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K•••• D• 2•••• I•••
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.
As of · the latest schedule of investments read for this BDC
- Fair value
- $331M
- Borrowers
- 87
- Mark on cost
- 99.9¢
- First lien
- 100%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $4.58Mon 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••••••••• → - $1.39Mnewly 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.
- 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 - 10 → 15loans 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.
- $947M → $331Mfair value, 4 quarters
Its portfolio shrank 65% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1850787 · file 814-01393ShowHide
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
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $331M | 87 | 100c | 15 | 559 bp |
| Mar 31, 2026 | $317M | 83 | 100c | 10 | 572 bp |
| Dec 31, 2025 | $1.3B | 162 | 101c | 30 | 562 bp |
| Sep 30, 2025 | $989M | 84 | 101c | 15 | 564 bp |
All 6 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $947M | 84 | 101c | 13 | 564 bp |
| Dec 31, 2024 | $1.1B | 71 | 102c | 12 | 590 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
Largest facilities held, with co-lenders
- E••••••••• F••••••• C••••••• L•• first lien term loan2 BDCs hold it · matures Nov 1, 2027$6.8M 101c
- G•••••• C•••• G••••• L•• first lien term loan2 BDCs hold it · matures May 3, 2027$6.7M 101c
- W••• B••••• I•• first lien term loan6 BDCs hold it · matures Apr 10, 2031$6.7M 101c
- G••••• P••••••• S••••••••• D•••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Nov 24, 2026$6.2M 100c
- L•••• W••• D••••• M••••••••• L•• first lien term loan3 BDCs hold it · matures Jun 30, 2029$6.1M 102c
- O••••• B••••••• L•• first lien term loan3 BDCs hold it · matures Jan 3, 2030$6.1M 102c
- C••• G•••• I•• first lien term loan2 BDCs hold it · matures Sep 24, 2029$5.9M 99c
- J• • K• I••••••••• L•• first lien term loan2 BDCs hold it · matures Nov 16, 2028 · possible sponsor S• C•••••• P•••••••$5.9M 101c
- T• A•••• M••••• S•• C••• first lien term loan2 BDCs hold it · matures Jun 30, 2031$5.9M 102c
- V•••••• S•••••• first lien term loan2 BDCs hold it · matures Dec 22, 2028$5.8M 101c
- E••••••••• S•••••••• L•• first lien term loan2 BDCs hold it · matures Jan 18, 2029 · possible sponsor M•••••• C•••••• M••••••••• L•••$5.6M 102c
- B• P•• P••••••• L•• first lien term loan4 BDCs hold it · matures Dec 14, 2027$5.3M 99c
Schedule of investments at Jun 30, 2026
240 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| G••••• P••••••• S••••••••• D•••••• L•• •••• H••••• care providers & services | delayed draw term loan first lien | $940,000 | $940,000 100c | SOFR+636 bp | Nov 24, 2026 |
| M•••• P••••••••• L•• •••••• C••••••••• & packaging | delayed draw term loan first lien | $918,000 | $920,000 102c | SOFR+550 bp | Feb 28, 2030 |
| O•• A••••••••• I••• •••••••• D••••••••• | delayed draw term loan first lien | $919,000 | $919,000 101c | SOFR+500 bp | Dec 27, 2029 |
| S•••••••• H•••••• L•• A••••••••• components | term loan first lien | $1.0M | $914,000 91c | SOFR+600 bp | Jul 22, 2027 |
| A•••• T••••••••• S••••••• C••••••••• H••••• care providers & services | revolver first lien | $852,000 | $852,000 102c | SOFR+600 bp | Jun 20, 2030 |
