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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••••• M•••• L••••••term loan first lien$761,000$737,000
92c
S+525 bp
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$738,000$734,000
102c
S+550 bp
E•• I••••••••• S•••••term loan unsecured or subordinated$699,000$692,000
101c
11.00%
PIK 2.50%
F••••••••• L••equity equityNot disclosed$674,000
72c
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$703,000$674,000
93c
S+525 bp
P•••••• I••••••• A••••••••• I•••revolver lien unstated$693,000$664,000
99c
S+625 bp
N•• B•••• L••equity equityNot disclosed$662,000
115c
M•• B••••• I•••term loan first lien$660,000$660,000
101c
S+500 bp
W••••••• F••••• L••revolver lien unstated$691,000$659,000
99c
S+550 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$650,000$644,000
100c
11.00%
PIK 1.00%
P••••••••• L••term loan first lien$643,000$643,000
101c
S+575 bp
R••••• H••••••• L••equity equityNot disclosed$635,000
O•• H••••••• P••••••••• L••revolver lien unstated$643,000$625,000
101c
S+500 bp
H••••••••• B•••• P•• L••term loan first lien$698,000$601,000
85c
S+525 bp
N• H•••••• L••equity equityNot disclosed$599,000
68c
H•••• 3• H••••••term loan first lien$594,000$591,000
114c
S+588 bp
S•• I••••••••• L••term loan first lien$588,000$588,000
102c
S+675 bp
P••••••• D••••• H••••••• L••term loan first lien$595,000$588,000
101c
S+830 bp
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan first lien$638,000$577,000
73c
S+625 bp
T••• A•• D••••••••• L••equity equityNot disclosed$573,000
110c
B•••••••• L••••••term loan first lien$577,000$568,000
104c
S+500 bp
U•• L•••••• H•••••• A•term loan first lien$559,000$559,000
101c
S+525 bp
A•• C••••••••• L••equity equityNot disclosed$556,000
173c
P•••••• B•••• B•••term loan first lien$568,000$554,000
90c
S+650 bp
N•••• A••••••••• I•••equity equityNot disclosed$547,000
1334c
C•• P•••••• L••revolver lien unstated$551,000$534,000
100c
S+450 bp
G••• L••term loan first lien$538,000$529,000
100c
S+600 bp
P••• S•• ••• M•••••• M•••••term loan first lien$529,000$529,000
90c
S+525 bp
O••••• B•••• L••••••term loan first lien$533,000$524,000
100c
S+525 bp
P••••••••• S•••••••• H•••••••• L••revolver lien unstated$564,000$523,000
101c
S+450 bp
R•••• B•••• L••equity equityNot disclosed$513,000
101c
M• G•••• V••••••• C•••••••••equity equityNot disclosed$511,000
91c
D•••• I••••••••• H••••••• C••equity equityNot disclosed$510,000
100c
S•••• B•••• B•••term loan first lien$508,000$508,000
100c
S+575 bp
C••• U••••••• G•••equity equityNot disclosed$498,000
93c
A•••• B•••• L••••••term loan first lien$499,000$498,000
101c
S+575 bp
O•• H••••••• I• C•••revolver lien unstated$489,000$489,000
103c
S+500 bp
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$476,000
138c
N•••• A••••••••• I•••preferred equity equityNot disclosed$476,000
128c
X••••••• B•••• L••••••equity equityNot disclosed$472,000
104c
I•• H•••• A••••••• L•••••revolver lien unstated$480,000$469,000
100c
S+550 bp
X••••••• B•••• L••••••term loan first lien$461,000$455,000
98c
S+550 bp
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$450,000
99c
M••••••• A••••••••• I•••revolver lien unstated$568,000$449,000
84c
S+550 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$913,000$437,000
56c
S+700 bp
PIK 12.40%
A••• B•••• L••••••term loan first lien$437,000$425,000
90c
S+650 bp
P••••• S••••••• C••••••• L••warrants equityNot disclosed$425,000
J•••• F••• H••••••••• • D••••••••• L••equity equityNot disclosed$421,000
393c
I•• H•••• A••••••• L•••••equity equityNot disclosed$421,000
97c
