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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 Mar 31, 2026
981 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
F•••• U• B•••• I••term loan first lien$995,000$995,000
99c
S+275 bp
O••• C•••••••••term loan first lien$997,000$994,000
100c
S+225 bp
B••• C• B••••• I•••term loan first lien$995,000$994,000
99c
S+325 bp
S••••• R•••• M•• C••••••• L••term loan first lien$995,000$993,000
99c
S+300 bp
P••••• T•••• L••term loan first lien$995,000$993,000
99c
S+400 bp
C•••••• G••••• L•term loan first lien$995,000$992,000
99c
S+275 bp
S•• O•••••••• I••term loan first lien$992,000$991,000
100c
S+400 bp
V•••• F•••••• S•••term loan first lien$995,000$990,000
99c
S+375 bp
A•••••• H••••••• I••••••••• L••term loan first lien$997,000$989,000
99c
S+250 bp
S••••• M•••• 2• I•••revolver lien unstated$1.0M$984,000
101c
S+475 bp
P•••••••• P•••••••• I•••term loan first lien$995,000$983,000
99c
S+250 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$991,000$979,000
103c
S+500 bp
B••• E••••• H••••••• I•••term loan first lien$995,000$979,000
98c
S+325 bp
S••••••• C••••• M••••••••• S••••••• I••term loan first lien$997,000$978,000
98c
S+250 bp
I•• I••••••••• I•••equity equityNot disclosed$977,000
130c
A•••••• S••••••• I•••term loan first lien$997,000$977,000
98c
S+225 bp
S••• L••term loan first lien$995,000$976,000
98c
S+450 bp
L••••• B•••• L••••••term loan second lien$1.1M$974,000
95c
PIK 12.00%
I••••• N•••• L••term loan first lien$976,000$974,000
100c
S+275 bp
V• B••••• L••term loan first lien$997,000$973,000
99c
S+225 bp
V•• C•••term loan first lien$969,000$967,000
100c
S+200 bp
E•••••••• I•••term loan first lien$998,000$966,000
97c
S+275 bp
A•••••• L••term loan first lien$1.0M$966,000
97c
S+375 bp
S••••• E••••• S••••••••• L••equity equityNot disclosed$963,000
96c
U••• C••••term loan first lien$961,000$961,000
96c
S+575 bp
PIK 2.40%
P•••••• B•••• P•••••••• L••term loan first lien$995,000$958,000
97c
S+275 bp
O•••••••• A•••••••• I•••term loan first lien$946,000$941,000
101c
S+350 bp
P•• I••••••••• 4• L••term loan first lien$942,000$935,000
109c
S+525 bp
B••••••• B••••• L••equity equityNot disclosed$931,000
119c
U• F•••••••• E••••••••• L••term loan first lien$907,000$903,000
100c
S+350 bp
O•• H••••••• I• C•••revolver lien unstated$900,000$900,000
101c
S+500 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.1M$887,000
320c
S+628 bp
PIK 1.00%
O•• B••••• I•••revolver lien unstated$912,000$886,000
100c
S+500 bp
S••••••••• G••••• I•••equity equityNot disclosed$878,000
193c
K••••••• B•••• B•••term loan first lien$914,000$878,000
102c
S+525 bp
D•••• G••••• I•••term loan first lien$897,000$876,000
100c
S+375 bp
R••••• H•••••••• I•••equity equityNot disclosed$849,000
127c
A••••• G•••• I•••term loan first lien$843,000$837,000
101c
S+200 bp
B••••••••• L••revolver lien unstated$831,000$831,000
100c
S+525 bp
P•••••••• P•••••• E••••••••• H••••••• L••term loan first lien$818,000$814,000
100c
S+475 bp
N• H•••••• L••revolver lien unstated$947,000$812,000
88c
S+650 bp
H••••••••• B•••• P•• L••term loan first lien$876,000$809,000
99c
S+525 bp
G•• P•••••• I•••equity equityNot disclosed$798,000
100c
H•••••••• H•••••••• I•••revolver lien unstated$808,000$795,000
99c
S+525 bp
I•• I••••••••• I•••term loan first lien$791,000$791,000
101c
S+625 bp
L•••• a•• W••••• I••••••••• I••term loan first lien$775,000$774,000
100c
S+200 bp
K••••• B• L••term loan first lien$773,000$773,000
100c
S+375 bp
E••• G••••• L••••••••• I•••equity equityNot disclosed$770,000
172c
F••••••• L•• I••••••••• L••term loan first lien$762,000$761,000
100c
S+325 bp
V••••• S•••••••• I•••term loan first lien$992,000$759,000
81c