| B••••••••• L•• H••••• care providers & services | delayed draw term loan first lien | $818,000 | $818,000 102c | SOFR+485 bp | Dec 14, 2029 |
| P•• P••••• L•• P••••••••• services | term loan first lien | $818,000 | $818,000 101c | SOFR+500 bp | Dec 31, 2031 |
| C••• G•••• I••• ••• M••••••••• H•••••••• products | revolver first lien | $816,000 | $791,000 99c | SOFR+651 bp | Sep 24, 2029 |
| G••••••• D•••••••• P••••••• M••••••••• L•• H••••• care providers & services | term loan first lien | $774,000 | $774,000 101c | SOFR+561 bp | Aug 20, 2027 |
| W••••••••• U• H•••••••• L•• •••••••• H•••••••• D••••••••• | revolver first lien | $780,000 | $771,000 100c | SOFR+600 bp | Oct 23, 2029 |
| C••• L••• D••••••••• L•• F••• products | delayed draw term loan first lien | $749,000 | $749,000 100c | SOFR+626 bp | Aug 31, 2028 |
| L•••• W••• D••••• M••••••••• L•• H••••• care providers & services | revolver first lien | $728,000 | $728,000 102c | SOFR+550 bp | Jun 30, 2029 |
| D•••••• H••••••• A•• C••••••••• • R••••••••• L•• H•••••••• durables | delayed draw term loan first lien | $731,000 | $713,000 99c | SOFR+550 bp | Feb 4, 2031 |
| B• P•• P••••••• L•• •••••• F••• products | delayed draw term loan first lien | $723,000 | $712,000 100c | SOFR+640 bp | Dec 14, 2027 |
| B• P•• P••••••• L•• •••••• F••• products | term loan first lien | $710,000 | $699,000 100c | SOFR+640 bp | Dec 14, 2027 |
| C••••••••• C••••••••• L•• W••••••• telecommunication services | term loan first lien | $772,000 | $698,000 92c | SOFR+615 bp PIK 1.50% | Jun 1, 2028 |
| I••• I••••• A••••••••• L•• D••••••••• | term loan first lien | $646,000 | $646,000 103c | SOFR+550 bp | Dec 31, 2028 |
| B•• B••••• I••• •••••• L•••••• P•••••••• C••••••••• services & supplies | revolver first lien | $616,000 | $616,000 101c | SOFR+625 bp | Dec 22, 2029 |
| B•• B••••• I••• •••••• L•••••• P•••••••• C••••••••• services & supplies | delayed draw term loan first lien | $592,000 | $592,000 101c | SOFR+625 bp | Dec 22, 2029 |
| K•••••• H•••••••• I••• D••••••••• | delayed draw term loan first lien | $588,000 | $588,000 100c | SOFR+475 bp | Mar 1, 2029 |
| K•••••• H•••••••• I••• D••••••••• | delayed draw term loan first lien | $588,000 | $588,000 100c | SOFR+475 bp | Mar 1, 2029 |
| R••• R•••••• B••••• L•• B••••••• products | delayed draw term loan first lien | $592,000 | $586,000 99c | SOFR+500 bp | Nov 19, 2029 |
| W•••••••• P•••••• A••••••••• L•• F••• products | delayed draw term loan first lien | $584,000 | $565,000 98c | SOFR+250 bp PIK 5.25% | Jan 18, 2029 |
| I••• F••••• L•• ••••••••• F••• products | delayed draw term loan first lien | $563,000 | $561,000 101c | SOFR+573 bp | Oct 3, 2028 |
| F••••••• D••••••••• H•••••••• L•• A•••••••• & defense | delayed draw term loan first lien | $542,000 | $542,000 100c | SOFR+475 bp | Nov 4, 2031 |
| A••••••• S••••• C••••••• I••••••••• •••••• T•••••••, apparel & luxury goods | term loan first lien | $269,000 | $539,000 200c | SOFR+0 bp | Jul 20, 2027 |
| R•• S••••••• L•• M•••••••• | delayed draw term loan first lien | $529,000 | $522,000 103c | SOFR+525 bp | Feb 4, 2030 |
| T•• R•••••••• C•••••• C••••••••• & packaging | revolver first lien | $516,000 | $516,000 102c | SOFR+600 bp | May 10, 2029 |
