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B•••••• P•••••• C••••• C•••

Business development companymanaged by B•••••• L••Non-traded· CHARLOTTE, NC

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 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $5.4B
Borrowers: 530
Mark on cost: 97.8¢
First lien: 84%

Schedule of investments (1,061)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$76.9M
on 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••••••• →
$27.1M
newly 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.
FactBDC schedules of investments, 30 Jun 2026Open I•••• I••••••••• I••••••••• H••••• I•• L•• →
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 → 68
loans 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
1 → 530
borrowers
Added a net 529 borrowers in the quarter to Jun 30, 2026, to 530.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1859919 · file 814-01397Show

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

since Dec 31, 2021

Facilities held

964

73 sponsors financed

Portfolio through time

Fair value by quarter end$5.6B as of Jun 30, 2026

Jul 8, 2021$76.2M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$5.6B	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 quarters

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

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P•••••• C••••••••• first lien term loan
12 BDCs hold it · matures Oct 1, 2032
$79.8M 99c
B••••• I•• first lien term loan
3 BDCs hold it
$77.3M 100c
A•• P••••••••• L•• first lien term loan
8 BDCs hold it · matures Apr 1, 2033
$72.8M 100c
S••••••••• L•• first lien term loan
3 BDCs hold it
$71.4M 100c
C•• P•••••• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
V• S•••• I••••••••• I• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
R•• C••••••••• first lien term loan
6 BDCs hold it · matures Aug 2, 2030
$69.4M 100c
A•• I• M•• H••••••• I•• first lien term loan
3 BDCs hold it
$61.6M 100c
V•••• B••••• L•• first lien term loan
4 BDCs hold it · matures Aug 7, 2030
$61.2M 100c
P•••••• F•••••••• B•••••• L•• first lien term loan
3 BDCs hold it
$59.8M 100c
P••••• S••••••• C••••••• L•• first lien term loan
3 BDCs hold it
$58.3M 91c
F••••• B••••• L•• first lien term loan
3 BDCs hold it
$57.3M 94c

Schedule of investments at Mar 31, 2024

778 positions

Borrower	Instrument	Principal	Fair value	Rate
M• P••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
O•• H••••••• P••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
P•••••• I••••••• A••••••••• I••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
S•• H••••••• L•	revolver first lien	Not disclosed	Not disclosed	S+675 bp
A•••••••• W••••••••• 2• L••	unstated lien unstated	Not disclosed	Not disclosed
C••• B••• L••• I••••••••• F•••• • V•••••••	unstated lien unstated	Not disclosed	Not disclosed n/a
A•••• B•••• L••••••• C••	term loan lien unstated	Not disclosed	Not disclosed
B••••• G••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
R• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+425 bp
C••• U••••••• G•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
A••• C•••••• S••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+625 bp
H•• T••••••••• • I•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+850 bp
J•••• F••• H••••••••• • D••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
M••••• S••• H••••••• B•••• P•• L••••••	term loan first lien	Not disclosed	Not disclosed
S••••••• B••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
U•• L•••••• H•••••• A•	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
U•• L•••••• H•••••• A•	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
W•••••••• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+700 bp
X••••••• B•••• L••••••• C••	term loan lien unstated	Not disclosed	Not disclosed
R•••• B••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
R•••• B••••• L••	revolver first lien	Not disclosed	Not disclosed	S+600 bp
S•••• B•••• B•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
A••• S•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H•••• S••••••• G•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
S•• I••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+675 bp
B••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
S••••••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• B••••••• S•••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
F••••• 4• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
G• E•••• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
R•••• B••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
M••••••• A••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
P••••• E••••••••• L•••••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
A• B••••• I••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
A•••••• A•••••••• C•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
A•••••• I•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
A••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
P•••••• B•••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+650 bp
Q•••••••• I••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
T••••• C•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
U••••• T•••••• H•••••• I•• G•••	unstated lien unstated	Not disclosed	Not disclosed
U•••••• •••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
W••••••• R•••• L••	unstated lien unstated	Not disclosed	Not disclosed
W••••••• F••••• L••• L••• o• C•••••	unstated lien unstated	Not disclosed	Not disclosed
Z• H••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
A••••• B••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
B•••••• E••••••••• S••••••• H••••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
H•• T••••••••• • I•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+850 bp
K••• L••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
O•• H••••••• I• C•••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
S••••••••• G••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
T••• C•••••••• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
U••• A••••••••• I••• ••••• U• L•••• S••••••• I••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
Z• H••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
B••••• R••• M••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
C•••••• R••••••••• S••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
C••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
F••••• P•••••• S••••••• L••	revolver lien unstated	Not disclosed	Not disclosed
G••••• A••••••••• S•••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
K••• L••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
L••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
M••••• S••• H••••••• B•••• P•• L••••••	term loan first lien	Not disclosed	Not disclosed
O••• I••••••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
P•• I••••••••• 4• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
R• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+625 bp
R••••• H••••••• L••	preferred equity equity	Not disclosed	Not disclosed
S•• I••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+675 bp
T••••••• M•••••••• C••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
T•• H••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
e••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
G••••• A••••••• G•••• L••••••	term loan first lien	Not disclosed	Not disclosed
L•••••• G•••• H••••••• B•••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
M••••••••• H•••••• B•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
N• H•••••• L••	revolver first lien	Not disclosed	Not disclosed	S+600 bp
O•• H••••••• P••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
Z••••••• B•••• L••••••	unstated lien unstated	Not disclosed	Not disclosed

Page 8 of 8Previous

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