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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $26B
Borrowers: 393
Mark on cost: 99.1¢
First lien: 46%

Schedule of investments (1,034)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•• →
$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•• →
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 →
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
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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$26B	393	99c	101	512 bp
Mar 31, 2026	$27B	402	102c	99	550 bp
Dec 31, 2025	$27B	412	101c	114	515 bp
Sep 30, 2025	$25B	410	101c	92	520 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$22B	404	101c	79	516 bp
Mar 31, 2025	$20B	377	101c	66	525 bp
Dec 31, 2024	$34B	335	100c	120	534 bp
Sep 30, 2024	$14B	290	102c	53	557 bp
Jun 30, 2024	$12B	273	101c	49	569 bp
Mar 31, 2024	$10B	252	101c	53	582 bp
Dec 31, 2023	$10B	251	101c	39	582 bp
Sep 30, 2023	$7.7B	224	100c	26	576 bp
Jun 30, 2023	$7.0B	215	100c	25	570 bp
Mar 31, 2023	$6.7B	213	99c	19	568 bp
Dec 31, 2022	$5.7B	201	98c	18	558 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

O•••• I• A• first lien delayed draw term loan
1 BDC hold it · matures Jun 18, 2032
$1.2B 101c
M••••• B•••• A• first lien delayed draw term loan
1 BDC hold it · matures Aug 29, 2031
$804M 90c
S••••••• B•••• C••• first lien delayed draw term loan
5 BDCs hold it · matures Nov 6, 2032
$529M 99c
B•••••• S••• S•••••• D••••• P•••••• L•• first lien revolver
2 BDCs hold it · matures Aug 28, 2030 · possible sponsor S••••••• P•••••••
$514M 104c
G••••• M•••• R•••••• L•• first lien revolver
3 BDCs hold it · matures Dec 20, 2031 · possible sponsor H•••••• • F••••••• L••
$486M 102c
S•••••• A••••••••• L•• other
4 BDCs hold it · matures Oct 1, 2031
$415M 100c
E••••••• S••••••• A• first lien delayed draw term loan
1 BDC hold it · matures Dec 19, 2031
$392M 106c
A• C•••••• A••••••••• C••••••••• other
1 BDC hold it · matures Jul 2, 2031
$371M 100c
D•••••••• I•• first lien revolver
4 BDCs hold it · matures Jul 30, 2030 · possible sponsor C•••••••• C•••••• G••••• L•••
$364M 98c
E••••• H•••••••• I•• other
1 BDC hold it · matures Jun 21, 2031
$336M 99c
T•••• B• B••••••• L•• other
3 BDCs hold it · matures Jul 24, 2032
$298M 100c
E•••••• P••••••• I•••••••• L•• first lien revolver
2 BDCs hold it · matures Mar 12, 2031
$295M 100c

Schedule of investments at Sep 30, 2024

636 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S••••••• B•••••• L••	revolver first lien	$15.9M	$15.9M 101c	S+575 bp	Jul 25, 2028
V•••••• A•• P•• L••	unstated lien unstated	$22.9M	$15.8M 102c	S+575 bp	Mar 23, 2028
O••••• H•••••• I•••	revolver first lien	$15.9M	$15.8M 101c	S+725 bp	Feb 1, 2029
W••• X•• P•••••• C••• I••••••••• L•••	unstated lien unstated	$15.9M	$15.6M 100c	S+625 bp	Dec 31, 2032
