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F••••••• B•• C•••••• C•••
A business development company traded as FRBP, managed by F••••••• B•• C•••••• A•••••• L••, holding $4.8B across 290 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $4.8B
- Borrowers
- 290
- Mark on cost
- 96.9¢
- First lien
- 59%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $189Mon non-accrual, 9 borrowers
9 borrowers on non-accrual, $189M principal; the largest is A••••••• I••••••••• L•• ($86.1M).
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 A••••••• I••••••••• L•• → - $89.7Mnewly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $89.7M principal: A••••••• I••••••••• L•• ($86.1M), L••••••••• I•• ($2.96M), N•••••• L•• ($626K).
Q2 2026 · The newest credit problems in the book.
- 33 below 80¢$236M principal
33 positions across 28 borrowers marked below 80¢ on cost, $236M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 278 → 290borrowers
Added a net 12 borrowers in the quarter to Jun 30, 2026, to 290.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1825248 · file 814-01360ShowHide
Fair value
$4.8B
as of Jun 30, 2026
Principal held
$4.5B
debt pieces, the filer's figure
Cost
$5.1B
97c on cost, debt pieces
Unfunded
$678M
commitments not yet drawn
Positions
706
290 borrowers
First lien
59%
93% debt by fair value
Quarters on the tape
17
since Dec 31, 2020
Facilities held
321
47 sponsors financed
Portfolio through time
Fair value by quarter end$5.5B as of Jun 30, 2026
Dec 31, 2021$628M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.5B | 290 | 97c | 50 | 487 bp |
| Mar 31, 2026 | $5.4B | 278 | 97c | 48 | 492 bp |
| Dec 31, 2025 | $6.5B | 283 | 97c | 57 | 496 bp |
| Sep 30, 2025 | $5.8B | 320 | 97c | 55 | 497 bp |
All 17 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $5.8B | 315 | 98c | 54 | 509 bp |
| Mar 31, 2025 | $5.5B | 311 | 97c | 43 | 508 bp |
| Dec 31, 2024 | $13B | 354 | 98c | 82 | 513 bp |
| Sep 30, 2024 | $5.7B | 356 | 99c | 41 | 517 bp |
| Jun 30, 2024 | $5.3B | 347 | 98c | 36 | 535 bp |
| Mar 31, 2024 | $5.2B | 326 | 99c | 31 | 545 bp |
| Dec 31, 2023 | $1.8B | 261 | 97c | 10 | 539 bp |
| Sep 30, 2023 | $826M | 73 | 99c | 8 | 594 bp |
| Jun 30, 2023 | $862M | 76 | 99c | 8 | 595 bp |
| Mar 31, 2023 | $788M | 76 | 99c | 3 | 593 bp |
| Dec 31, 2022 | $1.3B | 78 | 99c | 8 | 598 bp |
| Dec 31, 2021 | $628M | 63 | 100c | 1 | 577 bp |
| Dec 31, 2020 | Not disclosed | 2 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- P••• R••• E•••••••• F••••••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Dec 31, 2028$93.6M 200c
- A••••••• I••••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Dec 22, 2030$86.1M 84c
- Z••••••• I•• first lien term loan16 BDCs hold it · matures Nov 22, 2028$80.4M 99c
- M•••• first lien term loan2 BDCs hold it · matures Jul 29, 2026$76.2M 90c
- W•• H••••••• I•• C••• first lien term loan1 BDC hold it · matures Jul 16, 2028$75.3M 100c
- S•••• C•••••• F••••••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Apr 25, 2028$72.5M 200c
- I••••• B••••• I•• first lien term loan4 BDCs hold it · matures May 23, 2028 · possible sponsor K•••• • C••••••• L•••$70.3M 100c
- K•••••••• P•• B••••• I•• first lien term loan1 BDC hold it · matures Dec 10, 2029 · K•••• • C••••••• L•••$67.5M 100c
- C••••••••• T••••••••• I••••••••• L•• first lien term loan1 BDC hold it · matures May 5, 2027$60.5M 100c
- A••••• P•••••• I•• first lien term loan1 BDC hold it · matures Oct 29, 2030$59.0M 100c
- K••••• A•••••••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Aug 31, 2031$59.0M 201c
