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A••••• D••• S•••••••• B••

Business development companymanaged by A••••• C••••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by A••••• C••••• M••••••••• L••, holding $25B across 427 borrowers at Jun 30, 2026.

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

Fair value
$25B
Schedule of investments, 10-Q and 10-K
Borrowers
427
Schedule of investments, 10-Q and 10-K
Mark on cost
99.0¢
Schedule of investments, 10-Q and 10-K
First lien
100%
Schedule of investments, 10-Q and 10-K
Schedule of investments (835)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $160M
    on non-accrual, 9 borrowers

    9 borrowers on non-accrual, $160M principal; the largest is E•••• S•••• G•••• B•• ($63.4M).

    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 E•••• S•••• G•••• B•• →
  2. 27 below 80¢
    $378M principal

    27 positions across 23 borrowers marked below 80¢ on cost, $378M 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. $20B → $25B
    fair value, 4 quarters

    Its portfolio grew 27% at fair value over the last four quarters.

    Q2 2026 · A fast-growing book is deploying new capital.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1837532 · file 814-01424Show
Fair value
$25B
as of Jun 30, 2026
Principal held
$26B
debt pieces, the filer's figure
Cost
$26B
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
835
427 borrowers
First lien
100%
100% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
753
33 sponsors financed
Portfolio through time
Fair value by quarter end$25B as of Jun 30, 2026
Dec 31, 2022$22B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$25B42799c30460 bp
Mar 31, 2026$25B42799c35457 bp
Dec 31, 2025$26B444100c28452 bp
Sep 30, 2025$22B438101c36460 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$20B395101c33477 bp
Mar 31, 2025$82B520100c23487 bp
Dec 31, 2024$73B497100c25501 bp
Sep 30, 2024$57B426101c20510 bp
Jun 30, 2024$52B379100c13532 bp
Mar 31, 2024$29B298101c10547 bp
Dec 31, 2023$30B251101c8574 bp
Sep 30, 2023$24B237100c8554 bp
Jun 30, 2023$21B223100c5554 bp
Mar 31, 2023$19B190n/a5536 bp
Dec 31, 2022$22B17297c9525 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 Jun 30, 2025
726 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
I••••• C••••••••• L•equity equityNot disclosedNot disclosed
H•••••• S• N•••••• H•••• G•••• S•••
C••••••••
term loan first lien$9.6MNot disclosed
n/a
5.50%Jan 3, 2029
H••••••• E••••••••• S•••••••• I•••
C••••••••• S••••••s & S•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+550 bpJan 31, 2030
R••• S••••••••• A•••••••• R••• M••••••••• G••••• I•••
I••••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+475 bpNov 1, 2029
E••••••••• H•••••••• L••
S•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+500 bpJul 2, 2031
S•••••• T••••••••• o• A•••••• S•••••• T••••••••• o• A•••••• H••••••• I••
G••••• T•••••••••
delayed draw term loan first lienNot disclosedNot disclosed
n/a
SOFR+325 bpJun 24, 2032
E•••••••• P•••••• I•••
H••••• C••• P•••••••• & S••••••s
revolver first lienNot disclosedNot disclosed
n/a
SOFR+550 bpNov 5, 2029
O•••• C••••••••• L•equity equityNot disclosedNot disclosed
A••••••• I•••
S•••••••
revolver first lienNot disclosedNot disclosedSOFR+450 bpJun 21, 2028
S•••• P•••••• L•preferred equity equityNot disclosedNot disclosed
H••• M•••• S•••• A•••• O••• L••
P••••••• C••• P•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+550 bpJul 1, 2028
H••• M•••• S•••• I••••• C••••••••• L•
P••••••• C••• P•••••••
equity equityNot disclosedNot disclosed
n/a
N•••••• H•••••••• I•••equity equityNot disclosedNot disclosed
A••••••• H•••••••• L•equity equityNot disclosedNot disclosed
R••••••••• S••••••••• M•••••unstated lien unstatedNot disclosedNot disclosed
P••• I••••••• H•••••• C••••
S•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+475 bpOct 17, 2028
A•••••• I•••
S•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+600 bpSep 3, 2030
R•• T•••• L••equity equityNot disclosedNot disclosed
E•••••• T••••• I•••preferred equity equityNot disclosedNot disclosed
D••• C•••• T••••••••• D•••• P•••••• L••
S•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+750 bpMar 30, 2029
A••••••• H•••••••• L•preferred equity equityNot disclosedNot disclosed
A•••••• A•• H••••••• M••••• L••
C••••••••• S••••••s & S•••••••
revolver first lienNot disclosedNot disclosedSOFR+500 bpJun 6, 2031
D••••••••• I•••
S•••••••
delayed draw term loan first lienNot disclosedNot disclosed
n/a
SOFR+450 bpJan 19, 2031
T••••••• F••• F••• I•••••••• L•equity equityNot disclosedNot disclosed
H•• I••••••••• I•••preferred equity equityNot disclosedNot disclosed
N•• R•••• C••••••• B••••• I•••
S•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+675 bpNov 8, 2030
Page 8 of 8Previous
Registration
Fiscal year end
1231reported
Incorporated
unknownreported
On the SEC BDC report
2022 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-341358reported