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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
73 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 Dec 31, 2025
1,068 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S••••••• B•••• S•••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
C••••••• I•••••••••revolver lien unstatedNot disclosedNot disclosed
U•••• B•••• L••••••unstated lien unstatedNot disclosedNot disclosed
T• K•• A••••••••• L•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+425 bp
H•• C•••••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
S•••••• F•••••••• T••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
V•••• A••••••••• L••revolver lien unstatedNot disclosedNot disclosed
V•••• B••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
M•••••••• B•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
W••• H••••••• I•• C•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
S••••• I•••••delayed draw term loan lien unstatedNot disclosedNot disclosed
N••••••••• L•••• S•••••••• L••revolver lien unstatedNot disclosedNot disclosed
S•• A•••••• H••••••• L••revolver lien unstatedNot disclosedNot disclosed
S••••• M•••• 2• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
M••• B•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
A••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan lien unstatedNot disclosedNot disclosed
A••••• B••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
H••• I•••••delayed draw term loan lien unstatedNot disclosedNot disclosed
L••••• B•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
L••••• B••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
H•••••••• H•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
R•• G••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+550 bp
R•• S•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
H••••••••• B•••• P•• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
A•••••••• T•••••••• G••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
Z• H••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
G••• I• G•••delayed draw term loan lien unstatedNot disclosedNot disclosed
B•••••••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
F•••• B•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
C•••••• R••••••••• S••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+600 bp
D••• H••••••• C••••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
A•••••• B•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
E••••• S••••••• B•••• P•• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
E•••••• M•••• L••••••revolver lien unstatedNot disclosedNot disclosed
G•••••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
I••••••• H••••••• G•••unstated lien unstatedNot disclosedNot disclosed
T•••• B•••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
A•• L•••• H•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+425 bp
B••••• A••••••• G•••• I••delayed draw term loan lien unstatedNot disclosedNot disclosed
X••••••• B•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
H••••••• H••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
U••• A••••••••• I••• ••••• U• L•••• S••••••• I••••term loan lien unstatedNot disclosedNot disclosed
T•••••• E•••••••• C••• I•••revolver lien unstatedNot disclosedNot disclosed
T•••••• E•••••••• C••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
A••••• C••••••• B•••• P•• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
B•••••• E••••••••• S••••••• H••••• L••••••unstated lien unstatedNot disclosedNot disclosed
B••••••• B••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
S•••• I••••••••• I••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
A•• I•••••• P••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
S••••••• H••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
S••• P•••••• M•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
E• D•••••••••unstated lien unstatedNot disclosedNot disclosed
S••• A••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
P•••••• F•••••••• B•••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
R••••• H••••••• L••preferred equity equityNot disclosedNot disclosed
H••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
I• S•••••unstated lien unstatedNot disclosedNot disclosed
I•• S••••••• E••••••••• L••revolver lien unstatedNot disclosedNot disclosed
P••• S•• ••• M•••••• M•••••delayed draw term loan lien unstatedNot disclosedNot disclosed
L••••••••• F•••• S•••unstated lien unstatedNot disclosedNot disclosed
U•••••• •••••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
S•••••• F•••••••• T••••••••• I•••revolver lien unstatedNot disclosedNot disclosed
T•••••• B•••unstated lien unstatedNot disclosedNot disclosed
M••••• S••• H••••••• B•••• P•• L••••••term loan lien unstatedNot disclosedNot disclosed
A••• C•••••• S••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+575 bp
A•••••••• W••••••••• 2• L••unstated lien unstatedNot disclosedNot disclosed
J•• B•••• L••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
J•• B•••• L••••••unstated lien unstatedNot disclosedNot disclosed
A•••• B•••• L••••••unstated lien unstatedNot disclosedNot disclosed
R•••• A••••••••• H•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
A•••••••• T•••••••• G••••• L••revolver lien unstatedNot disclosedNot disclosedS+500 bp
R••••• H•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
B••• P•••••• L••revolver lien unstatedNot disclosedNot disclosed
N•• I••••••••• 2• B•••delayed draw term loan lien unstatedNot disclosedNot disclosed
B••••• R••• M••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
C••• U••••••• G•••delayed draw term loan lien unstatedNot disclosedNot disclosed
M•• E•••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+375 bp
G•• P•••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
G••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
C••••••• • G•••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
D••• S•••••• L••revolver lien unstatedNot disclosedNot disclosed
E•• H•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
E••••• N••••delayed draw term loan lien unstatedNot disclosedNot disclosed
H•••• H••••••• L••term loan lien unstatedNot disclosedNot disclosed
B•••• I••••••••• G••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
S••••••• S•••••••term loan lien unstatedNot disclosedNot disclosed
F••••• P•••••• S••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
A•• G•••• H•••••••• I•••revolver lien unstatedNot disclosedNot disclosed
K••••••• B•••• B•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
W••••••• R•••• L••unstated lien unstatedNot disclosedNot disclosed
U•• 6•• E••••• M••••••••• G•••unstated lien unstatedNot disclosedNot disclosed
D••••••• I••••••••• L••revolver lien unstatedNot disclosedNot disclosed
D••• S•••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
L••• S•••••••• P•••••• C••• L••revolver lien unstatedNot disclosedNot disclosed
H•••• S••••••• G•••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+450 bp
J•••• F••• H••••••••• • D••••••••• L••revolver lien unstatedNot disclosedNot disclosed
M••••• B••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
L••••• B••••• L••revolver lien unstatedNot disclosedNot disclosed
Page 10 of 11PreviousNext
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

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

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)