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T•• D••••• L•••••• V••• L••
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.
As of · the latest schedule of investments read for this BDC
- Fair value
- $659M
- Borrowers
- 41
- Mark on cost
- 95.7¢
- First lien
- 4%
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
- 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 - 7 → 9loans 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.
- $1.2B → $732Mfair value, 4 quarters
Its portfolio shrank 41% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1825265 · file 814-01420ShowHide
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
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $732M | 41 | 96c | 9 | 741 bp |
| Mar 31, 2026 | $1.3B | 38 | 97c | 7 | 714 bp |
| Dec 31, 2025 | $1.3B | 40 | 96c | 8 | 738 bp |
| Sep 30, 2025 | $1.3B | 37 | 97c | 9 | 740 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.2B | 39 | 97c | 7 | 746 bp |
| Mar 31, 2025 | $5.7B | 41 | 99c | 10 | 712 bp |
| Dec 31, 2024 | $30B | 37 | 92c | 11 | 734 bp |
| Sep 30, 2024 | $43B | 37 | 99c | 8 | 726 bp |
| Jun 30, 2024 | $5.0B | 37 | 100c | 6 | 734 bp |
| Mar 31, 2024 | $3.5B | 34 | 100c | 7 | 737 bp |
| Dec 31, 2023 | $3.3B | 32 | 101c | 8 | 731 bp |
| Sep 30, 2023 | $3.0B | 29 | 100c | 4 | 728 bp |
| Jun 30, 2023 | $2.9B | 27 | 100c | 5 | 751 bp |
| Mar 31, 2023 | $2.26T | 19 | 78c | 2 | 751 bp |
| Dec 31, 2022 | $1.6B | 16 | 100c | 1 | 735 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
Full timeline · 20 eventsShow fewer
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New borrower on a BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
Largest facilities held, with co-lenders
- T•• H• C••••••••• I•• term loan3 BDCs hold it · matures Aug 1, 2028$31.3M 92c
- E•••••• M•••• S••••• B•••••••• L•• term loan3 BDCs hold it · matures Jan 6, 2031 · possible sponsor W••••••••• C••••••• L•••$30.2M 100c
- L•••• H••••••• U• A••••••••• C• term loan3 BDCs hold it · matures Aug 5, 2030$28.9M 101c
- D• • D• B•••• L•• term loan3 BDCs hold it · matures Oct 4, 2029 · possible sponsor P••••••••• E••••• P••••••• L•••••$28.6M 102c
- C•••••• A••••••••• L•• first lien term loan6 BDCs hold it · matures Oct 11, 2029$26.6M 93c
- A•••• I••••••••• L•• term loan3 BDCs hold it · matures Mar 24, 2031$26.5M 101c
- M••••••• S••••••• C••••••••• term loan3 BDCs hold it · matures Mar 14, 2030 · possible sponsor S•• I••••• C••••••$26.0M 100c
- V••• 5• G••••• L•• term loan3 BDCs hold it · matures May 21, 2030$24.7M 100c
- T•• V•••••• S•••••• L•• term loan3 BDCs hold it · matures Mar 23, 2031 · possible sponsor K•••••••• C•••••• M••••••••• L•••$24.3M 100c
- A••••• L•• term loan3 BDCs hold it · matures Dec 31, 2030$24.3M 101c
- S•••••••• B•••••• L•• term loan3 BDCs hold it · matures May 4, 2028$22.9M 66c
- C•• E••••••••• L•• term loan3 BDCs hold it · matures Sep 26, 2030$22.8M 99c
Schedule of investments at Dec 31, 2025
