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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••••• C••••••• B•••• P•• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
A•••••• I•••••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
A•••• I••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
H•••••••• H•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
B•••• I••••••••• G••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
D•••••••• B••••• L•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
J•• B•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
T•••••• B•••revolver lien unstatedNot disclosedNot disclosed
S•••• I••••••••• I••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
H••••••••• B•••• P•• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
R•••• B•••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
E•• H•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
O•• A•• B••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
C••• U••••••• G•••delayed draw term loan lien unstatedNot disclosedNot disclosed
R••••• H••••••• L••unstated lien unstatedNot disclosedNot disclosed
T••••••• R••••• L••unstated lien unstatedNot disclosedNot disclosed
O•• I••••••••• H•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
E•••••• M•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
S••••••• S•••••••term loan first lienNot disclosedNot disclosed
T•••••••• I•••revolver lien unstatedNot disclosedNot disclosed
Page 8 of 8Previous
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