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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
C• B••••• L••term loan first lien$870,000$870,000
102c
S+625 bp
T• K•• A••••••••• L•••term loan unsecured or subordinated$845,000$839,000
100c
12.30%
A••• C•••••• S••••••••• I•••term loan first lien$848,000$838,000
100c
S+500 bp
U••• C••••term loan first lien$834,000$834,000
96c
S+590 bp
E• D•••••••••term loan first lien$849,000$832,000
98c
S+525 bp
P•••••• B•••• P•• L••term loan first lien$830,000$814,000
100c
S+500 bp
A••••••••• B••• C••• L••term loan first lien$810,000$812,000
101c
S+475 bp
B••••••••• L••equity equityNot disclosed$799,000
134c
M••••• B••••• L••term loan first lien$809,000$798,000
100c
S+475 bp
S••••• A••••• I•••term loan first lien$1.8M$796,000
44c
S+550 bp
Q••• F•••••• L••term loan first lien$814,000$795,000
100c
S+525 bp
O•• L••••••• I••••••••• H••••••• 2• L••term loan first lien$849,000$794,000
95c
S+550 bp
I•• I••••••••• I•••term loan first lien$782,000$782,000
101c
S+625 bp
P•••••• B•••• B•••revolver lien unstated$776,000$776,000
97c
S+650 bp
W•••••••• H•••••••• I•••equity equityNot disclosed$763,000
242c
R••• B•••• P•• L••term loan first lien$779,000$757,000
104c
S+525 bp
U•• L•••••• H•••••• A•term loan first lien$749,000$749,000
106c
S+525 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$812,000$737,000
92c
PIK 14.00%
E•• I•••••••••term loan unsecured or subordinated$743,000$735,000
101c
11.00%
PIK 2.50%
C•• F•••• H••••••• C••• L••term loan lien unstated$730,000$730,000
100c
S+900 bp
PIK 12.90%
C•••••• B••••••••• I•••unstated lien unstatedNot disclosed$730,000
118c
O•• A•• B••••• L••term loan first lien$744,000$723,000
100c
S+450 bp
E••••••• E•••••••• • E••••••••• C••term loan first lien$735,000$722,000
100c
10.50%
PIK 3.00%
B••••••••• G•••• U• L••term loan first lien$714,000$701,000
105c
S+475 bp
G•••••••••term loan first lien$708,000$695,000
109c
S+450 bp
P••••• B•••• P•• L••term loan first lien$714,000$691,000
97c
S+475 bp
A•••• B•••• L••••••term loan first lien$760,000$688,000
102c
S+670 bp
L••••• B•••• L••••••term loan first lien$723,000$683,000
101c
S+625 bp
C•• E••••••••• L••term loan first lien$687,000$678,000
100c
S+600 bp
A•• I•••••• P••••••••• L••term loan first lien$683,000$675,000
100c
S+525 bp
T• K•• A••••••••• L•••term loan first lien$683,000$674,000
100c
S+425 bp
E•••••• M•••• L••••••term loan first lien$673,000$666,000
100c
S+475 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$658,000$658,000
100c
11.00%
PIK 1.00%
H•• C•••••••••term loan first lien$667,000$654,000
103c
S+525 bp
A••• C•••••• S••••••••• I•••term loan first lien$653,000$653,000
102c
S+575 bp
J•••••• 2••••• C•••• B• P••• T•••••• T••••notes lien unstated$664,000$646,000
97c
8.00%
F••••••••• L••equity equityNot disclosed$641,000
72c
Z•••• L•••• S••••term loan first lien$647,000$635,000
99c
S+525 bp
A•••••••term loan first lien$3.4M$629,000
19c
S+290 bp
PIK 6.40%
A••••• M••••warrants equityNot disclosed$624,000
31200c
A•••••• B•••• L••••••term loan first lien$638,000$623,000
105c
S+525 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$748,000$620,000
135c
S+600 bp
PIK 1.00%
S••••••• B•••• S•••••••term loan first lien$630,000$619,000
99c
S+500 bp
G••• L••term loan first lien$612,000$612,000
101c
S+600 bp
R••• L•••• L••equity equityNot disclosed$599,000
84c
A•••••• A•••••••• C•••••••••revolver lien unstated$599,000$597,000
100c
S+475 bp
S•••••• A••••••••• B•••• L••••••term loan first lien$610,000$596,000
101c
S+525 bp
V•••• B••••• L••equity equityNot disclosed$594,000
362c
A•• C••••••••• L••equity equityNot disclosed$587,000
180c
