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K•••• D• 2•••• I•••

Business development companymanaged by K• C••••• A••••••• I•• L••Non-traded· HOUSTON, TX

A non-traded business development company, managed by K• C••••• A••••••• I•• L••, holding $331M across 87 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$331M
Schedule of investments, 10-Q and 10-K
Borrowers
87
Schedule of investments, 10-Q and 10-K
Mark on cost
99.9¢
Schedule of investments, 10-Q and 10-K
First lien
100%
Schedule of investments, 10-Q and 10-K
Schedule of investments (240)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $4.58M
    on non-accrual, 2 borrowers

    2 borrowers on non-accrual, $4.58M principal; the largest is A••••••• S••••• C••••••• I••••••••• ($3.19M).

    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 A••••••• S••••• C••••••• I••••••••• →
  2. $1.39M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $1.39M principal: D•••••••• I••••••••• L•• ($1.39M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open D•••••••• I••••••••• L•• →
  3. 4 below 80¢
    $5.77M principal

    4 positions across 2 borrowers marked below 80¢ on cost, $5.77M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 10 → 15
    loans paying in kind

    Loans paying in kind rose from 10 to 15 positions in the quarter to Jun 30, 2026.

    Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
  5. $947M → $331M
    fair value, 4 quarters

    Its portfolio shrank 65% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1850787 · file 814-01393Show
Fair value
$331M
as of Jun 30, 2026
Principal held
$334M
debt pieces, the filer's figure
Cost
$330M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
240
87 borrowers
First lien
100%
100% debt by fair value
Quarters on the tape
6
since Dec 31, 2024
Facilities held
187
13 sponsors financed
Portfolio through time
Fair value by quarter end$331M as of Jun 30, 2026
Dec 31, 2024$1.1B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$331M87100c15559 bp
Mar 31, 2026$317M83100c10572 bp
Dec 31, 2025$1.3B162101c30562 bp
Sep 30, 2025$989M84101c15564 bp
All 6 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$947M84101c13564 bp
Dec 31, 2024$1.1B71102c12590 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, 2025
228 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
s••••••••• I••••••••• L••
H••••• care equipment
delayed draw term loan first lienNot disclosedNot disclosedS+700 bpNov 3, 2027
C••••••••• • p••••••••• P••••••••• L•• ••••••delayed draw term loan first lienNot disclosedNot disclosedS+550 bpFeb 28, 2030
C••••••••• s••••••• • s••••••••• B•••• L••revolver first lienNot disclosedNot disclosedS+450 bpNov 15, 2030
P•••••• Y• B••••• I••• ••••• B••••••
P••••••• care products
revolver first lienNot disclosedNot disclosedS+500 bpMay 31, 2030
s••••••••• O••• 1• L•• •••••••• V••••••••
H••••• care equipment
revolver first lienNot disclosedNot disclosedS+475 bpMar 26, 2031
F••• p••••••••• B••••• L•• •••• L•••• F••••• L•••revolver first lienNot disclosedNot disclosedS+525 bpSep 7, 2029
C••••••••• s••••••• • s••••••••• I••••••••• L•• •••••••• S•••••••••revolver first lienNot disclosedNot disclosedS+600 bpDec 18, 2029
p•••••••• • s••••••••• H•••••••• L•• ••••••••• A•••••••••
H••••• care
delayed draw term loan first lienNot disclosedNot disclosedS+525 bpDec 18, 2030
B••••••• p••••••••• R•••••• B••••• L••revolver first lienNot disclosedNot disclosedS+500 bpNov 19, 2029
M••••••••• S••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bpFeb 4, 2030
T•••••• c•••••••• • d••••••••• A•••••••• M••••••••• L••term loan first lienNot disclosedNot disclosedS+700 bpDec 17, 2026
p•••••••• • s••••••••• D••••• C••••••••• L••
H••••• care
delayed draw term loan first lienNot disclosedNot disclosedS+675 bpFeb 15, 2028
P••••••••• s••••••••• S•••••••• L••revolver first lienNot disclosedNot disclosedS+575 bpJan 18, 2029
s••••••••• I••••••••• L••
H••••• care equipment
revolver first lienNot disclosedNot disclosedS+700 bpNov 3, 2027
F••• p••••••••• P•••••• A••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+250 bp
PIK 5.25%
Jan 18, 2029
I••••••••• C••••• S••••••• L••revolver first lienNot disclosedNot disclosedS+475 bpJul 7, 2027
C••••••••• • p••••••••• F••• C•••••••• I•••term loan first lienNot disclosedNot disclosedS+600 bpDec 5, 2026
M••••••••• K••••••• A••••••••• L•• ••••••••• H•••••• S•••••••••revolver first lienNot disclosedNot disclosedS+650 bpDec 18, 2029
F••• p••••••••• B••••• L•• ••••••••• C••••• F••••• • F••••••• L•••revolver first lienNot disclosedNot disclosedS+500 bpFeb 26, 2030
p•••••••• • s••••••••• T••••••••• S••••••• C•••••••••
H••••• care
revolver first lienNot disclosedNot disclosedS+600 bpJun 20, 2030
C••••••••• s••••••• • s••••••••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+575 bpMay 11, 2027
s••••••••• O••• 1• L•• •••••••• V••••••••
H••••• care equipment
delayed draw term loan first lienNot disclosedNot disclosedS+475 bpMar 26, 2031
S••••••• I•••
L•••••• products
revolver first lienNot disclosedNot disclosedS+550 bpDec 31, 2025
B••••••••• C••••••••• •••••••revolver first lienNot disclosedNot disclosedS+700 bpDec 21, 2028
C••••••••• • p••••••••• P•••••••• B••••• I••• ••••••• B•••revolver first lienNot disclosedNot disclosedS+625 bpOct 30, 2028
B••••••• p••••••••• R•••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bpNov 19, 2029
C••••••••• s••••••• • s••••••••• E•••••••• H••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+600 bpMay 5, 2028
F••• p••••••••• L••• D••••••••• L••revolver first lienNot disclosedNot disclosedS+600 bpAug 31, 2028
Page 3 of 3Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2021 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-342417reported