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T•• D••••• L•••••• V••• L••

Business development companymanaged by T•• A•••• M••••••••• C•••••• L••Non-traded· LOS ANGELES, CA

A non-traded business development company, managed by T•• A•••• M••••••••• C•••••• L••, holding $659M across 41 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$659M
Schedule of investments, 10-Q and 10-K
Borrowers
41
Schedule of investments, 10-Q and 10-K
Mark on cost
95.7¢
Schedule of investments, 10-Q and 10-K
First lien
4%
Schedule of investments, 10-Q and 10-K
Schedule of investments (79)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 3 below 80¢
    $48.9M principal

    3 positions across 3 borrowers marked below 80¢ on cost, $48.9M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  2. 7 → 9
    loans paying in kind

    Loans paying in kind rose from 7 to 9 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 →
  3. $1.2B → $732M
    fair value, 4 quarters

    Its portfolio shrank 41% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1825265 · file 814-01420Show
Fair value
$659M
as of Jun 30, 2026
Principal held
$655M
debt pieces, the filer's figure
Cost
$653M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
79
41 borrowers
First lien
4%
93% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
58
10 sponsors financed
Portfolio through time
Fair value by quarter end$732M as of Jun 30, 2026
Dec 31, 2022$1.6B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$732M4196c9741 bp
Mar 31, 2026$1.3B3897c7714 bp
Dec 31, 2025$1.3B4096c8738 bp
Sep 30, 2025$1.3B3797c9740 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.2B3997c7746 bp
Mar 31, 2025$5.7B4199c10712 bp
Dec 31, 2024$30B3792c11734 bp
Sep 30, 2024$43B3799c8726 bp
Jun 30, 2024$5.0B37100c6734 bp
Mar 31, 2024$3.5B34100c7737 bp
Dec 31, 2023$3.3B32101c8731 bp
Sep 30, 2023$3.0B29100c4728 bp
Jun 30, 2023$2.9B27100c5751 bp
Mar 31, 2023$2.26T1978c2751 bp
Dec 31, 2022$1.6B16100c1735 bp
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 Mar 31, 2025
104 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A•••••••• F••• V•••• o• T•••• S•••••••••unstated lien unstatedNot disclosedNot disclosed
R•••• P•••••••• I•••
C••••••••• M••••••••
term loan lien unstatedNot disclosedNot disclosedS+600 bpMar 7, 2027
A•••••••• A••••••••• a•• A•••••••• D••••••••• o• I••••••••• O•••• T••• G••••••••• S•••••••••unstated lien unstatedNot disclosedNot disclosed
G••••••••• B•••••••• o• P••••••••• U••••• S•••••unstated lien unstatedNot disclosedNot disclosed
Page 2 of 2Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2022 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-346657reported