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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.

Fair value
$5.4B
Schedule of investments, 10-Q and 10-K
Borrowers
530
Schedule of investments, 10-Q and 10-K
Mark on cost
97.8¢
Schedule of investments, 10-Q and 10-K
First lien
84%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,061)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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••••••• →
  2. $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•• →
  3. 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
  4. 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 →
  5. 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
16
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$5.6B53098c68483 bp
May 27, 2026$20.0M1n/a0n/a
Mar 31, 2026$5.4B49498c67494 bp
Dec 31, 2025$5.2B51799c70504 bp
All 22 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Nov 25, 2025$35.0M1n/a0n/a
Sep 30, 2025$4.9B398100c70525 bp
Jun 30, 2025$4.3B355100c66542 bp
Mar 31, 2025$3.7B32499c63555 bp
Dec 31, 2024$6.7B39398c120565 bp
Sep 30, 2024$3.3B32299c60573 bp
Jun 30, 2024$3.0B30698c58580 bp
Mar 31, 2024$3.0B31298c59584 bp
Dec 31, 2023$3.3B34198c59587 bp
Sep 30, 2023$2.5B30697c41586 bp
Jun 30, 2023$2.4B29698c30581 bp
Mar 31, 2023$2.4B29598c29583 bp
Feb 1, 2023$12.0M1n/a0n/a
Dec 31, 2022$2.6B31597c32580 bp
Aug 12, 2022$16.0M1n/a0n/a
Dec 31, 2021$117M3n/a0725 bp
Sep 1, 2021Not disclosed2n/a0n/a
Jul 8, 2021$76.2M1n/a0n/a
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 Dec 31, 2024
1,717 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
P•••••• B•••• B•••revolver lien unstated$124,000$120,000
86c
S+650 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$117,000$114,000
99c
12.00%
T••• A•• D••••••••• L••term loan unsecured or subordinated$117,000$114,000
99c
12.00%
Q•••••• U••••term loan first lien$106,000$106,000
87c
S+625 bp
PIK 2.40%
M•• B••••• I•••equity equityNot disclosed$106,000
138c
M•• B••••• I•••equity equityNot disclosed$106,000
138c
Q•••••• U••••term loan first lien$106,000$106,000
87c
S+625 bp
PIK 2.40%
D••••••• I••••••••• L••preferred equity equityNot disclosed$103,000
107c
D••••••• I••••••••• L••preferred equity equityNot disclosed$103,000
107c
S••••••• C•••••••••term loan first lien$1.6M$100,000
24c
2.00%
S••••••• C•••••••••term loan first lien$1.6M$100,000
24c
2.00%
P••••••••• L••revolver lien unstated$97,000$97,000
102c
S+575 bp
P••••••••• L••revolver lien unstated$97,000$97,000
102c
S+575 bp
T•• A••••••••• L••revolver lien unstated$108,000$93,000
99c
S+475 bp
T•• A••••••••• L••revolver lien unstated$108,000$93,000
99c
S+475 bp
Q•••••••• I••••••••• L••equity equityNot disclosed$91,000
2275c
Q•••••••• I••••••••• L••equity equityNot disclosed$91,000
2275c
P••••••••• L••equity equityNot disclosed$79,000
122c
P••••••••• L••equity equityNot disclosed$79,000
122c
A•••••••term loan first lien$95,000$70,000
63c
S+465 bp
PIK 1.80%
A•••••••term loan first lien$95,000$70,000
63c
S+465 bp
PIK 1.80%
S••••••• S•••••••term loan first lien$71,000$69,000
93c
S+675 bp
S••••••• S•••••••term loan first lien$71,000$69,000
93c
S+675 bp
A•••• B•••• L••••••• E••••• L•••notes lien unstatedNot disclosed$66,000
52c
PIK 10.00%
A•••• B•••• L••••••preferred equity equityNot disclosed$66,000
52c
PIK 10.00%
A•••• B•••• L••••••term loan lien unstatedNot disclosed$66,000
52c
PIK 10.00%
A•••• B•••• L••••••preferred equity equityNot disclosed$66,000
52c
PIK 10.00%
A•••• 1•••• G•••preferred equity equityNot disclosed$43,000
35c
A•••• 1•••• G•••preferred equity equityNot disclosed$43,000
35c
F•• B•••• L••equity equityNot disclosed$42,000
145c
F•• B•••• L••equity equityNot disclosed$42,000
145c
T• S• C••••• A••••••••• C••••equity equityNot disclosed$41,000
171c
T• S• C••••• A••••••••• C••••equity equityNot disclosed$41,000
171c
T••• A•• D••••••••• L••term loan unsecured or subordinated$36,000$35,000
100c
12.00%
T••• A•• D••••••••• L••term loan unsecured or subordinated$36,000$35,000
