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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 Sep 30, 2025
1,060 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
R••••• C••••••••• O•••••••• C••••••• I••revolver first lien$6.4M$0
0c
Jun 21, 2029
S••••• I•••unstated lien unstated$2.1M$0
0c
Feb 16, 2029
A••••••• B••••• I•••unstated lien unstated$11.2M$0
0c
Jul 26, 2031
F••••••••• T••••••••• H••••••• I•••revolver first lien$6.9M$0
0c
Jan 10, 2028
P•••••• H•••••• C••••••• I•••revolver first lien$9.0M$0
0c
Jun 27, 2029
V••••••• C••••• H••••••• G• L••equity equityNot disclosed$0
C••••• H••••••• L••revolver first lien$7.9M$0
0c
Sep 26, 2031
B••••• U• B•••• L••unstated lien unstated$2.9M$0
0c
Sep 30, 2030
N• S•• H•••••• L••equity equityNot disclosed$0
C•••••• G•••• L••unstated lien unstated$14.7M$0
0c
Sep 17, 2031
S••••• R• H•••••••• I•••revolver first lien$3.6M$0
0c
Sep 13, 2028
W• C•• H•••••••• L••revolver first lien$26.3M$0
0c
Nov 30, 2029
A••••••••• I•••unstated lien unstated$3.5M$0
0c
Jul 3, 2028
S••••• I•••unstated lien unstated$2.1M$0
0c
Feb 16, 2029
S•• P••••• H•••••••• L••unstated lien unstated$3.0M$0
0c
Aug 21, 2031
E•••• L•• P••••••• J••••••••• I• L••warrants equityNot disclosed$0
O•••••••• V••••••• I•••revolver first lien$25.3M$0
0c
May 28, 2030
P••• I••••••• H•••••• C••••revolver first lien$8.5M$0
0c
Oct 17, 2028
A••••••• B••••• I•••unstated lien unstated$5.4M$0
0c
Jul 26, 2030
C•••••• R•••••••• M•••• L••revolver first lien$7.6M$0
0c
Jul 3, 2028
A•• N•••• L••••••equity equityNot disclosed$0
Y•• E••••• L••delayed draw term loan first lien$2.4M$0Apr 21, 2028
V•••• B•••• A•revolver first lien$16.9M$0
0c
Oct 29, 2030
I• I••••••••• H•••••••• L••revolver first lien$10.2M$0
0c
Sep 22, 2028
I•••••••• M•••••••• A••••••••• L••unstated lien unstated$362,000$0
0c
Aug 25, 2028
A••••••• A••••••••• C•••revolver first lien$11.1M$0
0c
Oct 28, 2031
B••••• U• B•••• L••unstated lien unstated$21.3M$0
0c
Oct 1, 2029
I••••• P••••••••• I•••unstated lien unstated$17.5M$0
0c
Nov 21, 2031
K••• B••••• L••unstated lien unstated$15.5M$0
0c
Jul 23, 2031
R••••••••• C•••••• M•••••••••delayed draw term loan first lien$15.0M$0
0c
Apr 4, 2031
V•••• C••• B••••• L••revolver first lien$13.3M$0
0c
Jul 30, 2031
T•••••••• I••revolver first lien$6.6M$0
0c
Mar 25, 2027
E••• E••••• L••warrants equityNot disclosed$0
V••••••• C••••• H••••••• G• L••equity equityNot disclosed$0
Z•••••• I••unstated lien unstated$17.9M$0
0c
Nov 22, 2028
E•••••• H••••••• I••unstated lien unstated$856,000$0
0c
Dec 24, 2029
T••••••••• C•• L••unstated lien unstated$3.4M$0
0c
Feb 13, 2032
E••• E••••• L••warrants equityNot disclosed$0
I•• G•••• H•••••••• I•••revolver first lien$19.6M$0
0c
Dec 1, 2028
R••••••• P••••• L••unstated lien unstated$5.4M-$1,000
2c
May 24, 2032
R••••••• P••••• L••unstated lien unstated$10.7M-$1,000
1c
May 24, 2032
C••••• C•••••••• A••••••• L••delayed draw term loan first lien$877,000-$3,000
33c
Apr 1, 2032
D••••••••• I••delayed draw term loan first lien$30.6M-$10,000
7c
Jan 3, 2031
R•••• M•••••• L••revolver first lien$197,000-$11,000
550c
Sep 23, 2027
M•• D••••• S••••••••• L••unstated lien unstated$13.9M-$12,000
6c
Feb 13, 2031
E•• L••••• H•••••• L••unstated lien unstated$13.0M-$12,000
11c
Nov 5, 2030
P••••• H••••• I••••••••• H•••••••• I•••unstated lien unstated$4.0M-$16,000
22c
Jun 1, 2029
V•••••• I••••••••• I• L••revolver first lien$12.0M-$16,000
14c
Jun 17, 2032
P•• I••••••••• H•••••••• L••revolver first lien$4.7M-$18,000
34c
Aug 31, 2029
M•• C•••••• M••••••••• I••••••••• L••unstated lien unstated$9.2M-$19,000
21c
Aug 29, 2031
D••••unstated lien unstated$13.4M-$30,000
25c
Jul 20, 2029
P••••• H••••• I••••••••• H•••••••• I•••unstated lien unstated$9.2M-$30,000
35c
Jun 3, 2030
