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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 Jun 30, 2026
789 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
L••• P••••••••• I•••term loan first lien$3.9M$3.9M
100c
S+475 bp
B••••••••• L••term loan first lien$3.9M$3.8M
99c
S+525 bp
N• H•••••• L••term loan first lien$4.1M$3.8M
94c
S+650 bp
N•• B•••• L••term loan first lien$3.8M$3.8M
102c
S+475 bp
H••••••• H••••••• L••term loan first lien$3.8M$3.8M
100c
S+475 bp
K••• H••••••• I•••term loan first lien$3.9M$3.8M
97c
S+525 bp
H••• C••• A••••••••• L••term loan first lien$4.5M$3.8M
84c
S+500 bp
PIK 1.00%
S••••• E••••• S••••••••• L••term loan first lien$3.8M$3.7M
98c
S+500 bp
C•••••• M••••• H•••••••• L••term loan unsecured or subordinated$3.8M$3.7M
100c
8.00%
E••••• E••••••••• S•••••••• I•••term loan first lien$3.7M$3.7M
100c
S+550 bp
R••• L•••• L••term loan first lien$3.6M$3.6M
102c
S+550 bp
W••••••• F••••• L••term loan first lien$3.6M$3.5M
100c
S+525 bp
X••••••• B•••• L••••••term loan unsecured or subordinated$3.5M$3.5M
105c
S+1100 bp
C••• B••••• L••term loan first lien$3.5M$3.5M
101c
S+500 bp
I••••••••• L••preferred equity equityNot disclosed$3.5M
97c
PIK 17.50%
C••••••••• B••••• L••term loan first lien$3.5M$3.4M
98c
S+800 bp
M••••••••• P••••••••• M••••••••• G•••term loan first lien$3.4M$3.4M
106c
S+500 bp
I••••••••• P•••••••• S••••••• L••term loan first lien$3.5M$3.4M
100c
S+475 bp
L••••• B•••• L••••••term loan first lien$3.6M$3.4M
97c
S+650 bp
B•• B••••• I•••term loan first lien$3.4M$3.4M
100c
S+450 bp
E•••••• B••••••• C••••••• L••term loan first lien$3.3M$3.3M
100c
S+660 bp
E•••••• B••••••• C•••••• L••term loan first lienNot disclosed$3.3MS+660 bp
S••••••• H••••••• L••term loan first lien$3.2M$3.2M
100c
12.00%
P•••••• I••••••• A••••••••• I•••term loan first lien$3.8M$3.2M
85c
S+125 bp
PIK 4.60%
T•• O••••• M•••• G••••• I•••term loan first lien$3.5M$3.2M
90c
S+475 bp
R•••• B•••• L••term loan first lien$3.2M$3.2M
100c
S+475 bp
A••••• B••••• I•••term loan first lien$3.1M$3.1M
101c
S+525 bp
C•••• P••••• N•term loan first lien$3.1M$3.1M
103c
S+600 bp
H••••••••• I•••term loan first lien$3.1M$3.1M
102c
S+450 bp
C••••• B•••••• A••••••• L••term loan first lien$3.1M$3.1M
100c
S+500 bp
N••••••••• L•••• S•••••••• L••term loan first lien$3.1M$3.0M
100c
S+450 bp
R••••• H••••••• L••equity equityNot disclosed$3.0M
F••••••••• L•••preferred equity equityNot disclosed$3.0M
108c
E•• P•••• H••••• L••term loan first lien$2.9M$2.9M
100c
S+550 bp
G•• C•••••••• P••••••••• L••term loan first lien$2.9M$2.9M
100c
S+575 bp
A•••••••• T•••••••• G••••• L••term loan first lien$2.9M$2.8M
100c
S+475 bp
P•• C•••••• H••••• L••term loan second lien$2.9M$2.8M
100c
S+550 bp
A••••• H••••• 2• L••term loan second lien$3.1M$2.7M
89c
S+830 bp
PIK 12.00%
I••••••• H••••••• G•••term loan first lien$2.8M$2.7M
101c
S+475 bp
N•••••term loan first lien$2.7M$2.7M
108c
S+650 bp
P••••••• B••••• I•••term loan first lien$2.8M$2.7M
98c
S+475 bp
C•••• P••••• N•term loan first lien$2.7M$2.7M
109c
S+650 bp
P•••••• E••••• C••••• L••term loan first lien$2.7M$2.7M
106c
6.90%
G••••• A••••••• G•••• L••••••term loan first lien$2.7M$2.7M
92c
S+491 bp
A••• H••••••term loan first lien$2.6M$2.6M
112c
S+550 bp
C•• F•••• H••••••• C••• L••term loan first lien$2.6M$2.6M
102c
S+1000 bp
PIK 13.90%
G••••• G•••••term loan first lien$2.7M$2.6M
106c
S+675 bp
B•• G•••••• L••term loan first lien$2.6M$2.6M
106c
S+550 bp
Q••• S••• B•••• P•• L••term loan first lien$2.7M$2.6M
93c
