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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $5.4B
Borrowers: 530
Mark on cost: 97.8¢
First lien: 84%

Schedule of investments (1,061)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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••••••• →
$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•• →
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
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 →
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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$5.6B	530	98c	68	483 bp
May 27, 2026	$20.0M	1	n/a	0	n/a
Mar 31, 2026	$5.4B	494	98c	67	494 bp
Dec 31, 2025	$5.2B	517	99c	70	504 bp

All 22 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Nov 25, 2025	$35.0M	1	n/a	0	n/a
Sep 30, 2025	$4.9B	398	100c	70	525 bp
Jun 30, 2025	$4.3B	355	100c	66	542 bp
Mar 31, 2025	$3.7B	324	99c	63	555 bp
Dec 31, 2024	$6.7B	393	98c	120	565 bp
Sep 30, 2024	$3.3B	322	99c	60	573 bp
Jun 30, 2024	$3.0B	306	98c	58	580 bp
Mar 31, 2024	$3.0B	312	98c	59	584 bp
Dec 31, 2023	$3.3B	341	98c	59	587 bp
Sep 30, 2023	$2.5B	306	97c	41	586 bp
Jun 30, 2023	$2.4B	296	98c	30	581 bp
Mar 31, 2023	$2.4B	295	98c	29	583 bp
Feb 1, 2023	$12.0M	1	n/a	0	n/a
Dec 31, 2022	$2.6B	315	97c	32	580 bp
Aug 12, 2022	$16.0M	1	n/a	0	n/a
Dec 31, 2021	$117M	3	n/a	0	725 bp
Sep 1, 2021	Not disclosed	2	n/a	0	n/a
Jul 8, 2021	$76.2M	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P•••••• C••••••••• first lien term loan
12 BDCs hold it · matures Oct 1, 2032
$79.8M 99c
B••••• I•• first lien term loan
3 BDCs hold it
$77.3M 100c
A•• P••••••••• L•• first lien term loan
8 BDCs hold it · matures Apr 1, 2033
$72.8M 100c
S••••••••• L•• first lien term loan
3 BDCs hold it
$71.4M 100c
C•• P•••••• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
V• S•••• I••••••••• I• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
R•• C••••••••• first lien term loan
6 BDCs hold it · matures Aug 2, 2030
$69.4M 100c
A•• I• M•• H••••••• I•• first lien term loan
3 BDCs hold it
$61.6M 100c
V•••• B••••• L•• first lien term loan
4 BDCs hold it · matures Aug 7, 2030
$61.2M 100c
P•••••• F•••••••• B•••••• L•• first lien term loan
3 BDCs hold it
$59.8M 100c
P••••• S••••••• C••••••• L•• first lien term loan
3 BDCs hold it
$58.3M 91c
F••••• B••••• L•• first lien term loan
3 BDCs hold it
$57.3M 94c

