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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 Mar 31, 2026
720 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••••••• B••• C••• L••equity equityNot disclosed$197,000
125c
E•• I•••••••••equity equityNot disclosed$193,000
94c
P••••••• D••••• H••••••• L••equity equityNot disclosed$190,000
80c
A••••••••• L••revolver lien unstated$189,000$189,000
103c
S+450 bp
S•••• B•••• B•••revolver lien unstated$222,000$188,000
85c
S+550 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$228,000$188,000
131c
S+643 bp
PIK 1.00%
A••••• M••••term loan second lien$177,000$184,000
105c
15.50%
I•• H•••• A••••••• L•••••revolver lien unstated$189,000$180,000
97c
S+600 bp
P••••••••• L••equity equityNot disclosed$177,000
272c
W•••••••• H•••••••• I•••revolver lien unstated$182,000$175,000
107c
S+500 bp
A•••• I••••••••• L••revolver lien unstated$164,000$163,000
101c
S+475 bp
S••• B••••• L•••equity equityNot disclosed$162,000
52c
E• S••• B••••term loan first lien$157,000$155,000
105c
S+800 bp
PIK 10.00%
C••• B••••• L••equity equityNot disclosed$148,000
110c
A•••••• A•••••••• C•••••••••equity equityNot disclosed$146,000
83c
C••••••• O••••••••• P••••••• C••••term loan first lien$2.0M$145,000
8c
S+700 bp
PIK 9.30%
C••••••••• L••revolver lien unstated$148,000$145,000
101c
S+525 bp
F••••• B••••• L••equity equityNot disclosed$143,000
117c
L••••••••• L••equity equityNot disclosed$142,000
225c
S••••• E••••• S••••••••• L••equity equityNot disclosed$138,000
97c
P•••••••• M•••••notes lien unstated$137,000$136,000
99c
4.70%
P•••••••• M•••••notes lien unstated$137,000$136,000
99c
5.40%
P•••••••• M•••••notes lien unstated$137,000$136,000
99c
8.50%
P•••••••• M•••••notes lien unstated$137,000$136,000
99c
5.90%
D••• H••••••• C••••revolver lien unstated$133,000$133,000
103c
S+500 bp
O•• H••••••• P••••••••• L••equity equityNot disclosed$131,000
95c
T•• A••••••••• L••revolver lien unstated$132,000$129,000
101c
S+475 bp
B••••• S••••• U••••••••• L••equity equityNot disclosed$128,000
91c
S••••• P••••••• H•••••••• L••preferred equity equityNot disclosed$123,000
141c
N•• B•••• L••equity equityNot disclosed$122,000
128c
D•••••••• B••••• L•••revolver lien unstated$125,000$120,000
101c
S+500 bp
D•••• I••••••••• H••••••• C••equity equityNot disclosed$120,000
128c
I•• I••••••••• I•••revolver lien unstated$116,000$116,000
105c
S+650 bp
B••••••• S••term loan first lien$115,000$115,000
98c
S+950 bp
PIK 11.60%
F•• B•••• L••equity equityNot disclosed$115,000
132c
A•••••• A•••••••• C•••••••••revolver lien unstated$115,000$112,000
101c
S+475 bp
T••• A•• D••••••••• L••preferred equity equityNot disclosed$107,000
119c
PIK 15.00%
T••• A•• D••••••••• L••equity equityNot disclosed$105,000
20c
A•••••• C••••••• P•••••••• L••equity equityNot disclosed$104,000
118c
P••••• E••••••••• L•••••revolver lien unstated$103,000$103,000
104c
S+450 bp
M••••••••• H•••••• B•••term loan first lien$210,000$101,000
55c
S+625 bp
B•• B••••• I•••revolver lien unstated$100,000$97,000
101c
S+500 bp
T•••• B•••• L••equity equityNot disclosed$96,000
133c
K••• H••••••• I•••revolver lien unstated$119,000$93,000
82c
S+525 bp
M••••••••• H•••••• B•••revolver lien unstated$191,000$92,000
56c
S+550 bp
A•••••••• S••••••• C•••••• ••••• L••equity equityNot disclosed$92,000
95c
H• A••••••• B•••• L••revolver lien unstated$93,000$90,000
99c
S+450 bp
C•••••• R••••••••• S••••••• L••revolver lien unstated$99,000$88,000
91c
S+600 bp
G•• P•••••• I•••equity equityNot disclosed$86,000
