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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
Borrowers
530
Mark on cost
97.8¢
First lien
84%
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
23 sponsors financed
Portfolio through time
Fair value by quarter end$5.4B as of Jun 30, 2026
Jul 8, 2021$76.2M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$5.4B53098c68483 bp
May 27, 2026$20.0M1n/a0n/a
Mar 31, 2026$5.2B49498c67494 bp
Dec 31, 2025$4.9B51799c70504 bp
All 22 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Nov 25, 2025$35.0M1n/a0n/a
Sep 30, 2025$4.5B398100c70525 bp
Jun 30, 2025$4.0B355100c66542 bp
Mar 31, 2025$3.4B32499c63555 bp
Dec 31, 2024$6.2B39398c120565 bp
Sep 30, 2024$2.9B32299c60573 bp
Jun 30, 2024$2.6B30698c58580 bp
Mar 31, 2024$2.6B31298c59584 bp
Dec 31, 2023$2.6B34198c59587 bp
Sep 30, 2023$2.3B30697c41586 bp
Jun 30, 2023$2.2B29698c30581 bp
Mar 31, 2023$2.3B29598c29583 bp
Feb 1, 2023$12.0M1n/a0n/a
Dec 31, 2022$2.4B31597c32580 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
P••••••• S•••••••• I•••term loan second lien$6.5M$6.5M
100c
S+800 bp
X••••••• B•••• L••••••term loan unsecured or subordinated$6.6M$6.5M
106c
PIK 11.00%
N•••• B•••••• S••••••••• I•••term loan first lien$6.4M$6.4M
101c
S+450 bp
A••••• M••••term loan unsecured or subordinated$6.7M$6.4M
113c
2.00%
PIK 9.00%
T•••••• B•••term loan first lien$6.4M$6.4M
109c
S+540 bp
J•••••• A•••••• C•••••••••term loan first lien$6.5M$6.2M
103c
S+475 bp
T•••••• T•• H••••••• I•••term loan first lien$6.5M$6.2M
99c
S+375 bp
B••••• A••••••• G•••• I••term loan second lien$6.0M$6.0M
100c
S+750 bp
T••• C•••••••• B••••• I•••term loan first lien$5.9M$5.9M
101c
S+500 bp
P••••• E••••••••• L•••••term loan first lien$5.7M$5.7M
101c
S+475 bp
B••••• S••••• U••••••••• L••term loan first lien$5.8M$5.7M
100c
S+550 bp
I•••••• B•••• L••••••term loan first lien$5.9M$5.6M
98c
S+650 bp
A•• L•••• H•••••••• L••term loan first lien$5.6M$5.6M
100c
S+450 bp
R•• S••• M••••• S•• L••term loan first lien$6.5M$5.5M
85c
S+700 bp
PIK 11.20%
M• P••••••••• L••term loan first lien$5.6M$5.5M
101c
S+475 bp
R••• L•••• L••term loan first lien$5.5M$5.5M
102c
S+550 bp
A•••• I•••••••• B•••••• N•term loan first lien$5.5M$5.5M
111c
S+700 bp
W•••••••• H•••••••• I•••revolver lien unstated$5.5M$5.5M
101c
S+500 bp
V••••••• B•••• L••••••term loan first lien$5.7M$5.4M
98c
S+650 bp
W••••••• R•••• L••unstated lien unstatedNot disclosed$5.4M
30c
B•••••term loan first lien$5.4M$5.4M
100c
S+640 bp
O•••• I••••••••• N•••• B•••term loan first lien$5.4M$5.4M
110c
S+525 bp
M•••• R•••••••• I••• ••••••••term loan first lien$5.4M$5.4M
100c
S+450 bp
I••••••••• L••preferred equity equityNot disclosed$5.3M
100c
10.00%
PIK 7.50%
A••••• H••••• 2• L••term loan second lien$6.2M$5.3M
89c
S+850 bp
PIK 13.00%
H••••••• ••••• S••••• •••• B•••• B•••••term loan first lien$5.3M$5.3M
96c
S+650 bp
N• H•••••• L••term loan first lien$5.4M$5.3M
99c
S+650 bp
M•• B••••• L••term loan first lien$5.4M$5.3M
100c
S+475 bp
