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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.
As of · the latest schedule of investments read for this BDC
- Fair value
- $5.4B
- Borrowers
- 530
- Mark on cost
- 97.8¢
- First lien
- 84%
As of · the latest schedule of investments read for this BDC
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
Fair value
$5.4B
as of Jun 30, 2026
Principal held
$5.1B
debt pieces, the filer's figure
Cost
$5.5B
98c on cost, debt pieces
Unfunded
$987M
commitments not yet drawn
Positions
1,061
530 borrowers
First lien
84%
92% debt by fair value
Quarters on the tape
16
since Dec 31, 2021
Facilities held
964
73 sponsors financed
Portfolio through time
Fair value by quarter end$5.4B as of Jun 30, 2026
Jul 8, 2021$76.2M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.4B | 530 | 98c | 68 | 483 bp |
| May 27, 2026 | $20.0M | 1 | n/a | 0 | n/a |
| Mar 31, 2026 | $5.2B | 494 | 98c | 67 | 494 bp |
| Dec 31, 2025 | $4.9B | 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 | $4.5B | 398 | 100c | 70 | 525 bp |
| Jun 30, 2025 | $4.0B | 355 | 100c | 66 | 542 bp |
| Mar 31, 2025 | $3.4B | 324 | 99c | 63 | 555 bp |
| Dec 31, 2024 | $6.2B | 393 | 98c | 120 | 565 bp |
| Sep 30, 2024 | $2.9B | 322 | 99c | 60 | 573 bp |
| Jun 30, 2024 | $2.6B | 306 | 98c | 58 | 580 bp |
| Mar 31, 2024 | $2.6B | 312 | 98c | 59 | 584 bp |
| Dec 31, 2023 | $2.6B | 341 | 98c | 59 | 587 bp |
| Sep 30, 2023 | $2.3B | 306 | 97c | 41 | 586 bp |
| Jun 30, 2023 | $2.2B | 296 | 98c | 30 | 581 bp |
| Mar 31, 2023 | $2.3B | 295 | 98c | 29 | 583 bp |
| Feb 1, 2023 | $12.0M | 1 | n/a | 0 | n/a |
| Dec 31, 2022 | $2.4B | 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 |
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
- 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
Largest facilities held, with co-lenders
- 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
Schedule of investments at Dec 31, 2022
809 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| F••• S••• H•••••• L•• P•••••••• | equity equity | Not disclosed | $502,000 99c | ||
| S••••• C•••••• N•• C••••••• C••••••• | term loan first lien | $490,000 | $479,000 100c | S+575 bp | |
| V••••••• B•••• L•••••• I••••••••• M•••••••• | term loan first lien | $473,000 | $460,000 99c | S+650 bp | |
| P••••• S••••••• C••••••• L•• P••••••• & C••••••• I•••••••• | warrants equity | Not disclosed | $459,000 | ||
| R••••••••• P••••• H•••••••• L•• H••• F••••••••• | equity equity | Not disclosed | $456,000 77c | ||
| B•••••• P•••• P•••••••• C••••••••• A••• P•••• & E•••••••• | equity equity | Not disclosed | $446,000 98c | ||
| X••••••• B•••• L•••••• Financial O•••• | equity equity | Not disclosed | $439,000 97c | ||
| P•••••• B•••• B••• A•••••••• & D•••••• | term loan first lien | $468,000 | $439,000 86c | S+600 bp | |
| A••••• M•••• H••••••••• | warrants equity | Not disclosed | $426,000 10650c | ||
| A••••• M•••• H••••••••• | warrants equity | Not disclosed | $426,000 10650c | ||
| P•••••• N•• M•••• 1• L•••••• •••••••• R••• A•••••••• D••••••••• Financial S••••••s | term loan first lien | $443,000 | $421,000 96c | S+675 bp | |
| A••• B•••• L••••••• B••••••• E•••••••• • S••••••• | term loan first lien | $407,000 | $407,000 87c | S+625 bp | |