- L••• D•••• I••••••••• I• L•• first lien term loan3 BDCs hold it · matures Mar 31, 2031$56.7M 101c
Schedule of investments at Mar 31, 2026
670 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| F••• | term loan lien unstated | Not disclosed | $223M | ||
| F••• | term loan lien unstated | Not disclosed | $223M 99c | ||
| P••• R••• E•••••••• F••••••• L•• | unstated lien unstated | Not disclosed | $128M 100c | ||
| P••• R••• E•••••••• F••••••• L•• | equity equity | Not disclosed | $128M | ||
| S•••• C•••••• F••••••• L•• | equity equity | Not disclosed | $84.0M | ||
| S•••• C•••••• F••••••• L•• | subordinated debt unsecured or subordinated | $83.5M | $83.5M 100c | 12.50% | Apr 25, 2028 |
| S•••• C•••••• F••••••• L•• | subordinated debt unsecured or subordinated | Not disclosed | $83.5M | ||
| Z••••••• I••• | term loan first lien | $64.7M | $63.7M 99c | S+500 bp | Nov 22, 2028 |
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | Not disclosed | $62.6M | ||
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | $62.6M | $62.6M 100c | S+775 bp | Dec 31, 2028 |
| M•••• | term loan first lien | $67.9M | $61.1M 90c | S+650 bp | Jul 29, 2026 |
| I••••• B••••• I••• | term loan first lien | $60.7M | $60.7M 100c | S+525 bp | May 23, 2028 |
| M••••••• B••••• I••• | term loan first lien | $55.6M | $55.6M 101c | S+450 bp | Aug 20, 2031 |
| A••••• P•••••• I••• | term loan first lien | $55.4M | $55.4M 100c | S+525 bp | Oct 29, 2030 |
| T•• N•• G••••• L• | term loan first lien | $52.1M | $52.1M 101c | S+425 bp | Dec 1, 2029 |
| S••••••• H••••••• C•••• Financial Services | unstated lien unstated | $52.0M | $52.0M 100c | S+550 bp | May 14, 2031 |
| C•• B••••• I••• | term loan first lien | $52.0M | $52.0M 101c | S+500 bp | May 13, 2032 |
| S••••••• H•••••••• I••• | term loan first lien | $49.4M | $49.4M 101c | S+525 bp | Dec 29, 2028 |
| K••••• A•••••••• L•• | subordinated debt unsecured or subordinated | Not disclosed | $47.5M | ||
| K••••• A•••••••• L•• | subordinated debt unsecured or subordinated | $47.5M | $47.5M 100c | 13.50% | Aug 31, 2031 |
| B•• A•••• A•••••••• L•• | term loan first lien | $47.0M | $47.0M 101c | S+450 bp | Nov 18, 2031 |
| A•••• G•••••• I••• P••••••••• Services | unstated lien unstated | $46.5M | $46.5M 100c | S+450 bp | Oct 2, 2028 |
| A••••• H•••••• L•• | term loan first lien | $45.8M | $45.8M 101c | S+525 bp | Jan 31, 2032 |
| W••••••• P••••••••• S•••••••• I••• | term loan first lien | $44.7M | $44.7M 101c | S+450 bp | Sep 19, 2031 |
| R•••••• C••••••• a•• R•••••••• L•• | term loan first lien | $43.4M | $43.4M 102c | S+525 bp | Apr 30, 2031 |
| K•••••••• P•• B••••• I••• | term loan first lien | $42.0M | $42.0M 100c | S+450 bp | Dec 10, 2029 |
| I•••• T••••• H•••••••• I••• | term loan first lien | $42.2M | $41.8M 100c | S+500 bp | Jun 30, 2032 |
| W•• H••••••• I•• C•••• | term loan first lien | $41.7M | $41.7M 100c | S+500 bp | Jul 16, 2028 |
| A•••• B••••••• S••• L•• | term loan first lien | $39.3M | $39.3M 101c | S+500 bp | Jun 10, 2031 |
| F••••••• I••••••••• L•• | term loan first lien | $39.3M | $39.3M 101c | S+475 bp | Nov 26, 2031 |
| A••••••• H•••••••• L•• E••••••••• | delayed draw term loan first lien | $48.7M | $38.9M 80c | PIK 10.25% | Dec 22, 2030 |
| G••••• B•••••••• L•• | term loan first lien | $38.0M | $38.0M 100c | S+450 bp | Sep 29, 2028 |
| V•••••• B••••• L•• M•••••••• | unstated lien unstated | $38.3M | $37.9M 100c | S+600 bp | Feb 13, 2034 |
| M••••••• B•••••••• L•• C••••••••• & E••••••••• | term loan first lien | $36.9M | $36.9M 102c | S+475 bp | Feb 13, 2032 |
