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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 |
|---|---|---|---|---|---|
| B••• O••••••••• B••••• I••• | term loan first lien | Not disclosed | $3.3M | ||
| P•••• A••••••••• I• I••• | unstated lien unstated | $3.3M | $3.3M 101c | S+550 bp | Jun 20, 2028 |
| A••••• H•••••• L•• | term loan first lien | $3.2M | $3.2M 101c | S+525 bp | Jan 31, 2032 |
| W•••••• H••••••• I••• L•• C•••••••• | unstated lien unstated | $3.2M | $3.2M 100c | S+275 bp | Aug 1, 2030 |
| C••••••••• C•••••••• C•• C•••••••• | unstated lien unstated | Not disclosed | $3.1M 27c | ||
| T•••• H•••• I•• A••••••••• C••••••••• | unstated lien unstated | $4.4M | $3.0M 69c | S+500 bp | Jan 31, 2028 |
| S•••• S•••••••• L•• H••••• C••• P•••••••• & Services | unstated lien unstated | $3.0M | $3.0M 100c | S+300 bp | Sep 29, 2032 |
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | $3.0M | $3.0M 102c | S+775 bp | Dec 31, 2028 |
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | Not disclosed | $3.0M | ||
| V•••••• C•• B••••• L•• | term loan first lien | $3.0M | $3.0M 101c | S+450 bp | Jun 1, 2029 |
| K•••••••• P•• B••••• I••• | term loan first lien | $3.0M | $3.0M 101c | S+450 bp | Dec 10, 2029 |
| G•••••• M••••••• I••• | unstated lien unstated | Not disclosed | $2.9M 98c | ||
| R••••••••• H••••••• C•••• D••••••••• C••••••• Services | unstated lien unstated | $4.1M | $2.9M 72c | S+400 bp | Apr 5, 2030 |
| W••• C•••• D••••• S•••••••• I••• | term loan first lien | $3.6M | $2.9M 81c | S+575 bp | Jul 1, 2028 |
| G••••••• A••••••••• C•••• H••••• C••• T••••••••• | unstated lien unstated | $3.0M | $2.9M 99c | S+400 bp | Oct 1, 2027 |
| C•••••• H••••• I• L•• | unstated lien unstated | $2.8M | $2.8M 100c | PIK 5.00% | May 1, 2032 |
| C•••••• H••••• I• L•• | term loan second lien | Not disclosed | $2.8M | ||
| H•••••• C••• B••••• I••• | term loan first lien | $2.7M | $2.7M 100c | S+650 bp | Jan 9, 2028 |
| S••••••• I••• S•••••••• R••••• | unstated lien unstated | $2.9M | $2.7M 93c | S+575 bp | Sep 4, 2029 |
| A••• C•••• H••••• C••• P•••••••• & Services | unstated lien unstated | $2.8M | $2.7M 98c | S+575 bp | Dec 23, 2027 |
| P•• B••••• I••• | term loan first lien | $2.9M | $2.7M 90c | S+550 bp | Mar 31, 2028 |
| O•• G• H•••••••• L•• | unstated lien unstated | $7.3M | $2.6M 41c | PIK 18.00% | Nov 29, 2027 |
| O•• G• H•••••••• L•• | term loan second lien | Not disclosed | $2.6M | ||
| Q••••••• H•••••••• I••• C••••••••• M•••••••• | unstated lien unstated | $2.5M | $2.5M 100c | S+225 bp | Feb 10, 2032 |
| M••••• B••••• I••• M•••••••• | unstated lien unstated | $2.5M | $2.5M 100c | S+400 bp | Mar 25, 2033 |
| P•••••••• L•• S•••••••• R••••• | unstated lien unstated | $2.5M | $2.4M 99c | S+400 bp | Aug 18, 2032 |
| F•••••••• S••••••• I••••••••• H•••••••• I••• H••••• C••• T••••••••• | unstated lien unstated | $3.0M | $2.4M 82c | S+525 bp | Dec 15, 2028 |
| C••••••••• T••••••••• I••••••••• L•• | term loan first lien | $2.4M | $2.4M 101c | S+550 bp | May 5, 2027 |
| S••••••• C••• L••• 2•••••• E•• Structured finance (CLO) | unstated lien unstated | $3.0M | $2.4M 84c | S+695 bp | Jul 16, 2032 |
| C••••• P•••• E•••••• L•• | unstated lien unstated | Not disclosed | $2.4M 142c | ||
| F•• G•••• E•••••••• L••• Financial Services | unstated lien unstated | $3.0M | $2.3M 80c | S+500 bp | Nov 5, 2031 |
| P••••••••• L•• | term loan first lien | $2.3M | $2.3M 99c | S+450 bp PIK 1.50% | Aug 22, 2029 |
| E•••••• B•••••••• L• M•••••••• | unstated lien unstated | $2.3M | $2.3M 100c | S+225 bp | Aug 4, 2031 |
