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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 Sep 30, 2025
872 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
R••••• H••••••• L••preferred equity equityNot disclosed$141M
100c
S+600 bp
PIK 10.30%
R••••• H••••••• L••preferred equity equityNot disclosed$141MS+600 bp
R••••• H••••••• L••unstated lien unstatedNot disclosed$115M
E•••••• B••••••• C••••••• L••equity equityNot disclosed$98.5M
E•••••• B••••••• C••••••• L••equity equityNot disclosed$98.5M
150c
S••••••••• L••term loan first lien$71.9M$70.6M
100c
S+500 bp
V• S•••• I••••••••• I• L••term loan first lien$68.6M$66.1M
100c
S+850 bp
V•••• B••••• L••term loan first lien$61.7M$61.1M
100c
S+450 bp
F••••• B••••• L••term loan first lien$57.6M$57.1M
100c
S+500 bp
A•• C••••••••• L••term loan first lien$56.7M$56.3M
100c
S+450 bp
L•• B•••••••• L••term loan first lien$50.9M$50.2M
100c
S+525 bp
S••• P••••••••• I•••term loan first lien$50.5M$49.9M
100c
S+475 bp
P••••• S••••••• C••••••• L••term loan first lien$55.3M$49.8M
91c
S+600 bp
PIK 4.00%
W•••••••• H•••••••• I•••term loan first lien$50.4M$49.8M
100c
S+500 bp
J•• V••••••• G•••••• L••term loan first lien$50.0M$49.5M
100c
S+500 bp
A•• I• M•• H••••••• I•••term loan first lien$45.8M$45.3M
100c
S+525 bp
S•••• B•••• L••• S••••• O••term loan first lien$44.2M$44.0M
100c
S+500 bp
D••••• B••••• L••term loan first lien$44.5M$44.0M
100c
S+475 bp
N••• H•••••• L••term loan first lien$43.4M$43.2M
101c
S+525 bp
R•• C•••••••••term loan first lien$43.4M$43.1M
100c
S+525 bp
C••••••• • G•••••• L••term loan first lien$42.5M$42.5M
101c
S+475 bp
F•• B•••• L••term loan first lien$40.5M$40.5M
100c
S+450 bp
E•• P•••• H••••• L••term loan first lien$43.1M$39.8M
93c
S+575 bp
F• H••• I••••••••• H•••••••• I••• ••••• F••••••• T••••••••• I••••term loan first lien$38.1M$38.1M
100c
S+450 bp
B•• G•••••• L••term loan first lien$37.2M$37.1M
110c
S+550 bp
R•• G••••• L••term loan first lien$36.7M$36.3M
100c
S+550 bp
T•••• B•••• L••term loan first lien$36.7M$36.1M
100c
S+475 bp
R••• C•••••••• I••••••••• I••• I•••term loan first lien$35.1M$34.9M
100c
S+450 bp
C•• P•••••• L••term loan first lien$34.4M$34.4M
101c
S+450 bp
C•• E••••••••• L••term loan first lien$34.8M$34.3M
100c
S+600 bp
C••••••• D•••••• C••••term loan first lien$34.5M$34.0M
100c
S+525 bp
B•••••• A•••••••• G•••• H•••••••• L••• M•••••••• R••••••notes lien unstated$33.0M$34.0M
103c
11.50%
W•••• 5•• I•••term loan first lien$32.8M$32.8M
102c
S+450 bp
S•••• I••••••••• I••• I•••term loan first lien$32.7M$32.7M
101c
S+450 bp
S•••••••• U• H••••••• I••term loan first lien$33.7M$32.0M
98c
S+550 bp
K•• D••••• H•••••••• L••term loan first lien$29.8M$29.8M
100c
S+475 bp
J•••• F••• H••••••••• • D••••••••• L••term loan first lien$29.4M$29.2M
100c
S+550 bp
O••••• P•••••••• I•••term loan first lien$28.8M$28.6M
100c
S+425 bp
Z• H••••• L••term loan first lien$25.8M$25.4M
100c
S+575 bp
S••••• E••••• S••••••••• L••term loan first lien$25.7M$25.3M
101c
S+500 bp
L••••••••• L••term loan first lien$25.4M$25.3M
100c
S+450 bp
T••••••• M•••••••• C••••••• L••term loan first lien$25.8M$25.3M
100c
S+475 bp
S••••••• H••••••• L••term loan first lien$25.0M$25.0M
100c
12.00%
A•• G•••• H•••••••• I•••term loan first lien$24.8M$24.8M
100c
S+450 bp
G••• I••••••••• I•••term loan first lien$24.7M$24.7M
102c
S+875 bp
C••••••••• L••term loan first lien$23.9M$23.9M
101c
S+525 bp
W•••••• A••••••••• L••term loan first lien$24.2M$23.9M
101c
S+500 bp
P•••••• F•••••••• B•••••• L••term loan first lien$24.0M$23.8M
100c
S+625 bp
N•••••••• R••••••••• L••term loan first lien$23.8M$23.5M
100c
S+465 bp
O•• H••••••• P••••••••• L••term loan first lien$23.8M$23.4M
