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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, 2024
1,530 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
G•••• T••••••• L••unstated lien unstated$380,000$1,000Jun 2, 2031
G•••• T••••••• L••unstated lien unstated$380,000$1,000Jun 2, 2031
S•• H••••••• I• C•••unstated lien unstated$94,000$1,000Dec 19, 2029
K••• B••••• L••unstated lien unstated$15.5M$0
0c
Jul 23, 2031
D••••••• H••••• S•••••delayed draw term loan first lien$8.4M$0
0c
Oct 27, 2028
E••• E••••• L••warrants equityNot disclosed$0
R•••• B••••• L••unstated lien unstated$7.0M$0
0c
Aug 31, 2028
T••••••••• C•• L••unstated lien unstated$12.0M$0
0c
Feb 13, 2030
T••••••••• C•• L••unstated lien unstated$12.0M$0
0c
Feb 13, 2030
E•••• L•• P••••••• J••••••••• I• L••unstated lien unstatedNot disclosed$0
S••••• L••revolver first lien$5.0M$0
0c
Nov 18, 2027
E•••• L•• P••••••• J••••••••• I• L••warrants equityNot disclosed$0
Z••• C•••••• L••unstated lien unstated$21.5M$0
0c
Feb 28, 2030
Z•••••• I••unstated lien unstated$39.3M$0
0c
Nov 22, 2028
W• C•• H•••••••• L••revolver first lien$26.3M$0
0c
Nov 30, 2029
O•••••••• V••••••• I•••unstated lien unstated$25.3M$0
0c
May 28, 2030
N•• H••••••• I•• C••••unstated lien unstated$214,000$0
0c
Jul 15, 2031
C••• G••••• U• I••••••••• 3• L••••••unstated lien unstated$1.1M$0Jan 15, 2026
I•••••••• M•••••••• A••••••••• L••unstated lien unstated$362,000$0
0c
Aug 27, 2028
P•• I••••••••• H•••••••• L••revolver first lien$8.1M$0
0c
Aug 31, 2029
P••• I••••••• H•••••• C••••revolver first lien$8.5M$0
0c
Oct 17, 2028
I•••••••• M•••••••• A••••••••• L••unstated lien unstated$362,000$0
0c
Aug 27, 2028
R•••• M•••••• L••revolver first lien$197,000$0
0c
Sep 23, 2027
A•••••••• R••• M••••••••• G••••• I•••unstated lien unstated$2.9M$0
0c
Nov 1, 2029
T••••••••• I•••revolver first lien$6.6M$0
0c
Mar 25, 2027
E•••••• P••••••• I•••••••• L••unstated lien unstated$9.7M$0
0c
Mar 12, 2030
F••••••••• T••••••••• H••••••• I•••revolver first lien$6.9M$0
0c
Jan 10, 2028
P•••••• H•••••• C••••••• I•••unstated lien unstated$9.0M$0
0c
Jun 27, 2029
E•••••• P••••••• I•••••••• L••unstated lien unstated$14.4M$0
0c
Mar 12, 2031
E•••••• P••••••• I•••••••• L••unstated lien unstated$14.4M$0
0c
Mar 12, 2031
C•••• H•••••••• L••unstated lien unstated$6.2M$0
0c
Feb 27, 2029
2••• M••••• I•••revolver first lien$18.9M$0
0c
Mar 14, 2029
A••••••••• I•••unstated lien unstated$30.3M$0
0c
Jul 14, 2031
C•••••••• P••••••••• G•••• L••unstated lien unstated$11.7M$0
0c
Oct 1, 2029
C••• G••••• U• I••••••••• 3• L••••••unstated lien unstated$1.1M$0Jan 15, 2026
B••••• U• B•••• L••unstated lien unstated$21.3M$0
0c
Oct 1, 2029
B••••• U• B•••• L••unstated lien unstated$21.3M$0
0c
Oct 1, 2029
A•••••••• R••• M••••••••• G••••• I•••unstated lien unstated$2.9M$0
0c
Nov 1, 2029
N•• H••••••• I•• C••••unstated lien unstated$214,000$0
0c
Jul 15, 2031
2••• M••••• I•••revolver first lien$18.9M$0
0c
Mar 14, 2029
E•••••• P••••••• I•••••••• L••unstated lien unstated$9.7M$0
0c
Mar 12, 2030
A••••••••• I•••unstated lien unstated$30.3M$0
0c
Jul 14, 2031
D••••••• H••••• S•••••delayed draw term loan first lien$8.4M$0
0c
Oct 27, 2028
T•••••• H•••••••• I•••unstated lien unstatedNot disclosed$0
A•••• O••••••••• P•• L••delayed draw term loan first lien$5.4M$0
0c
Aug 22, 2028
S••••••• B•••••• L••revolver first lien$5.2M$0
0c
Jul 25, 2028
B••••••••• T••••••••• I•••revolver first lien$385,000$0
0c
May 15, 2028
T•••••• H•••••••• I•••unstated lien unstatedNot disclosed$0
C•••• H•••••••• L••unstated lien unstated$6.2M$0
0c
Feb 27, 2029
