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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 Jun 30, 2026
706 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| V•••••• C•• B••••• L•• | term loan first lien | $942,000 | $942,000 101c | S+450 bp | Jun 1, 2029 |
| W•••••• D••••• S•••••••• I••• H••••• C••• P•••••••• & Services | unstated lien unstated | $942,000 | $942,000 107c | S+1000 bp PIK 7.50% | Jan 28, 2032 |
| M•• I••••••••• I•• L•• | term loan first lien | $942,000 | $930,000 100c | S+500 bp | Aug 29, 2031 |
| I•• H•••••• C•••• | term loan first lien | $912,000 | $889,000 98c | S+525 bp | May 2, 2028 |
| A••• G••••• P••••••••• L•• | term loan first lien | $894,000 | $887,000 99c | S+475 bp | Apr 30, 2028 |
| F•••••••• E••••• O••••••••• L•• | unstated lien unstated | Not disclosed | $876,000 29c | ||
| P••••••••• L•• | term loan first lien | $8.5M | $846,000 11c | S+750 bp PIK 11.14% | Aug 22, 2029 |
| G••••• P••••••••• L•• | term loan first lien | $877,000 | $832,000 98c | S+475 bp | Aug 29, 2031 |
| P••••• C••• C••••••• L•• | term loan first lien | $1.2M | $806,000 67c | S+600 bp | Nov 15, 2029 |
| C•••••• H••••• I• L•• | term loan first lien | Not disclosed | $798,000 | ||
| C•••••• H••••• I• L•• | unstated lien unstated | $798,000 | $798,000 100c | S+450 bp | May 1, 2030 |
| R••••••• H•••••••• I••• | delayed draw term loan first lien | $789,000 | $789,000 101c | S+425 bp | Oct 18, 2030 |
| C••••• P•••• E•••••• L•• | unstated lien unstated | Not disclosed | $748,000 168c | ||
| C••••••••• T••••••••• I••••••••• L•• | term loan first lien | $739,000 | $739,000 100c | S+550 bp | May 5, 2027 |
| G••••••• C••• L••• 2••••• E• Structured finance (CLO) | unstated lien unstated | $1.0M | $729,000 80c | S+874 bp | Apr 22, 2033 |
| K•• F•••••••• C••• L••• 1• F• Structured finance (CLO) | unstated lien unstated | $2.0M | $697,000 36c | S+850 bp | Jan 18, 2032 |
| M••••••••• C•••• C••••••••• & P•••••••• | unstated lien unstated | Not disclosed | $688,000 98c | ||
| A•••• A••••••• G••••• L•• | term loan first lien | $757,000 | $655,000 93c | S+475 bp | Aug 1, 2031 |
| P••••••••• C••••• O••••••••• F••• I•• L• Capital M•••••• | unstated lien unstated | Not disclosed | $653,000 68c | ||
| P••••••••• C••••• O••••••••• F••• I•• L• | equity equity | Not disclosed | $653,000 | ||
| F•••••••• E••••• O••••••••• L• Oil, Gas & C••••••••• F•••• | unstated lien unstated | $644,000 | $644,000 101c | S+800 bp | Jun 30, 2027 |
| C•••••• C••••••••• O••••••••• L•• M•••• | unstated lien unstated | $1.0M | $644,000 101c | 4.40% | |
| B•••• G•••• B••••• I••• | term loan first lien | $644,000 | $644,000 103c | S+475 bp | Jul 10, 2031 |
| I••••• I••• S••••••• | unstated lien unstated | $1.0M | $622,000 60c | S+675 bp | Mar 2, 2029 |
| S•••••• C••• L••• 2•••• E• Structured finance (CLO) | unstated lien unstated | $1.5M | $618,000 43c | S+812 bp | Feb 20, 2033 |
| S•••• P•••• C••• L••• 1•••• D• Structured finance (CLO) | unstated lien unstated | $1.0M | $605,000 63c | S+579 bp | Oct 26, 2031 |
| O•• T••••••••• T••••• I••• | unstated lien unstated | Not disclosed | $589,000 | ||
| 1•••••• B•• L••• | unstated lien unstated | $587,000 | $581,000 99c | S+750 bp | Mar 4, 2027 |
| C•••••••• F•••••••• D••• V• L•• IT Services | unstated lien unstated | Not disclosed | $506,000 109c | S+450 bp | Nov 17, 2031 |
| B••• U• B•••• 1• I•••• C•••••••• | notes lien unstated | Not disclosed | $504,000 101c | 7.13% | Jun 15, 2033 |