100c
E•• P•••• H••••• L••revolver lien unstated$407,000$85,000
21c
S+575 bp
M••••••• A••••••••• I•••preferred equity equityNot disclosed$84,000
91c
I•• H•••• A••••••• L•••••equity equityNot disclosed$84,000
58c
P•••••• C•••••••••equity equityNot disclosed$80,000
190c
H•••• S••••••• G•••• L••revolver lien unstated$80,000$78,000
101c
S+450 bp
E•••••• M•••• L••••••term loan first lien$79,000$78,000
99c
S+475 bp
H••••••••• I•••equity equityNot disclosed$76,000
149c
B••••••• B••••• L••equity equityNot disclosed$74,000
119c
D•••• I••••••••• H••••••• C••revolver lien unstated$77,000$74,000
103c
S+450 bp
S••••• M•••• 2• I•••revolver lien unstated$77,000$73,000
101c
S+475 bp
A•••• B•••• L••••••term loan first lien$69,000$63,000
93c
S+670 bp
W••••••• F••••• L••preferred equity equityNot disclosed$63,000
100c
PIK 20.00%
C• B••••• L••equity equityNot disclosed$62,000
90c
R••••• H•••••••• I•••revolver lien unstated$70,000$57,000
104c
S+500 bp
N• H•••••• L••equity equityNot disclosed$56,000
13c
S•• A•••••• H••••••• L••revolver lien unstated$60,000$55,000
98c
S+475 bp
A••••••••• B••• C••• L••term loan unsecured or subordinated$55,000$55,000
100c
14.00%
O•• I••••••••• H•••••••• L••revolver lien unstated$87,000$55,000
66c
S+475 bp
A•• I•••••• P••••••••• L••equity equityNot disclosed$54,000
89c
M•• B••••• L••equity equityNot disclosed$52,000
102c
L•• B•••••••• L••revolver lien unstated$54,000$51,000
100c
S+525 bp
A•••• 1•••• G•••preferred equity equityNot disclosed$49,000
62c
G••• L••revolver lien unstated$51,000$48,000
100c
S+525 bp
E• S••• B••••term loan unsecured or subordinated$43,000$43,000
100c
S+800 bp
M•••••• H•••••• A•equity equityNot disclosed$42,000
75c
Z••••••• B•••• L••••••equity equityNot disclosed$42,000
U••••••••• L••equity equityNot disclosed$41,000
66c
R•••• B•••• L••equity equityNot disclosed$40,000
103c
R••••••• P•••• S••••••• I•••equity equityNot disclosed$40,000
49c
T••• C•••••••• B••••• I•••equity equityNot disclosed$39,000
780c
T• S• C••••• A••••••••• C••••equity equityNot disclosed$34,000
148c
K•••••• S••••• • S••••••• L••revolver lien unstated$35,000$34,000
100c
S+425 bp
H••••••••• I•••revolver lien unstated$34,000$34,000
162c
S+450 bp
E•• H•••••••• L••equity equityNot disclosed$33,000
100c
A••• S•••••• P•••••••• L••revolver lien unstated$32,000$32,000
100c
S+475 bp
P••••••• D••••• H••••••• L••preferred equity equityNot disclosed$31,000
282c
PIK 10.00%
S•• M•••••• P•••••••• L•••revolver lien unstated$32,000$30,000
100c
S+475 bp
P••••••••• L••term loan unsecured or subordinated$32,000$30,000
94c
8.00%
M• P••••••••• L••equity equityNot disclosed$29,000
126c
F•• B•••• L••equity equityNot disclosed$26,000
130c
M••••••••• H•••••• B•••term loan first lien$93,000$24,000
26c
S+650 bp
A•••••••• S••••••• C•••••• ••••• L••equity equityNot disclosed$24,000
96c
S•• M•••••• P•••••••• L•••equity equityNot disclosed$24,000
89c
P••••••• D••••• H••••••• L••term loan first lien$23,000$23,000
100c
S+825 bp
M•• B••••• L••revolver lien unstated$25,000$22,000
100c
S+475 bp
T• K•• A••••••••• L•••equity equityNot disclosed$17,000
106c
A••• C•••••• S••••••••• I•••revolver lien unstated$16,000$16,000
123c
S+575 bp
A•••• B•••• L••••••preferred equity equityNot disclosed$11,000
31c
PIK 10.00%
A•••••• A•••••••• C•••••••••equity equityNot disclosed$10,000
83c
A•••• B•••• L••••••term loan lien unstatedNot disclosed$10,000
29c
PIK 10.00%
B••••••• S••term loan first lien$10,000$10,000
100c
S+950 bp
Page 5 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