C•••••••• P••••••••• G•••• L••unstated lien unstated$11.7M$0
0c
Oct 1, 2029
Z•••••• I••unstated lien unstated$17.9M$0
0c
Nov 22, 2028
C••• G••••• U• I••••••••• 3• L••••••unstated lien unstated$1.1M$0Jan 15, 2026
B••••••••• T••••••••• I•••revolver first lien$385,000$0
0c
May 15, 2028
A•••• O••••••••• P•• L••delayed draw term loan first lien$5.4M$0
0c
Aug 22, 2028
K••• B••••• L••unstated lien unstated$15.5M$0
0c
Jul 23, 2031
A••••••• I•••revolver first lien$6.3M$0
0c
Oct 19, 2028
W• C•• H•••••••• L••revolver first lien$26.3M$0
0c
Nov 30, 2029
2••• M••••• I•••revolver first lien$13.8M$0
0c
Mar 14, 2028
O•••••••• V••••••• I•••unstated lien unstated$25.3M$0
0c
May 28, 2030
P•• I••••••••• H•••••••• L••revolver first lien$8.1M$0
0c
Aug 31, 2029
Z•••••• I••unstated lien unstated$17.9M$0
0c
Nov 22, 2028
T••••••••• I•••revolver first lien$6.6M$0
0c
Mar 25, 2027
P••• I••••••• H•••••• C••••revolver first lien$8.5M$0
0c
Oct 17, 2028
R•••• B••••• L••unstated lien unstated$7.0M$0
0c
Aug 31, 2028
S••••• R• H•••••••• I•••unstated lien unstated$3.6M$0
0c
Sep 13, 2028
B•••• T•••• A••••••• G••••• L•unstated lien unstated$23.5M$0
0c
Jun 3, 2030
B•••• T•••• A••••••• G••••• L•unstated lien unstated$23.5M$0
0c
Jun 3, 2030
C•••••• R•••••••• M•••• L••revolver first lien$7.6M$0
0c
Jul 3, 2028
R•••• M•••••• L••revolver first lien$197,000$0
0c
Sep 23, 2027
A• C•••••• A••••••••• C•••••••••unstated lien unstated$16.7M$0
0c
Jul 2, 2031
E••• E••••• L••unstated lien unstatedNot disclosed$0
A• C•••••• A••••••••• C•••••••••unstated lien unstated$16.7M$0
0c
Jul 2, 2031
2••• M••••• I•••revolver first lien$13.8M$0
0c
Mar 14, 2028
P•••••• H•••••• C••••••• I•••unstated lien unstated$9.0M$0
0c
Jun 27, 2029
S••••••• B•••••• L••revolver first lien$5.2M$0
0c
Jul 25, 2028
E••• E••••• L••unstated lien unstatedNot disclosed$0
A••••••• I•••revolver first lien$6.3M$0
0c
Oct 19, 2028
C•••••• R•••••••• M•••• L••revolver first lien$7.6M$0
0c
Jul 3, 2028
F••••••••• T••••••••• H••••••• I•••revolver first lien$6.9M$0
0c
Jan 10, 2028
E•••• L•• P••••••• J••••••••• I• L••unstated lien unstatedNot disclosed$0
S••••• R• H•••••••• I•••unstated lien unstated$3.6M$0
0c
Sep 13, 2028
S••••• L••revolver first lien$5.0M$0
0c
Nov 18, 2027
Z•••••• I••unstated lien unstated$39.3M$0
0c
Nov 22, 2028
Z••• C•••••• L••unstated lien unstated$21.5M$0
0c
Feb 28, 2030
V•••• C••• B••••• L••unstated lien unstated$13.3M-$1,000
1c
Jul 30, 2031
A••••••• B••••• I•••unstated lien unstated$5.4M-$1,000
2c
Jul 26, 2030
V•••• C••• B••••• L••unstated lien unstated$13.3M-$1,000
1c
Jul 30, 2031
A••••••• B••••• I•••unstated lien unstated$2.6M-$1,000
4c
Jul 26, 2030
A••••••• B••••• I•••unstated lien unstated$2.6M-$1,000
4c
Jul 26, 2030
A••••••• B••••• I•••unstated lien unstated$5.4M-$1,000
2c
Jul 26, 2030
F• C••••••••• L••unstated lien unstated$128,000-$2,000
100c
Nov 26, 2030
F• C••••••••• L••unstated lien unstated$128,000-$2,000
100c
Nov 26, 2030
B••••• U• B•••• L••unstated lien unstated$2.9M-$5,000
18c
Sep 30, 2030
B••••• U• B•••• L••unstated lien unstated$2.9M-$5,000
17c
Sep 30, 2030
B••••• U• B•••• L••unstated lien unstated$2.9M-$5,000
18c
Sep 30, 2030
B••••• U• B•••• L••unstated lien unstated$2.9M-$5,000
17c
Sep 30, 2030
O••••••••• L••unstated lien unstated$7.3M-$14,000
21c
Apr 22, 2031
O••••••••• L••unstated lien unstated$7.3M-$14,000
21c
Apr 22, 2031
A•••••• B••••• I•••revolver first lien$6.0M-$15,000
12c
Nov 7, 2029
S•• P••••• H•••••••• L••unstated lien unstated$3.0M-$15,000
107c
Aug 21, 2031
Page 12 of 16PreviousNext
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