| C••••• P••••••••• I••••••••• I••• D••••••••• C••••••• Services | unstated lien unstated | $2.3M | $2.3M 99c | S+400 bp | Apr 9, 2031 |
| L•••• I••• C••••••••• & P•••••••• | unstated lien unstated | $4.9M | $2.2M 46c | S+500 bp | Oct 30, 2028 |
| H••••••••• L••• M••••••••• L••• 1••••• E• Capital M•••••• | unstated lien unstated | $3.0M | $2.2M 78c | S+610 bp | May 6, 2030 |
| A••• G••••• P••••••••• L•• | term loan first lien | $2.3M | $2.2M 96c | S+475 bp | Apr 30, 2028 |
| M•• S•••••••• L•• | term loan first lien | $2.2M | $2.2M 99c | S+475 bp | Feb 10, 2028 |
| N•••••• F•••••• B••• C•••••••• | unstated lien unstated | $2.2M | $2.2M 98c | S+325 bp | Apr 3, 2028 |
| S••••••• H•••••••• I••• | term loan first lien | $2.1M | $2.1M 101c | S+525 bp | Jun 30, 2028 |
| E••••••• P•••• E••••••••• L•• | term loan first lien | $2.1M | $2.1M 102c | S+450 bp | Dec 31, 2031 |
| H•••••• C••• B••••• I••• | term loan first lien | $2.1M | $2.1M 101c | S+650 bp | Jan 9, 2028 |
| M••••••• F••• S••••••••• L•• F••• P••••••• | unstated lien unstated | $2.1M | $2.1M 103c | S+400 bp | Aug 28, 2028 |
| P•• B••••• I••• | term loan first lien | $2.3M | $2.0M 90c | S+550 bp | Mar 31, 2028 |
| R••••••• I••••••••• M•••••••• I••• Capital M•••••• | unstated lien unstated | Not disclosed | $2.0M 100c | ||
| C••••••• I••• | equity equity | Not disclosed | $2.0M | ||
| C••••••• I••• C•••••••• | unstated lien unstated | Not disclosed | $2.0M 129c | ||
| L••••••• T••••• L•• D••••••••• C••••••• Services | unstated lien unstated | $2.8M | $2.0M 101c | PIK 9.00% | Mar 29, 2030 |
| A••••••• A••• A•••••• G••••• L•• C••••••••• Services & S••••••• | unstated lien unstated | $2.0M | $2.0M 100c | S+450 bp | May 28, 2032 |
| F•••••• F••• P•••••••• L•• | unstated lien unstated | $2.0M | $2.0M 103c | S+550 bp | Oct 15, 2030 |
| C•••• R•••• • I••••• C••••••• L•• | term loan first lien | $1.9M | $1.9M 102c | S+425 bp | Nov 18, 2031 |
| V•••••• C•• 4•• L••• 2••••• E• Structured finance (CLO) | unstated lien unstated | $3.0M | $1.9M 65c | S+715 bp | Apr 15, 2034 |
| R•••••• F••••••• I••• B••••••• P••••••• | unstated lien unstated | $2.0M | $1.9M 99c | 4.00% | Sep 1, 2029 |
| P•• B••••• I••• | term loan first lien | $2.2M | $1.9M 88c | S+550 bp | Mar 31, 2028 |
| F•••••• F••• P•••••••• L•• | unstated lien unstated | $1.9M | $1.9M 99c | S+550 bp | Oct 15, 2030 |
| E•••• B•••••••• L• M•••••••• | unstated lien unstated | $1.9M | $1.9M 100c | S+225 bp | May 31, 2030 |
| C•••••• G•• C••• 1•••• F•• Structured finance (CLO) | unstated lien unstated | $2.1M | $1.8M 91c | S+860 bp | Jul 20, 2034 |
| C•••• R•••• • I••••• C••••••• L•• | term loan first lien | $1.8M | $1.8M 101c | S+425 bp | Nov 18, 2031 |
| A••••••• R••• S••• C••••••• L•• | unstated lien unstated | $2.0M | $1.8M 90c | S+400 bp | Jun 9, 2028 |
| S•••••• H••••• H•••••••• L•• H••••• C••• P•••••••• & Services | unstated lien unstated | $1.8M | $1.8M 104c | S+750 bp | May 18, 2028 |
| A••••••• R••• S••• C••••••• L••• C••••••••• S• | unstated lien unstated | $1.9M | $1.7M 88c | S+725 bp | Jun 11, 2029 |
| B•••• G•••• B••••• I••• | term loan first lien | $1.7M | $1.7M 101c | S+475 bp | Jul 10, 2031 |
| S•••••• H••••• H•••••••• L•• H••••• C••• P•••••••• & Services | unstated lien unstated | $10.9M | $1.6M 16c | S+750 bp PIK 5.50% | Aug 18, 2028 |
| L••• L••• P••••••••• 1•• E•• Capital M•••••• | unstated lien unstated | $2.5M | $1.6M 69c | S+638 bp | Oct 15, 2031 |
| M•••• P•• P•••••••• L•• | term loan first lien | $1.9M | $1.6M 85c | S+650 bp PIK 3.50% | Dec 10, 2029 |
| L•• A••••••••• L•• B••••••• P••••••• | unstated lien unstated | $2.0M | $1.6M 83c | S+375 bp | Jun 6, 2031 |
| B•••• G•••• B••••• I••• | term loan first lien | $1.5M | $1.5M 101c | S+475 bp | Jul 10, 2031 |
