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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 Mar 31, 2025
928 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
T•• O•• G•••• H••••••••• I•••warrants equityNot disclosed$36,000
59c
A•••••• H•••••••• I•••delayed draw term loan first lien$6.0M$35,000
-121c
Sep 13, 2031
F• B•• B••••• I•••unstated lien unstated$34.6M$34,000
-7c
Jun 21, 2031
F• B•• B••••• I•••unstated lien unstatedNot disclosed$34,000
O••••••••• L••unstated lien unstated$7.3M$18,000
-28c
Apr 22, 2031
F• C••••••••• L••unstated lien unstated$128,000$13,000
108c
S+700 bp
PIK 2.08%
Nov 26, 2030
E•••••• H••••••• I••unstated lien unstated$1.2M$12,000
-71c
Dec 24, 2029
H• I••••••••• I••• I•••unstated lien unstated$10.3M$5,000
-10c
Nov 12, 2030
J••• P•••••••• L••delayed draw term loan first lien$1.6M$4,000
-67c
Nov 28, 2031
T•• O•• G•••• H••••••••• I•••warrants equityNot disclosed$3,000
25c
Q•• P•••••• I•••revolver first lien$3.8M$2,000
-11c
Nov 7, 2031
N•• H••••••• I•• C••••unstated lien unstated$214,000$1,000
-25c
Jul 15, 2031
S•• H••••••• I• C•••delayed draw term loan first lien$94,000$1,000Dec 19, 2029
M••• C•••••• I•• L••unstated lien unstated$5.5M$0
0c
Sep 3, 2030
A•••••••• R••• M••••••••• G••••• I•••unstated lien unstated$2.9M$0
0c
Nov 1, 2029
C••••••• B••••••• S•• L••unstated lien unstated$2.0M$0
0c
Mar 31, 2032
E•••••• P••••••• I•••••••• L••unstated lien unstated$9.7M$0
0c
Mar 12, 2030
O•••••••• V••••••• I•••revolver first lien$25.3M$0
0c
May 28, 2030
E•••••• H••••••• I••unstated lien unstated$4.9M$0
0c
Dec 24, 2029
Z•••••• I••unstated lien unstated$39.3M$0
0c
Nov 22, 2028
K••• B••••• L••unstated lien unstated$15.5M$0
0c
Jul 23, 2031
T••••••••• I•••revolver first lien$6.6M$0
0c
Mar 25, 2027
F••••••••• T••••••••• H••••••• I•••revolver first lien$6.9M$0
0c
Jan 10, 2028
A••••••••• I•••unstated lien unstated$30.3M$0
0c
Jul 14, 2031
B••••••••• T••••••••• I•••revolver first lien$385,000$0
0c
May 15, 2028
D••••• B•••• L••••••delayed draw term loan first lien$14.6M$0
0c
Aug 29, 2030
E••• E••••• L••warrants equityNot disclosed$0
I•••••••• M•••••••• A••••••••• L••unstated lien unstated$2.6M$0
0c
Aug 27, 2028
B••••• U• B•••• L••unstated lien unstated$2.9M$0
0c
Sep 30, 2030
B••••• U• B•••• L••unstated lien unstated$21.3M$0
0c
Oct 1, 2029
R•••• B••••• L••unstated lien unstated$7.0M$0
0c
Aug 31, 2028
N•• H••••••• I•• C••••unstated lien unstated$100,000$0
0c
Jul 15, 2030
S••••• L••revolver first lien$5.0M$0
0c
Nov 18, 2027
C•••••••• P••••••••• G•••• L••unstated lien unstated$11.7M$0
0c
Oct 1, 2029
C•••• H•••••••• L••unstated lien unstated$6.2M$0
0c
Feb 27, 2029
V••••••• C••••• H•••••• L••• •••••• P••••••••equity equityNot disclosed$0
S••••••• B•••••• L••unstated lien unstated$5.2M$0
0c
Jul 25, 2028
P•••••• H•••••• C••••••• I•••revolver first lien$9.0M$0
0c
Jun 27, 2029
A• C•••••• A••••••••• C•••••••••unstated lien unstated$16.7M$0
0c
Jul 2, 2031
W• C•• H•••••••• L••revolver first lien$26.3M$0
0c
Nov 30, 2029
E•••• L•• P••••••• J••••••••• I• L••warrants equityNot disclosed$0
V••••••• C••••• H••••••• G• L•• •••••• P••••••••equity equityNot disclosed$0
2••• M••••• I•••unstated lien unstated$13.8M$0
0c
Mar 14, 2028
C•••••• R•••••••• M•••• L••revolver first lien$7.6M$0
0c
Jul 3, 2028
A••••••• A••••••••• C•••revolver first lien$11.1M$0
0c
Oct 28, 2031
V••••••• C••••• H••••••• G• L•• •••••• P••••••••equity equityNot disclosed$0
T•••••• H•••••••• I•••equity equityNot disclosed$0
Z•••••• I••unstated lien unstated$17.9M$0
0c
Nov 22, 2028
A•••• O••••••••• P•• L••delayed draw term loan first lien$5.4M$0
0c
Aug 22, 2028
B•••• T•••• A••••••• G••••• L•unstated lien unstated$23.5M$0
0c
Jun 3, 2030
B••••• U• B•••• L••unstated lien unstated$2.9M$0
0c
Sep 30, 2030
K••••••••• P••••• L••revolver first lien$11.7M$0