J•••• D••••••••• I•••••••• M••••••••• I•••	unstated lien unstated	$14.5M	$15.5M 107c	8.50%	Mar 15, 2030
P••••••• L••	unstated lien unstated	$15.3M	$15.2M 100c	S+375 bp	Feb 11, 2028
M•••••• B••••••• L•	unstated lien unstated	$15.1M	$15.1M 101c	S+275 bp	Oct 23, 2028
L••••• T••••••••• H••••••• V• L••	unstated lien unstated	$15.0M	$15.1M 102c	S+350 bp	Dec 31, 2029
S••••••••• H•••••• C•••••••••	delayed draw term loan first lien	$15.0M	$15.0M 101c	S+625 bp	May 2, 2028
W•••••• C•• W••• H•••••••• L••	unstated lien unstated	$15.0M	$15.0M 100c	PIK 15.00%	Jul 16, 2029
C•••••• P••••• L••	unstated lien unstated	$15.0M	$14.9M 99c	S+325 bp	Jul 6, 2029
C•••••••• D••••• P••	unstated lien unstated	$13.3M	$14.9M 105c	S+675 bp PIK 2.50%	Jan 3, 2030
I• O••••••••• I• I•••••••• L••	unstated lien unstated	$38.3M	$14.5M 101c	S+550 bp	Dec 31, 2025
Z••• C•• W•••• L••	delayed draw term loan first lien	$15.3M	$14.4M 94c	S+725 bp PIK 3.50%	Dec 31, 2024
E•• T•••• H•••••••• L••	revolver first lien	$25.3M	$14.4M 60c	S+625 bp PIK 3.25%	Nov 10, 2028
A•••••••• R••• M••••••••• G••••• I•••	unstated lien unstated	$14.2M	$14.1M 100c	S+475 bp	Nov 1, 2029
C••• H•• L••	unstated lien unstated	$14.2M	$14.1M 101c	S+675 bp	Dec 21, 2026
H•• I••••••••• L••	unstated lien unstated	$13.8M	$13.8M 101c	S+300 bp	Jun 20, 2030
M••••••• C••••••••• L••	unstated lien unstated	$13.7M	$13.7M 101c	S+500 bp	Jul 17, 2028
B••••••••• H•••••••• L••	unstated lien unstated	$13.5M	$13.5M 101c	S+600 bp	Oct 31, 2029
M••••• B•••• A•	unstated lien unstated	$13.7M	$13.5M 100c	S+525 bp	Aug 29, 2031
B•••••••• N••••••• I••	unstated lien unstated	$13.8M	$13.4M 100c	S+450 bp	Aug 15, 2029
T•• I•••••••• H••••••• L••	unstated lien unstated	$13.3M	$13.3M 100c	S+325 bp	May 6, 2031
B•••• R•••••••• F•••• ••••••••• L•	delayed draw term loan first lien	$13.3M	$13.1M 100c	S+700 bp	Nov 9, 2026
V••• H••••••• L••	unstated lien unstated	$13.1M	$12.9M 99c	S+500 bp	Jan 21, 2029
C••• C•• W••• O••••••••• L••	delayed draw term loan first lien	$77.1M	$12.8M 100c	S+550 bp	Jun 16, 2027
2••• M••••• I•••	revolver first lien	$12.6M	$12.6M 101c	S+525 bp	Mar 14, 2029
T• E••••••• U• N•••• I••	unstated lien unstated	$12.5M	$12.5M 101c	S+350 bp	Apr 30, 2030
M•••••••• I••••••••• H•••••••• L••	unstated lien unstated	$12.4M	$12.5M 101c	S+500 bp	Mar 12, 2029
M•••••• G•••• I••	unstated lien unstated	$13.1M	$12.4M 95c	S+625 bp	Jun 23, 2028
C••• C•• W••• O••••••••• L••	delayed draw term loan first lien	$12.4M	$12.3M 100c	S+550 bp	Jun 16, 2027
C••• C•• W••• P••••••••• L••	unstated lien unstated	Not disclosed	$12.3M 100c	PIK 15.00%
A•••• G••••• I•••	delayed draw term loan first lien	$12.3M	$12.3M 100c	S+525 bp	Oct 2, 2028
P•••••• R••• U••••••• P••••• C•••	unstated lien unstated	$12.2M	$12.2M 101c	S+325 bp	Mar 10, 2028
F••••••••• A••••••••• C•••	delayed draw term loan first lien	$15.2M	$12.0M 80c	S+775 bp	Dec 24, 2027
L••• B•••• L••••••	unstated lien unstated	$12.1M	$12.0M 101c	S+525 bp	May 19, 2031