P••••••term loan first lien$5.9M$5.2M
94c
S+475 bp
A•••••• C••••••• P•••••••• L••term loan first lien$5.2M$5.1M
100c
S+500 bp
V••• C•• 2•••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$5.0M$5.1M
101c
S+590 bp
H•••••••• L•••term loan first lien$5.0M$5.0M
108c
S+675 bp
A••• L••• F•••••• V••• L•••notes unsecured or subordinated$5.0M$5.0M
101c
S+625 bp
R•••• B•••• L••term loan first lien$5.2M$5.0M
98c
S+475 bp
E•••••• B••••••• C••••••• L••revolver lien unstated$4.9M$4.9M
101c
S+650 bp
E•••••• B••••••• C•••••• H••••••• L••revolver lien unstatedNot disclosed$4.9MS+650 bp
C•••• P••••• N•term loan first lien$5.0M$4.9M
105c
S+600 bp
T•• T••••• C•••••••••term loan first lien$5.0M$4.9M
99c
S+450 bp
E•••••• W••• A••••••••• C••••••• L••term loan first lien$4.9M$4.9M
101c
S+625 bp
I• S•••••term loan first lien$4.9M$4.9M
99c
S+555 bp
L•••••• M•••••• I•••term loan first lien$5.0M$4.9M
98c
S+400 bp
U••••• L•••••• L••••••term loan first lien$4.9M$4.8M
95c
S+725 bp
A••••• B••••• I•••term loan first lien$4.8M$4.8M
101c
S+525 bp
W•••••••• L••term loan first lien$4.8M$4.7M
99c
S+425 bp
C•• F•••• H••••••• C••• L••term loan first lien$4.6M$4.6M
101c
S+1000 bp
PIK 14.50%
S•••• B•••• L••equity equityNot disclosed$4.6M
385c
P••• S•• ••• M•••••• M•••••term loan first lien$4.6M$4.6M
101c
S+525 bp
B••••• G••••term loan first lien$7.5M$4.6M
79c
S+450 bp
PIK 12.50%
I•••• I••••••••• I••••••••• H••••• I•• L••term loan first lien$4.8M$4.5M
95c
S+550 bp
F••••••• R• S••••••••• P•••••••• 2•••••preferred equity equityNot disclosed$4.5M
95c
H••••••• ••••• S••••• •••• B•••• B•••••term loan first lien$4.4M$4.4M
102c
S+575 bp
L••• T••• C••• G••••• I•••term loan first lien$4.6M$4.4M
96c
S+600 bp
B••• C•••••• C••••• C•• 2•••••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.3M$4.3M
101c
S+615 bp
S••••••• D••••••••• A••••••• C••••••term loan first lien$4.4M$4.3M
109c
S+513 bp
I••••••• L••••••term loan first lien$4.3M$4.3M
104c
S+625 bp
N•• I••••••••• 2• B•••term loan first lien$4.3M$4.3M
112c
S+518 bp
G•••• C•••••• P••••••• C•• 6••••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.3M$4.3M
100c
S+640 bp
N••• M••••••••• S••••••• C•••term loan first lien$6.4M$4.2M
73c
S+525 bp
I•• H•••• A••••••• L•••••term loan first lien$4.4M$4.2M
97c
S+575 bp
G••••• A••••••• G•••• L••••••term loan first lien$4.1M$4.1M
94c
S+491 bp
R•••••• I••••••••• U• I••••••••• H•••••• I•••term loan first lien$4.2M$4.1M
104c
S+500 bp
PIK 1.50%
B•••••• P•••• P•••••••• C•••••••••term loan second lien$4.5M$4.1M
93c
S+900 bp
A•••• B•••• L••••••term loan first lien$4.4M$4.1M
105c
S+400 bp
PIK 3.20%
P••••• S••••• C•• 2•••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.0M$4.1M
101c
S+600 bp
B•••••• S••••• P••••••• C•• X•••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.0M$4.1M
101c
S+615 bp
F••••••• B••••• L••term loan first lien$4.0M$4.0M
100c
S+450 bp
S•••• B•••• B•••term loan first lien$4.3M$4.0M
105c
S+575 bp
J•• B•••• L••••••term loan first lien$4.0M$4.0M
84c
S+425 bp
