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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 Mar 31, 2026

981 positions

Borrower	Instrument	Principal	Fair value	Rate
W••••••• F••••• L••	preferred equity equity	Not disclosed	$419,000 106c	PIK 20.00%
B•••••• P•••• P•••••••• C•••••••••	equity equity	Not disclosed	$413,000 91c
G••• L••	revolver lien unstated	$435,000	$413,000 101c	S+525 bp
R•••• B•••• L••	equity equity	Not disclosed	$410,000 104c
F••• S••• H•••••• L••	equity equity	Not disclosed	$409,000 81c
D•••• I••••••••• H••••••• C••	revolver lien unstated	$417,000	$404,000 103c	S+450 bp
C•••••• P••••••••• L••	equity equity	Not disclosed	$400,000 320c
C••••••• O••••••••• P••••••• C••••	term loan first lien	$5.6M	$398,000 8c	S+700 bp PIK 9.30%
E••••••• E•••••••• • E••••••••• C••	equity equity	Not disclosed	$390,000 207c
E• S••• B••••	term loan first lien	$393,000	$387,000 105c	S+800 bp PIK 10.00%
A••••• M••••	term loan second lien	$354,000	$368,000 105c	15.50%
M•••••• S•••••••• P••••• H•••••••• I•••	term loan second lien	$4.4M	$354,000 8c	S+700 bp
T•• A••••••••• L••	revolver lien unstated	$356,000	$349,000 101c	S+475 bp
C••• U••••••• G•••	equity equity	Not disclosed	$344,000 64c
G••• L••	equity equity	Not disclosed	$340,000 140c
O••••• B•••• L••••••	term loan first lien	$341,000	$338,000 95c	S+500 bp
O•• I••••••••• H•••••••• L••	revolver lien unstated	$538,000	$336,000 66c	S+475 bp
P••••• E••••••••• L•••••	revolver lien unstated	$335,000	$335,000 104c	S+450 bp
A••• I•••••••••	term loan first lien	$346,000	$334,000 93c	S+625 bp
A••• C•••••• S••••••••• I•••	revolver lien unstated	$330,000	$330,000 118c	S+575 bp
S•• I••••••••• L••	equity equity	Not disclosed	$327,000 157c
A•••••• H••••••• H• L••••••	term loan unsecured or subordinated	$327,000	$327,000 102c	15.00%
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$320,000	$320,000 100c	S+550 bp
A••••• B••••• I•••	equity equity	Not disclosed	$317,000 165c
A•••••• C••••••• P•••••••• L••	equity equity	Not disclosed	$310,000 118c
B•• B••••• I•••	revolver lien unstated	$318,000	$307,000 100c	S+500 bp
A••••••••• L••	revolver lien unstated	$304,000	$304,000 103c	S+450 bp
O•• H••••••• P••••••••• L••	equity equity	Not disclosed	$299,000 95c
A•••• B•••• L••••••	term loan first lien	$299,000	$299,000 107c	S+500 bp
C••• U••••••• G•••	equity equity	Not disclosed	$291,000 117c
F••••• B••••• L••	equity equity	Not disclosed	$289,000 117c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	term loan first lien	$350,000	$288,000 130c	S+643 bp PIK 1.00%
C••••••••• H••••••• L••	term loan first lien	$280,000	$279,000 100c	S+225 bp
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$277,000	$277,000 96c	S+550 bp
H••••••••• I•••	equity equity	Not disclosed	$277,000 151c
C••••••• O••••••••• P••••••• C••••	term loan first lien	$101,000	$275,000 278c	S+700 bp PIK 17.00%
S••• B••••• L•••	equity equity	Not disclosed	$270,000 52c
M•• B••••• I•••	term loan first lien	$268,000	$268,000 100c	S+500 bp
S•• M•••••• P•••••••• L•••	revolver lien unstated	$286,000	$268,000 101c	S+475 bp
K••• H••••••• I•••	revolver lien unstated	$331,000	$257,000 82c	S+525 bp
U••• C••••	term loan first lien	$253,000	$253,000 101c	S+575 bp PIK 2.40%
A•••• B•••• L••••••	term loan first lien	$276,000	$252,000 92c	S+670 bp
I•• H•••• A••••••• L•••••	equity equity	Not disclosed	$251,000 58c
U••••••••• L••	equity equity	Not disclosed	$251,000 65c
C••• B••••• L••	equity equity	Not disclosed	$245,000 109c
S•• A•••••• H••••••• L••	revolver lien unstated	$260,000	$241,000 100c	S+475 bp
P••••••• D••••• H••••••• L••	equity equity	Not disclosed	$237,000 80c
M• P••••••••• L••	equity equity	Not disclosed	$234,000 128c
T••••••••• I•••	term loan unsecured or subordinated	$300,000	$234,000 79c	PIK 14.00%
