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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
W•••• B•••• L••••••term loan first lien$1.1M$1.1M
101c
S+475 bp
G••••• P•••••• L•••term loan first lien$1.2M$1.1M
101c
S+600 bp
G••••• P•••••• L•••term loan first lien$1.2M$1.1M
101c
S+600 bp
I••••••••• F•••• F•••••••• N••• B•••• C•••• C•term loan first lien$1.1M$1.1M
98c
10.50%
I••••••••• F•••• F•••••••• N••• B•••term loan first lien$1.1M$1.1M
98c
10.50%
S••••••• D••••••••• A••••••• C••••••term loan first lien$1.1M$1.1M
109c
S+513 bp
S••••••• D••••••••• A••••••• C••••••term loan first lien$1.1M$1.1M
109c
S+513 bp
C•••••• F•••• S•• R••term loan first lien$1.1M$1.1M
120c
S+540 bp
C•••••• F•••• S•• R••term loan first lien$1.1M$1.1M
120c
S+540 bp
G•••••••• I• B•term loan first lien$1.1M$1.1M
117c
S+535 bp
G•••••••• I• B•term loan first lien$1.1M$1.1M
117c
S+535 bp
A••••••••• H•••••• G•••term loan first lien$1.1M$1.1M
99c
S+533 bp
A••••••••• H•••••• G•••term loan first lien$1.1M$1.1M
99c
S+533 bp
O•••• I••••••••• N•••• B•••term loan first lien$1.1M$1.1M
110c
S+525 bp
O•••• I••••••••• N•••• B•••term loan first lien$1.1M$1.1M
110c
S+525 bp
O•••• I••••••••• N•••• B•••term loan first lien$1.1M$1.1M
110c
S+525 bp
S••••••• H••••••• L••equity equityNot disclosed$1.1M
100c
S••••••• H••••••• L••equity equityNot disclosed$1.1M
100c
W••••• E••••• S••••••••• T•••• V•notes lien unstated$1.1M$1.1M
98c
7.40%
W••••• E••••• S••••••••• T•••• V•• S•••••••••equity equity$1.1M$1.1M
98c
7.40%
S••••••• B•term loan first lien$1.1M$1.1M
104c
S+500 bp
S••••••• B•term loan first lien$1.1M$1.1M
104c
S+500 bp
K•• D••••• H•••••••• L••equity equityNot disclosed$1.1M
124c
K•• D••••• H•••••••• L••equity equityNot disclosed$1.1M
124c
U•••• B•••• L••••••term loan first lien$1.1M$1.0M
110c
S+430 bp
U•••• B•••• L••••••term loan first lien$1.1M$1.0M
110c
S+430 bp
S••• S••••• B•••• 3• L••••••term loan first lien$1.0M$1.0M
109c
S+645 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
105c
S+400 bp
PIK 3.20%
A•••• B•••• L••••••term loan first lien$1.1M$1.0M
105c
S+400 bp
PIK 3.20%
D••••••••• B•••term loan first lien$1.0M$1.0M
101c
S+525 bp
D••••••••• B•••term loan first lien$1.0M$1.0M
101c
S+525 bp
C••••• K•• F•••••• I• L••preferred equity equityNot disclosed$994,000
100c
10.00%
PIK 10.00%
C••••• K•• F•••••• I• L••preferred equity equityNot disclosed$994,000
100c
10.00%
PIK 10.00%
D••••••••• L••term loan first lien$1.5M$988,000
67c
S+650 bp
PIK 0.30%
D••••••••• L••term loan first lien$1.5M$988,000
67c
S+650 bp
PIK 0.30%
P••••• E••••••••• L•••••equity equityNot disclosed$987,000
267c
P••••• E••••••••• L•••••equity equityNot disclosed$987,000
267c
A•••• I••••••••• L••term loan first lien$997,000$975,000
100c
S+475 bp
A•••• I••••••••• L••term loan first lien$997,000$975,000
100c
S+475 bp
E••••• I•••••••• G•••• I•••term loan first lien$978,000$964,000
100c
S+425 bp
E••••• I•••••••• G•••• I•••term loan first lien$978,000$964,000
100c
S+425 bp
P•• I••••••••• 4• L••term loan first lien$960,000$960,000
113c
S+525 bp
P•• I••••••••• 4• L••term loan first lien$960,000$960,000
113c
S+525 bp
K••••••• B•••• B•••term loan first lien$931,000$931,000
108c
S+525 bp
K••••••• B•••• B•••term loan first lien$931,000$931,000
108c
S+525 bp
R• H•••••••• L••revolver lien unstated$927,000$898,000
99c
S+625 bp
R• H•••••••• L••revolver lien unstated$927,000$898,000
99c
S+625 bp
C•• F•••• H••••••• C••• L••term loan first lien$881,000$881,000
100c
S+700 bp
PIK 11.10%
C•• F•••• H••••••• C••• L••term loan first lien$881,000$881,000
100c
S+700 bp
PIK 11.10%
A•••• B•••• L••••••term loan first lien$953,000$876,000
105c
S+400 bp
PIK 3.20%
