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B•••••••• D••••• L•••••• C••••

Business development companymanaged by B•••••••• C•••••• I••••••••• A•••••••• L••Non-traded· SANTA MONICA, CA

A non-traded business development company, managed by B•••••••• C•••••• I••••••••• A•••••••• L••, holding $191M across 100 borrowers at Jun 30, 2026.

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

Fair value
$191M
Schedule of investments, 10-Q and 10-K
Borrowers
100
Schedule of investments, 10-Q and 10-K
Mark on cost
93.2¢
Schedule of investments, 10-Q and 10-K
First lien
96%
Schedule of investments, 10-Q and 10-K
Schedule of investments (263)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $12M
    on non-accrual, 7 borrowers

    7 borrowers on non-accrual, $12M principal; the largest is Z••••••• I••••••••• ($3.4M).

    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 Z••••••• I••••••••• →
  2. 22 below 80¢
    $13.5M principal

    22 positions across 16 borrowers marked below 80¢ on cost, $13.5M principal.

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

    Derivedeach position's fair value over cost, 30 Jun 2026
  3. 94.5¢ → 93.2¢
    book mark on cost

    Marked its book down from 94.5¢ to 93.2¢ on the dollar in the quarter to Jun 30, 2026.

    Q2 2026 · The whole portfolio was marked down; net asset value follows.

    Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
  4. $243M → $191M
    fair value, 4 quarters

    Its portfolio shrank 21% 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 1834543 · file 814-01378Show
Fair value
$191M
as of Jun 30, 2026
Principal held
$207M
debt pieces, the filer's figure
Cost
$207M
93c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
263
100 borrowers
First lien
96%
99% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
200
16 sponsors financed
Portfolio through time
Fair value by quarter end$191M as of Jun 30, 2026
Dec 31, 2022$1.5B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$191M10093c40527 bp
Mar 31, 2026$202M10494c40538 bp
Dec 31, 2025$210M10795c0543 bp
Sep 30, 2025$231M11696c45562 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$243M12094c48568 bp
Mar 31, 2025$1.2B13192c63567 bp
Dec 31, 2024$2.3B13294c128597 bp
Sep 30, 2024$1.3B13295c43595 bp
Jun 30, 2024$1.3B12095c37630 bp
Mar 31, 2024$1.3B13097c30628 bp
Dec 31, 2023$2.2B13497c64614 bp
Sep 30, 2023$1.3B12598c32632 bp
Jun 30, 2023$1.2B110n/a28636 bp
Mar 31, 2023$894M111n/a26627 bp
Dec 31, 2022$1.5B10697c23627 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 Dec 31, 2023
413 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
E•••••• B••••• H•••••• I•••preferred equity equityNot disclosedNot disclosed
A••••••••• I•••
S•••••••
term loan first lienNot disclosedNot disclosedS+750 bpDec 29, 2025
R•••• G•••• G••• ••••••••preferred equity equityNot disclosedNot disclosed
P••••••• L••
D••••••••• C••••••• Services
warrants equityNot disclosedNot disclosedOct 15, 2027
W••••••••• G•••• L•••••• •••••• K•••••••
D••••••••• Financial Services
term loan first lienNot disclosedNot disclosedS+935 bpFeb 11, 2025
M••preferred equity equityNot disclosedNot disclosed
C•••• P•••• L•• S• S••••••
I••••••• S••••••• & Services
revolver lien unstatedNot disclosedNot disclosed
n/a
S+590 bpAug 25, 2027
I•••••••••unstated lien unstatedNot disclosedNot disclosed
C•••• P•••• L••
I••••••• S••••••• & Services
term loan first lienNot disclosedNot disclosedS+590 bpAug 25, 2027
E•••••• B••••• H•••••• I•••preferred equity equityNot disclosedNot disclosed
S••• I••••••••• L• •••••• C•••••••••
I••••••• S••••••• & Services
warrants equityNot disclosedNot disclosedMar 6, 2033
W••••••••• G•••• L•••••• •••••• K•••••••warrants equityNot disclosedNot disclosed
T•••• D••• I••••••••• • 8••••• o• N•• A•••••unstated lien unstatedNot disclosedNot disclosed
Page 5 of 5Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2024 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-337958reported