| T••••• L•••• I••• | term loan first lien | $38.9M | $36.5M 96c | S+575 bp | May 5, 2028 |
| P•• B••••• I••• | term loan first lien | $40.0M | $36.0M 90c | S+550 bp | Mar 31, 2028 |
| A••••••• B•••••••• L•• | term loan first lien | $35.9M | $35.9M 102c | S+625 bp | May 8, 2030 |
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | Not disclosed | $35.0M | ||
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | $35.0M | $35.0M 100c | S+775 bp | Dec 31, 2028 |
| E••••••••• L• | term loan first lien | $34.3M | $34.3M 101c | S+475 bp | Feb 23, 2032 |
| P•••• A••••••••• I• I••• | unstated lien unstated | $40.2M | $32.1M 90c | S+875 bp | Dec 20, 2028 |
| I••••••••• G••••• S•••••••• I••• | term loan first lien | $32.5M | $32.1M 100c | S+500 bp | Mar 6, 2032 |
| C••••••••• L•• | term loan first lien | $30.1M | $30.1M 101c | S+475 bp | Apr 22, 2032 |
| S••••• S•• B•••• H•••••••• I••• | term loan first lien | $37.2M | $29.7M 80c | S+650 bp | Nov 18, 2027 |
| C•••••• I••••••••• H•••••••• L•• | term loan first lien | $29.3M | $29.0M 100c | S+475 bp | Oct 1, 2032 |
| F•• P••••••••• L•• | term loan first lien | $31.3M | $28.3M 91c | S+550 bp PIK 3.00% | Sep 13, 2028 |
| E••••••• P•••• E••••••••• L•• | term loan first lien | $27.9M | $27.9M 101c | S+450 bp | Dec 31, 2031 |
| M•••••• C•• C••••••• L•• C••••••••• & P•••••••• | term loan first lien | $27.9M | $27.9M 100c | S+600 bp | Jun 30, 2026 |
| A•••• I••••••••• H•••••••• L•• | term loan first lien | $27.7M | $27.7M 100c | S+450 bp | Apr 26, 2032 |
| P••••• C••• C••••••• L•• | term loan first lien | $30.2M | $27.2M 91c | S+600 bp | Nov 15, 2030 |
| I• I••••••••• H•••••••• L•• | term loan first lien | $25.9M | $25.9M 100c | S+500 bp | Sep 22, 2028 |
| I••••••••• I••• | term loan first lien | $25.9M | $25.6M 99c | S+450 bp | Jan 12, 2032 |
| W•••• S••••• R•••••• A••••••••• L•• | term loan first lien | $25.7M | $25.5M 100c | S+475 bp | Sep 16, 2032 |
| S••••• S•••• B••••• L••• | term loan first lien | $24.8M | $24.8M 101c | S+525 bp | Dec 3, 2031 |
| H•••••• C••• B••••• I••• | term loan first lien | $24.8M | $24.8M 101c | S+650 bp | Jan 9, 2028 |
| C••••••••• T••••••••• I••••••••• L•• | term loan first lien | $24.6M | $24.6M 100c | S+550 bp | May 5, 2027 |
| W••• P•••••••• I••• I••• | term loan first lien | $24.4M | $24.4M 100c | S+650 bp PIK 3.25% | Jun 29, 2029 |
| A••••••• H•••••••• L•• | delayed draw term loan first lien | $24.6M | $24.3M 99c | S+600 bp PIK 3.50% | Jun 18, 2029 |
| C••••••••• T••••••••• I••••••••• L•• | term loan first lien | $24.3M | $24.3M 100c | S+550 bp | May 5, 2027 |
| T••••• H•••••• I••• H••••• C••• P•••••••• & Services | unstated lien unstated | $24.2M | $24.2M 101c | S+500 bp | Jun 28, 2029 |
| V•••••• C•• B••••• L•• | term loan first lien | $23.4M | $23.4M 101c | S+500 bp | Jun 1, 2029 |
| T•• I••••••••• L•• | term loan first lien | $23.2M | $23.2M 100c | S+525 bp PIK 2.88% | Dec 15, 2031 |
| T••••••• L•• | term loan first lien | $22.9M | $22.9M 101c | S+425 bp | Aug 6, 2031 |
| K•••••••• P•• B••••• I••• | term loan first lien | $22.9M | $22.9M 101c | S+450 bp | Dec 10, 2029 |
| A••••••••• I••• | term loan first lien | $22.9M | $22.5M 99c | S+450 bp | Jul 14, 2031 |
| W••• C•••• D••••• S•••••••• I••• | term loan first lien | $27.8M | $22.2M 81c | S+575 bp | Jul 1, 2028 |
| M•••••• M••••••••• R••••••• G••••• L•• | term loan first lien | $22.5M | $22.2M 99c | S+575 bp | Sep 30, 2027 |
| L••••••••• I••••••••• L••• | term loan first lien | $22.7M | $22.1M 98c | S+500 bp PIK 2.50% | Apr 10, 2030 |
| A•••••• I••••••••• H•••••••• I••• | term loan first lien | $22.6M | $22.1M 99c | S+600 bp | Mar 19, 2031 |