| R• H•••••••• L•• T••••••••• | revolver lien unstated | $472,000 | $403,000 100c | S+625 bp | |
| M•••• B•••• P•• L••••••• B••••••• E•••••••• • S••••••• | term loan first lien | $387,000 | $387,000 88c | S+525 bp | |
| F•• •••••••• B•••• G••••• S••••••• S••••••• | term loan first lien | $386,000 | $384,000 89c | S+625 bp | |
| G••• I• G••• H••••••••• | term loan first lien | $458,000 | $375,000 87c | S+550 bp | |
| G••• I• G••• H••••••••• | term loan first lien | $458,000 | $375,000 87c | S+550 bp | |
| B•••••• U• B•••• L•••••• H••• T••• I••••••••• | term loan first lien | $376,000 | $369,000 86c | S+550 bp | |
| A•• C••••••••• L•• M•••• & E••••••••• | equity equity | Not disclosed | $369,000 115c | ||
| B•••••• U• B•••• L•••••• H••• T••• I••••••••• | term loan first lien | $376,000 | $369,000 86c | S+550 bp | |
| C•••••• P••••••••• L•• A•••••••• & D•••••• | term loan unsecured or subordinated | $378,000 | $369,000 99c | 11.00% PIK 1.00% | |
| D••••• T•••••• I•••• L•••••• • C••••••• S•••• | term loan first lien | $366,000 | $366,000 100c | S+600 bp | |
| D••••• T•••••• I•••• L•••••• • C•••••• S•••• | term loan first lien | $366,000 | $366,000 100c | S+600 bp | |
| P•••••• N•• M•••• 1• L•••••• •••••••• R••• A•••••••• D••••••••• Financial S••••••s | term loan first lien | $378,000 | $360,000 85c | S+675 bp | |
| S••••• C•••••• N•• C••••••• C••••••• | term loan first lien | $358,000 | $348,000 105c | S+575 bp | |
| O••••• B•••• L•••••• T••••••••• | term loan first lien | $354,000 | $342,000 87c | S+575 bp | |
| M••••••••• H•••••• B••• C••••••• P••••••• | term loan first lien | $356,000 | $341,000 103c | S+600 bp | |
| B••••• •••••••• A•• H••• T••• I••••••••• | term loan first lien | $341,000 | $341,000 81c | S+525 bp | |
| B•••••• U• B•••• L•••••• H••• T••• I••••••••• | term loan first lien | $322,000 | $316,000 100c | S+550 bp | |
| B•••••• U• B•••• L•••••• H••• T••• I••••••••• | term loan first lien | $322,000 | $316,000 100c | S+550 bp | |
| R••••• H•••••••• I•••• A••••••••• M••••••••• | revolver lien unstated | $367,000 | $297,000 99c | S+650 bp | |
| C••••••• O••••••••• P••••••• C•••• H••••••••• | equity equity | Not disclosed | $292,000 75c | ||
| A••• I••••••••• C••••••••• F•••••• | term loan first lien | $320,000 | $280,000 78c | S+625 bp | |
| D••• G•••• H••••• C••• E•••••••• | term loan first lien | $299,000 | $269,000 98c | S+575 bp | |
| D••• G•••• H••••• C••• E•••••••• | term loan first lien | $299,000 | $269,000 98c | S+575 bp | |
| E••• G•••• B••••••, Finance, I•••••••• & Real Estate | term loan first lien | $267,000 | $267,000 88c | S+500 bp | |
| A•••••• A•••••••• C••••••••• A•••••••• & D•••••• | equity equity | Not disclosed | $261,000 100c | ||
| A•••••• A•••••••• C••••••••• A•••••••• & D•••••• | equity equity | Not disclosed | $261,000 100c | ||
| T••••••••• I••• C••••••• P••••••• | term loan unsecured or subordinated | $263,000 | $259,000 100c | 10.00% PIK 4.00% | |
| T••••••••• I••• C••••••• P••••••• | equity equity | Not disclosed | $255,000 107c | ||
| A•••• B•••• L•••••• | term loan first lien | $259,000 | $253,000 100c | S+575 bp | |
| A•••• B•••• L•••••• H••• T••• I••••••••• | term loan first lien | $259,000 | $253,000 100c | S+575 bp | |
| N•••• A••••••••• I••• A•••••••• & D•••••• | preferred equity equity | Not disclosed | $242,000 65c | ||