S+575 bp
U•••••• •••••••••term loan first lien$2.5M$2.5M
108c
S+495 bp
O•• B••••• I•••term loan first lien$2.5M$2.4M
100c
S+475 bp
P•••••• I•••••term loan first lien$2.4M$2.4M
108c
S+575 bp
M•••• R•••••••• I••• ••••••••term loan first lien$2.4M$2.4M
100c
S+450 bp
M••••••••• G•••• L••••••term loan first lien$2.4M$2.4M
99c
S+568 bp
B•••••term loan first lien$2.4M$2.4M
97c
S+625 bp
B••••• I•••term loan first lien$2.4M$2.4M
100c
S+450 bp
B••••• G••••term loan first lien$5.4M$2.4M
52c
S+450 bp
PIK 6.60%
R••••• B••••• B•••term loan first lien$2.4M$2.4M
104c
S+600 bp
S•••• B•••• L••equity equityNot disclosed$2.3M
391c
B••••• S••••• U••••••••• L••term loan first lien$2.4M$2.3M
100c
S+500 bp
N•• I••••••••• 2• B•••term loan first lien$2.3M$2.3M
116c
S+545 bp
F••••••• B••••• L••term loan first lien$2.3M$2.3M
100c
S+450 bp
B•••••• E••••••••• S••••••• H••••• L••••••term loan first lien$2.6M$2.3M
90c
S+280 bp
PIK 5.00%
O••••• T••••••••• I•••term loan first lien$2.0M$2.3M
120c
S+675 bp
A•••••• I•••••••••term loan first lien$2.3M$2.3M
103c
S+498 bp
T••• C•••••••• B••••• I•••term loan first lien$2.3M$2.3M
100c
S+450 bp
M•••••••• B•••• L••••••term loan first lien$2.3M$2.3M
103c
S+510 bp
E•••••• B••••••• C••••••• L••term loan second lien$2.2M$2.2M
100c
7.50%
S•• M•••••• P•••••••• L•••term loan first lien$2.3M$2.2M
100c
S+475 bp
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••term loan first lien$2.2M$2.2M
100c
S+450 bp
B•••• I••••••••• G••••• L••term loan first lien$2.2M$2.2M
100c
S+475 bp
L•• B•••••••• L••term loan first lien$2.3M$2.2M
99c
S+525 bp
N••• H•••••• L••term loan first lien$2.2M$2.2M
100c
S+525 bp
A•• P••••••••• L••term loan first lien$2.2M$2.2M
100c
S+450 bp
C••••• K•• F•••••• I• L••term loan first lien$2.2M$2.2M
100c
S+750 bp
J•• B•••• L••••••term loan first lien$2.2M$2.2M
84c
S+400 bp
M••••••• T•••••••• L••term loan first lien$2.2M$2.2M
100c
S+550 bp
S••••••• B••••• L••term loan first lien$2.2M$2.2M
99c
S+505 bp
A••••••••• L••term loan first lien$2.2M$2.2M
99c
S+500 bp
I• S•••••term loan first lien$2.2M$2.1M
95c
S+600 bp
A•• G•••• H•••••••• I•••term loan first lien$2.1M$2.1M
100c
S+525 bp
PIK 3.30%
C•••••• R••••••••• S••••••• L••term loan first lien$2.3M$2.1M
94c
S+600 bp
B•••••• P•••• P•••••••• C•••••••••term loan second lien$2.3M$2.1M
94c
S+900 bp
G••• L••term loan first lien$2.1M$2.1M
100c
S+525 bp
S•• C•• B••••• I•••term loan first lien$2.1M$2.1M
100c
S+450 bp
I•• H•••• A••••••• L•••••term loan first lien$2.1M$2.1M
98c
S+600 bp
A•• I•••••• P••••••••• L••term loan first lien$2.1M$2.1M
100c
S+500 bp
S•• A•••••• H••••••• L••term loan first lien$2.1M$2.0M
100c
S+475 bp
C••••••• D•••••• C••••term loan first lien$2.0M$2.0M
100c
S+475 bp
A•••• B•••• L••••••term loan first lien$2.0M$2.0M
101c
S+500 bp
R•• G••••• L••term loan first lien$2.0M$2.0M
100c
S+525 bp
M••••••• A••••••••• I•••term loan first lien$2.0M$2.0M
101c
S+525 bp
C••••• S••• R•••• S••term loan first lien$2.0M$2.0M
101c
S+600 bp
E• D•••••••••term loan first lien$2.0M$2.0M
109c
S+500 bp
W•••••• A••••••••• L••term loan first lien$2.0M$2.0M
101c
S+500 bp
A••••• M••••term loan unsecured or subordinated$2.1M$2.0M
106c
2.00%
PIK 9.00%
C•••••• B••••••••• I•••term loan first lien$2.0M$2.0M
101c
S+800 bp
S••••••• S•••••••term loan first lien$1.9M$1.9M
108c
S+475 bp
S•••• I••••••••• I••• I•••term loan first lien$1.9M$1.9M
100c
S+450 bp
L••••• B••••• L••term loan first lien$1.9M$1.9M
100c
S+500 bp
Page 2 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