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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
P••••• B•••• L••	unstated lien unstated	$10.4M	$4.6M 49c	PIK 5.75%	May 12, 2028
A•• N•••• L••••••	preferred equity equity	Not disclosed	$4.6M 45c
S•••• P••••• H••••••• C•••	unstated lien unstated	$27.7M	$4.6M 92c	S+475 bp PIK 2.25%	Dec 16, 2032
S•• V• A•• H•••••••• L•• • L•• I•••••••	unstated lien unstated	Not disclosed	$4.5M 55c
F••• W••••••••• C•• 2••••• • C•••• E•• Structured finance (CLO)	unstated lien unstated	$4.5M	$4.5M 99c	S+799 bp	Oct 20, 2037
B•••••• C•• L•• 2•••••• • C•••• E• Structured finance (CLO)	unstated lien unstated	$4.5M	$4.5M 100c	S+595 bp	Oct 20, 2037
T••• M••••••••• H••••••• L••	revolver first lien	$4.8M	$4.4M 89c	S+650 bp	Dec 1, 2027
B••••••••• T••••••••• I•••	revolver first lien	$4.4M	$4.4M 100c	S+450 bp	May 13, 2029
R••••••••• P••••• L••	unstated lien unstated	$4.3M	$4.3M 100c	S+250 bp	Feb 28, 2033
S•••• P•• B•••• L••	delayed draw term loan first lien	$14.4M	$4.3M 103c	S+475 bp	Oct 2, 2030
T•••• E••••• S••••• L••	unstated lien unstated	$4.3M	$4.3M 100c	S+638 bp	May 1, 2033
R•• P••••• B•••••••• L••	unstated lien unstated	$4.2M	$4.3M 101c	S+375 bp	Sep 8, 2032
S••• H•••••• L••	unstated lien unstated	$4.2M	$4.2M 101c	S+450 bp	Jul 31, 2031
A••••••••• F••••••• I•••	unstated lien unstated	$4.2M	$4.2M 100c	14.25% PIK 14.25%	May 3, 2030
C•••• S••••••• G•••• L••	unstated lien unstated	$4.7M	$4.2M 88c	S+325 bp	Mar 21, 2031
T••••••• S•• L••	unstated lien unstated	$4.1M	$4.1M 100c	S+250 bp	Jun 23, 2032
C•••• H•••••••• L••	unstated lien unstated	$6.2M	$4.1M 102c	S+525 bp	Feb 27, 2029
F••••••• L••	revolver first lien	$4.1M	$4.1M 100c	S+725 bp	Nov 1, 2028
V••• C•• L•• • C•••• E• Structured finance (CLO)	unstated lien unstated	$4.0M	$4.0M 101c	S+600 bp	Jul 20, 2037
P•••••• O••• L••	unstated lien unstated	$4.0M	$4.0M 101c	S+325 bp	May 15, 2033
P••••••• H•••••••• L••	unstated lien unstated	$4.1M	$4.0M 99c	S+375 bp	Aug 2, 2032
7•• E••• C•• V• L•• • C•••• E• Structured finance (CLO)	unstated lien unstated	$4.0M	$4.0M 100c	S+630 bp	Jul 20, 2037
V••••••• C••••• H•••••• L•••	equity equity	Not disclosed	$3.9M 100c
S•••• M••••••••• B••••• I•••	unstated lien unstated	$33.5M	$3.9M 95c	S+500 bp	May 29, 2030
J••• F•••••••• L••	unstated lien unstated	$3.9M	$3.9M 100c	S+350 bp	Feb 26, 2032
T•••••• I••	unstated lien unstated	$3.8M	$3.8M 101c	S+475 bp	Nov 17, 2028
H••••••••• I•••••••• A••••• I••	delayed draw term loan first lien	$3.8M	$3.8M 101c	S+450 bp	Jun 11, 2031
A•••• I••••••••• I•• L••	revolver first lien	$13.4M	$3.8M 92c	S+775 bp	Oct 31, 2029
M•••••• G•••• I••	unstated lien unstated	$4.6M	$3.8M 82c	S+700 bp PIK 3.25%	Jun 23, 2028
2••• M••••• I•••	unstated lien unstated	$27.3M	$3.7M 104c	S+475 bp	Mar 14, 2029
M•• C•••••• M••••••••• I••••••••• L••	revolver first lien	$3.6M	$3.6M 100c	S+475 bp	Aug 29, 2031
W••• X•• P•••••• C••• I••••••••• L•••	unstated lien unstated	$3.6M	$3.5M 100c	S+625 bp	Dec 31, 2032