| N••••• I••••••• S••••••• & S••••••s | term loan first lien | $241,000 | $241,000 90c | S+625 bp | |
| U••• C•••• B••••••• S••••••s | term loan first lien | $243,000 | $240,000 101c | S+525 bp | |
| C•••••••• F•••• S••••••• D••••••••• Financial S••••••s | term loan first lien | $252,000 | $238,000 107c | S+525 bp | |
| C•••••••• F•••• S••••••• D••••••••• Financial S••••••s | term loan first lien | $252,000 | $238,000 107c | S+525 bp | |
| C••• U••••••• G••• T••••••••• | equity equity | Not disclosed | $237,000 96c | ||
| O• B••••• I•• H••••••••• | equity equity | Not disclosed | $226,000 107c | ||
| O•• H••••••• P••••••••• L•• T••••••••• | equity equity | Not disclosed | $221,000 106c | ||
| Z• H••••• L•• F••• & B••••••• | equity equity | Not disclosed | $189,000 124c | ||
| F•• B•••• L•• T••••••••• | equity equity | Not disclosed | $187,000 146c | ||
| A••••• B••••• I••• T••••••••• | equity equity | Not disclosed | $183,000 95c | ||
| C•••••••• F•••• S••••••• D••••••••• Financial S••••••s | term loan first lien | $189,000 | $183,000 92c | S+575 bp | |
| P•••••••• M••••• | notes lien unstated | $182,000 | $165,000 91c | 4.70% | |
| P•••••••• M••••• | notes lien unstated | $182,000 | $162,000 89c | 5.40% | |
| C•••••• P••••••••• L•• A•••••••• & D•••••• | equity equity | Not disclosed | $159,000 127c | ||
| P•••••••• M••••• | notes lien unstated | $181,000 | $158,000 87c | 8.50% | |
| P•••••••• M••••• | notes lien unstated | $182,000 | $157,000 86c | 5.90% | |
| P••••• S••••••• C••••••• L•• P••••••• & C••••••• I•••••••• | warrants equity | Not disclosed | $155,000 | ||
| B•••••••• B•••• L•••••• H••••, G••••• & L•••••• | term loan first lien | $175,000 | $154,000 99c | S+700 bp | |
| N•••• U••••••••• M••••••••• L••••••• O•••• F•••••••• | revolver first lien | $146,000 | $146,000 91c | S+525 bp | |
| E•••••• W••• A••••••••• C••••••• L••• C••••••• C••••••• | revolver lien unstated | $140,000 | $136,000 101c | S+650 bp | |
| T•••••• B••• T••••••••• | revolver lien unstated | $141,000 | $130,000 95c | S+550 bp | |
| I•• I••••••••• I•••• T••••••••• S••••••• | equity equity | Not disclosed | $127,000 88c | ||
| P•••••• C••••••••• B••••••• E•••••••• • S••••••• | equity equity | Not disclosed | $124,000 144c | ||
| P•••••• B•••• B••• A•••••••• & D•••••• | revolver lien unstated | $127,000 | $123,000 88c | S+525 bp | |
| I••••••••• G•••• B••• T••••••••• | term loan first lien | $127,000 | $123,000 102c | S+525 bp | |
| S••••• P••••••• H•••••••• L••• N••••••••• C••••••• G•••• | term loan first lien | $159,000 | $121,000 90c | S+600 bp | |
| A•••• 1•••• G••• C••••••••, P•••••••, & R••••• | preferred equity equity | Not disclosed | $119,000 98c | ||
| A•••• 1•••• G••• C••••••••, P•••••••, and R••••• | preferred equity equity | Not disclosed | $119,000 98c | ||
| M•••••• H•••••• A• T••••••••• | term loan first lien | Not disclosed | $116,000 105c | S+600 bp | |
| J•••• F••• H••••••••• • D••••••••• L•• C••••••• P••••••• | equity equity | Not disclosed | $115,000 119c | ||
| A•••• B•••• L•••••• H••• T••• I••••••••• | preferred equity equity | Not disclosed | $100,000 97c | PIK 10.00% | |
| A•••• B•••• L•••••• | preferred equity equity | Not disclosed | $100,000 97c | PIK 10.00% | |
