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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 Dec 31, 2025
1,068 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S••• L••term loan first lien$998,000$1.0M
100c
S+450 bp
T•••• A•••••• C•••term loan first lien$997,000$1.0M
100c
S+275 bp
T•• C•••••••• L••term loan first lien$997,000$1.0M
100c
S+300 bp
E•••••••• I•••term loan first lien$998,000$999,000
100c
S+300 bp
V•••• F•••••• S•••term loan first lien$997,000$999,000
100c
S+375 bp
J•••••• P••••••• C••• C•••term loan first lien$997,000$992,000
99c
S+375 bp
D••••••••• L••term loan first lien$1.5M$988,000
67c
S+650 bp
PIK 0.30%
B••• E••••• H••••••• I•••term loan first lien$997,000$985,000
99c
S+325 bp
S••••••••• G••••• I•••equity equityNot disclosed$983,000
216c
X••••••• B•••• L••••••equity equityNot disclosed$983,000
217c
U••• C••••term loan first lien$979,000$979,000
98c
S+600 bp
PIK 2.40%
I•• I••••••••• I•••equity equityNot disclosed$961,000
128c
P•• I••••••••• 4• L••term loan first lien$960,000$960,000
113c
S+525 bp
K••••••• B•••• B•••term loan first lien$931,000$931,000
108c
S+525 bp
V••••• S•••••••• I•••term loan first lien$997,000$923,000
99c
S+400 bp
O••••• H••••• L••term loan lien unstated$917,000$917,000
100c
10.00%
G••• H••••• L••term loan first lien$912,000$913,000
100c
S+275 bp
M•••••• S•••••••• P••••• H•••••••• I•••term loan second lien$4.4M$897,000
20c
S+700 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.1M$894,000
331c
S+600 bp
PIK 1.00%
D•••• G••••• I•••term loan first lien$899,000$891,000
102c
S+375 bp
O••••• H••••• L••equity equityNot disclosed$885,000
R••••• H•••••••• I•••equity equityNot disclosed$863,000
129c
A••••• G•••• I•••term loan first lien$845,000$848,000
100c
S+225 bp
B••••••••• L••revolver lien unstated$831,000$831,000
100c
S+525 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$833,000$821,000
101c
S+500 bp
S••• B••••• L•••revolver lien unstated$864,000$814,000
97c
S+625 bp
G•• P•••••• I•••equity equityNot disclosed$801,000
100c
I•• I••••••••• I•••term loan first lien$793,000$793,000
101c
S+625 bp
B••••••• B••••• L••equity equityNot disclosed$783,000
100c
U•• L•••••• H•••••• A•term loan first lien$769,000$769,000
108c
S+525 bp
B••••••• S•••term loan first lien$4.1M$764,000
20c
S+400 bp
PIK 6.00%
O••••• H••••• L••preferred equity equityNot disclosed$762,000
156c
PIK 15.00%
T•••• B•••• L••equity equityNot disclosed$733,000
144c
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$738,000$731,000
102c
S+550 bp
N•• B•••• L••equity equityNot disclosed$725,000
126c
B••••• S••••• U••••••••• L••equity equityNot disclosed$723,000
126c
E• S••• B••••term loan first lien$729,000$721,000
101c
S+500 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$756,000$717,000
96c
14.00%
H••••••••• B•••• P•• L••term loan first lien$811,000$714,000
92c
S+525 bp
E•• I•••••••••term loan unsecured or subordinated$712,000$707,000
101c
11.00%
PIK 2.50%
M••••• M•••• L••••••term loan first lien$793,000$706,000
88c
S+575 bp
F••••••••• L••equity equityNot disclosed$660,000
71c
C•••••• P••••••••• L••term loan unsecured or subordinated$655,000$655,000
101c
11.00%
PIK 1.00%
H•••••••• H•••••••• I•••revolver lien unstated$654,000$643,000
100c
S+525 bp
S•• I••••••••• L••term loan first lien$639,000$639,000
101c
S+675 bp
P••••••••• L••term loan first lien$638,000$638,000
101c
S+575 bp
A•••••• B•••• L••••••term loan first lien$629,000$618,000
110c
S+500 bp
A••••• H••••• 2• L••equity equityNot disclosed$610,000
5083c
A•••••••term loan first lien$1.6M$606,000
38c
S+400 bp
PIK 6.40%
