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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 Jun 30, 2026
1,034 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
T•••••• A••••••••• C••••revolver first lien$3.3M$0
0c
Mar 10, 2028
N• S•• H•••••• L••equity equityNot disclosed$0
A•• L•••• H•••••••• L••unstated lien unstated$16.2M$0
0c
Aug 13, 2032
C•••••• R•••••••• M•••• L••revolver first lien$7.6M$0
0c
Jul 3, 2028
W• C•• H•••••••• L••revolver first lien$26.3M$0
0c
Nov 30, 2029
W•••• S••••• R•••••• A••••••••• L••unstated lien unstated$26.2M$0
0c
Sep 16, 2032
I•• G•••• H•••••••• I•••revolver first lien$19.6M$0
0c
Dec 1, 2028
N•••••• G•••• L•••• 4• S•••••••unstated lien unstated$6.7M$0
0c
Feb 5, 2032
E••••• R••••••• C••••• T••••• L••equity equityNot disclosed$0
0c
T•• O•• G•••• H••••••••• I••• • B••warrants equityNot disclosed$0
0c
V••••••• C••••• H••••••• G• L••equity equityNot disclosed$0
E•••• L•• P••••••• J••••••••• I• L••warrants equityNot disclosed$0
A••••••••• I•••unstated lien unstated$3.5M$0
0c
Jul 3, 2028
I••••• P••••••••• I•••unstated lien unstated$17.5M$0
0c
Nov 21, 2031
A••••••• B••••• I•••unstated lien unstated$11.2M$0
0c
Jul 26, 2031
A••••••• B••••• I•••unstated lien unstated$5.4M$0
0c
Jul 26, 2030
F• C•••••••• L••unstated lien unstated$19.1M$0
0c
Nov 26, 2030
V••••••• C••••• H••••••• G• L••equity equityNot disclosed$0
W••• • W•• G•••• L•equity equityNot disclosed$0
0c
B•••••• S••• S•••••• D••••• P•••••• L••revolver first lien$22.0M$0
0c
Aug 28, 2030
C•••••• G•••• L••unstated lien unstated$14.7M$0
0c
Sep 17, 2031
I• I••••••••• H•••••••• L••revolver first lien$10.2M$0
0c
Sep 22, 2028
S••••• R• H•••••••• I•••revolver first lien$3.6M$0
0c
Sep 13, 2028
V••••••• C••••• H••••••• G• L••equity equityNot disclosed$0
P••• B•••• L••revolver first lien$15.2M$0
0c
Mar 29, 2032
A•• N•••• L•••••• • A• O••••••• S•••••unstated lien unstatedNot disclosed$0
E••• E••••• L••warrants equityNot disclosed$0
C••••• S•••••••• A••••••••• I•••unstated lien unstated$16.7M$0
0c
Aug 7, 2031
C••••• S•••••••• A••••••••• I•••unstated lien unstated$25.1M$0
0c
Aug 7, 2031
R••••••• P••••• L••revolver first lien$3.8M$0
0c
May 24, 2032
C••• A•••• L••unstated lien unstated$1.4M$0Jun 11, 2031
V•••• B•••• A•revolver first lien$16.9M$0
0c
Oct 29, 2030
E•• L••••• H•••••• L••unstated lien unstated$13.0M$0
0c
Nov 5, 2030
I•••••••• M•••••••• A••••••••• L••unstated lien unstated$299,000-$1,000
100c
Aug 25, 2028
I•••••••• M•••••••• A••••••••• L••unstated lien unstated$1.1M-$3,000
33c
Aug 25, 2028
B••••••••• T••••••••• I•••revolver first lien$385,000-$3,000
300c
May 15, 2028
A•• S••••• B•••• L••unstated lien unstated$1.4M-$4,000
200c
Oct 9, 2026
P••••••• T• B••••••• L••delayed draw term loan first lien$651,000-$6,000
150c
Nov 1, 2027
M••• C•••••• I•• L••revolver first lien$5.4M-$11,000
19c
Sep 1, 2029
N••••••• I••••••••• H••••••• I•• 1•preferred equity equityNot disclosed-$11,000
220c
M•• C•••••• M••••••••• I••••••••• L••revolver first lien$1.1M-$11,000
138c
Aug 29, 2031
C••••••••• A••••••• L••delayed draw term loan first lien$635,000-$14,000
467c
Mar 31, 2032
E••• B••••• I•••unstated lien unstated$1.2M-$16,000
145c
Jul 31, 2031
Y•• E••••• L••revolver first lien$2.4M-$17,000Apr 21, 2028
R•••• M•••••• L••revolver first lien$197,000-$18,000
1800c
Sep 23, 2027
C•••••••• P••••••••• G•••• L••unstated lien unstated$9.5M-$23,000
17c
Oct 1, 2029
N•••••• G•••• L•••• 4• S•••••••unstated lien unstated$2.8M-$25,000
63c
Feb 5, 2032
S••••••• B•••••• L••revolver first lien$5.2M-$30,000
86c
Jul 25, 2028
A•• S••••• B•••• L••unstated lien unstated$2.8M-$31,000
97c
Apr 9, 2033
A••••••• A••••••••• C•••revolver first lien$13.7M-$39,000
118c
Oct 28, 2031
T••••••••• C•• L••unstated lien unstated$12.0M-$41,000
28c
Feb 13, 2031
G••••• B••••••• L••unstated lien unstated$2.6M-$47,000