0c
Nov 24, 2031
P••• I••••••• H•••••• C••••revolver first lien$8.5M$0
0c
Oct 17, 2028
V•••• C••• B••••• L••revolver first lien$13.3M$0
0c
Jul 30, 2031
S••••• R• H•••••••• I•••unstated lien unstated$3.6M$0
0c
Sep 13, 2028
V••••••• C••••• H••••••• G• L•• •••••• P••••••••equity equityNot disclosed$0
I•••••••• M•••••••• A••••••••• L••unstated lien unstated$362,000$0
0c
Aug 27, 2028
Z••• C•••••• L••unstated lien unstated$21.5M$0
0c
Feb 28, 2030
A••••••• B••••• I•••unstated lien unstated$5.4M-$1,000
2c
Jul 26, 2030
A••••••• B••••• I•••unstated lien unstated$2.6M-$1,000
4c
Jul 26, 2030
G•••• T••••••• L••delayed draw term loan first lien$380,000-$1,000Jun 2, 2031
I• I••••••••• H•••••••• L••revolver first lien$10.2M-$2,000
2c
Sep 22, 2028
C••••• C•••••••• A••••••• L••unstated lien unstated$573,000-$3,000
150c
Apr 1, 2032
S•• P••••• H•••••••• L••unstated lien unstated$3.0M-$4,000
29c
Aug 21, 2031
C•••••• G•••• L••••••unstated lien unstated$14.7M-$6,000
4c
Sep 17, 2031
R•••• M•••••• L••revolver first lien$197,000-$7,000
350c
Sep 23, 2027
S••••• I•••unstated lien unstated$2.1M-$7,000
44c
Feb 16, 2029
S••••• I•••unstated lien unstated$2.1M-$7,000
22c
Feb 16, 2029
O••••• H•••••• I•••revolver first lien$4.7M-$9,000
12c
Feb 1, 2029
C•••••• G•••• L••••••unstated lien unstated$25.0M-$10,000
4c
Sep 17, 2031
R•••• A••••••••• H••••••• L••delayed draw term loan first lien$1.3M-$14,000
233c
Nov 19, 2031
C••••••• I•••revolver first lien$5.4M-$24,000
20c
Aug 2, 2030
P••••• H••••• I••••••••• H•••••••• I•••unstated lien unstated$4.0M-$28,000
33c
Jun 1, 2029
G•••• A•• B•••• P•• L••delayed draw term loan first lien$24.1M-$29,000
24c
Nov 15, 2031
C•• B••••• L••revolver first lien$2.1M-$29,000
207c
Oct 30, 2026
M••••• B•••• A•delayed draw term loan first lien$5.2M-$31,000
38c
Aug 29, 2031
P•• I••••••••• H•••••••• L••revolver first lien$8.1M-$39,000
38c
Aug 31, 2029
C•••• C•••• C•••••• H•••••••• I•••unstated lien unstated$9.7M-$48,000
24c
Dec 7, 2029
E•• L••••• H•••••• L••unstated lien unstated$13.0M-$54,000
45c
Nov 5, 2030
M•• D••••• S••••••••• L••unstated lien unstated$13.9M-$57,000
24c
Feb 13, 2031
R••••• C••••••••• O•••••••• C••••••• I••revolver first lien$6.4M-$58,000
54c
Jun 21, 2029
P••••• H••••• I••••••••• H•••••••• I•••unstated lien unstated$9.2M-$60,000
67c
Jun 3, 2030
N•••••• G•••• L•••• 4• S•••••••unstated lien unstated$4.1M-$61,000
97c
Feb 5, 2032
F•••••••• L••revolver first lien$12.0M-$62,000
27c
Nov 1, 2028
D••••unstated lien unstated$13.4M-$68,000
53c
Jul 20, 2029
P••• B•••• L••unstated lien unstated$9.9M-$74,000
100c
Mar 29, 2032
C••••• S•••••••• A••••••••• I•••unstated lien unstated$23.6M-$92,000
27c
Aug 7, 2031
E••••••• B•••• I•••unstated lien unstated$6.4M-$95,000
100c
Mar 25, 2032
T•••• B•••• S••delayed draw term loan first lien$3.1M-$98,000
192c
Oct 17, 2031
F••••••• D••••••••• H•••••••• L••delayed draw term loan first lien$28.3M-$101,000
37c
Nov 4, 2031
B••••• B••••unstated lien unstated$4.4M-$106,000
101c
Mar 26, 2032
L•••••• H••••••••• H•••••• C••••••• L••unstated lien unstated$5.5M-$109,000
103c
Aug 22, 2031
E•••••• G•••• B•••delayed draw term loan first lien$1.1M-$143,000
650c
Aug 30, 2028
I••••• P••••••••• I•••unstated lien unstated$17.5M-$148,000
59c
Nov 21, 2031
N•••••• G•••• L•••• 4• S•••••••unstated lien unstated$9.7M-$148,000
97c
Feb 5, 2032
D••••••••• I••unstated lien unstated$30.6M-$148,000
97c
Jan 3, 2031
C•••••• C•••••••••unstated lien unstated$16.5M-$163,000
99c
Mar 6, 2032
C••••• T••••• I•••revolver first lien$12.0M-$167,000
75c
May 1, 2030
N•• D••••• P••••••••• I••unstated lien unstated$16.1M-$172,000
59c
Sep 10, 2030
F• C••••••••• L••unstated lien unstated$19.1M-$173,000
64c
Nov 26, 2030
Page 7 of 10PreviousNext
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