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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 Mar 31, 2025
770 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M•••••• S•••••••• P••••• H•••••••• I•••term loan second lien$4.4M$2.2M
50c
S+700 bp
T••• C•••••••• B••••• I•••term loan first lien$2.2M$2.1M
100c
S+500 bp
U••• A••••••••• I••• ••••• U• L•••• S••••••• I••••term loan first lien$2.1M$2.1M
100c
S+575 bp
A•••• 1•••• G•••term loan first lien$2.4M$2.1M
84c
S+575 bp
L•••••••• C••••••••• L••term loan first lien$2.1M$2.1M
100c
S+450 bp
A••••• C••••••• B•••• P•• L••term loan first lien$2.1M$2.1M
90c
S+450 bp
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••term loan first lien$2.1M$2.1M
101c
S+500 bp
U•••••• •••••••••term loan first lien$2.0M$2.0M
104c
S+493 bp
G••••• P•••••• L•••term loan first lien$2.0M$2.0M
105c
S+570 bp
S••••• I•••••term loan first lien$2.0M$2.0M
101c
S+600 bp
R••••• B••••• B•••term loan first lien$2.2M$1.9M
86c
S+625 bp
M•••••••• B•••• L••••••term loan first lien$1.9M$1.9M
102c
S+500 bp
C•• P•••••• L••preferred equity equityNot disclosed$1.9M
264c
O•• C•• 2••••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$1.9M$1.9M
100c
S+600 bp
D••••••• I••••••••• L••term loan first lien$1.9M$1.9M
102c
S+550 bp
C•• S•••••••• L••revolver lien unstated$1.9M$1.9M
103c
S+500 bp
A••••• B••••• I•••term loan unsecured or subordinated$1.9M$1.9M
101c
PIK 12.00%
E••••• E••••••••• S•••••••• I•••term loan first lien$1.8M$1.8M
100c
S+575 bp
L•••••• B•••• L••••••equity equityNot disclosed$1.8M
367c
A•••••• I•••••••••term loan first lien$1.8M$1.8M
101c
S+575 bp
G• E•••• B••••• I•••equity equityNot disclosed$1.8M
207c
M••••• S••• H••••••• B•••• P•• L••••••term loan first lien$1.8M$1.8M
92c
S+600 bp
W•••• B•••• L••••••term loan first lien$1.7M$1.7M
103c
S+550 bp
S••••••• B•term loan first lien$1.8M$1.7M
97c
S+525 bp
T•••••••• B•••• L••••••term loan first lien$1.8M$1.7M
111c
S+525 bp
W•••••••• H•••••••• I•••revolver lien unstated$1.7M$1.7M
104c
S+650 bp
F••••• 4• L••••••term loan first lien$1.6M$1.6M
100c
S+650 bp
C•• F•••• H••••••• C••• L••term loan first lien$1.6M$1.6M
100c
S+700 bp
PIK 11.60%
C•• F•••• H••••••• C••• L••equity equityNot disclosed$1.6M
U•• L•••••• H•••••• A•term loan first lien$1.6M$1.6M
107c
S+525 bp
S••••• C•••••• N•term loan first lien$1.6M$1.6M
101c
S+675 bp
A•••• B•••• L••••••term loan second lien$1.7M$1.6M
98c
PIK 10.50%
S••••• A••••• I•••term loan first lien$1.8M$1.5M
88c
S+550 bp
A•••••• A•••••••• C•••••••••revolver lien unstated$1.5M$1.5M
99c
S+575 bp
P••••• E••••••••• L•••••equity equityNot disclosed$1.5M
201c
T• S• C••••• A••••••••• C••••term loan unsecured or subordinated$1.4M$1.4M
101c
PIK 7.80%
Z••••••• B•••• L••••••term loan first lien$3.1M$1.4M
46c
S+650 bp
PIK 11.50%
P•• I••••••••• 4• L••term loan first lien$1.4M$1.4M
101c
S+575 bp
U••••• T•••••• H•••••• I•• G•••term loan first lien$1.8M$1.4M
77c
S+675 bp
E••••• S••••••• B•••• P•• L••term loan first lien$1.6M$1.3M
72c
S+650 bp
H••• C••• A••••••••• L••term loan first lien$1.5M$1.3M
89c
S+500 bp
K•• D••••• H•••••••• L••equity equityNot disclosed$1.3M
123c
D••••• B••••term loan first lien$1.3M$1.3M
96c
S+525 bp
D••••••••• L••term loan first lien$1.6M$1.3M
84c
S+650 bp
W•••••••• H•••••••• I•••equity equityNot disclosed$1.3M
154c
P••••• S••••••• C••••••• L••warrants equityNot disclosed$1.3M
C•• F•••• H••••••• C••• L••• S••••• O••term loan first lien$1.2M$1.2M
100c
S+900 bp
PIK 13.60%
A••••••••• H•••••• G•••term loan first lien$1.2M$1.2M
87c
S+608 bp
H•• C•••••••••term loan first lien$1.3M$1.2M
100c
S+525 bp
A••• B•••• L••••••term loan first lien$1.2M$1.2M