A•••• B•••• L••••••	term loan first lien	$233,000	$233,000 109c	S+500 bp
F••••• 4• L••••••	term loan first lien	$243,000	$233,000 104c	S+600 bp
I•• I••••••••• I•••	revolver lien unstated	$226,000	$226,000 106c	S+650 bp
S••••• A••••• I•••	revolver lien unstated	$348,000	$222,000 64c	S+225 bp PIK 3.80%
A•••••• A•••••••• C•••••••••	equity equity	Not disclosed	$219,000 83c
A•• I•••••• P••••••••• L••	equity equity	Not disclosed	$216,000 89c
S•• M•••••• P•••••••• L•••	equity equity	Not disclosed	$212,000 89c
M•• B••••• L••	equity equity	Not disclosed	$204,000 101c
M•••••••• B•••• L••••••	equity equity	Not disclosed	$203,000 147c
D••••••• I••••••••• L••	preferred equity equity	Not disclosed	$198,000 103c
E•• I•••••••••	equity equity	Not disclosed	$188,000 94c
S•••• B•••• B•••	revolver lien unstated	$222,000	$188,000 85c	S+550 bp
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	5.90%
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	5.40%
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	8.50%
P•••••••• M•••••	notes lien unstated	$182,000	$180,000 99c	4.70%
L•••••• B•••• L••••••	term loan first lien	$178,000	$178,000 111c	S+1200 bp
P••••••••• L••	equity equity	Not disclosed	$177,000 272c
L•••••• G•••• H••••••• B•••• L••••••	term loan first lien	$177,000	$175,000 97c	S+575 bp
E•• P•••• H••••• L••	revolver lien unstated	$814,000	$170,000 21c	S+575 bp PIK 9.60%
B••••••• S•••	term loan first lien	$170,000	$170,000 98c	S+950 bp PIK 11.60%
F•• B•••• L••	equity equity	Not disclosed	$169,000 132c
A•••••• A•••••••• C•••••••••	revolver lien unstated	$173,000	$167,000 101c	S+475 bp
C••••••••• L••	revolver lien unstated	$153,000	$151,000 101c	S+525 bp
L••••••••• L••	equity equity	Not disclosed	$142,000 225c
A••••••••• B••• C••• L••	term loan unsecured or subordinated	$137,000	$139,000 101c	14.00%
P•••••• B•••• B•••	revolver lien unstated	$138,000	$138,000 98c	S+650 bp
W••••••• F••••• L••	preferred equity equity	Not disclosed	$134,000 99c	PIK 20.00%
C• B••••• L••	equity equity	Not disclosed	$126,000 91c
H••••••••• I•••	revolver lien unstated	$123,000	$123,000 162c	S+450 bp
A•••••••• T•••••••• G•••• •••• B••••• L•••	revolver lien unstated	$131,000	$115,000 91c	S+500 bp
N• H•••••• L••	equity equity	Not disclosed	$113,000 13c
T••• A•• D••••••••• L••	preferred equity equity	Not disclosed	$107,000 119c	PIK 15.00%
E• S••• B••••	term loan unsecured or subordinated	$109,000	$107,000 100c	S+800 bp
T••• A•• D••••••••• L••	equity equity	Not disclosed	$105,000 20c
M••••••••• H•••••• B•••	term loan first lien	$210,000	$101,000 55c	S+625 bp
V• G• H••••••• I• C•••	term loan first lien	$99,000	$99,000 100c	S+350 bp
R••••• H•••••••• I•••	revolver lien unstated	$117,000	$95,000 104c	S+500 bp
M••••••••• H•••••• B•••	revolver lien unstated	$191,000	$92,000 56c	S+550 bp
E•• H•••••••• L••	equity equity	Not disclosed	$92,000 100c
P•••••• B•••• B•••	term loan first lien	$90,000	$90,000 105c	S+600 bp
M•• B••••• L••	revolver lien unstated	$98,000	$88,000 101c	S+475 bp
M•••••• H•••••• A•	equity equity	Not disclosed	$84,000 76c
P•••••• C•••••••••	equity equity	Not disclosed	$80,000 190c
A•••• 1•••• G•••	preferred equity equity	Not disclosed	$76,000 62c
G•• P•••••• I•••	revolver lien unstated	$99,000	$74,000 101c	S+450 bp
A•••• B•••• L••••••	preferred equity equity	Not disclosed	$43,000 30c	PIK 10.00%
A•••• B•••• L••••••	term loan lien unstated	Not disclosed	$42,000 30c	PIK 10.00%
Z••••••• B•••• L••••••	equity equity	Not disclosed	$42,000
F•• B•••• L••	equity equity	Not disclosed	$39,000 134c
T••• C•••••••• B••••• I•••	equity equity	Not disclosed	$39,000 780c

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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