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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
C••••••• O••••••••• P••••••• C••••term loan first lien$4.2M$950,000
19c
S+700 bp
PIK 10.30%
C••••••• O••••••••• P••••••• C••••term loan first lien$4.2M$950,000
19c
S+700 bp
PIK 10.30%
S••• S••••• B•••• 3• L••••••term loan first lien$959,000$941,000
101c
S+645 bp
S••• S••••• B•••• 3• L••••••term loan first lien$959,000$941,000
101c
S+645 bp
V•••••••• I•••term loan first lien$939,000$939,000
101c
S+525 bp
V•••••••• I•••term loan first lien$939,000$939,000
101c
S+525 bp
G•••••••• I• B•term loan first lien$936,000$936,000
103c
S+510 bp
G•••••••• I• B•term loan first lien$936,000$936,000
103c
S+510 bp
W••••••• F••••• L••equity equityNot disclosed$921,000
76c
W••••••• F••••• L••equity equityNot disclosed$921,000
76c
A••••• M••••warrants equityNot disclosed$919,000
22975c
A••••• M••••warrants equityNot disclosed$919,000
22975c
O••••• H••••• L••term loan lien unstated$917,000$917,000
100c
10.00%
O••••• H••••• L••• T•••••••term loan lien unstated$917,000$917,000
100c
10.00%
I•• I••••••••• I•••equity equityNot disclosed$915,000
122c
I•• I••••••••• I•••equity equityNot disclosed$915,000
122c
B••••••••• L••revolver lien unstated$905,000$905,000
101c
S+550 bp
B••••••••• L••revolver lien unstated$905,000$905,000
101c
S+550 bp
S••••• C•••••• N•term loan first lien$928,000$903,000
98c
S+600 bp
S••••• C•••••• N•term loan first lien$928,000$903,000
98c
S+600 bp
O••••• H••••• L••preferred equity equityNot disclosed$898,000
184c
PIK 15.00%
O••••• H••••• L••preferred equity equityNot disclosed$898,000
184c
PIK 15.00%
D••••••••• P•••••••• H••••••• L••term loan second lien$911,000$896,000
100c
11.00%
PIK 1.50%
D••••••••• P•••••••• H••••••• L••term loan second lien$911,000$896,000
100c
11.00%
PIK 1.50%
S••• P•••••• M•••• L••••••term loan first lien$881,000$881,000
92c
S+600 bp
S••• P•••••• M•••• L••••••term loan first lien$881,000$881,000
92c
S+600 bp
P•• I••••••••• 4• L••term loan first lien$846,000$844,000
100c
S+575 bp
P•• I••••••••• 4• L••term loan first lien$846,000$844,000
100c
S+575 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.7M$830,000
55c
S+700 bp
PIK 9.60%
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.7M$830,000
55c
S+700 bp
PIK 9.60%
D••••••••• B•••• S•• ••••• S•••••••••term loan first lien$828,000$828,000
87c
S+525 bp
D••••••••• B•••• S•• ••••• S•••••••••term loan first lien$828,000$828,000
87c
S+525 bp
U••• C••••term loan first lien$843,000$800,000
83c
S+460 bp
PIK 2.40%
U••• C••••term loan first lien$843,000$800,000
83c
S+460 bp
PIK 2.40%
I•• I••••••••• I•••term loan first lien$801,000$800,000
101c
S+625 bp
I•• I••••••••• I•••term loan first lien$801,000$800,000
101c
S+625 bp
S••••••••• G••••• I•••equity equityNot disclosed$799,000
176c
S••••••••• G••••• I•••equity equityNot disclosed$799,000
176c
L••••• B•••• L••••••term loan second lien$854,000$798,000
88c
PIK 12.00%
L••••• B•••• L••••••term loan second lien$854,000$798,000
88c
PIK 12.00%
O• B••••• I•••equity equityNot disclosed$783,000
371c
O• B••••• I•••equity equityNot disclosed$783,000
371c
R••••• H•••••••• I•••equity equityNot disclosed$777,000
116c
R••••• H•••••••• I•••equity equityNot disclosed$777,000
116c
R••••• H•••••••• I•••revolver lien unstated$792,000$766,000
103c
S+625 bp
R••••• H•••••••• I•••revolver lien unstated$792,000$766,000
103c
S+625 bp
F••••••••• L••equity equityNot disclosed$761,000
82c
F••••••••• L••equity equityNot disclosed$761,000
82c
B•••••••• B•••• L••••••term loan first lien$775,000$760,000
91c
S+650 bp
B•••••••• B•••• L••••••term loan first lien$775,000$760,000
91c
S+650 bp
W••••••• F••••• L••revolver lien unstated$771,000$755,000