| N•••••• F•••••••• F••• C••• L••• 2••••••• S••• C••••••••• S••••••••• Structured finance (CLO) | unstated lien unstated | Not disclosed | $467,000 | ||
| N•••••• F•••••••• F••• C••• L••• 2••••••• S•• Structured finance (CLO) | unstated lien unstated | $31.6M | $467,000 -3892c | 0.00% | Jan 20, 2027 |
| V••• H•••••••• L•• P••••••••• Services | unstated lien unstated | $549,000 | $447,000 99c | S+500 bp | Jan 22, 2029 |
| C•••• R•••• • I••••• C••••••• L•• | term loan first lien | $441,000 | $441,000 105c | S+450 bp | Nov 18, 2031 |
| B•••••••• C••• L••• 2••••• F• Structured finance (CLO) | unstated lien unstated | $1.2M | $417,000 36c | S+750 bp | Mar 9, 2034 |
| H••••• C••••••••• • T••••••••• L•• | term loan first lien | $440,000 | $410,000 97c | S+475 bp | Mar 31, 2032 |
| A••••••• B•••••••• L•• | term loan first lien | $399,000 | $399,000 119c | S+600 bp | May 8, 2030 |
| T••••••••• W••••••• F•••• L• Capital M•••••• | unstated lien unstated | Not disclosed | $392,000 24c | ||
| T••••••••• W••••••• F•••• L• | equity equity | Not disclosed | $392,000 | ||
| T•• I••••••••• L•• | term loan first lien | $384,000 | $384,000 102c | S+475 bp | Dec 15, 2031 |
| O••• C••••••• I••• | unstated lien unstated | Not disclosed | $332,000 100c | ||
| C••••••• M••••• P••••••••• L•• | term loan first lien | $332,000 | $300,000 98c | S+475 bp | Sep 10, 2031 |
| L••••••••• I••• Air F•••••• & L•••••••• | unstated lien unstated | $3.0M | $270,000 9c | S+750 bp | Aug 10, 2029 |
| M•• S•••••••• L•• | term loan first lien | $237,000 | $233,000 99c | S+475 bp | Feb 10, 2028 |
| N•••••• L•• | term loan first lien | $233,000 | $229,000 98c | S+550 bp | Aug 5, 2029 |
| E•••• V•••• C••• L••• 1•••• F• Capital M•••••• | unstated lien unstated | $2.0M | $227,000 12c | S+797 bp | Jan 20, 2030 |
| I•••••••• T•••••• O•••••••• I• L•• I••••••••• P•••• and R•••••••• E••••••••• P•••••••• | unstated lien unstated | $225,000 | $225,000 100c | S+275 bp | May 17, 2032 |
| C••••••• A••••••••• H•••••••• I••• | term loan first lien | $207,000 | $207,000 101c | S+450 bp | Nov 13, 2029 |
| N•••••• A•••••••• | term loan lien unstated | Not disclosed | $183,000 | S+1100 bp | |
| N•••••• A•••••••• Capital M•••••• | term loan lien unstated | $31.6M | $183,000 6c | S+1100 bp | Apr 25, 2031 |
| U•••• O••• I••• M•••• | unstated lien unstated | $164,000 | $157,000 99c | 10.50% | Apr 1, 2030 |
| P•••• B•••••••• A••••••••• L•• | unstated lien unstated | Not disclosed | $124,000 | ||
| A••• C•••••• I••••••••• H•••••••• L•• | term loan first lien | $123,000 | $113,000 92c | S+650 bp | May 7, 2027 |
| R••••••• I••••••••• M•••••••• I••• Capital M•••••• | unstated lien unstated | Not disclosed | $112,000 6c | ||
| W••• R•••• C••• L••• 1•••• F• Structured finance (CLO) | unstated lien unstated | $3.0M | $100,000 4c | S+787 bp | Jan 15, 2031 |
| T•••••••• P•••••••• I••• T•••••••, A•••••• & L••••• G•••• | unstated lien unstated | Not disclosed | $63,000 7c | ||
| R••••••• I••••••••• M•••••••• I••• Capital M•••••• | unstated lien unstated | Not disclosed | $55,000 4c | ||
| M••••••••• C•••• C••••••••• & P•••••••• | unstated lien unstated | Not disclosed | $44,000 96c | ||
| R•• G••••• I••• H••••• C••• T••••••••• | unstated lien unstated | Not disclosed | $43,000 13c | ||
| B•••• G•••• B••••• I••• | term loan first lien | $20,000 | $20,000 143c | S+475 bp | Jul 10, 2031 |
| M•• S•••••••• L•• | term loan first lien | $14,000 | $14,000 100c | S+475 bp | Feb 10, 2028 |