| M•••• P••••••••• L•• •••••• C••••••••• & packaging | revolver first lien | $504,000 | $505,000 105c | SOFR+550 bp | Feb 28, 2030 |
| A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies | term loan first lien | $487,000 | $491,000 102c | SOFR+500 bp | May 5, 2028 |
| D••• A••••••••• I• C••••••••• •••••• • A••••••••• I••• • M•••• D••••••••• | term loan first lien | $475,000 | $475,000 101c | SOFR+600 bp | Jul 12, 2029 |
| W•••••••• P•••••• A••••••••• L•• F••• products | delayed draw term loan first lien | $485,000 | $469,000 100c | SOFR+250 bp PIK 5.25% | Jan 18, 2029 |
| T•••• B•••• L•• C••••••••• services & supplies | term loan first lien | $468,000 | $468,000 101c | SOFR+500 bp | Nov 15, 2030 |
| R••• R•••••• B••••• L•• B••••••• products | term loan first lien | $428,000 | $423,000 102c | SOFR+500 bp | Nov 19, 2029 |
| U• M•••••• • B••••••• P••••••• C•• ••••• U• A•••••• G••••• I••• B••••••• products | delayed draw term loan first lien | $402,000 | $402,000 101c | SOFR+525 bp | Jul 15, 2029 |
| R•••••• M••• L•• ••••• P•••••••• H••••• care providers & services | term loan first lien | $393,000 | $393,000 102c | SOFR+575 bp | Dec 20, 2029 |
| R•••••• M••• L•• ••••• P•••••••• H••••• care providers & services | delayed draw term loan first lien | $391,000 | $391,000 102c | SOFR+575 bp | Dec 20, 2029 |
| A••••••••• L•• C••••••••• services & supplies | delayed draw term loan first lien | $407,000 | $389,000 97c | SOFR+615 bp PIK 1.00% | Apr 22, 2027 |
| B••• M••••• A••••••••• L•• D••••••••• consumer services | term loan first lien | $358,000 | $358,000 101c | SOFR+710 bp | Jun 29, 2028 |
| M•• V•• B•••••••• L•• H••••• care providers & services | term loan first lien | $319,000 | $319,000 102c | SOFR+650 bp | Jan 3, 2029 |
| N•• H•••••••• L•• ••••••••• A••••••••• H••••• care providers & services | delayed draw term loan first lien | $310,000 | $313,000 104c | SOFR+500 bp | Dec 18, 2030 |
| A••••• C••••••••• B••••••••• | delayed draw term loan first lien | $292,000 | $292,000 100c | SOFR+560 bp | Dec 21, 2029 |
| U• M•••••• • B••••••• P••••••• C•• ••••• U• A•••••• G••••• I••• B••••••• products | revolver first lien | $289,000 | $289,000 104c | SOFR+525 bp | Jul 15, 2029 |
| C• ••• G••••• L•• ••••••• P•••••• G••••• P••••••••• services | revolver first lien | $280,000 | $282,000 103c | SOFR+550 bp | Mar 27, 2030 |
| A•••••• G••••• H••••••• L•• C••••••••• services & supplies | term loan first lien | $271,000 | $271,000 101c | SOFR+675 bp | Aug 27, 2030 |
| L•• B••••• I••• ••• T••••••••• I••••••••• I•••• M•••••••• | revolver first lien | $268,000 | $269,000 102c | SOFR+575 bp | Apr 24, 2031 |
| V•••••••• I••• ••••• C•• G••••• I•••• L•••••• products | term loan first lien | $267,000 | $268,000 102c | SOFR+685 bp PIK 0.75% | Nov 30, 2026 |
| K•••••• H•••••••• I••• D••••••••• | revolver first lien | $265,000 | $265,000 103c | SOFR+475 bp | Mar 1, 2029 |
| D•••••• H••••••• A•• C••••••••• • R••••••••• L•• H•••••••• durables | revolver first lien | $269,000 | $263,000 100c | SOFR+550 bp | Feb 4, 2031 |
| B•• B••••• I••• •••••• L•••••• P•••••••• C••••••••• services & supplies | term loan first lien | $227,000 | $227,000 101c | SOFR+625 bp | Dec 22, 2029 |
| E•• O••• 1• L•• •••••••• V•••••••• H••••• care equipment & supplies | revolver first lien | $250,000 | $226,000 92c | SOFR+500 bp | Mar 26, 2031 |
