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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
T••• A•• D••••••••• L••term loan unsecured or subordinated$756,000$717,000
96c
14.00%
H••••••••• B•••• P•• L••term loan first lien$811,000$714,000
93c
S+525 bp
H••••••••• B•••• P•• L••term loan first lien$811,000$714,000
93c
S+525 bp
C•• E••••••••• L••term loan first lien$696,000$686,000
100c
S+600 bp
C•• E••••••••• L••term loan first lien$696,000$686,000
100c
S+600 bp
C•• F•••• H••••••• C••• L••term loan first lien$683,000$683,000
100c
S+900 bp
PIK 13.10%
C•• F•••• H••••••• C••• L••• S••••• O••term loan first lien$683,000$683,000
100c
S+900 bp
PIK 13.10%
T• K•• A••••••••• L•••term loan first lien$687,000$675,000
100c
S+425 bp
T• K•• A••••••••• L•••term loan first lien$687,000$675,000
100c
S+425 bp
B••••••••• G•••• U• L••term loan first lien$677,000$659,000
106c
S+475 bp
G•••••••••term loan first lien$682,000$659,000
104c
S+475 bp
B••••••••• G•••• U• L••term loan first lien$677,000$659,000
106c
S+475 bp
G•••••••••term loan first lien$682,000$659,000
104c
S+475 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$655,000$655,000
101c
11.00%
PIK 1.00%
C•••••• P••••••••• L••term loan unsecured or subordinated$655,000$655,000
101c
11.00%
PIK 1.00%
A••• C•••••• S••••••••• I•••term loan first lien$655,000$650,000
101c
S+575 bp
Z•••• L•••• S••••term loan first lien$665,000$650,000
101c
S+525 bp
Z•••• L•••• S••••term loan first lien$665,000$650,000
101c
S+525 bp
A••• C•••••• S••••••••• I•••term loan first lien$655,000$650,000
101c
S+575 bp
A••• C•••••• S••••••••• I•••term loan first lien$654,000$644,000
99c
S+500 bp
A••• C•••••• S••••••••• I•••term loan first lien$654,000$644,000
99c
S+500 bp
S•• I••••••••• L••term loan first lien$639,000$639,000
101c
S+675 bp
S•• I••••••••• L••term loan first lien$639,000$639,000
101c
S+675 bp
P••••••••• L••term loan first lien$638,000$638,000
101c
S+575 bp
P••••••••• L••term loan first lien$638,000$638,000
101c
S+575 bp
F••••••••• L••equity equityNot disclosed$632,000
71c
F••••••••• L••equity equityNot disclosed$632,000
71c
S••••••• B•••• S•••••••term loan first lien$647,000$628,000
101c
S+500 bp
S••••••• B•••• S•••••••term loan first lien$647,000$628,000
101c
S+500 bp
R•••• B•••• L••term loan first lien$653,000$625,000
100c
S+475 bp
R•••• B•••• L••term loan first lien$653,000$625,000
100c
S+475 bp
A•••••• B•••• L••••••term loan first lien$629,000$618,000
110c
S+500 bp
A•••••• B•••• L••••••term loan first lien$629,000$618,000
110c
S+500 bp
P•••••• I••••••• A••••••••• I•••revolver lien unstated$676,000$597,000
90c
S+625 bp
P•••••• I••••••• A••••••••• I•••revolver lien unstated$676,000$597,000
90c
S+625 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$733,000$596,000
137c
S+600 bp
PIK 1.00%
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$733,000$596,000
137c
S+600 bp
PIK 1.00%
H•• C•••••••••term loan first lien$612,000$595,000
104c
S+525 bp
H•• C•••••••••term loan first lien$612,000$595,000
104c
S+525 bp
A••••• M••••warrants equityNot disclosed$583,000
29150c
A••••• M••••warrants equityNot disclosed$583,000
29150c
W•••••••• H•••••••• I•••equity equityNot disclosed$582,000
185c
W•••••••• H•••••••• I•••equity equityNot disclosed$582,000
185c
F••••••••• B•••• L••••••term loan first lien$571,000$571,000
102c
S+600 bp
F••••••••• B•••• L••••••term loan first lien$571,000$571,000
102c
S+600 bp
V•••• B••••• L••equity equityNot disclosed$566,000
345c
V•••• B••••• L••equity equityNot disclosed$566,000
345c
S•••• S•••••• B•••••• L••equity equityNot disclosed$553,000
