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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 Jun 30, 2026

1,034 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B•••••• S••• S•••••• D••••• P•••••• L••	revolver first lien	$492M	$502M 104c	S+600 bp	Aug 28, 2030
G••••• M•••• R•••••• L••	revolver first lien	$439M	$444M 102c	S+425 bp	Dec 20, 2031
U•••• I••• L•• • L•• I•••••••	unstated lien unstated	Not disclosed	$415M 99c
D••••••• I••	revolver first lien	$327M	$316M 98c	S+575 bp	Jul 30, 2030
S•••••• A••••••••• L••	unstated lien unstated	$307M	$305M 100c	S+500 bp PIK 2.25%	Oct 1, 2031
S••••••• B•••• C••••	delayed draw term loan first lien	$257M	$253M 99c	S+500 bp	Nov 6, 2032
P••••••••• U••• L••	unstated lien unstated	$254M	$252M 100c	S+450 bp	Mar 13, 2029
E••••• H•••••••• I•••	unstated lien unstated	$247M	$243M 100c	S+625 bp	Jul 2, 2029
W•••• S••••• R•••••• A••••••••• L••	unstated lien unstated	$235M	$235M 101c	S+450 bp	Sep 16, 2032
T•••• B• B••••••• L•••	unstated lien unstated	$233M	$231M 100c	S+538 bp PIK 2.88%	Jul 24, 2032
C•• B••••• I•••	revolver first lien	$232M	$228M 99c	S+500 bp	May 13, 2032
S••••••• B•••• C••••	delayed draw term loan first lien	$231M	$227M 99c	S+500 bp	Nov 6, 2032
T••••••• H••••••• I••	unstated lien unstated	$223M	$223M 101c	10.39% PIK 6.75%	May 12, 2032
B••••• L•••• B••••• I•••	unstated lien unstated	$221M	$221M 101c	S+600 bp	Nov 8, 2029
A•••••• P••••••••• I••	unstated lien unstated	$226M	$215M 97c	S+700 bp	Mar 14, 2030
W• C•• H•••••••• L••	revolver first lien	$208M	$208M 101c	S+700 bp PIK 3.88%	Nov 30, 2029
I•• G•••• H•••••••• I•••	revolver first lien	$206M	$206M 101c	S+425 bp	Dec 1, 2029
O•• F•••••• L••	delayed draw term loan first lien	$200M	$197M 99c	S+450 bp	Dec 2, 2032
S•••• M••••••••• B••••• I•••	unstated lien unstated	$199M	$195M 99c	S+550 bp PIK 2.50%	May 29, 2032
F•••••• S••••••• L••	revolver first lien	$200M	$194M 97c	S+450 bp	Aug 15, 2032
D•• F•••••• S•••••	unstated lien unstated	$171M	$194M 111c	S+650 bp	Dec 27, 2029
S• I••••••••• H•••••••• L••	unstated lien unstated	$191M	$188M 100c	S+500 bp	May 2, 2030
H••••••• 2• L•••	unstated lien unstated	Not disclosed	$185M 100c	S+1150 bp
G••••••••• I•••	unstated lien unstated	$190M	$182M 96c	S+475 bp	Dec 16, 2030
P••••••• T• B••••••• L••	delayed draw term loan first lien	$172M	$170M 100c	S+550 bp	Nov 1, 2027
N• K••• M••••••••• I•••	unstated lien unstated	$173M	$170M 99c	S+450 bp	Jan 31, 2033
C••••• S•••••••• A••••••••• I•••	unstated lien unstated	$169M	$169M 101c	S+500 bp	Aug 7, 2031
G•••• A•• B•••• P•• L••	delayed draw term loan first lien	$244M	$169M 108c	S+475 bp	Nov 15, 2031
R•••••• H•••••••• L••	unstated lien unstated	$172M	$166M 97c	S+475 bp	Nov 10, 2031
S••••• B•••• I• I••	revolver first lien	$163M	$160M 100c	S+475 bp	Jan 31, 2032
K••••••• B•••• U•• L••	revolver first lien	$162M	$159M 100c	S+575 bp PIK 3.13%	Dec 18, 2031
V•••••• S•••••• T••••••••• L••	unstated lien unstated	$158M	$158M 102c	S+675 bp	Jun 13, 2031