76 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| L•••• H••••••• U• A••••••••• C•• L•••••• P••••••• | term loan lien unstated | $58.7M | $58.0M 100c | SOFR+550 bp | Aug 5, 2030 |
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | term loan lien unstated | $56.4M | $56.0M 101c | SOFR+575 bp | Dec 31, 2030 |
| M••••••• S••••••• C••••••••• M••••• & M••••• | term loan lien unstated | $52.7M | $51.3M 99c | SOFR+650 bp | Mar 14, 2030 |
| V••• 5• G••••• L•• P••••••• C••• P••••••• | term loan lien unstated | $51.2M | $50.4M 101c | SOFR+650 bp | May 21, 2030 |
| C••••••••• L•• H••••• C••• E•••••••• & S••••••• | term loan first lien | $52.1M | $50.2M 98c | SOFR+575 bp | Oct 11, 2029 |
| C•• E••••••••• L•• H•••••, R••••••••• & L•••••• | term loan lien unstated | $46.6M | $45.6M 100c | SOFR+600 bp | Sep 26, 2030 |
| H••••••••• L••••••••• L•• 3•• A•••••••• | term loan lien unstated | Not disclosed | $40.2M | S+850 bp | Apr 4, 2029 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | term loan lien unstated | $40.2M | $40.2M 103c | SOFR+850 bp | Apr 4, 2029 |
| C••••••••• I••• I••••••••• T••••••••• Services | term loan lien unstated | $38.2M | $38.2M 100c | SOFR+700 bp | May 9, 2027 |
| T•• H• C••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $40.0M | $37.0M 94c | SOFR+850 bp PIK 1.00% | Aug 1, 2028 |
| G•••• K••••••• F••• C••••••• I•• F••• P••••••• | term loan lien unstated | $36.7M | $36.7M 102c | SOFR+600 bp | May 31, 2029 |
| C••••••••• L•••••••• C••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $34.5M | $34.0M 99c | SOFR+750 bp | Mar 26, 2026 |
| P•••• A••••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $35.5M | $33.7M 97c | SOFR+600 bp | Jan 22, 2030 |
| B•••••• N•••• A••••••• I••• F••• P••••••• | term loan lien unstated | $33.2M | $33.3M 101c | SOFR+688 bp | May 31, 2028 |
| L•••• H•••••••• I••• H•••••••• D••••••• | term loan lien unstated | $32.9M | $32.9M 100c | SOFR+875 bp | Dec 31, 2026 |
| D•• B••••• L•• S•••••••• R••••• | term loan lien unstated | $32.6M | $32.9M 103c | SOFR+650 bp | Oct 4, 2028 |
| F•••••• H••••• E•••••••• G••••• I••• S•••••••• R••••• | term loan lien unstated | $31.9M | $31.9M 101c | SOFR+700 bp | Feb 1, 2028 |
| A•••••• I••• P••••••••• Services | term loan lien unstated | $30.9M | $30.9M 101c | SOFR+688 bp | Dec 21, 2027 |
| C••• H••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $28.8M | $28.7M 102c | SOFR+1050 bp PIK 2.25% | Jun 30, 2028 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | warrants equity | Not disclosed | $28.7M 8035c | Apr 4, 2034 | |
| H••••••••• H•••••••• L•• | warrants equity | Not disclosed | $28.7M | Apr 30, 2036 | |
| F•••• I••••••••• L•• A••••••••• C••••••••• | term loan lien unstated | $29.5M | $28.4M 98c | SOFR+675 bp | Mar 28, 2029 |
| R•• P••••••••• I••• G••••• T••••••••• | term loan lien unstated | $27.2M | $27.5M 103c | SOFR+625 bp | Sep 11, 2028 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | term loan lien unstated | $25.4M | $25.4M 102c | SOFR+850 bp | Apr 4, 2029 |
| H••••••••• L••••••••• L•• | term loan lien unstated | Not disclosed | $25.4M | S+850 bp | Apr 30, 2026 |