62c
S•••• S•••••• B•••••• L••equity equityNot disclosed$553,000
62c
B••••••••• L••revolver lien unstated$537,000$537,000
101c
S+525 bp
B••••••••• L••revolver lien unstated$537,000$537,000
101c
S+525 bp
A•• C••••••••• L••equity equityNot disclosed$532,000
163c
A•• C••••••••• L••equity equityNot disclosed$532,000
163c
O••••• B•••• L••••••term loan first lien$533,000$529,000
100c
S+500 bp
O••••• B•••• L••••••term loan first lien$533,000$529,000
100c
S+500 bp
R••••• H•••••••• I•••equity equityNot disclosed$518,000
130c
R••••• H•••••••• I•••equity equityNot disclosed$518,000
130c
O••••• H••••• L••• T•••••••term loan lien unstated$513,000$513,000
100c
10.00%
O••••• H••••• L••term loan lien unstated$513,000$513,000
100c
10.00%
C••• U••••••• G•••equity equityNot disclosed$507,000
94c
C••• U••••••• G•••equity equityNot disclosed$507,000
94c
U•• A•••••••• I•••revolver lien unstated$506,000$506,000
102c
S+475 bp
U•• A•••••••• I•••revolver lien unstated$506,000$506,000
102c
S+475 bp
B••••••• S••term loan first lien$2.7M$502,000
20c
S+400 bp
B••••••• S••term loan first lien$2.7M$502,000
20c
S+400 bp
G••• L••term loan first lien$507,000$501,000
100c
S+600 bp
G••• L••term loan first lien$507,000$501,000
100c
S+600 bp
O••••• H••••• L••equity equityNot disclosed$495,000
O••••• H••••• L••equity equityNot disclosed$495,000
X••••••• B•••• L••••••equity equityNot disclosed$491,000
217c
X••••••• B•••• L••••••equity equityNot disclosed$491,000
217c
S••• B••••• L•••revolver lien unstated$519,000$489,000
97c
S+625 bp
S••• B••••• L•••revolver lien unstated$519,000$489,000
97c
S+625 bp
A•••• B•••• L••••••term loan second lien$543,000$487,000
105c
PIK 10.50%
A•••• B•••• L••••••term loan second lien$543,000$487,000
105c
PIK 10.50%
B•• B••••• I•••equity equityNot disclosed$483,000
114c
B•• B••••• I•••equity equityNot disclosed$483,000
114c
V•••• G••••• H•••••• L••notes lien unstated$488,000$482,000
99c
9.50%
V•••• G••••• H•••••• L••• S•••••••••equity equity$488,000$482,000
99c
9.50%
I•• I••••••••• I•••equity equityNot disclosed$480,000
128c
I•• I••••••••• I•••equity equityNot disclosed$480,000
128c
B••••• A••••••• G•••• I••term loan second lien$486,000$477,000
98c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$486,000$477,000
98c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$486,000$477,000
98c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$486,000$477,000
98c
S+750 bp
P••••••• D••••• H••••••• L••term loan first lien$476,000$474,000
101c
S+830 bp
P••••••• D••••• H••••••• L••term loan first lien$476,000$474,000
101c
S+830 bp
B••••• A••••••• G•••• I••term loan second lien$481,000$472,000
98c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$481,000$472,000
98c
S+750 bp
M•• E•••••• I•••revolver lien unstated$477,000$468,000
100c
S+375 bp
S•••• B•••• B•••term loan first lien$508,000$468,000
92c
S+575 bp
S•••• B•••• B•••term loan first lien$508,000$468,000
92c
S+575 bp
C•• U• B••••• I•••term loan first lien$474,000$465,000
100c
S+600 bp
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$456,000
165c
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$456,000
165c
F••••••••• B•••• L••••••term loan first lien$441,000$441,000
100c
S+600 bp
F••••••••• B•••• L••••••term loan first lien$441,000$441,000
100c
S+600 bp
S•••••• A••••••••• B•••• L••••••term loan first lien$448,000$430,000
103c
S+525 bp
S•••••• A••••••••• B•••• L••••••term loan first lien$448,000$430,000
103c
S+525 bp
O••••• H••••• L••preferred equity equityNot disclosed$427,000
156c
PIK 15.00%
Page 7 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