392c
Sep 29, 2028
P••••• H••••• I••••••••• H•••••••• I•••revolver first lien$4.0M-$60,000
102c
Jun 1, 2029
P•••••• H••••• H•••••• C•••unstated lien unstated$3.0M-$62,000
230c
Nov 6, 2031
Q•• P••••• I••revolver first lien$3.8M-$65,000
433c
Jun 3, 2032
R••••• C••••••••• O•••••••• C••••••• I••revolver first lien$6.4M-$68,000
89c
Jun 21, 2029
C••••• T••••• I•••revolver first lien$9.6M-$68,000
51c
May 1, 2030
T••• L••••• N• B•••• P•••••• L••••••unstated lien unstated$10.3M-$71,000
96c
Apr 14, 2032
Z••••• A••••••••• L••unstated lien unstated$31.2M-$89,000
61c
Jan 13, 2033
V•••••• P•••••••• L••unstated lien unstated$5.8M-$97,000
346c
Dec 23, 2032
S••••••••• L•••• J••• U••unstated lien unstated$4.6M-$107,000
357c
Nov 5, 2032
E•••••• P••••••• I•••••••• L••revolver first lien$9.7M-$115,000
96c
Mar 12, 2030
T••••••••• C•• L••unstated lien unstated$16.3M-$116,000
52c
Feb 13, 2032
A• C•••••• A••••••••• C•••••••••unstated lien unstated$24.4M-$125,000
55c
Jul 2, 2031
S••••• I•••unstated lien unstated$2.1M-$128,000
985c
Feb 16, 2029
I••• C•••••• H••••••• P•• L••delayed draw term loan lien unstated$15.5M-$153,000
139c
May 11, 2029
O•••••• L••delayed draw term loan first lien$7.1M-$173,000
123c
Dec 5, 2031
P•••••• P•••••••• I••revolver first lien$15.5M-$180,000
141c
Sep 19, 2031
N• K••• M••••••••• I•••unstated lien unstated$11.5M-$217,000
388c
Jan 31, 2033
N•• D••••• P•••••••• I••unstated lien unstated$16.1M-$233,000
103c
Sep 10, 2030
E••••••• B•••• I•••unstated lien unstated$6.4M-$248,000
318c
Mar 25, 2032
B••••• B••••• I•••unstated lien unstated$18.9M-$260,000
302c
Nov 17, 2032
E•••••• H••••••• I••unstated lien unstated$15.0M-$262,000
485c
Dec 20, 2032
K••••••• B•••• U•• L••revolver first lien$16.9M-$278,000
106c
Dec 18, 2031
T•••• I•••delayed draw term loan first lien$15.0M-$284,000
97c
Mar 12, 2030
A•••• B••••• L••unstated lien unstated$16.2M-$296,000
89c
Jan 14, 2030
S• S••• U• B•••• L••unstated lien unstated$10.8M-$298,000
573c
Dec 16, 2032
B•••• T•••• A••••••• G••••• L•revolver first lien$27.7M-$304,000
116c
Jun 3, 2030
C•• B••••• I•••revolver first lien$18.0M-$308,000
204c
May 13, 2032
O•• F•••••• L••delayed draw term loan first lien$19.6M-$312,000
167c
Dec 2, 2032
S••••••• B•••• C••••unstated lien unstatedNot disclosed-$327,000
S••••••• B•••• C••••delayed draw term loan first lien$19.2M-$327,000
179c
Nov 6, 2032
S• I••••••••• H•••••••• L••unstated lien unstated$23.8M-$328,000
104c
May 2, 2030
C•••• P•••••• I•••revolver first lien$22.4M-$347,000
122c
Dec 18, 2031
P••• C•••••••••unstated lien unstated$19.1M-$356,000
405c
Dec 20, 2032
E••••••• P••••• I••revolver first lien$9.7M-$357,000
241c
Jan 22, 2031
P•••• O•• B••••• L••revolver first lien$18.0M-$364,000
226c
Oct 11, 2032
Z••••••• U• B•••• I•••unstated lien unstated$26.2M-$364,000
149c
Aug 2, 2032
S••••••• B•••• C••••delayed draw term loan first lien$21.4M-$365,000
211c
Nov 6, 2032
T••••••••• I••delayed draw term loan first lien$21.5M-$380,000
146c
Nov 9, 2030
N• K••• M••••••••• I•••unstated lien unstated$20.4M-$386,000
402c
Jan 31, 2033
B••••• I••••••••• S•••••••• L••unstated lien unstatedNot disclosed-$420,000
S••••••••• L•••• J••• U••unstated lien unstated$18.3M-$423,000
341c
Nov 5, 2032
Z•••••• I••revolver first lien$17.9M-$433,000
303c
Nov 22, 2028
S•••• M••••••••• B••••• I•••unstated lien unstated$19.8M-$445,000
161c
May 29, 2032
T•••••• T••••••••• I••••••••• I••revolver first lien$23.6M-$470,000
1741c
Nov 4, 2032
K•••• I••••••••• H••••••• I••unstated lien unstated$22.8M-$471,000
220c
Aug 29, 2032
F•••••• S••••••• L••revolver first lien$16.8M-$471,000
1273c
Aug 15, 2032
S•••• S••••• B••••• L••unstated lien unstated$21.6M-$473,000
185c
Mar 31, 2031
P••• C•••••••••unstated lien unstated$25.9M-$482,000
389c
Dec 20, 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