| P••••• L•••••••• o• A••••••• L•• P•••• & F••••• P••••••• | term loan lien unstated | $24.0M | $23.2M 99c | SOFR+700 bp PIK 0.50% | Nov 22, 2029 |
| S•••••••• B•••••• L•• F••• P••••••• | term loan lien unstated | $36.7M | $22.3M 61c | SOFR+950 bp | May 4, 2028 |
| C• N••••• I••• S••••••• | term loan lien unstated | $22.2M | $22.3M 101c | SOFR+600 bp | Dec 10, 2029 |
| T•• H• C••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $23.5M | $21.8M 94c | SOFR+850 bp PIK 1.00% | Aug 1, 2028 |
| M••• A•••• I••• M•••••••• | term loan lien unstated | $26.5M | $21.2M 81c | SOFR+875 bp PIK 5.75% | Jun 16, 2028 |
| H••••••••• G••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $20.4M | $20.3M 100c | SOFR+625 bp | Feb 24, 2028 |
| C• B••••• L•• T••••••••• I••••••••• | term loan lien unstated | $20.0M | $19.9M 101c | SOFR+650 bp | Jul 19, 2028 |
| S•••••• A•••••• • C••••••••• L•• C••••••••• & E••••••••• | term loan lien unstated | $19.1M | $19.3M 103c | SOFR+650 bp | Jun 16, 2028 |
| F••• S••• B••••• I••• H•••••, R••••••••• & L•••••• | term loan lien unstated | $19.9M | $18.6M 95c | SOFR+900 bp PIK 2.00% | Feb 23, 2028 |
| H••••••••• G••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $18.5M | $18.3M 100c | SOFR+625 bp | Feb 24, 2028 |
| C••••••••• L•• T•••••• Companies & D••••••••• | term loan lien unstated | $17.1M | $16.6M 102c | SOFR+750 bp | Jul 31, 2030 |
| H•••• S••••• I••• C••••••• D••••••••• | term loan lien unstated | $16.6M | $16.4M 100c | SOFR+550 bp | Nov 7, 2030 |
| T••••• T•••• B••••• L•• M•••••••• | term loan lien unstated | $14.6M | $13.8M 95c | SOFR+700 bp | Oct 3, 2026 |
| D•• B••••• L•• S•••••••• R••••• | delayed draw term loan lien unstated | $11.7M | $11.8M 101c | SOFR+650 bp | Oct 4, 2028 |
| R•• R•••• I••••••••• I••• H•••••, R••••••••• & L•••••• | term loan lien unstated | $11.5M | $11.4M 100c | SOFR+750 bp | Mar 4, 2027 |
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $31.1M | $10.4M 36c | SOFR+900 bp | Dec 9, 2027 |
| C• N••••• I••• S••••••• | term loan lien unstated | $10.1M | $10.3M 103c | SOFR+625 bp | Dec 10, 2029 |
| S•• P••••• H•••••••• L•• A••••••••• C••••••••• | equity equity | Not disclosed | $9.6M 56c | ||
| R•• P••••••••• I••• G••••• T••••••••• | delayed draw term loan lien unstated | $8.4M | $8.4M 100c | SOFR+625 bp | Sep 11, 2028 |
| S•••••• A•••••• • C••••••••• L•• C••••••••• & E••••••••• | delayed draw term loan lien unstated | $7.9M | $8.0M 101c | SOFR+650 bp | Jun 16, 2028 |
| D•• B••••• L•• S•••••••• R••••• | delayed draw term loan lien unstated | $7.9M | $7.9M 101c | SOFR+650 bp | Oct 4, 2028 |
| S••••••• I••••••••• I••••••••• I••• A••••••••• C••••••••• | term loan lien unstated | $7.9M | $7.9M 103c | SOFR+1000 bp | Dec 8, 2030 |
| S•••••••• B•••••• L•• F••• P••••••• | term loan lien unstated | $7.4M | $7.4M 103c | S+950 bp | May 4, 2028 |
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $5.0M | $5.0M 105c | SOFR+1000 bp | Dec 9, 2027 |
| D•• B••••• L•• S•••••••• R••••• | revolver lien unstated | $2.9M | $2.9M 100c | SOFR+650 bp | Oct 4, 2028 |