| A••••• C••••• S••••••• L•• I•••••••• | revolver first lien | $222,000 | $222,000 105c | SOFR+610 bp | Jul 7, 2027 |
| B• P•• P••••••• L•• •••••• F••• products | delayed draw term loan first lien | $223,000 | $220,000 99c | SOFR+640 bp | Dec 14, 2027 |
| D••• H••••••• C•••• P••••••••• services | term loan first lien | $219,000 | $219,000 101c | SOFR+500 bp | Sep 9, 2028 |
| I••• F••••• L•• ••••••••• F••• products | revolver first lien | $213,000 | $212,000 102c | SOFR+573 bp | Oct 3, 2028 |
| S••••• E•• C••• L•• F••• products | revolver first lien | $508,000 | $211,000 42c | SOFR+0 bp | Dec 29, 2028 |
| M• B••••• L•• •••• L•••• F••••• L••• F••• products | revolver first lien | $207,000 | $207,000 106c | SOFR+575 bp | Sep 7, 2029 |
| I••••••••• D••••••••• L•• H••••• care providers & services | delayed draw term loan first lien | $204,000 | $203,000 109c | SOFR+650 bp | Aug 1, 2030 |
| C••••• P•••••••• B••••• I••• ••••••• B••• C••••••••• & packaging | revolver first lien | $192,000 | $188,000 102c | SOFR+625 bp | Oct 30, 2028 |
| A•••••• G••••• H••••••• L•• C••••••••• services & supplies | term loan first lien | $187,000 | $187,000 101c | SOFR+675 bp | Aug 27, 2030 |
| A••••••• S••••• C••••••• I••••••••• •••••• T•••••••, apparel & luxury goods | revolver first lien | $427,000 | $183,000 44c | SOFR+0 bp | Jul 20, 2027 |
| G••• P•••••• A••••••••• L•• F••• products | revolver first lien | $180,000 | $180,000 103c | SOFR+710 bp | Sep 29, 2028 |
| D••• H••••••• C•••• P••••••••• services | delayed draw term loan first lien | $177,000 | $177,000 100c | SOFR+500 bp | Sep 9, 2028 |
| O•• A••••••••• I••• •••••••• D••••••••• | term loan first lien | $175,000 | $175,000 101c | SOFR+500 bp | Dec 27, 2029 |
| C• ••• G••••• L•• ••••••• P•••••• G••••• P••••••••• services | delayed draw term loan first lien | $169,000 | $170,000 106c | SOFR+550 bp | Mar 27, 2030 |
| S••••• E•• C••• L•• F••• products | term loan first lien | $145,000 | $145,000 102c | SOFR+0 bp | Dec 29, 2028 |
| G••• P•••••• A••••••••• L•• F••• products | delayed draw term loan first lien | $142,000 | $142,000 100c | SOFR+710 bp | Sep 29, 2028 |
| S••••• E•• C••• L•• F••• products | term loan first lien | $142,000 | $142,000 100c | SOFR+0 bp | Dec 29, 2028 |
| I••••••••• D••••••••• L•• H••••• care providers & services | revolver first lien | $142,000 | $141,000 104c | Prime+650 bp | Aug 1, 2030 |
| A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies | term loan first lien | $128,000 | $129,000 101c | SOFR+500 bp | May 5, 2028 |
| F••• L•• C••••••••• & packaging | term loan first lien | $124,000 | $124,000 102c | SOFR+575 bp | Jul 18, 2028 |
| A••••• C••••••••• B••••••••• | delayed draw term loan first lien | $118,000 | $118,000 101c | SOFR+565 bp | Dec 21, 2029 |
| C••••••••• C••••••••• L•• W••••••• telecommunication services | term loan first lien | $117,000 | $118,000 103c | SOFR+815 bp | Jun 1, 2028 |
| A••••••••• L•• C••••••••• services & supplies | revolver first lien | $122,000 | $117,000 97c | Prime+500 bp PIK 1.00% | Apr 22, 2027 |
| I••• F••••• L•• ••••••••• F••• products | term loan first lien | $117,000 | $116,000 102c | SOFR+535 bp | Oct 3, 2028 |
| B•• B••••• I••• •••••• L•••••• P•••••••• C••••••••• services & supplies | term loan first lien | $106,000 | $106,000 102c | SOFR+625 bp | Dec 22, 2029 |