| E••••••• P•••••• I••• | term loan first lien | $22.3M | $21.6M 99c | S+525 bp | Jan 22, 2031 |
| A•••• G••••• I••• I•••••••• | unstated lien unstated | $22.2M | $21.4M 97c | S+550 bp | May 30, 2033 |
| B•••• H••••••• B••••• I••• | term loan first lien | $21.2M | $21.2M 100c | S+475 bp | Sep 18, 2031 |
| V••••••• I••••••••• H••••••• C•••• | term loan first lien | $21.3M | $20.9M 99c | S+600 bp PIK 3.25% | Aug 23, 2031 |
| C••••••••• P•••••••• P••••••• C•••• A•••••••• & D•••••• | unstated lien unstated | $20.6M | $20.8M 101c | 10.14% | Jan 1, 2030 |
| C••• S••••• B••••••• C•• B•••••••• | unstated lien unstated | $20.6M | $20.6M 101c | S+475 bp | Dec 10, 2030 |
| C••••••• A••••••••• H•••••••• I••• | term loan first lien | $20.5M | $20.5M 100c | S+450 bp | Nov 13, 2029 |
| M•••• P•• P•••••••• L•• | term loan first lien | $24.3M | $20.4M 85c | S+650 bp PIK 3.50% | Dec 10, 2029 |
| W•• H••••••• I•• C•••• | term loan first lien | $20.2M | $20.2M 101c | S+500 bp | Jul 16, 2028 |
| O••••• T••••••••• I••• | term loan first lien | $20.2M | $20.2M 100c | S+550 bp | Oct 19, 2027 |
| R••••• M••••••••• G••••• L•• | term loan first lien | $20.2M | $20.2M 101c | S+475 bp | Dec 5, 2030 |
| C••••• I••••••••• L•• | unstated lien unstated | $19.5M | $19.5M 101c | S+525 bp | Dec 27, 2027 |
| L••• D•••• I••••••••• I•• L•• | term loan first lien | $19.3M | $19.3M 101c | S+500 bp | Mar 31, 2031 |
| L••• D•••• I••••••••• I•• L•• | term loan first lien | $19.1M | $19.1M 101c | S+500 bp | Mar 31, 2031 |
| O•••••••• V••••••• I••• | unstated lien unstated | $19.0M | $18.9M 100c | S+475 bp | Jan 30, 2033 |
| L•••• D••••••• B••••• L•• M•••••••• | unstated lien unstated | $18.7M | $18.7M 102c | S+650 bp | Oct 2, 2029 |
| A••• C•••••• I••••••••• H•••••••• L•• | term loan first lien | $18.8M | $18.0M 97c | S+625 bp | May 7, 2027 |
| S••• P••••••••• I••• | term loan first lien | $17.9M | $17.7M 100c | S+450 bp | Nov 12, 2031 |
| U• O••• S•••••• M••••••••• H•••••• L•• | term loan first lien | $17.7M | $17.7M 101c | S+525 bp | Nov 20, 2028 |
| D•••••• B•••••••• L•• C••••••• S•••••• D••••••••• & R••••• | term loan first lien | $17.5M | $17.5M 102c | S+600 bp | Dec 12, 2029 |
| C••••••• M••••• P••••••••• L•• | term loan first lien | $17.4M | $17.3M 100c | S+500 bp | Sep 10, 2031 |
| I•• H•••••• C•••• | term loan first lien | $17.4M | $17.2M 99c | S+575 bp PIK 3.13% | May 2, 2029 |
| M•••••• B•••• I••••••••• L•• C••••••••• & E••••••••• | unstated lien unstated | $17.6M | $17.2M 100c | S+450 bp | Dec 1, 2028 |
| I••• I••••••••• H•••••••• L•• | term loan first lien | $17.3M | $17.0M 100c | S+625 bp | Mar 1, 2029 |
| A••••••• G•••• H•••••••• I••• Financial Services | unstated lien unstated | $16.7M | $16.9M 101c | S+525 bp | Nov 25, 2033 |
| E••••••• G••••• L•• | delayed draw term loan first lien | $16.8M | $16.8M 100c | S+575 bp | Apr 14, 2028 |
| C••••• D• S••••• H•••••• U•• N••••• I••• E••••••••• | unstated lien unstated | Not disclosed | $16.6M 103c | ||
| U• S••• I••••••••• L•• | term loan first lien | $16.7M | $16.5M 100c | S+425 bp | Feb 26, 2033 |
| F••• T•••••• H••••••• L•• | term loan first lien | $16.6M | $16.4M 100c | S+500 bp | Oct 29, 2031 |
| G••••• P••••••••• L•• | term loan first lien | $16.5M | $16.3M 100c | S+475 bp | Aug 29, 2031 |
| T•••••• A•• C••••••••• H••••••• C•••• | term loan first lien | $16.2M | $16.2M 101c | S+425 bp | Jun 29, 2029 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2021 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- F••••••• B•• C•••••• L.L.C.reported
- Latest schedule
- 0001825248-26-000024reported