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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, 2026
240 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••• C•••••••••
B•••••••••
delayed draw term loan first lien$3,000$3,000
100c
SOFR+560 bpDec 21, 2029
B•• T•• H•••••••• L••
B••••••• products
delayed draw term loan first lien$0$0SOFR+525 bpFeb 28, 2031
A••••••• E•••••••• H••••••• L••
C••••••••• services & supplies
delayed draw term loan first lien$0$0SOFR+500 bpMay 5, 2028
R••• R•••••• B••••• L••
B••••••• products
delayed draw term loan first lien$0$0SOFR+500 bpNov 19, 2029
G••••••• D•••••••• P••••••• M••••••••• L••
H••••• care providers & services
delayed draw term loan first lien$0$0SOFR+561 bpAug 20, 2027
R•••••• M••••••••• S•••••••• L••
H••••• care providers & services
revolver first lien$0$0SOFR+500 bpFeb 14, 2029
U••••• T•••••••• L••
M••••••••
revolver first lien$0$0SOFR+450 bpAug 29, 2031
P•••••• T•••• A••••••••• C••• ••••••
C••••••••• & packaging
revolver first lien$0$0SOFR+475 bpJan 1, 2032
G••• C• A••••••••• L••
C••••••••
revolver first lien$0$0SOFR+500 bpOct 1, 2030
C••• B••••• L•• ••••••••• C••••• F••••• • F••••••• L•••
F••• products
revolver first lien$0$0SOFR+500 bpFeb 26, 2030
T• A•••• M••••• S•• C•••• ••••
C••••••••
revolver first lien$0$0SOFR+500 bpJun 30, 2031
C•••• B•••••• L••
H•••••••• durables
revolver first lien$0$0SOFR+500 bpApr 2, 2031
J•• I••••••••• L••
F••• products
delayed draw term loan first lien$0$0SOFR+500 bpNov 16, 2028
R••• R•••••• B••••• L••
B••••••• products
revolver first lien$0$0SOFR+500 bpNov 19, 2029
C•• I••••••••• H•••••••• L•• ••••••• M•••••• T•••••••••
M••••••••
revolver first lien$0$0SOFR+550 bpMar 29, 2030
L••••••• A••••••••• C••••••••• •••
D•••••••••
revolver first lien$0$0SOFR+550 bpJan 24, 2030
S••• D••••• C••••••••• L••
H••••• care providers & services
delayed draw term loan first lien$0$0SOFR+685 bpFeb 15, 2028
B••••••••• L••
H••••• care providers & services
revolver first lien$0$0SOFR+475 bpDec 14, 2029
W•••••••• P•••••• A••••••••• L••
F••• products
delayed draw term loan first lien$0$0SOFR+250 bp
PIK 5.25%
Jan 18, 2029
O•• A••••••••• I••• ••••••••
D•••••••••
revolver first lien$0$0SOFR+500 bpDec 27, 2029
B••••••••• H•••••• L•• •• F••••••
C••••••••• services & supplies
revolver first lien$0$0SOFR+550 bpMay 1, 2030
M•• K••••••• A••••••••• L•• ••••••••• H••••••• S•••••••••
M••••••••
revolver first lien$0$0SOFR+550 bpDec 18, 2029
P• B••••• H••••••• I••• I•••
P••••••• care products
revolver first lien$0$0SOFR+550 bpSep 28, 2027
R•• S••••••• L••
M••••••••
revolver first lien$0$0SOFR+525 bpFeb 4, 2030
M••••••• P•••• G•••• C••••
L•••••• products
revolver first lien$0$0SOFR+676 bpApr 22, 2029
L•• I••••••••• L••
H••••• care equipment & supplies
revolver first lien$0$0SOFR+726 bpNov 3, 2027
B•• T•• H•••••••• L••
B••••••• products
revolver first lien$0$0SOFR+525 bpFeb 28, 2031
Q••••• P•••••• I••• •• A•••••••••
A•••••••• & defense
delayed draw term loan first lien$0$0SOFR+500 bpMay 1, 2032
E••••• U• B••••• I••• ••• L•••••••• L•••
C••••••• staples distribution & retail
revolver first lien$0$0SOFR+500 bpApr 4, 2032
C•••• B•••••• L••
H•••••••• durables
delayed draw term loan first lien$0$0SOFR+500 bpApr 2, 2031
D••• F••• C•••••••• I•••
C••••••••• & packaging
term loan first lien$0$0SOFR+610 bpDec 5, 2028
B••••••••• L••
H••••• care providers & services
delayed draw term loan first lien$0$0SOFR+475 bpDec 14, 2029
D••• H••••••• C••••
P••••••••• services
revolver first lien$0$0SOFR+500 bpSep 9, 2028
E•• O••• 1• L•• •••••••• V••••••••
H••••• care equipment & supplies
delayed draw term loan first lien$0$0SOFR+500 bpMar 26, 2031
E••••• U• B••••• I••• ••• L•••••••• L•••
C••••••• staples distribution & retail
delayed draw term loan first lien$0$0SOFR+500 bpApr 4, 2032
N•• H•••••••• L•• ••••••••• A•••••••••
H••••• care providers & services
revolver first lien$0$0SOFR+500 bpDec 18, 2030
S••••••• I••••••••• L•• •••••••• S•••••••••
C••••••••• services & supplies
revolver first lien$0$0SOFR+550 bpDec 18, 2030
A••••• C•••••••••
B•••••••••
revolver first lien$0$0SOFR+565 bpDec 21, 2029
I••••••••• i• M•••• M••••• F•••• • M••••• S•••••• I•••••••••unstated lien unstatedNot disclosedNot disclosed
S••••• P•••••• L••equity equityNot disclosedNot disclosed
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