100c
S+500 bp
K•••• H••• P••••••• L•term loan unsecured or subordinated$23.6M$23.4M
100c
12.50%
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••term loan first lien$23.7M$23.3M
100c
S+475 bp
H•••• C••••••••• S•••••• S••••••••• L••term loan first lien$22.2M$22.2M
101c
S+475 bp
X••••••• B•••• L••••••term loan first lien$22.0M$21.9M
108c
S+575 bp
K•••• H••• P••••••• L•term loan first lien$21.7M$21.3M
100c
S+450 bp
K••• H•••••••• L••term loan first lien$21.4M$21.3M
100c
S+475 bp
C•••••• R••••••••• S••••••• L••term loan first lien$21.5M$21.2M
100c
S+600 bp
J••• B•••• L•••••• •••••••term loan first lien$21.1M$21.1M
101c
S+525 bp
S•••••• B••••••• S•••••• L••term loan first lien$20.6M$20.4M
100c
S+475 bp
S•• M•••••• P•••••••• L••term loan first lien$20.3M$20.1M
100c
S+475 bp
B•• H••••••• I• C•••term loan first lien$23.6M$19.5M
87c
S+200 bp
P•••••• C•••••••••term loan first lien$19.3M$19.3M
101c
S+450 bp
S••••••••• G••••• I•••term loan first lien$19.3M$19.3M
102c
S+500 bp
B•••••• A•••••••• G•••• H•••••••• L••preferred equity equityNot disclosed$19.1M
91c
PIK 7.00%
S•• H••••••• L•term loan first lien$18.9M$18.8M
102c
S+500 bp
T••• C•••••••• B••••• I•••term loan first lien$18.8M$18.8M
102c
S+500 bp
T•• O••••• M•••• G••••• I•••term loan first lien$18.9M$18.6M
100c
S+475 bp
A• B••••• I•••term loan first lien$18.8M$18.6M
101c
S+575 bp
W••••••• F••••• L••term loan first lien$18.8M$18.6M
100c
S+550 bp
S••••••• S•••••••term loan first lien$18.8M$18.5M
109c
S+500 bp
I•••• I••••••••• I••••••••• H••••• I•• L••term loan first lien$19.4M$18.4M
95c
S+550 bp
PIK 0.50%
H• H•••••• L•• •••••• W••• L•••term loan first lien$18.0M$18.0M
100c
S+575 bp
R•• S•••••••• L••term loan first lien$18.1M$18.0M
101c
S+500 bp
C•• F•••• H••••••• C••• L••term loan first lien$17.9M$17.9M
102c
S+786 bp
A••••••••• H•••••• G•••term loan first lien$17.8M$17.6M
108c
S+508 bp
S••••••• B••••• L••term loan first lien$17.8M$17.5M
100c
S+500 bp
H•••• S••••••• G•••• L••term loan first lien$17.1M$17.1M
102c
S+450 bp
G••• L••term loan first lien$16.5M$16.3M
100c
S+525 bp
H• A••••••• B•••• L••term loan first lien$16.5M$16.1M
100c
S+450 bp
S••••••••• I•••term loan first lien$16.0M$16.0M
101c
S+450 bp
E••• G••••• L••••••••• I•••term loan second lien$16.4M$16.0M
98c
S+725 bp
O• I•• B•••term loan first lien$16.4M$16.0M
98c
S+575 bp
U•• A•••••••• I•••term loan first lien$15.9M$15.9M
101c
S+475 bp
S••• B••••• L•••term loan first lien$16.2M$15.8M
99c
S+625 bp
D•••••••• B••••• L•••term loan first lien$15.9M$15.7M
100c
S+500 bp
B•••• I••••••••• G••••• L••term loan first lien$15.2M$15.2M
101c
S+475 bp
R••••• H•••••••• I•••term loan first lien$15.1M$15.1M
102c
S+500 bp
C••• 2••••••notes unsecured or subordinated$14.0M$14.7M
105c
9.40%
H••••• L••• L•••••••• H••••••• L••••••term loan first lien$14.6M$14.6M
102c
S+485 bp
A••••••••term loan first lien$15.9M$14.5M
97c
S+700 bp
A•••••• H••••••• H• L••••••term loan first lien$14.5M$14.3M
101c
S+613 bp
P••••••• B••••• I•••term loan first lien$14.0M$14.0M
100c
S+450 bp
S••••••••• L••term loan first lien$14.5M$13.9M
100c
S+850 bp
A•••••• A•••••••• C•••••••••term loan first lien$14.1M$13.9M
99c
S+575 bp
T••• H•••••• C•••term loan first lien$13.9M$13.7M
100c
S+575 bp
L••••••••• S••••••• I••••••••• I•••term loan first lien$13.8M$13.7M
100c
S+500 bp
A••• C•••••• S••••••••• I•••term loan first lien$13.9M$13.6M
98c
S+500 bp
R••••••••• P••••• H•••••••• L••term loan first lien$14.0M$13.3M
96c
S+500 bp
S•••••••• B•••term loan first lien$13.4M$13.2M
99c
S+500 bp
D•••• W••• B••••• U• L••term loan first lien$13.9M$13.1M
106c
S+1000 bp
Page 1 of 9Next
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