100c
S+525 bp
W••••••• F••••• L••revolver lien unstated$771,000$755,000
100c
S+525 bp
N• H•••••• L••equity equityNot disclosed$753,000
85c
N• H•••••• L••equity equityNot disclosed$753,000
85c
M••••• M•••• L••••••term loan first lien$738,000$738,000
92c
S+525 bp
M••••• M•••• L••••••term loan first lien$738,000$738,000
92c
S+525 bp
C•••••••• F•••• S•••••••term loan first lien$717,000$717,000
100c
S+525 bp
C•••••••• F•••• S•••••••term loan first lien$717,000$717,000
100c
S+525 bp
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$727,000$687,000
97c
S+575 bp
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$727,000$687,000
97c
S+575 bp
E•• I••••••••• S•••••term loan unsecured or subordinated$695,000$686,000
101c
11.00%
PIK 2.50%
E•• I•••••••••term loan unsecured or subordinated$695,000$686,000
101c
11.00%
PIK 2.50%
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$698,000$677,000
93c
S+550 bp
K••••••• B•••• B•••term loan first lien$695,000$677,000
93c
S+525 bp
K••••••• B•••• B•••term loan first lien$695,000$677,000
93c
S+525 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$698,000$677,000
93c
S+550 bp
M•• B••••• I•••term loan first lien$662,000$662,000
101c
S+500 bp
M•• B••••• I•••term loan first lien$662,000$662,000
101c
S+500 bp
P••••••••• L••term loan first lien$645,000$645,000
101c
S+575 bp
P••••••••• L••term loan first lien$645,000$645,000
101c
S+575 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$648,000$640,000
100c
11.00%
PIK 1.00%
C•••••• P••••••••• L••term loan unsecured or subordinated$648,000$640,000
100c
11.00%
PIK 1.00%
N•• B•••• L••equity equityNot disclosed$639,000
111c
N•• B•••• L••equity equityNot disclosed$639,000
111c
T••• A•• D••••••••• L••equity equityNot disclosed$625,000
120c
T••• A•• D••••••••• L••equity equityNot disclosed$625,000
120c
O•• H••••••• P••••••••• L••revolver lien unstated$643,000$623,000
101c
S+525 bp
O•• H••••••• P••••••••• L••revolver lien unstated$643,000$623,000
101c
S+525 bp
C•••••• H•••••• C••••••• L••equity equityNot disclosed$617,000
100c
C•••••• H•••••• C••••••• L••equity equityNot disclosed$617,000
100c
P••••••• D••••• H••••••• L••term loan first lien$624,000$609,000
100c
S+830 bp
P••••••• D••••• H••••••• L••term loan first lien$624,000$609,000
100c
S+830 bp
H••••••••• B•••• P•• L••term loan first lien$694,000$602,000
86c
S+525 bp
H••••••••• B•••• P•• L••term loan first lien$694,000$602,000
86c
S+525 bp
N•••• A••••••••• I•••equity equityNot disclosed$600,000
1463c
N•••• A••••••••• I•••equity equityNot disclosed$600,000
1463c
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan first lien$634,000$589,000
74c
S+625 bp
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan first lien$634,000$589,000
74c
S+625 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$600,000$588,000
100c
12.00%
T••• A•• D••••••••• L••term loan unsecured or subordinated$600,000$588,000
100c
12.00%
S•• I••••••••• L••term loan first lien$589,000$583,000
101c
S+675 bp
S•• I••••••••• L••term loan first lien$589,000$583,000
101c
S+675 bp
H•••• 3• H••••••term loan first lien$570,000$566,000
109c
S+563 bp
H•••• 3• H••••••term loan first lien$570,000$566,000
109c
S+563 bp
I••••••• H••••••• G•••term loan first lien$545,000$545,000
111c
S+475 bp
I••••••• H••••••• G•••term loan first lien$545,000$545,000
111c
S+475 bp
B•••••••• L••••••term loan first lien$552,000$539,000
100c
S+500 bp
B•••••••• L••••••term loan first lien$552,000$539,000
100c
S+500 bp
U•• L•••••• H•••••• A•term loan first lien$536,000$536,000
96c
S+525 bp
U•• L•••••• H•••••• A•term loan first lien$536,000$536,000
96c
S+525 bp
Page 8 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