.00%
L••••• B•••• L••••••term loan second lien$1.7M$1.5M
98c
PIK 12.00%
C•• F•••• H••••••• C••• L••equity equityNot disclosed$1.5M
G• E•••• B••••• I•••equity equityNot disclosed$1.5M
295c
C•• F•••• H••••••• C••• L••equity equityNot disclosed$1.5M
G• E•••• B••••• I•••equity equityNot disclosed$1.5M
295c
A•• I•••••• P••••••••• L••term loan first lien$1.5M$1.5M
100c
S+475 bp
A•• I•••••• P••••••••• L••term loan first lien$1.5M$1.5M
100c
S+475 bp
E••••• S••••••• B•••• P•• L••term loan first lien$1.7M$1.5M
81c
S+650 bp
E••••• S••••••• B•••• P•• L••term loan first lien$1.7M$1.5M
81c
S+650 bp
T• S• C••••• A••••••••• C••••term loan unsecured or subordinated$1.5M$1.5M
100c
S+775 bp
PIK 11.90%
T• S• C••••• A••••••••• C••••term loan unsecured or subordinated$1.5M$1.5M
100c
S+775 bp
PIK 11.90%
U••••••••• L••term loan first lien$1.5M$1.4M
100c
S+475 bp
U••••••••• L••term loan first lien$1.5M$1.4M
100c
S+475 bp
P•• I••••••••• 4• L••term loan first lien$1.4M$1.4M
101c
S+525 bp
P•• I••••••••• 4• L••term loan first lien$1.4M$1.4M
101c
S+525 bp
G•• P•••••• I•••term loan first lien$1.4M$1.4M
100c
S+450 bp
G•• P•••••• I•••term loan first lien$1.4M$1.4M
100c
S+450 bp
A••••• B••••• I•••term loan unsecured or subordinated$1.4M$1.4M
101c
PIK 12.00%
A••••• B••••• I•••term loan unsecured or subordinated$1.4M$1.4M
101c
PIK 12.00%
O••••• V••••• B•••• L••••••term loan first lien$1.4M$1.4M
92c
S+500 bp
O••••• V••••• B•••• L••••••term loan first lien$1.4M$1.4M
92c
S+500 bp
A•••••••term loan first lien$3.5M$1.3M
42c
S+290 bp
PIK 6.40%
A•••••••term loan first lien$3.5M$1.3M
42c
S+290 bp
PIK 6.40%
R••••• H••••••• L••term loan second lien$1.4M$1.3M
100c
S+800 bp
R••••• H••••••• L••term loan second lien$1.4M$1.3M
100c
S+800 bp
A••••• M••••equity equityNot disclosed$1.3M
239c
A••••• M••••equity equityNot disclosed$1.3M
239c
S•••• I••••••••• I••• I•••term loan first lien$1.3M$1.3M
101c
S+450 bp
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
129c
S+650 bp
Z••••••• B•••• L••••••term loan first lien$1.3M$1.3M
129c
S+650 bp
S••••••• S•••••••term loan first lien$1.3M$1.3M
115c
S+500 bp
S••••••• S•••••••term loan first lien$1.3M$1.3M
115c
S+500 bp
C• G•••• H•••••••• L••equity equityNot disclosed$1.3M
310c
C• G•••• H•••••••• L••equity equityNot disclosed$1.3M
310c
M••• B•••• L••••••term loan first lien$1.3M$1.2M
100c
S+525 bp
M••• B•••• L••••••term loan first lien$1.3M$1.2M
100c
S+525 bp
A••••• C••••••• B•••• P•• L••term loan first lien$1.2M$1.2M
96c
S+450 bp
M•••• R•••••••• I••• ••••••••term loan first lien$1.2M$1.2M
101c
S+450 bp
T•• O••••• M•••• G••••• I•••equity equityNot disclosed$1.2M
289c
T•• O••••• M•••• G••••• I•••equity equityNot disclosed$1.2M
289c
R•• S••• M••••• S•• L••term loan first lien$1.2M$1.2M
101c
S+1000 bp
R•• S••• M••••• S•• L••term loan first lien$1.2M$1.2M
101c
S+1000 bp
U••••• L•••••• L••••••term loan first lien$1.2M$1.1M
103c
S+725 bp
U••••• L•••••• L••••••term loan first lien$1.2M$1.1M
103c
S+725 bp
W•••• B•••• L••••••term loan first lien$1.1M$1.1M
101c
S+475 bp
Page 5 of 15PreviousNext
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