Schedule of investments at Dec 31, 2025

1,068 positions

Borrower	Instrument	Principal	Fair value	Rate
A•••••• H••••••• H• L••••••	term loan unsecured or subordinated	$327,000	$327,000 102c	15.00%
A•••••• C••••••• P•••••••• L••	equity equity	Not disclosed	$322,000 123c
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$320,000	$320,000 100c	S+530 bp
U••••••••• L••	equity equity	Not disclosed	$319,000 83c
E••••••• E•••••••• • E••••••••• C••	term loan first lien	$318,000	$318,000 102c	13.50%
H•••• H••••••• L••	term loan first lien	$313,000	$316,000 101c	S+375 bp
K••• H••••••• I•••	revolver lien unstated	$331,000	$314,000 100c	S+525 bp
A••••• B••••• I•••	equity equity	Not disclosed	$304,000 158c
N• H•••••• L••	equity equity	Not disclosed	$300,000 34c
E••• G••••• L••••••••• I•••	equity equity	Not disclosed	$296,000 66c
S••••• A••••• I•••	revolver lien unstated	$345,000	$294,000 86c	S+225 bp PIK 3.80%
C••• U••••••• G•••	equity equity	Not disclosed	$294,000 119c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	term loan first lien	$350,000	$284,000 129c	S+600 bp PIK 1.00%
F••••• B••••• L••	equity equity	Not disclosed	$283,000 115c
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$282,000	$282,000 97c	S+550 bp
D•• E••••••••• I••	term loan first lien	$275,000	$277,000 101c	S+325 bp
T••••••••• I•••	term loan unsecured or subordinated	$297,000	$269,000 91c	10.00% PIK 4.00%
S••• B••••• L•••	equity equity	Not disclosed	$269,000 52c
M•• B••••• I•••	term loan first lien	$268,000	$268,000 100c	S+500 bp
C••••••• O••••••••• P••••••• C••••	term loan first lien	$98,000	$268,000 279c	S+700 bp PIK 15.00%
I•• H•••• A••••••• L•••••	equity equity	Not disclosed	$261,000 60c
H••••••••• I•••	equity equity	Not disclosed	$256,000 139c
A•••• B•••• L••••••	term loan first lien	$276,000	$254,000 93c	S+400 bp PIK 3.20%
U••• C••••	term loan first lien	$253,000	$253,000 101c	S+400 bp PIK 2.40%
C••• B••••• L••	equity equity	Not disclosed	$252,000 113c
M••• B••••• L••	term loan first lien	$248,000	$248,000 100c	S+250 bp
F••••• 4• L••••••	term loan first lien	$247,000	$247,000 111c	S+650 bp
A•• I•••••• P••••••••• L••	equity equity	Not disclosed	$244,000 100c
G••• I• G•••	term loan first lien	$509,000	$239,000 50c	S+600 bp PIK 10.00%
S•• M•••••• P•••••••• L•••	equity equity	Not disclosed	$238,000 100c
D••••••• I••••••••• L••	preferred equity equity	Not disclosed	$235,000 122c
P••••••• D••••• H••••••• L••	equity equity	Not disclosed	$227,000 76c
I•• I••••••••• I•••	revolver lien unstated	$226,000	$226,000 107c	S+650 bp
P••••••••• S•••••••• H•••••••• L••	revolver lien unstated	$232,000	$219,000 112c	S+450 bp
T••• A•• D••••••••• L••	equity equity	Not disclosed	$212,000 41c
M• P••••••••• L••	equity equity	Not disclosed	$206,000 113c
M•• B••••• L••	equity equity	Not disclosed	$204,000 101c
M•••••••• B•••• L••••••	equity equity	Not disclosed	$202,000 146c
F•• B•••• L••	equity equity	Not disclosed	$194,000 152c
G••• L••	revolver lien unstated	$217,000	$193,000 101c	S+525 bp
L•••••• B•••• L••••••	term loan first lien	$182,000	$190,000 119c	S+1200 bp
E•• I•••••••••	equity equity	Not disclosed	$187,000 94c
M•• B••••• I•••	equity equity	Not disclosed	$186,000 242c
I•••••• G•••• I• B•	term loan first lien	$183,000	$183,000 114c	S+475 bp
T•• A••••••••• L••	revolver lien unstated	$191,000	$182,000 102c	S+475 bp
S•••• B•••• B•••	revolver lien unstated	$227,000	$182,000 82c	S+550 bp
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	8.50%
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	5.40%
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	5.90%
