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B•••••• P•••••• C••••• C•••
A non-traded business development company, managed by B•••••• L••, holding $5.4B across 530 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
- Fair value
- $5.4B
- Borrowers
- 530
- Mark on cost
- 97.8¢
- First lien
- 84%
What matters now
- $76.9Mon non-accrual, 11 borrowers
11 borrowers on non-accrual, $76.9M principal; the largest is A••••••• ($31.6M).
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••••••• → - $27.1Mnewly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $27.1M principal: I•••• I••••••••• I••••••••• H••••• I•• L•• ($24.1M), S••••• A••••• I•• ($2.18M), T••• A•• D••••••••• L•• ($812K).
Q2 2026 · The newest credit problems in the book.
- 28 below 80¢$173M principal
28 positions across 23 borrowers marked below 80¢ on cost, $173M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 0 → 68loans paying in kind
Loans paying in kind rose from 0 to 68 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.
- 1 → 530borrowers
Added a net 529 borrowers in the quarter to Jun 30, 2026, to 530.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1859919 · file 814-01397ShowHide
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.6B | 530 | 98c | 68 | 483 bp |
| May 27, 2026 | $20.0M | 1 | n/a | 0 | n/a |
| Mar 31, 2026 | $5.4B | 494 | 98c | 67 | 494 bp |
| Dec 31, 2025 | $5.2B | 517 | 99c | 70 | 504 bp |
All 22 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Nov 25, 2025 | $35.0M | 1 | n/a | 0 | n/a |
| Sep 30, 2025 | $4.9B | 398 | 100c | 70 | 525 bp |
| Jun 30, 2025 | $4.3B | 355 | 100c | 66 | 542 bp |
| Mar 31, 2025 | $3.7B | 324 | 99c | 63 | 555 bp |
| Dec 31, 2024 | $6.7B | 393 | 98c | 120 | 565 bp |
| Sep 30, 2024 | $3.3B | 322 | 99c | 60 | 573 bp |
| Jun 30, 2024 | $3.0B | 306 | 98c | 58 | 580 bp |
| Mar 31, 2024 | $3.0B | 312 | 98c | 59 | 584 bp |
| Dec 31, 2023 | $3.3B | 341 | 98c | 59 | 587 bp |
| Sep 30, 2023 | $2.5B | 306 | 97c | 41 | 586 bp |
| Jun 30, 2023 | $2.4B | 296 | 98c | 30 | 581 bp |
| Mar 31, 2023 | $2.4B | 295 | 98c | 29 | 583 bp |
| Feb 1, 2023 | $12.0M | 1 | n/a | 0 | n/a |
| Dec 31, 2022 | $2.6B | 315 | 97c | 32 | 580 bp |
| Aug 12, 2022 | $16.0M | 1 | n/a | 0 | n/a |
| Dec 31, 2021 | $117M | 3 | n/a | 0 | 725 bp |
| Sep 1, 2021 | Not disclosed | 2 | n/a | 0 | n/a |
| Jul 8, 2021 | $76.2M | 1 | n/a | 0 | n/a |
- 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
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- P•••••• C••••••••• first lien term loan12 BDCs hold it · matures Oct 1, 2032$79.8M 99c
- B••••• I•• first lien term loan3 BDCs hold it$77.3M 100c
- A•• P••••••••• L•• first lien term loan8 BDCs hold it · matures Apr 1, 2033$72.8M 100c
- S••••••••• L•• first lien term loan3 BDCs hold it$71.4M 100c
- C•• P•••••• L•• first lien term loan3 BDCs hold it$70.2M 100c
- V• S•••• I••••••••• I• L•• first lien term loan3 BDCs hold it$70.2M 100c
- R•• C••••••••• first lien term loan6 BDCs hold it · matures Aug 2, 2030$69.4M 100c
- A•• I• M•• H••••••• I•• first lien term loan3 BDCs hold it$61.6M 100c
- V•••• B••••• L•• first lien term loan4 BDCs hold it · matures Aug 7, 2030$61.2M 100c
- P•••••• F•••••••• B•••••• L•• first lien term loan3 BDCs hold it$59.8M 100c
- P••••• S••••••• C••••••• L•• first lien term loan3 BDCs hold it$58.3M 91c
- F••••• B••••• L•• first lien term loan3 BDCs hold it$57.3M 94c
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T••••••• R••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| W••••••• R•••• L•• | unstated lien unstated | Not disclosed | Not disclosed |
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2021 to 2025reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- B•••••• P•••••• C••••• LLCreported
- Latest schedule
- 0001859919-26-000068reported