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H•• C•••••••• L•••••• F•••

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

A non-traded business development company, managed by H•• A•••••••• L••, holding $26B across 393 borrowers at Jun 30, 2026.

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

Fair value
$26B
Schedule of investments, 10-Q and 10-K
Borrowers
393
Schedule of investments, 10-Q and 10-K
Mark on cost
99.1¢
Schedule of investments, 10-Q and 10-K
First lien
46%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,034)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $281M
    on non-accrual, 7 borrowers

    7 borrowers on non-accrual, $281M principal; the largest is P••••• B•••• L•• ($111M).

    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 P••••• B•••• L•• →
  2. $121M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $121M principal: P••••• B•••• L•• ($111M), F••••••••• A••••••••• U• C••• ($9.78M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open P••••• B•••• L•• →
  3. 102.3¢ → 99.1¢
    book mark on cost

    Marked its book down from 102.3¢ to 99.1¢ 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. 26 below 80¢
    $509M principal

    26 positions across 19 borrowers marked below 80¢ on cost, $509M principal.

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

    Derivedeach position's fair value over cost, 30 Jun 2026
  5. 402 → 393
    borrowers

    Lost a net 9 borrowers in the quarter to Jun 30, 2026, to 393.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
Every headline figure, and the identifiersCIK 1838126 · file 814-01431Show
Fair value
$26B
as of Jun 30, 2026
Principal held
$30B
debt pieces, the filer's figure
Cost
$26B
99c on cost, debt pieces
Unfunded
$2.8B
commitments not yet drawn
Positions
1,034
393 borrowers
First lien
46%
97% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
509
52 sponsors financed
Portfolio through time
Fair value by quarter end$26B as of Jun 30, 2026
Dec 31, 2022$5.7B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$26B39399c101512 bp
Mar 31, 2026$27B402102c99550 bp
Dec 31, 2025$27B412101c114515 bp
Sep 30, 2025$25B410101c92520 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$22B404101c79516 bp
Mar 31, 2025$20B377101c66525 bp
Dec 31, 2024$34B335100c120534 bp
Sep 30, 2024$14B290102c53557 bp
Jun 30, 2024$12B273101c49569 bp
Mar 31, 2024$10B252101c53582 bp
Dec 31, 2023$10B251101c39582 bp
Sep 30, 2023$7.7B224100c26576 bp
Jun 30, 2023$7.0B215100c25570 bp
Mar 31, 2023$6.7B21399c19568 bp
Dec 31, 2022$5.7B20198c18558 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, 2022
453 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
A•• L•••• L••delayed draw term loan first lienNot disclosedNot disclosed
A••••••••• O•••••• G•••• L••revolver first lienNot disclosedNot disclosed
Z••• C•• W•••• L••delayed draw term loan first lienNot disclosedNot disclosed
R••••••••• F•••••••••delayed draw term loan first lienNot disclosedNot disclosed
E•••••••• T••••••••• C••••delayed draw term loan first lienNot disclosedNot disclosed
C•••••••• P••••••••• G•••• L••revolver first lienNot disclosedNot disclosed
A••••••• I•••revolver first lienNot disclosedNot disclosed
A••••••••• I•••revolver first lienNot disclosedNot disclosed
D•• A••••••••• H••••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
B•••• P•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
Y•• E••••• L••delayed draw term loan first lienNot disclosedNot disclosed
2••• M••••• I•••revolver first lienNot disclosedNot disclosed
A•••••• G••••• I•••revolver first lienNot disclosedNot disclosed
F••••••••• A••••••••• U• C•••delayed draw term loan first lienNot disclosedNot disclosed
H•••••• P•••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
N•• A••••••••• C••••delayed draw term loan first lienNot disclosedNot disclosed
R•• A••••••••• I•••revolver first lienNot disclosedNot disclosed
S•••••••• I••••••••• L••revolver first lienNot disclosedNot disclosed
T•••••• L••delayed draw term loan first lienNot disclosedNot disclosed
T•••••• A••••••••• C••••revolver first lienNot disclosedNot disclosed
E••••• M••••••••• S•••••delayed draw term loan first lienNot disclosedNot disclosed
V••••• G•••• H••••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
Z•••••• I••revolver first lienNot disclosedNot disclosed
A•••• O••••••••• P•• L••delayed draw term loan first lienNot disclosedNot disclosed
C•••••••• P••••••••• G•••• L••delayed draw term loan first lienNot disclosedNot disclosed
E•••••••• T••••••••• C••••revolver first lienNot disclosedNot disclosed
S••••• I•••revolver first lienNot disclosedNot disclosed
T••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
P••• I••••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
I•••••••• M•••••••• A••••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
I• O•••••••• P•••••••• I• L••delayed draw term loan first lienNot disclosedNot disclosed
N•••• I••••••••• I••• L••delayed draw term loan first lienNot disclosedNot disclosed
M••••••• C••••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
C•••••••• I•••revolver first lienNot disclosedNot disclosed
C••••• S•••••••• A••••••••• I•••revolver first lienNot disclosedNot disclosed
S•• U• S••••••• S••delayed draw term loan first lienNot disclosedNot disclosed
1••••••••• I••delayed draw term loan first lienNot disclosedNot disclosed
G••••• B••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
M••••••• C••••••••• L••revolver first lienNot disclosedNot disclosed
P••• I••••••• H•••••• C••••revolver first lienNot disclosedNot disclosed
R•• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
T•• N•• G•••• L•••revolver first lienNot disclosedNot disclosed
E•••••• W••• C•••••••delayed draw term loan first lienNot disclosedNot disclosed
A•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
2••• M••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
A•••••• B•••• L••••••delayed draw term loan first lienNot disclosedNot disclosed
Z•••••• I••delayed draw term loan first lienNot disclosedNot disclosed
T•••••••• A•••••••• I•••revolver first lienNot disclosedNot disclosed
T•••••• P•••• M•••• L••delayed draw term loan first lienNot disclosedNot disclosed
P•••• P••••• C••• I•••delayed draw term loan first lienNot disclosedNot disclosed
F•••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
D• A•••••• B••••• L••revolver first lienNot disclosedNot disclosed
Page 5 of 5Previous
Registration
Fiscal year end
1231reported
Incorporated
NYreported
On the SEC BDC report
2022 to 2026reported
Filings listed
18reported10-Q and 10-K since 2022
Latest schedule
0001628280-26-056772reported