R•••••• P•••••• L••	revolver first lien	$13.3M	$3.5M 102c	S+475 bp	Apr 3, 2028
A•••• D••••• L•••••• F••• C•• X••• L•• • C•••• E• Structured finance (CLO)	unstated lien unstated	$3.5M	$3.5M 99c	S+800 bp	Aug 1, 2036
G•••••••• I•••••••• H••••••• L••	unstated lien unstated	$3.5M	$3.4M 99c	S+300 bp	Jan 8, 2032
F••••••• L••	revolver first lien	$12.0M	$3.4M 99c	S+725 bp	Nov 1, 2028
T••••••••• C•• L••	unstated lien unstated	$3.4M	$3.4M 100c	S+475 bp	Feb 13, 2032
L•••••• G••••• H•••••• C• L••	unstated lien unstated	$14.7M	$3.3M 86c	S+500 bp	Aug 22, 2030
R••••••• B••••• L••	unstated lien unstated	$17.0M	$3.3M 81c	S+475 bp	Dec 27, 2031
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	$3.3M	$3.3M 100c	S+525 bp	Jul 2, 2031
R••••••• B••••• L••	unstated lien unstated	$8.7M	$3.2M 89c	S+475 bp	Dec 27, 2031
M•••••• S••••• • F••• L••	unstated lien unstated	$3.2M	$3.2M 100c	S+150 bp	Sep 26, 2031
Z••••• A••••••••• L••	unstated lien unstated	Not disclosed	$3.2M 105c	S+450 bp	Jan 13, 2033
U••••••••• S•••••• S••••••• L••	unstated lien unstated	$3.1M	$3.1M 103c	S+275 bp	Feb 10, 2029
N••• M•••• U• D••• M•••••••• I••	unstated lien unstated	$3.1M	$3.0M 98c	S+250 bp	Nov 17, 2031
C•••••• • S••••••••• I•••	revolver first lien	$3.0M	$3.0M 101c	S+475 bp	May 3, 2029
O•••••• 6• L•• • C•••• E•	unstated lien unstated	$3.0M	$3.0M 101c	S+650 bp	Jul 20, 2037
A•••• B•••• I••••••••• L••	unstated lien unstated	$34.1M	$3.0M 90c	S+500 bp	Jan 14, 2033
S••••• R• H•••••••• I•••	revolver first lien	$3.0M	$3.0M 101c	S+476 bp	Sep 13, 2028
A•••• D••••• M••••••••• I•••	unstated lien unstated	$3.3M	$2.9M 91c	S+375 bp	Dec 23, 2027
Z••• C•••••• L••	revolver first lien	$21.5M	$2.9M 85c	S+540 bp	Feb 28, 2030
D••••••••• S••••••• H•••••••• I•••	revolver first lien	$2.9M	$2.8M 102c	S+550 bp	Mar 15, 2028
O•••••• 5• L•• • C•••• E•	unstated lien unstated	$3.0M	$2.8M 95c	S+733 bp	Jul 23, 2037
A•••••• B•••• L••••••	delayed draw term loan first lien	$2.1M	$2.8M 100c	9.73% PIK 6.00%	Sep 8, 2028
R•••• E•••••• P••••••••• L••	preferred equity equity	Not disclosed	$2.8M 100c	15.00% PIK 15.00%
B••••• U• B•••• L••	revolver first lien	$2.8M	$2.7M 97c	S+525 bp	Sep 30, 2030
B••••• U• B•••• L••	revolver first lien	$2.8M	$2.7M 97c	S+525 bp	Sep 30, 2030
V••••••• C••••• H•••••• L•••	equity equity	Not disclosed	$2.7M 122c
T•••• H••••••••• C•••	unstated lien unstated	$2.7M	$2.7M 100c	S+513 bp	Nov 1, 2027
B••• V••••••• H•••••• I•••	preferred equity equity	Not disclosed	$2.7M 137c
B•• S••••••• I•••	unstated lien unstated	$3.0M	$2.7M 91c	S+275 bp	Jul 30, 2031
M••••••• C••••••••• L••	revolver first lien	$2.9M	$2.6M 92c	S+500 bp	Jul 17, 2028
A•• M•••• H••••••• L••••••	revolver first lien	$2.8M	$2.6M 101c	S+725 bp	Oct 29, 2027
C• P••••• I••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$2.6M 132c
A••••••••• A•••••••• G•••• P•• L••	unstated lien unstated	$5.8M	$2.5M 96c	PIK 9.38%	Mar 21, 2028
A••• S••••••••• P•• F•••••• C• I• L•• • C•••• C•	notes lien unstated	$5.0M	$2.5M 101c	S+850 bp	Apr 14, 2039