A••••••••• I•••	revolver first lien	$159M	$155M 98c	S+500 bp	Jul 14, 2031
Z•••••• I••	revolver first lien	$159M	$155M 98c	S+500 bp	Nov 22, 2028
R•••••• P•••••• L••	revolver first lien	$150M	$149M 101c	S+475 bp	Apr 2, 2029
C••••••• I••••••••• C••••	unstated lien unstated	$149M	$149M 100c	S+475 bp	Jul 22, 2031
Z••••• A••••••••• L••	unstated lien unstated	$148M	$148M 100c	S+450 bp	Jan 13, 2033
F• C•••••••• L••	unstated lien unstated	$146M	$146M 101c	S+550 bp PIK 1.25%	Nov 26, 2030
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	$147M	$146M 101c	S+525 bp	Jul 2, 2031
A•••• B••••• L••	unstated lien unstated	$148M	$145M 100c	S+650 bp	Jan 14, 2030
B•••• I••••••••• I•• L••	unstated lien unstated	$148M	$145M 99c	S+475 bp	Sep 30, 2032
T••••• L•••••• G••••• L••	unstated lien unstated	$145M	$143M 100c	S+650 bp	Mar 27, 2028
A•••••• N••••••••• M•••• 2• B•••	unstated lien unstated	$125M	$142M 103c	S+475 bp	May 29, 2031
T•••••••• O••••••••• H••••••• I••	unstated lien unstated	$142M	$138M 98c	S+600 bp PIK 3.25%	Feb 11, 2032
S••• M•• C• L••••••	delayed draw term loan first lien	$101M	$138M 111c	S+650 bp	Feb 27, 2031
G••••• B•••• C••••••	unstated lien unstated	$140M	$137M 99c	S+475 bp	Jul 9, 2031
H•••••••• I••••••••• S•••	delayed draw term loan first lien	$120M	$136M 100c	S+475 bp	Nov 19, 2032
D••••••••• S••••••• H•••••••• I•••	revolver first lien	$137M	$136M 99c	S+550 bp	Mar 15, 2028
W••• X••• P•••••• C••• I••••••••• L•••	unstated lien unstated	$136M	$133M 99c	S+625 bp	Dec 31, 2029
M•• D••••• S••••••••• L••	revolver first lien	$134M	$133M 101c	S+550 bp	Feb 13, 2031
S•••• S••••• B••••• L••	unstated lien unstated	$134M	$131M 99c	S+525 bp	Mar 31, 2031
T••••• H••••• I••	unstated lien unstated	$128M	$128M 101c	S+500 bp	Jun 28, 2029
A•••• B•••• I••••••••• L••	unstated lien unstated	$183M	$127M 97c	S+500 bp	Jan 14, 2033
F• B•• B••••• I••• 1•	unstated lien unstated	$128M	$126M 99c	S+475 bp	Jun 21, 2031
A•••••• H•••••••• I•••	delayed draw term loan first lien	$126M	$126M 100c	S+450 bp	Sep 15, 2031
F••••••• A••••••••• I•••	revolver first lien	$123M	$121M 99c	S+475 bp	Feb 25, 2033
F••• F••• I••••••••• C•••••••••	delayed draw term loan first lien	$122M	$120M 99c	S+475 bp	Jul 10, 2031
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	$120M	$119M 100c	S+525 bp	Jul 2, 2031
Z••• C•••••• L••	revolver first lien	$124M	$119M 97c	S+540 bp	Feb 28, 2031
C•••• P•••••• I•••	revolver first lien	$120M	$118M 100c	S+500 bp	Dec 18, 2031
N•• G••••• H•••••• I•••	revolver first lien	$119M	$117M 99c	S+450 bp	Jun 4, 2032
A•••• I••••••••• I•• L••	revolver first lien	$122M	$117M 97c	S+775 bp	Oct 31, 2029
P••• C•••••••••	unstated lien unstated	$119M	$117M 99c	S+425 bp	Dec 20, 2032
K•••• I••••••••• H••••••• I••	unstated lien unstated	$118M	$116M 99c	S+425 bp	Aug 29, 2032
B•••• T•••• A••••••• G••••• L•	revolver first lien	$117M	$115M 100c	S+475 bp	Jun 3, 2031
P•••••• H•••••• C••••••• I•••	revolver first lien	$115M	$115M 101c	S+500 bp	Jun 27, 2030
B••••• I••••••••• S•••••••• L••	unstated lien unstated	$114M	$112M 99c	S+475 bp	May 31, 2030
