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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 Jun 30, 2025
826 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
D••••••••• B•••term loan first lien$1.0M$1.0M
101c
S+525 bp
D••••••••• P•••••••• H••••••• L••term loan second lien$1.0M$998,000
100c
11.00%
PIK 1.50%
I•• I••••••••• I•••equity equityNot disclosed$975,000
130c
S••••••••• G••••• I•••equity equityNot disclosed$962,000
211c
U••• C••••term loan first lien$979,000$956,000
96c
S+400 bp
PIK 2.40%
O••••• H••••• L••preferred equity equityNot disclosed$954,000
138c
PIK 15.00%
O•• H••••••• P••••••••• L••revolver lien unstated$964,000$948,000
101c
S+475 bp
P•• I••••••••• 4• L••term loan first lien$959,000$943,000
111c
S+575 bp
C•••• P••••• N•term loan first lien$926,000$926,000
112c
S+700 bp
M•• E•••••• I•••revolver lien unstated$965,000$923,000
100c
S+375 bp
O••••• H••••• L••• T•••••••term loan lien unstated$917,000$917,000
100c
10.00%
K••••••• B•••• B•••term loan first lien$931,000$915,000
107c
S+525 bp
S••••• E••••• S••••••••• L••equity equityNot disclosed$905,000
93c
R••• L•••• L••equity equityNot disclosed$905,000
85c
R••••• H•••••••• I•••equity equityNot disclosed$846,000
127c
F••••• H••••••term loan first lien$950,000$841,000
116c
S+525 bp
S••• P••••••••• I•••revolver lien unstated$851,000$821,000
101c
S+500 bp
C•••••••• F•••• S•••••••term loan first lien$812,000$812,000
113c
S+525 bp
I•• I••••••••• I•••term loan first lien$799,000$799,000
101c
S+600 bp
M••••• M•••• L••••••term loan first lien$807,000$778,000
97c
S+575 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$819,000$775,000
96c
S+525 bp
A•••••• A•••••••• C•••••••••revolver lien unstated$795,000$774,000
98c
S+575 bp
U•• L•••••• H•••••• A•term loan first lien$769,000$769,000
108c
S+525 bp
F••••••••• L••equity equityNot disclosed$746,000
80c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.9M$742,000
48c
S+700 bp
PIK 9.40%
T••• A•• D••••••••• L••term loan unsecured or subordinated$752,000$740,000
100c
14.00%
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$738,000$738,000
102c
S+550 bp
S••• B••••• L•••revolver lien unstated$798,000$736,000
96c
S+625 bp
M•••• R•••••••• I••• ••••••••revolver lien unstated$748,000$726,000
100c
S+450 bp
O•• H••••••• I• C•••revolver lien unstated$724,000$724,000
102c
S+475 bp
E•• I••••••••• S•••••term loan unsecured or subordinated$703,000$699,000
102c
11.00%
PIK 2.50%
A•••••••term loan first lien$1.6M$682,000
43c
S+400 bp
PIK 6.40%
B••••••••• L••revolver lien unstated$684,000$673,000
99c
S+550 bp
P•••••• I••••••• A••••••••• I•••revolver lien unstated$752,000$660,000
90c
S+625 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$651,000$650,000
101c
11.00%
PIK 1.00%
S•• I••••••••• L••term loan first lien$643,000$643,000
102c
S+675 bp
P••••••••• L••term loan first lien$641,000$641,000
101c
S+575 bp
C••••••• O••••••••• P••••••• C••••term loan first lien$4.4M$639,000
13c
S+700 bp
PIK 10.30%
N•• B•••• L••equity equityNot disclosed$627,000
109c
H••••••••• B•••• P•• L••term loan first lien$734,000$623,000
88c
S+525 bp
P•••••• B•••• B•••term loan first lien$617,000$617,000
100c
S+650 bp
N• H•••••• L••revolver first lien$636,000$612,000
101c
S+650 bp
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan first lien$679,000$601,000
75c
S+400 bp
PIK 2.50%
P••••••• D••••• H••••••• L••term loan first lien$595,000$593,000
101c
S+830 bp
M•• B••••• I•••term loan first lien$581,000$581,000
101c
S+500 bp
P••• S•• ••• M•••••• M•••••term loan first lien$575,000$575,000
98c
S+525 bp
A•• C••••••••• L••equity equityNot disclosed$567,000
177c
D•••• I••••••••• H••••••• C••equity equityNot disclosed$565,000