L••• H••••••• I•• C•••••••••	unstated lien unstated	$2.5M	$2.5M 123c	11.27% PIK 7.50%	Oct 30, 2028
H• A••••••••• P•• L••	delayed draw term loan first lien	$3.6M	$2.5M 106c	S+650 bp	Aug 7, 2029
R• M••••••• P••••••• O•••• I• L••	unstated lien unstated	$2.5M	$2.5M 101c	S+750 bp	Mar 30, 2045
R•• C•• L•• • C•••• E• Structured finance (CLO)	unstated lien unstated	$2.5M	$2.5M 98c	S+625 bp	Apr 17, 2034
T••••••••• I••	delayed draw term loan first lien	$2.5M	$2.4M 99c	S+580 bp	Nov 9, 2030
N•• A••••••••• C••••	revolver first lien	$3.4M	$2.4M 73c	S+600 bp PIK 3.50%	Nov 4, 2030
E••••••• M•••• 1• L••••••	unstated lien unstated	$2.0M	$2.4M 96c	12.01% PIK 8.25%	Apr 29, 2032
A••••••• L••	unstated lien unstated	$2.6M	$2.3M 91c	S+325 bp	Jun 21, 2032
L••• T••••• I•••	preferred equity equity	Not disclosed	$2.3M 116c
C•• T••••• I•••	preferred equity equity	Not disclosed	$2.3M 118c
V•••••• I••••••••• I• L••	revolver first lien	$12.0M	$2.3M 105c	S+325 bp	Jun 17, 2032
C• W•• B•••••••• I•••	revolver first lien	$2.3M	$2.3M 100c	S+675 bp	Jan 27, 2028
K•••• C••••	unstated lien unstated	$2.4M	$2.3M 97c	S+275 bp	Jun 12, 2030
A••••••••• I•••	unstated lien unstated	$4.3M	$2.3M 100c	S+650 bp	Jul 3, 2028
S••••• H••••••• L••	unstated lien unstated	$2.3M	$2.2M 94c	S+350 bp	Mar 5, 2027
S•••••••• I••••••••• L••	revolver first lien	$11.3M	$2.2M 101c	S+475 bp	Feb 12, 2029
F••••• 3•• I••	unstated lien unstated	$2.1M	$2.1M 100c	S+325 bp	Mar 27, 2032
M•• D••••• S••••••••• L••	revolver first lien	$13.9M	$2.0M 107c	S+550 bp	Feb 13, 2031
N•• S••••• L••	unstated lien unstated	$2.0M	$2.0M 100c	S+550 bp	Jun 30, 2032
P••••• B•••• L••	unstated lien unstated	$6.4M	$2.0M 110c	PIK 6.25%	Mar 31, 2027
C••••••• C••• C•• 3• L•• • C•••• E• Structured finance (CLO)	unstated lien unstated	$2.0M	$2.0M 101c	S+716 bp	Apr 20, 2037
K••• B••••• L••	unstated lien unstated	$22.6M	$2.0M 87c	S+450 bp	Jun 27, 2032
T••••••••• C•• L••	unstated lien unstated	$1.9M	$1.9M 101c	S+475 bp	Feb 13, 2032
D••••••• I••	revolver first lien	$2.0M	$1.9M 98c	S+661 bp	Jul 30, 2030
B••• C•••••• C••••• C•• 2••••• L•• • C•••• E• Structured finance (CLO)	unstated lien unstated	$2.0M	$1.9M 96c	S+625 bp	Jul 16, 2037
F••••••••• T••••••••• H••••••• I•••	revolver first lien	$2.0M	$1.9M 97c	S+500 bp	Jan 9, 2030
U•• I••	unstated lien unstated	$1.9M	$1.9M 100c	S+225 bp	Nov 21, 2029
K••• B••••• L••	unstated lien unstated	$1.8M	$1.8M 99c	S+450 bp	Jul 23, 2031
C••• • M••• L•	unstated lien unstated	$1.8M	$1.8M 100c	S+200 bp	Feb 9, 2031
I•• H•••••••• I•••	revolver first lien	$4.0M	$1.8M 97c	S+575 bp	Dec 14, 2030
F• C•••••••• L••	unstated lien unstated	$15.8M	$1.8M 113c	S+550 bp PIK 1.25%	Nov 26, 2030
A•••• B•••• I••••••••• L••	unstated lien unstated	$24.6M	$1.8M 89c	S+500 bp	Jan 14, 2033
G••••• B•••• G•••	unstated lien unstated	$1.6M	$1.8M 97c	10.18% PIK 7.75%	Apr 28, 2034
D••••••••• S••••••• H•••••••• I•••	revolver first lien	$3.0M	$1.7M 98c	S+550 bp	Mar 15, 2028

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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