S•• H••••••• L••	unstated lien unstated	$12.0M	$11.9M 100c	S+500 bp	Sep 19, 2031
O•••• H••••••• I••	unstated lien unstated	$11.8M	$11.7M 99c	S+400 bp	Aug 17, 2028
G••••• U• O••• I•••	unstated lien unstated	$13.8M	$11.6M 86c	S+475 bp	Apr 29, 2029
M•••••• G•••• I••	unstated lien unstated	$11.9M	$11.2M 95c	S+625 bp	Jun 23, 2028
H•• I••••••••• L••	unstated lien unstated	$10.5M	$11.0M 104c	7.25%	Jun 15, 2030
Z•••• P••••••• B••••• I•••	unstated lien unstated	$10.9M	$10.9M 100c	S+275 bp	Sep 28, 2029
M••••••••• E•••••••• I••	unstated lien unstated	$10.9M	$10.9M 102c	S+400 bp	Aug 6, 2031
B•••• R•••••••• F•••• ••••••••• L•	delayed draw term loan first lien	$11.0M	$10.9M 100c	S+700 bp	Nov 9, 2026
C•••••• G••••• L•	unstated lien unstated	$10.7M	$10.7M 101c	S+250 bp	May 6, 2030
W•••• C•• B••••• L••	unstated lien unstated	$10.8M	$10.7M 100c	S+325 bp	Oct 19, 2029
T••• M••••••••• H•••••••• L••	revolver first lien	$12.1M	$10.7M 90c	S+650 bp PIK 2.00%	Dec 1, 2027
D••••• B•••• L••••••	delayed draw term loan first lien	$9.4M	$10.7M 109c	S+600 bp	Aug 29, 2030
E••••••• F•••• L••••••	unstated lien unstated	$10.4M	$10.6M 102c	S+475 bp	Apr 29, 2031
P••••• H••••• I••••••••• H•••••••• I•••	revolver first lien	$10.0M	$10.1M 104c	S+625 bp	Jun 3, 2030
Y•• E••••• L••	delayed draw term loan first lien	$9.9M	$10.1M 102c	S+500 bp	Apr 21, 2028
W•• U• H••••••• L••	unstated lien unstated	$10.0M	$10.0M 101c	S+275 bp	Jan 27, 2031
U•• I••	unstated lien unstated	$9.9M	$9.9M 100c	S+325 bp	Feb 10, 2031
M••••••• I••••••••• I•••	unstated lien unstated	$10.0M	$9.9M 99c	S+325 bp	Jun 17, 2031
F••••••• E••••••••• L•••••	unstated lien unstated	$9.9M	$9.9M 102c	S+375 bp	Jan 27, 2029
S•• V• A•• H•••••••• L••	unstated lien unstated	Not disclosed	$9.8M 99c
S••••• H••••• I••	unstated lien unstated	$9.9M	$9.7M 97c	S+375 bp	Sep 27, 2030
P•••••• I•••	unstated lien unstated	$10.0M	$9.6M 97c	S+375 bp	Feb 1, 2028
B•••• P•••••••• I•••	delayed draw term loan first lien	$10.0M	$9.5M 95c	S+500 bp	Jun 11, 2027
P••••••• F••••••••• I•••	delayed draw term loan first lien	$9.2M	$9.2M 101c	S+500 bp	Mar 14, 2028
B••••••••• P•••••••• I•••	unstated lien unstated	$9.1M	$9.1M 101c	S+325 bp	Jun 13, 2031
H•••• • A••••••••• L••	unstated lien unstated	$9.1M	$9.1M 100c	S+325 bp	Jul 23, 2031
E••••• M••••••••• S•••••	delayed draw term loan first lien	$8.1M	$9.0M 106c	S+650 bp	May 31, 2029
R•••• B••••• L••	unstated lien unstated	$9.0M	$9.0M 101c	S+550 bp	Aug 31, 2028
A•••• B•••• I••	unstated lien unstated	$8.8M	$8.8M 101c	S+310 bp	Feb 1, 2029
C••• C•• W••• P••••••••• L••	unstated lien unstated	Not disclosed	$8.8M 100c	PIK 15.00%
E••••••• F•••• L••••••	unstated lien unstated	$8.7M	$8.8M 102c	S+475 bp	Apr 29, 2031
O••••••••• B••••••• L••	unstated lien unstated	$8.8M	$8.8M 100c	S+325 bp	Jul 2, 2031
A••••••••• F••••••• I•••	unstated lien unstated	$8.6M	$8.6M 100c	PIK 14.25%	May 3, 2030