111c
I•• H•••• A••••••• L•••••revolver lien unstated$581,000$559,000
98c
S+600 bp
A•••• B•••• L••••••term loan first lien$542,000$542,000
110c
S+575 bp
C••• U••••••• G•••equity equityNot disclosed$540,000
100c
T••• A•• D••••••••• L••equity equityNot disclosed$537,000
103c
G••• L••term loan first lien$536,000$528,000
100c
S+600 bp
O••••• B•••• L••••••term loan first lien$533,000$525,000
100c
S+525 bp
N• H•••••• L••equity equityNot disclosed$505,000
57c
X••••••• B•••• L••••••equity equityNot disclosed$501,000
111c
K•••• H••• P••••••• L•equity equityNot disclosed$496,000
100c
S•••• B•••• B•••term loan first lien$508,000$483,000
95c
S+575 bp
O••••• H••••• L••equity equityNot disclosed$481,000
J•••• F••• H••••••••• • D••••••••• L••equity equityNot disclosed$476,000
445c
W•••••••• H•••••••• I•••revolver lien unstated$469,000$469,000
115c
S+650 bp
A•••••• B•••• L••••••term loan first lien$494,000$468,000
109c
S+500 bp
R•••• B•••• L••equity equityNot disclosed$466,000
91c
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$457,000
132c
M••••• 5••• G•••term loan first lien$458,000$446,000
97c
S+700 bp
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$439,000
96c
A•••••• I•••••••••term loan unsecured or subordinated$429,000$429,000
109c
S+1050 bp
PIK 12.50%
T•••• B•••• L••equity equityNot disclosed$423,000
120c
H•••••••• H•••••••• I•••revolver lien unstated$423,000$411,000
100c
S+525 bp
F••• S••• H•••••• L••equity equityNot disclosed$395,000
78c
M• G•••• V••••••• C•••••••••equity equityNot disclosed$395,000
71c
M••••••• A••••••••• I•••revolver lien unstated$519,000$395,000
81c
S+550 bp
E• S••• B••••term loan first lien$400,000$394,000
107c
S+500 bp
PIK 8.00%
T•••••••• I•••revolver lien unstated$408,000$393,000
105c
S+550 bp
A••••••••• B••• C•••• L••equity equityNot disclosed$391,000
100c
W••••••• F••••• L••revolver lien unstated$414,000$385,000
98c
S+550 bp
U••••••••• L••equity equityNot disclosed$384,000
100c
G••• I• G•••term loan first lien$380,000$380,000
107c
S+600 bp
PIK 10.00%
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$377,000
100c
P••••••••• S•••••••• H•••••••• L••revolver lien unstated$398,000$361,000
101c
S+450 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$902,000$358,000
43c
S+700 bp
PIK 12.40%
I•• H•••• A••••••• L•••••equity equityNot disclosed$356,000
82c
D•••• I••••••••• H••••••• C••revolver lien unstated$379,000$350,000
100c
S+450 bp
O•• H••••••• P••••••••• L••equity equityNot disclosed$344,000
109c
A•••••• C••••••• P•••••••• L••equity equityNot disclosed$343,000
131c
O••••• B•••• L••••••term loan first lien$348,000$342,000
96c
S+525 bp
A••••• M••••term loan second lien$342,000$341,000
105c
PIK 15.50%
W••••••• F••••• L••preferred equity equityNot disclosed$341,000
100c
PIK 20.00%
A••• I•••••••••term loan first lien$352,000$332,000
92c
S+625 bp
G••• L••equity equityNot disclosed$326,000
134c
A•••••• H••••••• H• L••••••term loan unsecured or subordinated$327,000$321,000
100c
15.00%
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••term loan first lien$320,000$320,000
100c
S+525 bp
A••••••••• L••revolver lien unstated$328,000$317,000
100c
S+500 bp
S•• I••••••••• L••equity equityNot disclosed$316,000
152c
E••••••• E•••••••• • E••••••••• C••term loan first lien$318,000$313,000
100c
10.50%
PIK 3.00%
S••• B••••• L•••equity equityNot disclosed$310,000
60c
A••••• B••••• I•••equity equityNot disclosed$310,000
161c
C•••••• P••••••••• L••equity equityNot disclosed$299,000
239c
S••••• A••••• I•••revolver lien unstated$339,000$289,000
86c
S+600 bp
C••• U••••••• G•••equity equityNot disclosed$288,000
116c
Page 5 of 9PreviousNext
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