| M••••••••• C•••• C••••••••• & P•••••••• | unstated lien unstated | Not disclosed | $2,000 33c | ||
| G•••••••• I••• I•••••••• | unstated lien unstated | Not disclosed | $1,000 | ||
| T•• D•••••• N••••••• L•• | term loan first lien | Not disclosed | $0 0c | S+600 bp PIK 12.75% | Mar 31, 2023 |
| M••• M••••• S••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| C••••• D• S••••• H•••••• U•• N••••• I••• | equity equity | Not disclosed | $0 | ||
| I••••••••• E••••••••• S••••••••• I••• | equity equity | Not disclosed | $0 | ||
| C••••••••• L•• | term loan first lien | $0 | $0 0c | S+450 bp | Apr 22, 2032 |
| T•• D•••••• N••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• | equity equity | Not disclosed | $0 | ||
| P••••••••• L•• S••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| M••••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+450 bp | Aug 20, 2030 |
| G•••••• M••••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| W•••••• D••••• S•••••••• I••• H••••• C••• P•••••••• & Services | unstated lien unstated | $0 | $0 | S+1000 bp | Jan 28, 2032 |
| I••••••••• C••••• • E•••••••• G••••••• I••• H•••••, R••••••••• & L•••••• | unstated lien unstated | Not disclosed | $0 | ||
| B•• A•••• A•••••••• L•• | term loan first lien | $0 | $0 0c | S+450 bp | Nov 18, 2031 |
| C•• B••••• I••• | term loan first lien | $0 | $0 0c | S+500 bp | May 13, 2032 |
| T••••••• L•• | term loan first lien | $0 | $0 0c | S+425 bp | Aug 6, 2031 |
| U• O••• S•••••• M••••••••• H•••••• L•• | term loan first lien | $0 | $0 0c | S+525 bp | Nov 20, 2028 |
| M•••••• C•• C••••••• L•• C••••••••• & P•••••••• | term loan first lien | $0 | $0 | S+600 bp | Jul 31, 2026 |
| O••••• T••••••••• I••• | term loan first lien | $0 | $0 0c | S+550 bp | Oct 19, 2027 |
| Y••••••••• I••• F••• P••••••• | unstated lien unstated | Not disclosed | $0 | ||
| B•••• H••••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+475 bp | Sep 18, 2031 |
| R••••• M••••••••• G••••• L•• | term loan first lien | $0 | $0 0c | S+500 bp | Dec 5, 2030 |
| N•••••• L•• | term loan first lien | $393,000 | $0 0c | S+825 bp PIK 15.00% | Aug 6, 2029 |
| G•••••• M••••••• I••• H••••• C••• P•••••••• & Services | unstated lien unstated | Not disclosed | $0 | ||
| I••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+525 bp | May 23, 2028 |
| A•••• B••••••• S••• L•• | term loan first lien | $0 | $0 0c | S+475 bp | Jun 10, 2031 |
| A••••• P•••••• I••• | term loan first lien | $0 | $0 0c | S+475 bp | Oct 29, 2030 |
| I••••••••• G••••• S•••••••• I••• | term loan first lien | $0 | $0 0c | S+500 bp | Mar 6, 2032 |
| L••••••• T••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | $0 | $0 0c | S+775 bp | Dec 31, 2028 |
| S••••• S•••• B••••• L••• | term loan first lien | $0 | $0 0c | S+525 bp | Dec 3, 2031 |
| T•• D•••••• N••••••• L•• | term loan first lien | Not disclosed | $0 0c | S+600 bp PIK 12.75% | Mar 31, 2023 |
| T•• N•• G••••• L• | term loan first lien | $0 | $0 0c | S+425 bp | Dec 1, 2028 |
| V•••••• C•• B••••• L•• | term loan first lien | $0 | $0 0c | S+450 bp | Jun 1, 2029 |
| I••••••••• E••••••••• S••••••••• I••• | term loan second lien | Not disclosed | $0 | ||
| T•••••• A•• C••••••••• H••••••• C•••• | term loan first lien | $0 | $0 0c | S+425 bp | Jun 29, 2029 |
| A••••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+415 bp | Jul 26, 2030 |
| A••••••• B•••••••• L•• | term loan first lien | $0 | $0 0c | S+600 bp | May 8, 2030 |
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