| A•••• B•••• L••••••• H••• T••• I••••••••• E••••• L••• | notes lien unstated | Not disclosed | $100,000 97c | PIK 10.00% | |
| A•••• B•••• L•••••• E••••• L••• | notes lien unstated | Not disclosed | $100,000 97c | PIK 10.00% | |
| S••• T•••••• B•••• S•• I••••••••• M•••••••• | term loan first lien | $98,000 | $98,000 100c | S+525 bp | |
| T••• H•••••• C••• M•••• & G•••• C••••••••• | revolver lien unstated | $109,000 | $96,000 100c | S+575 bp | |
| D••••••• I••••••••• L•• T••••••••• | equity equity | Not disclosed | $96,000 100c | ||
| A•••••••• W••••••••• 2• L••• T••••••••• S••••••• | term loan first lien | $117,000 | $92,000 114c | S+600 bp | |
| A••••• L•• T••••••••• | revolver lien unstated | $91,000 | $85,000 101c | S+550 bp | |
| A••••• L•• T••••••••• | revolver lien unstated | $91,000 | $85,000 101c | S+550 bp | |
| C••••••••• L•• T••••••••• | revolver lien unstated | $86,000 | $77,000 101c | S+575 bp | |
| P••••••••• L•• T••••••••• | equity equity | Not disclosed | $69,000 106c | ||
| M•• B••••• I••• C••••••••• & B••••••• | term loan first lien | Not disclosed | $54,000 70c | S+550 bp | |
| F•••• L••• P•••• C••••••••• L••• C••••••••• M•••••••• | equity equity | Not disclosed | $49,000 49c | ||
| L••••••••• L••• B••••••• E•••••••• • S••••••• | equity equity | Not disclosed | $49,000 126c | ||
| D••••••••• L••• B••••••• M•••••••• | equity equity | Not disclosed | $48,000 89c | ||
| L•••••• B•••• L•••••• H••••• C••• | revolver lien unstated | $61,000 | $45,000 73c | S+625 bp | |
| P••••• S••••••• C••••••• L•• P••••••• & C••••••• I•••••••• | warrants equity | Not disclosed | $44,000 | ||
| F•• B•••• L•• T••••••••• | equity equity | Not disclosed | $43,000 148c | ||
| N••••• I••••••• S••••••• & S••••••s | term loan second lien | $42,000 | $42,000 91c | PIK 12.50% | |
| M••••••••• H•••••• B••• C••••••• P••••••• | revolver lien unstated | $46,000 | $40,000 95c | S+500 bp | |
| L•••••• G•••• H••••••• B•••• L•••••• T••••••••• | revolver lien unstated | $35,000 | $34,000 100c | S+525 bp | |
| P••••••••• L•• T••••••••• | term loan second lien | $32,000 | $30,000 94c | 8.00% | |
| T• S• C••••• A••••••••• C•••• T••••••••• | equity equity | Not disclosed | $29,000 121c | ||
| V•••• B••••• L•• T••••••••• | equity equity | Not disclosed | $20,000 182c | ||
| A•••• 1•••• G••• C••••••••, P•••••••, and R••••• | equity equity | Not disclosed | $7,000 58c | ||
| A•••• 1•••• G••• C••••••••, P•••••••, & R••••• | equity equity | Not disclosed | $7,000 58c |
Registration
- 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
Across the graphs
B•••••• P•••••• C••••• C••• is the same institution as 1 record in Independent Sponsors.
Independent Sponsors1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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Capital chain
B•••••• P•••••• C••••• C••• sits on 225 traced paths of capital across the graphs.
Allocator to credit manager to facility to borrowerPE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender
Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
5,030 field-level changes across filed schedules, latest first
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.
›Connections
every published relationship on the graph
Show 1 connection across 1 kindShow fewer
Manages (1)
- Feb 19, 2026 to presentfactBDC schedule of investments