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	4.70%
B••••••• S••	term loan first lien	$173,000	$173,000 100c	S+950 bp PIK 11.50%
P••••••••• L••	equity equity	Not disclosed	$169,000 260c
D••••••••• L••	revolver lien unstated	$296,000	$168,000 57c	S+625 bp
M••••••••• H•••••• B•••	term loan first lien	$214,000	$167,000 90c	S+625 bp
A•••••• A•••••••• C•••••••••	revolver lien unstated	$173,000	$162,000 98c	S+475 bp
L••••••••• L••	equity equity	Not disclosed	$162,000 257c
C• B••••• L••	equity equity	Not disclosed	$158,000 114c
L•••••• G•••• H••••••• B•••• L••••••	term loan first lien	$155,000	$154,000 99c	S+550 bp
C••••••••• L••	revolver lien unstated	$153,000	$153,000 103c	S+500 bp
A••••••••• L••	revolver lien unstated	$152,000	$152,000 108c	S+450 bp
M••••••••• H•••••• B•••	revolver lien unstated	$187,000	$146,000 93c	S+550 bp
P•••••• B•••• B•••	revolver lien unstated	$140,000	$140,000 99c	S+650 bp
A••••••••• B••• C••• L••	term loan unsecured or subordinated	$137,000	$137,000 100c	14.00%
W••••••• F••••• L••	preferred equity equity	Not disclosed	$130,000 101c	PIK 20.00%
F••••• B••••• L••	equity equity	Not disclosed	$124,000
M•••••• H•••••• A•	equity equity	Not disclosed	$123,000 111c	PIK 9.00%
P•••••• C•••••••••	equity equity	Not disclosed	$118,000 281c
P•••••• B•••• B•••	term loan first lien	$103,000	$103,000 110c	S+650 bp
V• G• H••••••• I• C•••	term loan first lien	$100,000	$100,000 102c	S+350 bp
P•••••• I••••••• A••••••••• I•••	equity equity	Not disclosed	$94,000 26c
A•••••• A•••••••• C•••••••••	equity equity	Not disclosed	$89,000 34c
A•••• 1•••• G•••	preferred equity equity	Not disclosed	$73,000 60c
M••••••••• H•••••• B•••	term loan first lien	$93,000	$63,000 68c	S+650 bp
A•••• B•••• L••••••	preferred equity equity	Not disclosed	$56,000 40c	PIK 10.00%
A•••• B•••• L••••••	term loan lien unstated	Not disclosed	$55,000 39c	PIK 10.00%
T• S• C••••• A••••••••• C••••	equity equity	Not disclosed	$45,000 188c
F•• B•••• L••	equity equity	Not disclosed	$44,000 152c
Z••••••• B•••• L••••••	equity equity	Not disclosed	$41,000
V•••• B••••• L••	equity equity	Not disclosed	$38,000 345c
P••••••• D••••• H••••••• L••	preferred equity equity	Not disclosed	$38,000 292c	PIK 10.00%
T••• C•••••••• B••••• I•••	equity equity	Not disclosed	$36,000 720c
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
B••••••• S•••	term loan first lien	$22,000	$22,000 100c	S+950 bp
L•••••• G•••• H••••••• B•••• L••••••	revolver lien unstated	$18,000	$18,000 106c	S+550 bp
K••••••• B•••• B•••	revolver lien unstated	$11,000	$11,000 122c	S+525 bp
A•••••• A•••••••• C•••••••••	equity equity	Not disclosed	$6,000 33c
M•••••••• P•••••••• L••	term loan second lien	$5,000	$3,000 -2c	S+150 bp PIK 2.30%
V• S•••• I••••••••• I• L••	equity equity	Not disclosed	$0
C••••••• O••••••••• P••••••• C••••	warrants equity	Not disclosed	$0
C••• B••• L••	unstated lien unstated	Not disclosed	$0
S•• I••••••••• L••	revolver lien unstated	$0	$0 0c	S+675 bp
A••••• B••••• I•••	revolver lien unstated	$0	$0 0c	S+525 bp
A• B••••• I•••	revolver lien unstated	$0	$0 0c	S+525 bp
O•• H••••••• I• C•••	revolver lien unstated	$0	$0 0c	S+500 bp
G••• I• G•••	equity equity	Not disclosed	$0
M••• B•••• L••••••	revolver lien unstated	$0	$0 0c	S+525 bp
H•••• C••••••••• S•••••• S••••••••• L••	revolver lien unstated	$0	$0 0c	S+475 bp
I••••••••• L••	warrants equity	Not disclosed	$0
C••••••• O••••••••• P••••••• C••••	equity equity	Not disclosed	$0

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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