A•••• B•••• L••••••term loan first lien$953,000$876,000
105c
S+400 bp
PIK 3.20%
C• B••••• L••term loan first lien$872,000$872,000
102c
S+625 bp
C• B••••• L••term loan first lien$872,000$872,000
102c
S+625 bp
I••••••• L••••••term loan first lien$864,000$864,000
104c
S+500 bp
I••••••• L••••••term loan first lien$864,000$864,000
104c
S+500 bp
D•••• W••• B••••• U• L••term loan first lien$925,000$862,000
100c
S+1000 bp
D•••• W••• B••••• U• L••term loan first lien$925,000$862,000
100c
S+1000 bp
U••• C••••term loan first lien$857,000$857,000
99c
S+600 bp
PIK 2.40%
U••• C••••term loan first lien$857,000$857,000
99c
S+600 bp
PIK 2.40%
A••••••••• H•••••• G•••term loan first lien$860,000$854,000
93c
S+533 bp
A••••••••• H•••••• G•••term loan first lien$860,000$854,000
93c
S+533 bp
W••••••• F••••• L••equity equityNot disclosed$848,000
109c
W••••••• F••••• L••equity equityNot disclosed$848,000
109c
O•• L••••••• I••••••••• H••••••• 2• L••term loan first lien$853,000$840,000
100c
S+550 bp
O•• L••••••• I••••••••• H••••••• 2• L••term loan first lien$853,000$840,000
100c
S+550 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$833,000$821,000
101c
S+500 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$833,000$821,000
101c
S+500 bp
D••••••••• P•••••••• H••••••• L••term loan second lien$818,000$807,000
100c
11.00%
PIK 1.50%
A••••••••• B••• C••• L••term loan first lien$810,000$801,000
100c
S+500 bp
A••••••••• B••• C••• L••term loan first lien$810,000$801,000
100c
S+500 bp
P•••••• B•••• B•••revolver lien unstated$797,000$797,000
100c
S+650 bp
P•••••• B•••• B•••revolver lien unstated$797,000$797,000
100c
S+650 bp
Q••• F•••••• L••term loan first lien$814,000$795,000
100c
S+550 bp
Q••• F•••••• L••term loan first lien$814,000$795,000
100c
S+550 bp
I•• I••••••••• I•••term loan first lien$793,000$793,000
101c
S+625 bp
I•• I••••••••• I•••term loan first lien$793,000$793,000
101c
S+625 bp
J•••••• 2••••• C•••• B• P••• T•••••• T••••notes lien unstated$775,000$787,000
102c
8.00%
J•••••• 2••••• C•••• B• P••• T•••••• T••••• S•••••••••equity equity$775,000$787,000
102c
8.00%
R••• L•••• L••equity equityNot disclosed$782,000
110c
R••• L•••• L••equity equityNot disclosed$782,000
110c
U•• L•••••• H•••••• A•term loan first lien$769,000$769,000
108c
S+525 bp
U•• L•••••• H•••••• A•term loan first lien$769,000$769,000
108c
S+525 bp
I•••••• G•••• I• B•term loan first lien$765,000$765,000
114c
S+475 bp
I•••••• G•••• I• B•term loan first lien$765,000$765,000
114c
S+475 bp
H•••• S••••••• G•••• L••term loan first lien$764,000$754,000
101c
S+450 bp
H•••• S••••••• G•••• L••term loan first lien$764,000$754,000
101c
S+450 bp
B••••••••• L••equity equityNot disclosed$745,000
125c
B••••••••• L••equity equityNot disclosed$745,000
125c
C•••••• B••••••••• I•••unstated lien unstatedNot disclosed$743,000
115c
C•••••• B••••••••• I•••• R•••••• R•••••unstated lien unstatedNot disclosed$743,000
115c
T• K•• A••••••••• L•••term loan unsecured or subordinated$748,000$742,000
100c
12.50%
T• K•• A••••••••• L•••term loan unsecured or subordinated$748,000$742,000
100c
12.50%
E•• I•••••••••term loan unsecured or subordinated$734,000$728,000
101c
11.00%
PIK 2.50%
E•• I••••••••• S•••••term loan unsecured or subordinated$734,000$728,000
101c
11.00%
PIK 2.50%
R••• B•••• P•• L••term loan first lien$750,000$724,000
100c
S+525 bp
R••• B•••• P•• L••term loan first lien$750,000$724,000
100c
S+525 bp
O•• A•• B••••• L••term loan first lien$748,000$721,000
100c
S+500 bp
O•• A•• B••••• L••term loan first lien$748,000$721,000
100c
S+500 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$756,000$717,000
96c
14.00%
Page 6 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