I••••• P••••••••• I•••	unstated lien unstated	$111M	$111M 101c	S+475 bp	Nov 21, 2031
R• B•••• I••	unstated lien unstated	$115M	$110M 97c	S+675 bp	Jan 17, 2031
K••• B••••• L••	unstated lien unstated	$111M	$109M 99c	S+450 bp	Jul 23, 2031
R••••• S••••••• W•• C•••••••••	delayed draw term loan first lien	$109M	$106M 99c	S+675 bp	Aug 29, 2030
A•••••• U• H••••• 1• L••	delayed draw term loan first lien	$117M	$106M 93c	S+650 bp	Jul 31, 2029
O••••••••• L••	unstated lien unstated	$105M	$105M 101c	S+450 bp	Dec 23, 2032
B••••• B••••• I•••	unstated lien unstated	$106M	$104M 99c	S+475 bp PIK 2.25%	Nov 17, 2032
S••••••• B•••••• L••	revolver first lien	$103M	$102M 100c	S+575 bp	Jul 25, 2028
F••••••• L••	revolver first lien	$103M	$102M 100c	S+725 bp	Nov 1, 2028
S•••• P••••• H••••••• C•••	unstated lien unstated	$102M	$99.7M 99c	S+475 bp PIK 2.25%	Dec 16, 2032
P•••••• P•••••••• I••	revolver first lien	$100M	$98.9M 100c	S+475 bp	Sep 19, 2031
N•• D••••• P•••••••• I••	unstated lien unstated	$100M	$98.6M 100c	S+550 bp	Sep 10, 2030
O•••• I• A•	delayed draw term loan first lien	$943M	$98.3M 101c	S+425 bp	Jun 18, 2032
E•••••• P••••••• I•••••••• L••	revolver first lien	$99.7M	$98.2M 100c	S+450 bp	Mar 12, 2031
V•••• B•••• A•	revolver first lien	$96.4M	$96.4M 102c	S+425 bp	Oct 29, 2031
T•••••• T••••••••• I••••••••• I••	revolver first lien	$96.7M	$94.7M 98c	S+425 bp	Nov 4, 2032
W••••••• I••••••••• I•• L••	revolver first lien	$94.7M	$93.0M 99c	S+575 bp	Sep 30, 2032
L•••••• G••••• H•••••• C• L••	unstated lien unstated	$97.0M	$92.8M 98c	S+550 bp PIK 2.75%	Aug 22, 2031
C•••••• R•••••••• M•••• L••	revolver first lien	$91.0M	$91.0M 101c	S+450 bp	Jul 2, 2029
E••••••• P••••• I••	revolver first lien	$94.1M	$90.6M 98c	S+525 bp	Jan 22, 2031
T••••••••• C•• L••	unstated lien unstated	$90.3M	$89.7M 101c	S+475 bp	Feb 13, 2032
D••••	revolver first lien	$89.9M	$89.3M 100c	S+475 bp	Jul 20, 2029
A•••••••• B•••• L••••••	delayed draw term loan first lien	$68.0M	$88.2M 108c	S+525 bp	Jun 28, 2029
I• I••••••••• H•••••••• L••	revolver first lien	$87.6M	$87.6M 100c	S+500 bp	Sep 22, 2028
E••••• H•••••••• I•••	unstated lien unstated	$89.0M	$87.5M 99c	S+475 bp	Jun 21, 2031
S•••••••• I••••••••• L••	revolver first lien	$87.5M	$87.0M 100c	S+475 bp	Feb 12, 2029
C•••••••• D••••• P••	delayed draw term loan first lien	$74.9M	$86.4M 108c	S+575 bp PIK 2.50%	Jan 3, 2030
A•• T••••••••• I••	unstated lien unstated	$88.2M	$84.9M 99c	S+600 bp	Aug 22, 2031
Z••••••• U• B•••• I•••	unstated lien unstated	$85.7M	$84.5M 99c	S+475 bp	Aug 2, 2032
C•••• S••••••••• L••	delayed draw term loan lien unstated	$112M	$84.3M 100c	S+625 bp	Jul 16, 2030
E••••••• S••••••• A•	delayed draw term loan first lien	$74.7M	$83.5M 109c	S+475 bp	Dec 19, 2030
O•••••• L••	delayed draw term loan first lien	$84.4M	$82.9M 99c	S+625 bp PIK 2.75%	Dec 5, 2031
A•••• B•••••••• L••	revolver first lien	$82.7M	$82.7M 101c	S+425 bp	Sep 4, 2032

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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