S+400 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$812,000$755,000
94c
12.00%
PIK 2.00%
U•• L•••••• H•••••• A•term loan first lien$755,000$754,000
106c
S+525 bp
X••••••• B•••• L••••••equity equityNot disclosed$742,000
164c
N•• B•••• L••equity equityNot disclosed$740,000
129c
S••• B••••• L•••revolver lien unstated$798,000$736,000
95c
S+625 bp
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$738,000$718,000
100c
S+575 bp
A• A••• M••••• S•• I•••term loan first lien$720,000$718,000
100c
S+250 bp
E••••••• E•••••••• • E••••••••• C••term loan first lien$730,000$715,000
100c
10.50%
PIK 3.00%
E•• I•••••••••term loan unsecured or subordinated$717,000$711,000
101c
11.00%
PIK 2.50%
E• S••• B••••term loan first lien$716,000$706,000
99c
S+500 bp
C•••••• R••••••••• S••••••• L••revolver lien unstated$777,000$685,000
90c
S+600 bp
T•••• B•••• L••equity equityNot disclosed$678,000
133c
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$668,000
193c
F••••••••• L••equity equityNot disclosed$664,000
71c
M••••• M•••• L••••••term loan first lien$777,000$664,000
83c
S+625 bp
P•• M••• G•••• I••term loan first lien$665,000$663,000
100c
S+275 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$656,000$656,000
100c
11.00%
PIK 1.00%
D•••• I••••••••• H••••••• C••equity equityNot disclosed$650,000
127c
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$642,000
106c
S•• I••••••••• L••term loan first lien$639,000$639,000
101c
S+675 bp
A•••••• B•••• L••••••term loan first lien$630,000$619,000
107c
S+500 bp
W••••••• R•••• L••unstated lien unstatedNot disclosed$619,000
5c
G••• L••term loan first lien$614,000$609,000
100c
S+600 bp
P•••••• B•••• B•••term loan first lien$606,000$606,000
98c
S+600 bp
R•• S••• M••••• S•• L••term loan first lien$600,000$600,000
100c
S+1050 bp
PIK 9.50%
D••• H••••••• C••••revolver lien unstated$598,000$598,000
102c
S+500 bp
A••• S•••••• P•••••••• L••revolver lien unstated$596,000$596,000
100c
S+475 bp
P••••••• D••••• H••••••• L••term loan first lien$595,000$593,000
101c
S+830 bp
P••• S•• ••• M•••••• M•••••term loan first lien$593,000$593,000
96c
S+515 bp
A••••• H••••• 2• L••equity equityNot disclosed$593,000
4942c
K•••••• S••••• • S••••••• L••revolver lien unstated$617,000$592,000
101c
S+425 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$701,000$577,000
131c
S+600 bp
PIK 1.00%
A•• C••••••••• L••equity equityNot disclosed$571,000
178c
B•••••• I•••••••• G•••• H••••••• L••term loan first lien$566,000$556,000
99c
S+250 bp
I•• H•••• A••••••• L•••••revolver lien unstated$568,000$539,000
96c
S+600 bp
T• K•• A••••••••• L•••equity equityNot disclosed$535,000
108c
B••••• S••••• U••••••••• L••equity equityNot disclosed$524,000
91c
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$522,000
138c
M••••••• A••••••••• I•••preferred equity equityNot disclosed$502,000
91c
A••••• S••• T•• F•••••• L••term loan first lien$499,000$499,000
100c
S+250 bp
P•••••• I••••••••• I•••term loan first lien$499,000$497,000
100c
S+275 bp
G••••• P•••••••• C• I•••term loan first lien$500,000$494,000
99c
S+225 bp
A••••••••• B••• C••• L••equity equityNot disclosed$492,000
126c
B••••• P•••••••• L••term loan first lien$499,000$479,000
98c
S+325 bp
S•••• B•••• B•••term loan first lien$508,000$477,000
94c
S+575 bp
A•••••••term loan first lien$1.5M$455,000
29c
S+400 bp
PIK 6.40%
T•••••• W••••••••• M••••••••• L••term loan first lien$448,000$446,000
100c
S+225 bp
M• G•••• V••••••• C•••••••••equity equityNot disclosed$437,000
78c
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan first lien$758,000$427,000
50c
S+400 bp
PIK 4.10%
R•••• B•••• L••equity equityNot disclosed$426,000
84c
Page 6 of 10PreviousNext
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