U•• 6•• E••••• M••••••••• G•••term loan first lien$590,000$580,000
98c
S+525 bp
F••••••••• B•••• L••••••term loan first lien$563,000$563,000
100c
S+600 bp
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$550,000
199c
L••••••••• F•••• S•••term loan first lien$541,000$535,000
99c
S+475 bp
O••••• B•••• L••••••term loan first lien$533,000$533,000
101c
S+500 bp
E••• G••••• L••••••••• I•••equity equityNot disclosed$526,000
182c
N• H•••••• L••revolver lien unstated$582,000$524,000
92c
S+650 bp
W••••••• F••••• L••revolver lien unstated$524,000$516,000
100c
S+525 bp
B•• B••••• I•••equity equityNot disclosed$509,000
120c
P•••••• B•••• B•••term loan first lien$505,000$505,000
103c
S+600 bp
P••••••• D••••• H••••••• L••term loan first lien$499,000$498,000
101c
S+830 bp
E• S••• B••••term loan first lien$503,000$495,000
104c
S+500 bp
PIK 7.60%
S•••• B•••• B•••term loan first lien$508,000$491,000
97c
S+575 bp
R••••• H•••••••• I•••equity equityNot disclosed$491,000
123c
B••••• A••••••• G•••• I••term loan second lien$495,000$486,000
99c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$495,000$486,000
99c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$495,000$486,000
99c
S+750 bp
X••••••• B•••• L••••••equity equityNot disclosed$485,000
215c
C•• U• B••••• I•••term loan first lien$474,000$478,000
103c
S+600 bp
I•• I••••••••• I•••equity equityNot disclosed$474,000
126c
H•••••••• H•••••••• I•••revolver lien unstated$479,000$473,000
100c
S+525 bp
V•••• G••••• H•••••• L••notes lien unstated$481,000$469,000
98c
9.50%
S•••• S•••••• B•••••• L••equity equityNot disclosed$468,000
52c
M•• E•••••• I•••revolver lien unstated$476,000$460,000
98c
S+375 bp
S••• B••••• L•••revolver lien unstated$499,000$459,000
94c
S+625 bp
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$457,000
113c
P•••••• B•••• B•••term loan first lien$455,000$455,000
98c
S+600 bp
B••••• A••••••• G•••• I••term loan second lien$456,000$451,000
99c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$456,000$451,000
99c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$451,000$446,000
99c
S+750 bp
K•••••• S••••• • S••••••• L••term loan first lien$451,000$445,000
100c
S+425 bp
F••••••••• B•••• L••••••term loan first lien$441,000$441,000
100c
S+600 bp
B••••••• B••••• L••term loan first lien$433,000$426,000
100c
S+425 bp
M••• B•••• L••••••term loan first lien$434,000$418,000
100c
S+525 bp
R•• S••• M••••• S•• L••term loan first lien$403,000$403,000
100c
S+1050 bp
PIK 9.50%
M••• L••• C••••••••• P•••• L••term loan first lien$409,000$398,000
100c
S+525 bp
C•••••• P••••••••• L••equity equityNot disclosed$393,000
314c
O•• H••••••• I• C•••revolver lien unstated$391,000$391,000
101c
S+500 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$470,000$389,000
129c
S+600 bp
PIK 1.00%
U••• C••••term loan first lien$379,000$379,000
100c
S+590 bp
F••• S••• H•••••• L••equity equityNot disclosed$376,000
75c
S••••••••• G••••• I•••equity equityNot disclosed$374,000
204c
U•• A•••••••• I•••revolver lien unstated$370,000$370,000
102c
S+475 bp
C••• U••••••• G•••equity equityNot disclosed$363,000
67c
H••• S••••• B•••• I•••term loan first lien$375,000$362,000
100c
S+425 bp
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$356,000
189c
S•• I••••••••• L••equity equityNot disclosed$356,000
171c
W•••••••• H•••••••• I•••revolver lien unstated$358,000$355,000
104c
S+500 bp
A•••• B•••• L••••••term loan second lien$390,000$341,000
101c
PIK 10.50%
A•••• B•••• L••••••term loan first lien$341,000$341,000
107c
S+500 bp
O••••• B•••• L••••••term loan first lien$339,000$339,000
95c
S+500 bp
Page 4 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