M••••• 5••• G•••term loan first lien$420,000$409,000
89c
S+700 bp
S••• B••••• L•••equity equityNot disclosed$398,000
77c
T•••••••• I•••revolver lien unstated$408,000$391,000
105c
S+550 bp
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$372,000
99c
N• H•••••• L••revolver first lien$370,000$370,000
109c
S+650 bp
T•••• B•••• L••equity equityNot disclosed$366,000
104c
A•••••• C••••••• P•••••••• L••equity equityNot disclosed$356,000
136c
O•• H••••••• P••••••••• L••equity equityNot disclosed$353,000
112c
A•••••• I•••••••••term loan unsecured or subordinated$345,000$345,000
101c
S+1050 bp
PIK 14.40%
G• E•••• B••••• I•••revolver lien unstated$362,000$344,000
112c
S+475 bp
W••••••• F••••• L••preferred equity equityNot disclosed$325,000
100c
PIK 20.00%
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••term loan first lien$320,000$320,000
100c
S+575 bp
E••• G••••• L••••••••• I•••equity equityNot disclosed$317,000
71c
O••••• B•••• L••••••term loan first lien$320,000$314,000
88c
S+525 bp
G••• L••equity equityNot disclosed$314,000
129c
A••••• M••••term loan second lien$299,000$311,000
103c
PIK 17.50%
E••••••• E•••••••• • E••••••••• C••term loan first lien$316,000$310,000
100c
10.50%
PIK 3.00%
A••• I•••••••••term loan first lien$324,000$305,000
85c
S+625 bp
E•• P•••• H••••• L••revolver lien unstated$458,000$303,000
70c
S+575 bp
A••••• B••••• I•••equity equityNot disclosed$302,000
157c
G••• I• G•••term loan first lien$294,000$294,000
99c
S+600 bp
PIK 10.00%
F••• S••• H•••••• L••equity equityNot disclosed$294,000
58c
S••••• A••••• I•••revolver lien unstated$336,000$291,000
87c
S+550 bp
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$285,000
47c
S•• I••••••••• L••equity equityNot disclosed$283,000
136c
O••••• H••••• L••equity equityNot disclosed$282,000
M••••••• A••••••••• I•••preferred equity equityNot disclosed$277,000
50c
F••••• B••••• L••equity equityNot disclosed$275,000
E•• I•••••••••equity equityNot disclosed$273,000
137c
Q•••••••• I••••••••• L••preferred equity equityNot disclosed$271,000
125c
A•••••• B•••• L••••••term loan first lien$296,000$270,000
103c
S+500 bp
F••••• B••••• L••equity equityNot disclosed$267,000
109c
T••••••••• I•••term loan unsecured or subordinated$288,000$266,000
93c
10.00%
PIK 4.00%
C••• U••••••• G•••equity equityNot disclosed$262,000
106c
P•••••• I••••••• A••••••••• I•••equity equityNot disclosed$259,000
70c
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••term loan first lien$259,000$259,000
90c
S+575 bp
C•••••• P••••••••• L••equity equityNot disclosed$257,000
206c
C••••••• O••••••••• P••••••• C••••• S••••term loan first lien$80,000$256,000
324c
S+700 bp
PIK 15.00%
D••• H••••••• C••••revolver lien unstated$256,000$256,000
108c
S+500 bp
J•••• F••• H••••••••• • D••••••••• L••revolver lien unstated$251,000$251,000
102c
S+550 bp
A•••• B•••• L••••••term loan first lien$272,000$251,000
94c
S+400 bp
PIK 3.30%
U••• C••••term loan first lien$248,000$235,000
96c
S+450 bp
PIK 1.80%
D••• G••••term loan first lien$303,000$235,000
79c
S+400 bp
H••••••••• I•••equity equityNot disclosed$234,000
127c
X••••••• B•••• L••••••term loan first lien$235,000$232,000
102c
S+550 bp
C••• B••••• L••equity equityNot disclosed$229,000
102c
I•• I••••••••• I•••revolver lien unstated$226,000$226,000
110c
S+600 bp
F••••• 4• L••••••term loan first lien$227,000$226,000
101c
S+650 bp
Z• H••••• L••equity equityNot disclosed$222,000
145c
P••••••• D••••• H••••••• L••equity equityNot disclosed$213,000
71c
M• P••••••••• L••equity equityNot disclosed$208,000
114c
Page 5 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