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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 Jun 30, 2023
443 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
C•••••• G••••• L••revolver first lien$9.0M$674,000
120c
S+575 bpDec 1, 2027
A••••••••• I•••revolver first lien$613,000$609,000
100c
S+650 bp
PIK 2.50%
Jul 2, 2027
E•••• L•• P••••••• J••••••••• I• L••delayed draw term loan first lien$620,000$606,000
100c
S+888 bpJun 8, 2024
S••••• D••• M••••• S••• I•••unstated lien unstated$711,000$578,000
96c
S+400 bpOct 6, 2028
A•••••• H••••••• I••••••••• L••unstated lien unstated$494,000$492,000
101c
S+350 bpNov 5, 2027
A••••••••• I•••revolver first lien$488,000$484,000
100c
S+650 bp
PIK 2.50%
Jul 2, 2027
S••••• R• H•••••••• I•••revolver first lien$1.8M$249,000
98c
S+650 bpSep 13, 2028
A•• L•••• L••delayed draw term loan first lien$247,000$240,000
98c
S+675 bpDec 10, 2024
V••••• G•••• H••••••• L••delayed draw term loan unsecured or subordinated$264,000$203,000
91c
13.00%
PIK 13.00%
Sep 3, 2030
E•• T•••• H•••••••• L••revolver first lien$1.0M$189,000
70c
S+550 bpNov 10, 2027
I• O•••••••• P•••••••• I• L••delayed draw term loan first lien$2,000$176,000
263c
D•• A••••••••• H••••••• L••delayed draw term loan unsecured or subordinated$93,000$88,000
97c
12.50%
PIK 12.50%
Dec 28, 2032
H••••••••• I•••••••• A•••••• I•••delayed draw term loan first lien$48,000$47,000
98c
S+525 bpNov 25, 2026
P••••• H•••••• I•••preferred equity equity$30,000$34,000
113c
A•••••• B•••• L••••••delayed draw term loan first lien$2.4M$4,000
1c
S+600 bpSep 8, 2028
B••••••••• T••••••••• I•••revolver first lien$385,000$0
0c
May 15, 2028
E•••• L•• P••••••• J••••••••• I• L••delayed draw term loan first lien$0$0
A•••••• G••••• I•••unstated lien unstated$744,000$0
0c
Dec 3, 2027
C•••••• R•••••••• M•••• L••revolver first lien$7.6M$0
0c
Jul 3, 2028
N•••• I••••••••• I••• L••delayed draw term loan first lien$300,000$0
0c
Dec 6, 2027
A•••••• G••••• I•••unstated lien unstated$812,000$0Dec 3, 2025
2••• M••••• I•••unstated lien unstated$13.8M$0
0c
Mar 14, 2028
A••••••••• I•••revolver first lien$403,000-$3,000
100c
Jul 2, 2027
T•••••••• A•••••••• I•••unstated lien unstated$499,000-$4,000
200c
May 13, 2024
M••••••• C••••••••• L••unstated lien unstated$1.1M-$5,000
36c
Jul 17, 2028
P•••• P••••• C••• I•••delayed draw term loan first lien$10.8M-$8,000
4c
Sep 19, 2028
R•• A••••••••• I•••unstated lien unstated$467,000-$8,000Oct 30, 2026
E•••• L•• P••••••• J••••••••• I• L••delayed draw term loan first lien$380,000-$9,000
90c
Jun 8, 2024
R•••• M•••••• L••unstated lien unstated$304,000-$12,000
240c
Sep 23, 2027
D• A•••••• B••••• L••revolver first lien$966,000-$16,000
229c
Mar 16, 2026
G••••• B••••••• L••unstated lien unstated$457,000-$18,000
450c
Sep 29, 2028
R•••• M•••••• L••unstated lien unstated$456,000-$18,000
225c
Sep 23, 2027
C•• B••••• L••unstated lien unstated$2.1M-$24,000
80c
Oct 30, 2026
P•••••• G••••• I•••••••• S•••••••• L••unstated lien unstated$822,000-$29,000
242c
Oct 16, 2028
N•• A••••••••• C••••unstated lien unstated$952,000-$35,000
318c
Nov 6, 2028
G•••• A•• B•••• P•• L••delayed draw term loan first lien$12.0M-$39,000
19c
Oct 30, 2028
S••••• I•••unstated lien unstated$1.1M-$41,000
241c
Feb 16, 2029
S••••••• B•••••• L••revolver first lien$5.2M-$43,000
50c
Jul 25, 2028
H•••••• P•••••• I•••unstated lien unstated$1.0M-$59,000
393c
Nov 3, 2028
I• I••••••••• H•••••••• L••revolver first lien$1.7M-$61,000
305c
Sep 22, 2027
G••••• B••••••• L••unstated lien unstated$2.2M-$81,000
253c
Sep 30, 2027
A••••••• A••••••••• C•••revolver first lien$3.0M-$94,000
214c
Mar 10, 2027
E•••••••• T••••••••• C••••unstated lien unstated$4.2M-$104,000
141c
Aug 13, 2029
A•••• O••••••••• P•• L••delayed draw term loan first lien$5.4M-$116,000
113c
Aug 22, 2028
P••••• U• B•••• L••revolver first lien$8.0M-$116,000
52c
Feb 1, 2028
S••••••• A••••••••• L•••••unstated lien unstated$3.7M-$117,000
115c
Aug 7, 2028
P••••• H••••• I••••••••• H•••••••• I•••unstated lien unstated$4.0M-$119,000
100c
Jun 1, 2029