| V•••••• C•• B••••• L•• | term loan first lien | $1.5M | $1.5M 101c | S+500 bp | Jun 1, 2029 |
| C••••• I••••••••• L•• | unstated lien unstated | $1.5M | $1.5M 100c | S+525 bp | Dec 27, 2027 |
| S•••• P•••• C••• L••• 1•••• E• Structured finance (CLO) | unstated lien unstated | $2.4M | $1.5M 70c | S+610 bp | Jul 25, 2030 |
| K•• F•••••••• C••• L••• 1• F• Structured finance (CLO) | unstated lien unstated | $2.0M | $1.5M 78c | S+850 bp | Jan 18, 2032 |
| B•••• A••••••••• B••••• L•• T•••••••, A•••••• & luxury goods | unstated lien unstated | $1.4M | $1.4M 100c | S+325 bp | Sep 13, 2032 |
| C••••••••• T••••••••• I••••••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+550 bp | May 5, 2027 |
| I••••••••• C••••• • E•••••••• G••••••• I••• | unstated lien unstated | $1.4M | $1.4M 100c | S+600 bp | Dec 29, 2028 |
| E••••••• G••••• L•• | delayed draw term loan first lien | $1.3M | $1.3M 100c | S+575 bp | Apr 14, 2028 |
| W••• C•••• D••••• S•••••••• I••• | term loan first lien | $1.7M | $1.3M 81c | S+575 bp | Jul 1, 2028 |
| A•• C••• L••• 2•••• F• Structured finance (CLO) | unstated lien unstated | $1.4M | $1.3M 100c | S+690 bp | Apr 22, 2034 |
| B•••• M••••••• S•••• L•• E••••• E•••••••• & Services | unstated lien unstated | Not disclosed | $1.3M 60c | ||
| G••••• B•••••••• L•• | term loan first lien | $1.3M | $1.3M 101c | S+450 bp | Sep 29, 2028 |
| W•• H••••••• I•• C•••• | term loan first lien | $1.2M | $1.2M 101c | S+500 bp | Jan 16, 2028 |
| A••••• H•••••• L•• | term loan first lien | $1.2M | $1.2M 102c | S+525 bp | Jan 31, 2031 |
| A•••• B••••••• S••• L•• | term loan first lien | $1.1M | $1.1M 103c | S+500 bp | Jun 10, 2031 |
| G••••• B•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | S+450 bp | Sep 29, 2028 |
| M••••• B••••• I••• M•••••••• | unstated lien unstated | $1.1M | $1.1M 100c | S+400 bp | Dec 14, 2028 |
| M•••• V•••••• S••••••• C•••• S••••••• | unstated lien unstated | Not disclosed | $1.1M 303c | ||
| R••••••• H•••••••• I••• | delayed draw term loan first lien | $1.1M | $1.1M 101c | S+475 bp | Oct 19, 2027 |
| F•••••••• E••••• O••••••••• L•• | unstated lien unstated | $1.0M | $1.0M 100c | S+800 bp | Jun 30, 2027 |
| R••••••• I••••••••• M•••••••• I••• Capital M•••••• | unstated lien unstated | $30,000 | $991,000 77c | ||
| V•••••• C•• B••••• L•• | term loan first lien | $944,000 | $944,000 101c | S+450 bp | Jun 1, 2029 |
| M•• I••••••••• I•• L•• | term loan first lien | $942,000 | $929,000 100c | S+450 bp | Aug 29, 2031 |
| F•••••••• E••••• O••••••••• L•• | unstated lien unstated | Not disclosed | $876,000 29c | ||
| I•• H•••••• C•••• | term loan first lien | $887,000 | $864,000 98c | S+525 bp | May 2, 2028 |
| T•• I••••••••• L•• | term loan first lien | $859,000 | $859,000 101c | S+475 bp | Dec 15, 2031 |
| P••••••••• L•• | term loan first lien | $8.2M | $822,000 10c | S+750 bp PIK 11.17% | Aug 22, 2029 |
| I•••• T••••• H•••••••• I••• | term loan first lien | $865,000 | $807,000 100c | S+500 bp | Jun 30, 2032 |
| G••••••• C••• L••• 2••••• E• Structured finance (CLO) | unstated lien unstated | $1.0M | $803,000 89c | S+874 bp | Apr 22, 2033 |
| A••• G••••• P••••••••• L•• | term loan first lien | $808,000 | $801,000 99c | S+525 bp | Apr 30, 2028 |
| C•••••• H••••• I• L•• | unstated lien unstated | $798,000 | $798,000 100c | S+450 bp | May 1, 2030 |
| C•••••• H••••• I• L•• | term loan first lien | Not disclosed | $798,000 | ||
| L••••••••• I••• Air F•••••• & L•••••••• | unstated lien unstated | $2.9M | $742,000 25c | S+850 bp PIK 7.00% | Aug 10, 2029 |
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