T••••••••• H••••••• I••term loan first lien$4.0M$4.0M
100c
S+325 bp
C•••••• B••••••••• I•••• R•••••• R•••••unstated lien unstatedNot disclosed$4.0M
120c
U• B••• N••••••• A••••••••• S••••• 2•••••• S•••••••••notes lien unstated$3.8M$3.9M
101c
S+750 bp
J••• B•••• L•••••• •••••••term loan first lien$3.9M$3.9M
108c
S+525 bp
V•••• G••••• H•••••• L••• S•••••••••equity equity$3.9M$3.9M
99c
9.50%
O•• C•• 2••••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$3.8M$3.8M
102c
S+590 bp
D••••••• C•••••• C•• 8• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$3.8M$3.8M
101c
S+615 bp
e••••••••• L••term loan first lien$3.8M$3.8M
101c
S+500 bp
M••••• 5••• G•••term loan first lien$3.8M$3.8M
103c
S+750 bp
C•••••••term loan first lien$4.5M$3.8M
105c
S+375 bp
I• S•••••term loan first lien$3.8M$3.8M
113c
S+600 bp
E••••• I•••••••• G•••• I•••term loan first lien$3.8M$3.8M
100c
S+425 bp
A••••••••• H•••••••equity equityNot disclosed$3.7M
112c
A•••• 1•••• G•••term loan first lien$3.9M$3.7M
97c
S+575 bp
C•••••• M••••• H•••••••• L••term loan unsecured or subordinated$3.8M$3.7M
99c
8.00%
F••••••term loan first lien$3.6M$3.6M
108c
S+585 bp
A•••• B•••• L••••••term loan first lien$3.8M$3.5M
102c
S+400 bp
PIK 3.20%
S••••••••• G•••• L••••••term loan first lien$3.5M$3.5M
100c
S+300 bp
I••••••••• G•••• B•••term loan first lien$3.7M$3.5M
106c
S+625 bp
B•••••••• L••••••term loan first lien$3.4M$3.4M
105c
S+500 bp
G•••••• • W•••••• I••term loan first lien$3.4M$3.4M
100c
S+175 bp
S•••• G•••••term loan first lien$3.5M$3.3M
98c
S+600 bp
O•• H••••••• I• C•••term loan first lien$3.3M$3.3M
101c
S+500 bp
B••••••••• G•••• U• L••term loan first lien$3.4M$3.3M
106c
S+475 bp
G•••••••••term loan first lien$3.4M$3.3M
103c
S+475 bp
F•••••••• S••••••• I••••••••• H••••••• I•••preferred equity equityNot disclosed$3.2M
65c
PIK 11.00%
P•••••••• A•••••••••term loan first lien$3.5M$3.2M
109c
S+325 bp
E•••••• B••••••• C••••••• L••term loan second lienNot disclosed$3.2M7.50%
E•••••• B••••••• C••••••• L••term loan second lien$3.2M$3.2M
100c
7.50%
P•••••• I••••••• A••••••••• I•••term loan first lien$3.5M$3.2M
92c
S+625 bp
A•••• B•••• L••••••term loan first lien$3.2M$3.2M
103c
S+575 bp
A•••••••• W••••••••• 2• L••term loan first lien$3.1M$3.1M
104c
S+600 bp
Page 3 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
Across the graphs

B•••••• P•••••• C••••• C••• is the same institution as 1 record in Independent Sponsors.

Independent Sponsors1

DFX found 1 relationship across 1 dataset

Which record it is in each graph, what it is called there, and what the two were joined on.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Checking your plan…

Capital chain

B•••••• P•••••• C••••• C••• sits on 225 traced paths of capital across the graphs.

Allocator to credit manager to facility to borrowerPE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

DFX traced 225 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

5,030 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)