P••• I••••••• H•••••• C••••revolver first lien$6.1M-$121,000
89c
Oct 17, 2028
C••••• H••••••• I•••revolver first lien$4.6M-$126,000
101c
Jan 10, 2028
A••••••• I•••revolver first lien$6.3M-$126,000
90c
Oct 19, 2028
O••••• H•••••• I•••revolver first lien$4.7M-$129,000
119c
Feb 1, 2029
A•••••• H•••••••• I•••delayed draw term loan first lien$6.3M-$143,000
146c
Aug 24, 2029
I••••••••• E••••••••• I••••••••• L••delayed draw term loan first lien$5.1M-$148,000
101c
Apr 27, 2029
S••••••• A••••••••• L•••••unstated lien unstated$4.7M-$150,000
115c
Aug 7, 2028
D••••• S•••••delayed draw term loan first lien$4.0M-$154,000
159c
May 23, 2028
1••••••••• I••delayed draw term loan first lien$9.2M-$171,000
132c
Aug 10, 2029
C•••• H•••••••• L••unstated lien unstated$6.2M-$174,000
119c
Feb 27, 2029
D••••••• H••••• S•••••delayed draw term loan first lien$8.4M-$183,000
101c
Oct 27, 2028
T••••••••• I•••unstated lien unstated$6.6M-$185,000
250c
Mar 25, 2027
S••••• A••••••••• I•••unstated lien unstated$6.7M-$195,000
99c
May 1, 2029
C•••• H•••••••• L••unstated lien unstated$7.1M-$204,000
121c
Feb 27, 2030
Z•••••• I••unstated lien unstated$17.9M-$212,000
66c
Nov 22, 2028
P•• I••••••••• H•••••••• L••unstated lien unstated$8.7M-$217,000
141c
Aug 31, 2029
E••••• M••••••••• S•••••delayed draw term loan first lien$11.2M-$263,000
85c
May 31, 2029
S••••••••• H•••••• C•••••••••delayed draw term loan first lien$15.1M-$281,000
114c
May 2, 2028
C•••••••• P••••••••• G•••• L••unstated lien unstated$10.7M-$319,000
110c
Oct 1, 2029
S••••• A••••••••• I•••unstated lien unstated$11.0M-$321,000
100c
May 1, 2030
C•••••• • S••••••••• I•••revolver first lien$11.3M-$328,000
100c
May 3, 2028
C•••••••• P••••••••• G•••• L••unstated lien unstated$11.7M-$347,000
111c
Oct 1, 2029
M•• D••••• S••••••••• L••delayed draw term loan first lien$12.5M-$357,000
100c
Jan 29, 2027
S•••• C•••revolver first lien$13.7M-$410,000
67c
Nov 23, 2027
C••• M•••••• U• B•••• L••delayed draw term loan first lien$10.0M-$458,000
122c
Feb 28, 2030
Z•••••• I••unstated lien unstated$39.3M-$465,000
66c
Nov 22, 2028
P••••• B•••• L••unstated lien unstated$9.5M-$625,000
408c
May 12, 2028
N•• A••••••••• C••••unstated lien unstated$18.8M-$687,000
292c
Nov 6, 2028
C• W•• B•••••••• I•••unstated lien unstated$22.8M-$1.1M
197c
Jan 27, 2028
P••••• B•••• L••unstated lien unstated$22.1M-$1.6M
439c
May 12, 2029
D••••• S•••••unstated lien unstatedNot disclosedNot disclosed
S••••••• B•••••• L••unstated lien unstatedNot disclosedNot disclosed
C• W•• B•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
C•• B••••• L••unstated lien unstatedNot disclosedNot disclosed
C••••• H••••••• I•••unstated lien unstatedNot disclosedNot disclosed
I• O•••••••• P•••••••• I• L••unstated lien unstatedNot disclosedNot disclosed
B••••••••• T••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
S•••••••• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
A••••••• I•••unstated lien unstatedNot disclosedNot disclosed
C•••••• G••••• L••unstated lien unstatedNot disclosedNot disclosed
E••••• M••••••••• S•••••unstated lien unstatedNot disclosedNot disclosed
F•••••••• L••unstated lien unstatedNot disclosedNot disclosed
P•••••• G••••• I•••••••• S•••••••• L••unstated lien unstatedNot disclosedNot disclosed
A•••••••• B•••• L••••••unstated lien unstatedNot disclosedNot disclosed
V••••• G•••• H••••••• L••unstated lien unstatedNot disclosedNot disclosed
T••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
A••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
R•••• M•••••• L••unstated lien unstatedNot disclosedNot disclosed
P••••• H••••• I••••••••• H•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
A•••••• B•••• L••••••unstated lien unstatedNot disclosedNot disclosed
D• A•••••• B••••• L••unstated lien unstatedNot disclosedNot disclosed
P••••••• F••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
S••••• R• H•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
Page 4 of 5PreviousNext
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