| H••••••••• L••••••••• L•• | revolver lien unstated | Not disclosed | $2.7M | S+850 bp | Apr 30, 2026 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | revolver lien unstated | $2.7M | $2.7M 100c | SOFR+850 bp | Apr 4, 2029 |
| C••• H••••••• L•• C••••••••• Services & S••••••• | revolver lien unstated | $2.6M | $2.6M 100c | SOFR+1050 bp PIK 2.25% | Jun 30, 2028 |
| P•••• A••••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $2.7M | $2.6M 97c | SOFR+600 bp | Jan 22, 2030 |
| F•••••• H••••• E•••••••• G••••• I••• S•••••••• R••••• | term loan lien unstated | $2.4M | $2.4M 102c | SOFR+700 bp | Feb 28, 2026 |
| S•••••••• B•••••• L•• F••• P••••••• | delayed draw term loan lien unstated | $2.0M | $2.0M 101c | SOFR+650 bp | May 4, 2028 |
| F•••• I••••••••• L•• A••••••••• C••••••••• | delayed draw term loan lien unstated | $1.8M | $1.7M 96c | SOFR+675 bp | Mar 28, 2029 |
| C• N••••• I••• S••••••• | revolver lien unstated | $1.5M | $1.5M 100c | SOFR+600 bp | Dec 10, 2029 |
| R•• R•••• I••••••••• I••• H•••••, R••••••••• & L•••••• | revolver lien unstated | $1.5M | $1.5M 99c | SOFR+750 bp | Mar 4, 2027 |
| P••••• L•••••••• o• A••••••• L•• P•••• & F••••• P••••••• | revolver lien unstated | $1.4M | $1.4M 97c | SOFR+700 bp | Nov 29, 2029 |
| C••• I••••••••• H••••••• L•• C••••••••• Services & S••••••• | warrants equity | Not disclosed | $1.3M 262c | Mar 5, 2032 | |
| V••• 5• G••••• L•• P••••••• C••• P••••••• | revolver lien unstated | $1.1M | $1.1M 98c | SOFR+650 bp | May 21, 2030 |
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | delayed draw term loan lien unstated | $726,908 | $726,908 103c | SOFR+1000 bp | Dec 9, 2027 |
| F••• S••• B••••• I••• H•••••, R••••••••• & L•••••• | delayed draw term loan lien unstated | $711,445 | $664,490 93c | SOFR+900 bp PIK 2.00% | Feb 23, 2028 |
| C• B••••• L•• T••••••••• I••••••••• | delayed draw term loan lien unstated | $437,352 | $435,166 100c | SOFR+650 bp | Jul 19, 2028 |
| C••••••••• L•• T•••••• Companies & D••••••••• | warrants equity | Not disclosed | $249,867 66c | Jul 31, 2035 | |
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $6.6M | $0 0c | SOFR+1000 bp | Dec 9, 2027 |
| H••••••••• M••••••••• L•• B••••• | term loan lien unstated | Not disclosed | $0 | Apr 30, 2031 | |
| H••••••••• M••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | $0 | Apr 30, 2031 | |
| H••••••••• M••••••••• L•• | revolver lien unstated | Not disclosed | $0 | Apr 30, 2031 | |
| H••••••••• L••••••••• L•• 5•• A•••••••• | term loan lien unstated | Not disclosed | $0 | S+850 bp | Dec 31, 2027 |
| E•••••••• L••• L•• | equity equity | Not disclosed | $0 | ||
| H••••••••• M••••••••• L•• | term loan lien unstated | Not disclosed | $0 | Apr 30, 2031 | |
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | Dec 31, 2030 |
| A•••••••• F••• V•••• o• T•••• S••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | Dec 31, 2030 |
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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