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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
M••••••• A••••••••• I•••preferred equity equityNot disclosed$287,000
52c
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$285,000
47c
F••••• B••••• L••equity equityNot disclosed$285,000
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••term loan first lien$282,000$282,000
98c
S+525 bp
Q•••••••• I••••••••• L••preferred equity equityNot disclosed$277,000
128c
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$276,000
147c
C•••••••• F•••• S•••••••term loan first lien$275,000$275,000
108c
S+525 bp
F••••• B••••• L••equity equityNot disclosed$272,000
111c
T••••••••• I•••term loan unsecured or subordinated$291,000$265,000
92c
10.00%
PIK 4.00%
P••••••• D••••• H••••••• L••equity equityNot disclosed$261,000
88c
A•••• B•••• L••••••term loan first lien$276,000$257,000
94c
S+400 bp
PIK 3.30%
D••• H••••••• C••••revolver lien unstated$256,000$256,000
107c
S+500 bp
C••••••• O••••••••• P••••••• C••••• S••••term loan first lien$87,000$253,000
305c
S+700 bp
PIK 15.00%
E• S••• B••••term loan first lien$256,000$252,000
104c
S+500 bp
F••••• 4• L••••••term loan first lien$247,000$246,000
110c
S+650 bp
U••• C••••term loan first lien$251,000$245,000
99c
S+400 bp
PIK 2.40%
E•• I•••••••••equity equityNot disclosed$239,000
120c
H••••••••• I•••equity equityNot disclosed$238,000
129c
S•• M•••••• P•••••••• L••equity equityNot disclosed$237,000
100c
M• P••••••••• L••equity equityNot disclosed$236,000
129c
E••• G••••• L••••••••• I•••equity equityNot disclosed$233,000
52c
C••• B••••• L••equity equityNot disclosed$230,000
103c
I•• I••••••••• I•••revolver lien unstated$226,000$226,000
109c
S+600 bp
Z• H••••• L••equity equityNot disclosed$223,000
184c
C••• B••• L••unstated lien unstatedNot disclosed$222,000
32c
C••• B••• L••unstated lien unstatedNot disclosed$222,000
32c
M•••••••• B•••• L••••••equity equityNot disclosed$209,000
151c
L•••••• B•••• L••••••term loan first lien$185,000$201,000
126c
S+1200 bp
D••••••• I••••••••• L••preferred equity equityNot disclosed$200,000
104c
S•••• B•••• B•••revolver lien unstated$227,000$198,000
90c
S+575 bp
P•••••• I••••••• A••••••••• I•••equity equityNot disclosed$192,000
52c
F•• B•••• L••equity equityNot disclosed$186,000
145c
P•••••••• M•••••notes lien unstated$182,000$183,000
101c
8.50%
I•••••• G•••• I• B•term loan first lien$182,000$182,000
113c
S+475 bp
P•••••••• M•••••notes lien unstated$182,000$182,000
100c
5.90%
P•••••••• M•••••notes lien unstated$182,000$181,000
99c
5.40%
P•••••••• M•••••notes lien unstated$182,000$180,000
99c
4.70%
O••••• H••••• L••term loan lien unstated$172,000$172,000
100c
10.00%
M••••••••• H•••••• B•••• S••••term loan first lien$204,000$165,000
94c
S+600 bp
PIK 8.00%
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$158,000$158,000
102c
S+550 bp
R•••• B••••• L••revolver first lien$155,000$155,000
121c
S+500 bp
P••••••••• L••equity equityNot disclosed$152,000
234c
L••••••••• L••equity equityNot disclosed$151,000
240c
M••••••••• H•••••• B•••revolver lien unstated$187,000$150,000
96c
S+600 bp
PIK 8.00%
M•••••• H•••••• A•equity equityNot disclosed$146,000
132c
P•••••• B•••• B•••revolver lien unstated$140,000$140,000
99c
S+650 bp
C• B••••• L••equity equityNot disclosed$139,000
100c
A••••••••• B••• C••• L••term loan unsecured or subordinated$137,000$137,000