O•• C•••••• H•••••• C•••••••••	unstated lien unstated	$8.5M	$8.5M 100c	S+675 bp	Feb 8, 2027
A••••• F•••••• U•• I••	unstated lien unstated	$8.4M	$8.4M 101c	S+375 bp	Feb 16, 2028
A•••••• B•••• L••••••	delayed draw term loan first lien	$7.7M	$8.3M 82c	S+600 bp	Sep 8, 2028
S•••••• L•••• I••••••••• L••	unstated lien unstated	$8.2M	$8.3M 101c	S+375 bp	Jul 18, 2031
T••••••• L•••••• P•••••••••	unstated lien unstated	$8.5M	$8.2M 98c	S+400 bp	Nov 2, 2027
T••• M••••••••• H•••••••• L••	revolver first lien	$8.4M	$8.2M 88c	S+650 bp PIK 2.00%	Dec 1, 2027
W••• X•• P•••••• C••• I••••••••• L•••	unstated lien unstated	$8.3M	$8.2M 100c	S+625 bp	Dec 31, 2032
R••••••••• H•••••• C••••	unstated lien unstated	$7.9M	$7.9M 102c	S+425 bp	Apr 5, 2030
G••••••• U• H••••• L••	unstated lien unstated	$7.9M	$7.9M 101c	S+350 bp	Jan 31, 2030
M••••• C•••	unstated lien unstated	$7.8M	$7.8M 100c	S+325 bp	Mar 1, 2029
F••••••••• T••••••••• H••••••• I•••	revolver first lien	$7.8M	$7.8M 102c	S+500 bp	Jan 9, 2030
M•• D••••• S••••••••• L••	unstated lien unstated	$54.0M	$7.8M 102c	S+600 bp	Feb 13, 2031
C•••• S••••••• G•••• I••	unstated lien unstated	$7.7M	$7.7M 113c	6.50%	Mar 31, 2029
D••••• B•••• L••••••	delayed draw term loan first lien	$6.7M	$7.7M 107c	S+600 bp	Aug 29, 2030
C•••••• • S••••••••• I•••	revolver first lien	$17.6M	$7.6M 104c	S+500 bp	May 3, 2028
A••••••• H•••••••• I•••	unstated lien unstated	$7.6M	$7.6M 101c	S+350 bp	Aug 2, 2028
A••••• G•••• I••	unstated lien unstated	$7.5M	$7.5M 100c	S+225 bp	Feb 19, 2028
P••••• U• B•••• L••	revolver first lien	$7.5M	$7.5M 101c	S+350 bp	Feb 7, 2031
B••••• U• B•••• L••	unstated lien unstated	$15.5M	$7.5M 106c	S+675 bp PIK 3.38%	Sep 30, 2030
D•••••• F••••••••• L••	unstated lien unstated	$7.4M	$7.4M 101c	S+500 bp	Aug 2, 2027
Q•••• B••••• I•••	unstated lien unstated	$7.3M	$7.3M 102c	S+550 bp	Oct 1, 2027
A•••••••• R••• M••••••••• G••••• I•••	unstated lien unstated	$8.0M	$7.3M 101c	S+475 bp	Oct 30, 2029
P•••••• G••••• I•••••••• S••••••• L••	revolver first lien	$7.1M	$7.2M 102c	S+500 bp	Oct 16, 2028
J••• P•••••••• L••	unstated lien unstated	$7.1M	$7.1M 100c	S+325 bp	Sep 11, 2031
C•• H••••••• L•• • C•• H••••••• C•••••• C•••	unstated lien unstated	$7.0M	$7.0M 99c	5.50%	May 1, 2026
P• P•••••• B•••• S•••	unstated lien unstated	$7.0M	$7.0M 101c	S+350 bp	Mar 26, 2031
A••• G•••• T••••••• L••	unstated lien unstated	$6.9M	$7.0M 102c	S+400 bp	Jul 27, 2028
S•••••••• I••••••••• L••	revolver first lien	$11.3M	$6.8M 102c	S+600 bp	Feb 12, 2029
I••• U• H•••••••• I•••	unstated lien unstated	$6.6M	$6.7M 103c	S+700 bp	Oct 29, 2029
L•• B••••••• L••	unstated lien unstated	$6.9M	$6.6M 96c	S+475 bp	Feb 16, 2029
C••• M•••••• U• B•••• L••	delayed draw term loan first lien	$10.0M	$6.6M 113c	S+845 bp PIK 2.00%	Feb 28, 2030

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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