| E••••••••• S•••••••• L•• P••••••••• services | revolver first lien | $105,000 | $105,000 119c | SOFR+575 bp | Jan 18, 2029 |
| S•••••••• H•••••• L•• A••••••••• components | delayed draw term loan first lien | $110,000 | $100,000 91c | SOFR+600 bp | Jul 22, 2027 |
| I••• F••••• L•• ••••••••• F••• products | term loan first lien | $96,000 | $96,000 102c | SOFR+610 bp | Oct 3, 2028 |
| B•• B••••• I••• •••••• L•••••• P•••••••• C••••••••• services & supplies | term loan first lien | $95,000 | $95,000 101c | SOFR+625 bp | Dec 22, 2029 |
| K••• H•••••••• I••• •••••••• P••••••••• services | revolver first lien | $93,000 | $92,000 103c | SOFR+525 bp | Aug 1, 2031 |
| T•••• B•••• L•• C••••••••• services & supplies | revolver first lien | $83,000 | $83,000 108c | SOFR+500 bp | Nov 15, 2030 |
| D•••••••• I••••••••• L•• C••••••••• services & supplies | term loan first lien | $332,000 | $82,000 100c | May 11, 2027 | |
| A••••• C••••• S••••••• L•• I•••••••• | term loan first lien | $81,000 | $81,000 101c | SOFR+610 bp | Jul 7, 2027 |
| C•• A•••••••• M••••••••• L•• D••••••••• | revolver first lien | $80,000 | $80,000 101c | SOFR+726 bp | Dec 15, 2028 |
| L•••• W••• D••••• M••••••••• L•• H••••• care providers & services | term loan first lien | $79,000 | $79,000 103c | SOFR+550 bp | Jun 30, 2029 |
| P•• P••••• L•• P••••••••• services | revolver first lien | $77,000 | $77,000 103c | SOFR+400 bp | Dec 31, 2031 |
| A•••••• G••••• H••••••• L•• C••••••••• services & supplies | revolver first lien | $72,000 | $72,000 104c | SOFR+675 bp | Aug 27, 2030 |
| C••• L••• D••••••••• L•• F••• products | revolver first lien | $71,000 | $71,000 109c | SOFR+626 bp | Aug 31, 2028 |
| W•••••••• P•••••• A••••••••• L•• F••• products | revolver first lien | $64,000 | $61,000 105c | SOFR+675 bp | Jan 18, 2029 |
| L•••• W••• D••••• M••••••••• L•• H••••• care providers & services | term loan first lien | $61,000 | $61,000 103c | SOFR+550 bp | Jun 30, 2029 |
| S••••• E•• C••• L•• F••• products | term loan first lien | $61,000 | $61,000 102c | SOFR+0 bp | Dec 29, 2028 |
| G••••••• D•••••••• P••••••• M••••••••• L•• H••••• care providers & services | revolver first lien | $57,000 | $57,000 104c | Prime+450 bp | Aug 20, 2027 |
| D•••••••• I••••••••• L•• C••••••••• services & supplies | term loan first lien | $49,000 | $49,000 100c | SOFR+1000 bp | May 11, 2027 |
| V•••••••• I••• ••••• C•• G••••• I•••• L•••••• products | delayed draw term loan first lien | $47,000 | $47,000 100c | SOFR+685 bp PIK 0.75% | Nov 30, 2026 |
| A••••• C••••••••• B••••••••• | term loan first lien | $36,000 | $36,000 100c | SOFR+565 bp | Dec 21, 2029 |
| R•••••• M••• L•• ••••• P•••••••• H••••• care providers & services | revolver first lien | $35,000 | $35,000 109c | SOFR+575 bp | Dec 20, 2029 |
| A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies | revolver first lien | $34,000 | $34,000 378c | SOFR+500 bp | May 5, 2028 |
| I•••••••• A••••••••• L•• IT services | revolver first lien | $33,000 | $33,000 106c | SOFR+665 bp | Jul 26, 2027 |
| E••••••••• S•••••••• L•• P••••••••• services | term loan first lien | $21,000 | $21,000 100c | SOFR+575 bp | Jan 18, 2029 |
Registration
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