93c
S+550 bp
Z• H••••• L••revolver lien unstated$1.2M$1.2M
100c
S+550 bp
C•••••• R••••••••• S••••••• L••revolver lien unstated$1.2M$1.2M
97c
S+600 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$2.4M$1.1M
96c
S+700 bp
PIK 12.40%
T•• O••••• M•••• G••••• I•••equity equityNot disclosed$1.1M
322c
W••••••• F••••• L••equity equityNot disclosed$1.1M
94c
C••• F•••••• 2••••••• L•••notes unsecured or subordinated$1.1M$1.1M
100c
S+575 bp
C• A••••••••• H••••••• I•••term loan first lien$1.1M$1.1M
97c
S+350 bp
PIK 2.50%
S••• P•••••• M•••• L••••••term loan first lien$1.1M$1.1M
96c
S+600 bp
A••••• M••••warrants equityNot disclosed$1.1M
26875c
Q•••••••• I••••••••• L••term loan first lien$1.1M$1.1M
101c
S+650 bp
I•••••• G•••• I• B•term loan first lien$1.1M$1.1M
92c
S+500 bp
B••••••••• L••equity equityNot disclosed$1.0M
113c
R••• L•••• L••equity equityNot disclosed$1.0M
96c
L•••••• B•••• L••••••term loan first lien$1.0M$1.0M
108c
S+600 bp
B•• B••••• I•••equity equityNot disclosed$1.0M
106c
R••••• H•••••••• I•••revolver lien unstated$1.0M$1.0M
103c
S+500 bp
G•••••••• I• B•term loan first lien$1.0M$1.0M
107c
S+535 bp
A•••••••• W••••••••• 2• L••term loan second lien$1.0M$1.0M
99c
S+1050 bp
PIK 15.60%
D••••••••• B•••term loan first lien$1.0M$999,000
101c
S+525 bp
A•••••••term loan first lien$1.4M$996,000
63c
S+400 bp
PIK 6.40%
D••••••••• P•••••••• H••••••• L••term loan second lien$1.0M$990,000
100c
11.00%
PIK 1.50%
I•• I••••••••• I•••equity equityNot disclosed$979,000
131c
S••• S••••• B•••• 3• L••••••term loan first lien$989,000$972,000
104c
S+645 bp
S••••• E••••• S••••••••• L••equity equityNot disclosed$960,000
100c
S••••• C•••••• N•term loan first lien$968,000$943,000
102c
S+600 bp
V•••••••• I•••term loan first lien$939,000$939,000
100c
S+525 bp
O••••• H••••• L••preferred equity equityNot disclosed$926,000
148c
PIK 15.00%
M•• E•••••• I•••revolver lien unstated$965,000$919,000
100c
S+475 bp
O••••• H••••• L••• T•••••••term loan lien unstated$917,000$917,000
100c
10.00%
B••••••••• L••revolver lien unstated$905,000$905,000
100c
S+550 bp
P•• I••••••••• 4• L••term loan first lien$883,000$883,000
104c
S+575 bp
U•• A•••••••• I•••revolver lien unstated$882,000$882,000
104c
S+475 bp
A••• B•••• L••••••term loan first lien$892,000$880,000
106c
S+700 bp
D••••••••• B•••• S•• ••••• S•••••••••term loan first lien$864,000$864,000
91c
S+525 bp
S••• B••••• L•••revolver lien unstated$864,000$862,000
103c
S+625 bp
S••••••••• G••••• I•••equity equityNot disclosed$859,000
189c
K••••••• B•••• B•••term loan first lien$857,000$847,000
99c
S+525 bp
R••••• H•••••••• I•••equity equityNot disclosed$838,000
126c
U••• C••••term loan first lien$879,000$835,000
86c
S+450 bp
PIK 2.40%
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.7M$834,000
56c
S+700 bp
PIK 9.40%
O• B••••• I•••equity equityNot disclosed$827,000
392c
L••••• B•••• L••••••term loan second lien$890,000$818,000
91c
PIK 12.00%
R• H•••••••• L••revolver lien unstated$817,000$801,000
104c
S+625 bp
I•• I••••••••• I•••term loan first lien$799,000$799,000
101c
S+600 bp
C••••••• O••••••••• P••••••• C••••term loan first lien$4.2M$798,000
16c
S+700 bp
PIK 10.30%
B•••••••• B•••• L••••••term loan first lien$798,000$798,000
95c
S+700 bp
H•••••••• H•••••••• I•••revolver lien unstated$808,000$794,000
100c
S+525 bp
F••••• H••••••term loan first lien$874,000$764,000
106c
S+575 bp
C•••••••• F•••• S•••••••term loan first lien$748,000$748,000
104c
S+525 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$753,000$739,000
100c
14.00%
Page 4 of 8PreviousNext
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