B•••• T•••• A••••••• G••••• L•unstated lien unstated$15.0M-$33,000
23c
Jun 3, 2031
M••• C•••••• I•• L••unstated lien unstated$3.6M-$35,000
78c
Sep 1, 2030
E••• B••••• I•••unstated lien unstated$3.8M-$37,000
100c
Jul 31, 2031
F•••••• S••••••• L••unstated lien unstated$16.8M-$41,000
100c
Aug 15, 2032
C•••••• C•••••••••unstated lien unstated$6.1M-$49,000
80c
Mar 6, 2032
P• F•••• P•• L••delayed draw term loan first lien$5.7M-$52,000
69c
May 30, 2030
E••• B••••• I•••unstated lien unstated$5.7M-$56,000
100c
Jul 31, 2031
E••••••• B•••• I•••unstated lien unstated$6.4M-$68,000
77c
Mar 25, 2032
N•••••• G•••• L•••• 4• S•••••••unstated lien unstated$9.7M-$85,000
56c
Feb 5, 2032
O•••••• L••delayed draw term loan first lien$7.1M-$88,000
58c
Dec 5, 2031
F• C•••••••• L••unstated lien unstated$19.1M-$95,000
39c
Nov 26, 2030
B•••• T•••• A••••••• G••••• L•unstated lien unstated$30.5M-$96,000
28c
Jun 3, 2030
B••••• I••••••••• S•••••••• L••unstated lien unstated$50.0M-$97,000
15c
May 31, 2030
B••••• I••••••••• S•••••••• L••unstated lien unstatedNot disclosed-$97,000
A••• H•••••• C••••revolver first lien$8.7M-$104,000
72c
Dec 5, 2029
G••••• M•••• R•••••• L••revolver first lien$46.8M-$107,000
26c
Dec 20, 2031
K•••• I••••••••• H••••••• I••unstated lien unstated$11.5M-$114,000
100c
Aug 29, 2032
E•••••• P••••••• I•••••••• L••unstated lien unstated$9.7M-$114,000
79c
Mar 12, 2030
C••••••• H••••••• I••unstated lien unstated$8.2M-$118,000
98c
Jul 9, 2032
C••••• T••••• I•••revolver first lien$12.0M-$120,000
60c
May 1, 2030
P•••••• P•••••••• I••revolver first lien$15.5M-$124,000
85c
Sep 19, 2031
C•••• P•••••• I•••revolver first lien$22.4M-$127,000
39c
Dec 18, 2031
C•••••• C•••••••••unstated lien unstated$16.5M-$133,000
84c
Mar 6, 2032
E••••••• P••••• I••revolver first lien$9.7M-$135,000
78c
Jan 22, 2031
E•••••• P••••••• I•••••••• L••unstated lien unstated$14.1M-$140,000
101c
Mar 12, 2031
T•••••••• O••••••••• H••••••• I••unstated lien unstated$19.4M-$145,000
82c
Feb 11, 2032
N•• D••••• P••••••••• I••unstated lien unstated$16.1M-$147,000
55c
Sep 10, 2030
C•••••• C•••••••••unstated lien unstated$18.3M-$148,000
88c
Mar 6, 2032
P•••••• A••••••• B••••• L••unstated lien unstated$10.1M-$149,000
100c
Aug 27, 2031
A•••• B•••••••• L••revolver first lien$15.2M-$151,000
100c
Sep 4, 2032
K•••• F•••••• S•unstated lien unstated$20.0M-$154,000
53c
Oct 25, 2030
E••••••• B•••• I•••unstated lien unstated$14.3M-$154,000
74c
Mar 25, 2032
A•• L•••• H•••••••• L••unstated lien unstated$16.2M-$159,000
100c
Aug 13, 2032
E•••• B•••• L••••••delayed draw term loan first lien$12.0M-$173,000
77c
Mar 28, 2032
A• C•••••• A••••••••• C•••••••••unstated lien unstated$24.4M-$178,000
68c
Jul 2, 2031
C•• B••••• I•••revolver first lien$23.4M-$186,000
84c
May 13, 2032
K••••••• B•••• U•• L••revolver first lien$16.9M-$193,000
65c
Dec 18, 2031
T•••••••• O••••••••• H••••••• I••unstated lien unstated$26.9M-$200,000
78c
Feb 11, 2032
T•••• B• B••••••• L•••unstated lien unstated$21.1M-$205,000
99c
Jul 24, 2032
T•••• I•••delayed draw term loan first lien$15.0M-$207,000
65c
Mar 12, 2030
A•••• B••••• L••unstated lien unstated$16.2M-$219,000
61c
Jan 14, 2030
R•••••• H•••••••• L••unstated lien unstated$50.0M-$222,000
32c
Nov 8, 2031
K•••• I••••••••• H••••••• I••unstated lien unstated$22.8M-$225,000
100c
Aug 29, 2032
C••••••• H••••••• I••unstated lien unstated$16.2M-$233,000
100c
Jul 10, 2031
A•• L•••• H•••••••• L••unstated lien unstated$24.1M-$237,000
99c
Aug 13, 2032
N•• G••••• H•••••• I•••unstated lien unstated$30.5M-$238,000
82c
Jun 4, 2032
Z••••••• U• B•••• I•••unstated lien unstated$26.2M-$256,000
99c
Aug 2, 2032
B•••• I••••••••• I•• L••unstated lien unstated$26.0M-$260,000
100c
Sep 30, 2032
Page 8 of 11PreviousNext
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