100c
12.00%
G••• I• G•••term loan first lien$33,000$33,000
97c
S+600 bp
PIK 10.00%
G••• I• G•••term loan first lien$33,000$33,000
97c
S+600 bp
PIK 10.00%
P••••••••• L••term loan unsecured or subordinated$32,000$31,000
97c
8.00%
P••••••••• L••term loan unsecured or subordinated$32,000$31,000
97c
8.00%
T••• C•••••••• B••••• I•••equity equityNot disclosed$26,000
520c
T••• C•••••••• B••••• I•••equity equityNot disclosed$26,000
520c
V•••• B••••• L••equity equityNot disclosed$26,000
236c
V•••• B••••• L••equity equityNot disclosed$26,000
236c
M•••••• H•••••• A•equity equityNot disclosed$21,000
M•••••• H•••••• A•equity equityNot disclosed$21,000
K••••••• B•••• B•••revolver lien unstated$19,000$18,000
100c
S+525 bp
K••••••• B•••• B•••revolver lien unstated$19,000$18,000
100c
S+525 bp
J•••• F••• H••••••••• • D••••••••• L••revolver lien unstated$0$0
0c
S+550 bp
S••••••••• I•••revolver lien unstated$0$0
0c
S+450 bp
B••••• G••••term loan first lienNot disclosed$0S+450 bp
N•• B•••• L••revolver lien unstated$0$0
0c
S+575 bp
A••• C•••••• S••••••••• I•••revolver lien unstated$0$0
0c
S+575 bp
N••• H•••••• L••revolver lien unstated$0$0
0c
S+575 bp
A•••••• A•••••••• C•••••••••equity equityNot disclosed$0
0c
O•• H••••••• I• C•••revolver lien unstated$0$0
0c
S+500 bp
B••••• G••••equity equityNot disclosed$0
G••• I• G•••equity equityNot disclosed$0
C••••••• O••••••••• P••••••• C••••equity equityNot disclosed$0
0c
D••••••••• L••equity equityNot disclosed$0
0c
A• B••••• I•••revolver lien unstated$0$0
0c
S+525 bp
B••••• G••••warrants equityNot disclosed$0
B••••• G••••equity equityNot disclosed$0
A•••• 1•••• G•••equity equityNot disclosed$0
0c
A•• C••••••••• L••revolver lien unstated$0$0
0c
S+475 bp
R••••• H••••••• L••term loan second lienNot disclosed$0S+800 bp
H•••• C••••••••• S•••••• S••••••••• L••revolver lien unstated$0$0
0c
S+550 bp
N••• H•••••• L••revolver lien unstated$0$0
0c
S+575 bp
D••• H••••••• C••••revolver lien unstated$0$0
0c
S+500 bp
e••••••••• L••revolver lien unstated$0$0
0c
S+500 bp
C••••••• O••••••••• P••••••• C••••equity equityNot disclosed$0
0c
A•••• 1•••• G•••equity equityNot disclosed$0
0c
N•• B•••• L••revolver lien unstated$0$0
0c
S+575 bp
B••••• G••••equity equityNot disclosed$0
B••••• G••••preferred equity equityNot disclosed$0
e••••••••• L••revolver lien unstated$0$0
0c
S+500 bp
C••••••• O••••••••• P••••••• C••••equity equityNot disclosed$0
G••• I• G•••equity equityNot disclosed$0
M••••••• A••••••••• I•••equity equityNot disclosed$0
0c
J•••• F••• H••••••••• • D••••••••• L••revolver lien unstated$0$0
0c
S+550 bp
A•• C••••••••• L••revolver lien unstated$0$0
0c
S+475 bp
A• B••••• I•••revolver lien unstated$0$0
0c
S+525 bp
R••••• H••••••• L••term loan second lienNot disclosed$0S+800 bp
A••••• B••••• I•••revolver lien unstated$0$0
0c
S+525 bp
S••••••• C•••••••••equity equityNot disclosed$0
O•• H••••••• I• C•••revolver lien unstated$0$0
0c
S+500 bp
N•••• A••••••••• I•••revolver lien unstated$0$0
0c
S+475 bp
C•• P•••••• L••revolver lien unstated$0$0
0c
S+450 bp
C••••••••• L••revolver lien unstated$0$0
0c
S+500 bp
D••••••• I••••••••• L••revolver lien unstated$0$0
0c
S+550 bp
P••••• S••••••• C••••••• L••warrants equityNot disclosed$0
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan unsecured or subordinated$690,000$0
0c
PIK 11.50%
A•••••• A•••••••• C•••••••••equity equityNot disclosed$0
0c
P••••• S••••••• C••••••• L••warrants equityNot disclosed$0
H•••• C••••••••• S•••••• S••••••••• L••revolver lien unstated$0$0
0c
S+550 bp
S••••••• C•••••••••equity equityNot disclosed$0
A••••• B••••• I•••revolver lien unstated$0$0
0c
S+525 bp
P••••• E••••••••• L•••••revolver lien unstated$0$0
0c
S+475 bp
P••••• E••••••••• L•••••revolver lien unstated$0$0
0c
S+475 bp
M••••••• A••••••••• I•••equity equityNot disclosed$0
0c
A••• C•••••• S••••••••• I•••revolver lien unstated$0$0
0c
S+575 bp
Page 11 of 18PreviousNext
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