P••• S•• ••• M•••••• M•••••term loan first lien$604,000$604,000
98c
S+515 bp
D•••• I••••••••• H••••••• C••equity equityNot disclosed$601,000
118c
P••••••• D••••• H••••••• L••term loan first lien$595,000$592,000
101c
S+830 bp
T• K•• A••••••••• L•••equity equityNot disclosed$586,000
118c
R•• S••• M••••• S•• L••term loan first lien$583,000$583,000
100c
S+1050 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$714,000$581,000
131c
S+600 bp
PIK 1.00%
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$570,000
165c
N• H•••••• L••revolver lien unstated$636,000$565,000
92c
S+650 bp
B•••••• I•••••••• G•••• H••••••• L••term loan first lien$566,000$564,000
100c
S+250 bp
S•••••• C• I•••term loan first lien$545,000$546,000
100c
S+200 bp
A•••• B•••• L••••••term loan first lien$542,000$542,000
110c
S+500 bp
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan first lien$738,000$541,000
64c
S+400 bp
PIK 4.10%
I•• H•••• A••••••• L•••••revolver lien unstated$568,000$534,000
96c
S+600 bp
M• G•••• V••••••• C•••••••••equity equityNot disclosed$529,000
94c
A•• C••••••••• L••equity equityNot disclosed$523,000
163c
P••••• E••••••••• L•••••revolver lien unstated$516,000$516,000
103c
S+450 bp
P•••••• B•••• B•••term loan first lien$514,000$514,000
98c
S+600 bp
C••• U••••••• G•••equity equityNot disclosed$507,000
94c
G••• L••term loan first lien$507,000$501,000
100c
S+600 bp
W•• I••••••••• C•••term loan first lien$499,000$499,000
100c
S+300 bp
D•••• I••••••••• H••••••• C••revolver lien unstated$505,000$499,000
104c
S+450 bp
L•• B•••••••• L••revolver lien unstated$549,000$487,000
101c
S+525 bp
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$480,000
79c
A••••••• C••••••term loan first lien$583,000$469,000
99c
S+475 bp
S•••• B•••• B•••term loan first lien$508,000$468,000
92c
S+575 bp
A••••••••• B••• C••• L••equity equityNot disclosed$466,000
119c
M••••••• A••••••••• I•••preferred equity equityNot disclosed$459,000
83c
M••••• 5••• G•••term loan first lien$466,000$455,000
96c
S+700 bp
E•• P•••• H••••• L••revolver lien unstated$661,000$440,000
68c
S+575 bp
C••••••• O••••••••• P••••••• C••••term loan first lien$5.5M$426,000
9c
S+700 bp
PIK 10.30%
K•••••• S••••• • S••••••• L••revolver lien unstated$451,000$421,000
100c
S+425 bp
C•• I••••••••• S•••••••• I•••term loan first lien$416,000$417,000
100c
S+200 bp
F••• S••• H•••••• L••equity equityNot disclosed$409,000
81c
T•••••••• I•••revolver lien unstated$408,000$402,000
106c
S+550 bp
W••••••• F••••• L••preferred equity equityNot disclosed$399,000
106c
PIK 20.00%
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$397,000
105c
R•••• B•••• L••equity equityNot disclosed$396,000
100c
E• S••• B••••term loan first lien$400,000$396,000
108c
PIK 8.00%
C•••••• P••••••••• L••equity equityNot disclosed$383,000
306c
S•• I••••••••• L••equity equityNot disclosed$378,000
182c
A••••• M••••term loan second lien$361,000$361,000
103c
15.50%
R•••• B•••• L••equity equityNot disclosed$360,000
71c
G••• L••equity equityNot disclosed$355,000
146c
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$354,000
188c
M•• B••••• L••revolver lien unstated$361,000$349,000
100c
S+475 bp
O••••• B•••• L••••••term loan first lien$348,000$345,000
97c
S+500 bp
D••• H••••••• C••••revolver lien unstated$342,000$342,000
105c
S+500 bp
A••• S•••••• P•••••••• L••revolver lien unstated$340,000$340,000
100c
S+475 bp
A••• I•••••••••term loan first lien$352,000$335,000
93c
S+625 bp
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$334,000
73c
O•• H••••••• P••••••••• L••equity equityNot disclosed$331,000
105c
Page 6 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