100c
14.00%
D••••revolver lien unstated$129,000$129,000
102c
S+475 bp
L••••••••• S••••••• I••••••••• I•••revolver lien unstated$128,000$118,000
99c
S+450 bp
W••••••• F••••• L••preferred equity equityNot disclosed$117,000
100c
PIK 20.00%
Q•••••••• I••••••••• L••equity equityNot disclosed$114,000
2850c
M•• B••••• I•••equity equityNot disclosed$112,000
145c
G••• I• G•••term loan first lien$98,000$98,000
110c
S+600 bp
PIK 10.00%
T•• A••••••••• L••revolver lien unstated$108,000$96,000
101c
S+475 bp
P•••••• C•••••••••equity equityNot disclosed$95,000
226c
G••• I• G•••term loan first lien$505,000$81,000
18c
S+600 bp
PIK 9.90%
A•••• 1•••• G•••preferred equity equityNot disclosed$74,000
61c
P••••••••• L••revolver lien unstated$71,000$71,000
103c
S+575 bp
A•••• B•••• L••••••preferred equity equityNot disclosed$66,000
52c
PIK 10.00%
A•••• B•••• L••••••• E••••• L•••notes lien unstatedNot disclosed$66,000
52c
PIK 10.00%
O•• I••••••••• H•••••••• L••revolver lien unstated$90,000$55,000
96c
S+475 bp
T• S• C••••• A••••••••• C••••equity equityNot disclosed$44,000
183c
F•• B•••• L••equity equityNot disclosed$42,000
145c
M••••••••• H•••••• B•••term loan first lien$67,000$41,000
63c
S+650 bp
PIK 8.50%
S•• I••••••••• L••revolver lien unstated$40,000$40,000
105c
S+675 bp
P••••••• D••••• H••••••• L••preferred equity equityNot disclosed$37,000
308c
PIK 10.00%
L•••••• G•••• H••••••• B•••• L••••••revolver lien unstated$35,000$35,000
100c
S+550 bp
P••••••••• L••term loan unsecured or subordinated$32,000$31,000
97c
8.00%
P••••••• D••••• H••••••• L••term loan first lien$29,000$29,000
100c
S+825 bp
T••• C•••••••• B••••• I•••equity equityNot disclosed$29,000
580c
V•••• B••••• L••equity equityNot disclosed$26,000
236c
A••••• H••••• 2• L••equity equityNot disclosed$12,000
100c
K••••••• B•••• B•••revolver lien unstated$11,000$10,000
125c
S+525 bp
M•••••• H•••••• A•equity equityNot disclosed$9,000
B••••• G••••preferred equity equityNot disclosed$0
S••••••• C•••••••••equity equityNot disclosed$0
S••••••••• I•••revolver lien unstated$0$0
0c
S+450 bp
T•••••• B•••revolver lien unstated$0$0
0c
S+540 bp
e••••••••• L••revolver lien unstated$0$0
0c
S+500 bp
B••••• G••••preferred equity equityNot disclosed$0
S••••••••• G••••• I•••revolver lien unstated$0$0
0c
S+500 bp
D••••••••• L••equity equityNot disclosed$0
0c
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••revolver lien unstated$0$0
0c
S+500 bp
S••••••• C•••••••••equity equityNot disclosed$0
P••••• S••••••• C••••••• L••warrants equityNot disclosed$0
B••••• G••••warrants equityNot disclosed$0
I••••••••• L••warrants equityNot disclosed$0
A••••• B••••• I•••revolver lien unstated$0$0
0c
S+525 bp
M••••••••• H•••••• B•••equity equityNot disclosed$0
C••••••• O••••••••• P••••••• C••••equity equityNot disclosed$0
0c
C••••••• O••••••••• P••••••• C••••• C•••• C•warrants equityNot disclosed$0
C••••••• O••••••••• P••••••• C••••equity equityNot disclosed$0
0c
D••••••••• L••equity equityNot disclosed$0
0c
B••••• G••••equity equityNot disclosed$0
T••••••••• I•••equity equityNot disclosed$0
0c
G••• I• G•••equity equityNot disclosed$0
B••••• G••••preferred equity equityNot disclosed$0
D••••••••• L••preferred equity equityNot disclosed$0
0c
PIK 13.00%
C••••••• O••••••••• P••••••• C••••equity equityNot disclosed$0
Page 6 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