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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 Jun 30, 2026
1,061 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
D••• S•••••• L••term loan first lien$7.1M$7.0M
100c
S+450 bp
X••••••• B•••• L••••••term loan unsecured or subordinated$7.0M$7.0M
105c
S+1100 bp
PIK 14.70%
F•••••••• S••••••• I••••••••• H••••••• I•••term loan first lien$17.6M$6.9M
41c
S+400 bp
S•••••••• H•••••••• I•••term loan first lien$7.9M$6.8M
87c
S+700 bp
D••••term loan first lien$6.7M$6.7M
100c
S+475 bp
M•• B••••• L••term loan first lien$6.7M$6.6M
100c
S+475 bp
O••••• V••••• B•••• L••••••term loan first lien$7.3M$6.6M
92c
S+520 bp
Q••• S••• B•••• P•• L••term loan first lien$6.8M$6.5M
96c
S+575 bp
T•••••• M••••••• S••••••• I•••term loan first lien$7.4M$6.4M
86c
S+550 bp
PIK 2.00%
M• G•••• V••••••• C•••••••••term loan first lien$6.8M$6.4M
94c
S+550 bp
S••••• P••••••• H•••••••• L••term loan first lien$6.3M$6.3M
100c
S+450 bp
O•• A•• B••••• L••term loan first lien$6.5M$6.3M
100c
S+450 bp
T••• H•••••• C•••term loan first lien$6.6M$6.3M
96c
S+600 bp
H••••••• ••••• S••••• •••• B•••• B•••••term loan first lien$6.2M$6.2M
93c
S+475 bp
R••••• H••••••• L••equity equityNot disclosed$6.1M
I••••••••• L••preferred equity equityNot disclosed$5.8M
97c
PIK 17.50%
P••••• E••••••••• L•••••term loan first lien$5.7M$5.7M
101c
S+450 bp
I•••••• B•••• L••••••term loan first lien$6.0M$5.6M
94c
S+650 bp
A•••••••term loan first lien$30.1M$5.6M
19c
S+290 bp
PIK 4.00%
A•• L•••• H•••••••• L••term loan first lien$5.6M$5.6M
100c
S+425 bp
A••••• H••••• 2• L••term loan second lien$6.3M$5.5M
89c
S+830 bp
PIK 12.00%
R••• L•••• L••term loan first lien$5.5M$5.5M
102c
S+550 bp
F•••• B•••••••• L••term loan first lien$5.6M$5.4M
100c
S+450 bp
C•• M•••• C•••term loan first lien$6.0M$5.4M
94c
S+350 bp
V••••••• B•••• L••••••term loan first lien$5.6M$5.4M
96c
S+650 bp
B••••••• B••••• L••term loan first lien$5.4M$5.4M
100c
S+425 bp
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••term loan first lien$5.3M$5.3M
100c
S+450 bp
B•••••term loan first lien$5.3M$5.2M
97c
S+625 bp
A•••• I•••••••• B•••••• N•term loan first lien$5.4M$5.2M
106c
S+625 bp
O•••• I••••••••• N•••• B•••term loan first lien$5.2M$5.2M
107c
S+525 bp
M•••• R•••••••• I••• ••••••••term loan first lien$5.2M$5.2M
101c
S+450 bp
C• A••••••••• H••••••• I•••term loan first lien$5.2M$5.2M
100c
S+550 bp
C•• F•••• H••••••• C••• L••term loan first lien$5.2M$5.2M
102c
S+1000 bp
PIK 13.90%
B•• B••••• I•••term loan first lien$5.2M$5.1M
100c
S+500 bp
R•••• B•••• L••term loan first lien$5.2M$5.1M
100c
S+475 bp
V••• C•• 2•••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$5.0M$5.0M
100c
S+590 bp
N• H•••••• L••term loan first lien$5.4M$5.0M
94c
S+650 bp
E••••• N••••term loan first lien$4.9M$4.9M
94c
S+475 bp
A••• L••• F•••••• V••• L•••notes unsecured or subordinated$5.0M$4.9M
97c
S+625 bp
A••• H••••••term loan first lien$4.9M$4.9M
106c
S+550 bp
C•••• P••••• N•term loan first lien$4.8M$4.8M
103c
S+600 bp
A••••• B••••• I•••term loan first lien$4.7M$4.7M
101c
S+525 bp
S•••• B•••• L••equity equityNot disclosed$4.7M
391c
N•• I••••••••• 2• B•••term loan first lien$4.7M$4.7M
108c
S+545 bp
U••••• L•••••• L••••••term loan first lien$4.8M$4.6M
91c
S+725 bp
E•••••• W••• A••••••••• C••••••• L••term loan first lien$4.8M$4.5M
94c
S+625 bp
I••••••• L••••••term loan first lien$4.5M$4.5M
107c
S+500 bp
N••• M••••••••• S••••••• C•••term loan first lien$6.4M$4.4M
73c
S+525 bp
X••••••• B•••• L••••••term loan first lien$4.4M$4.4M
104c
S+625 bp
R•• S••• M••••• S•• L••term loan first lien$7.1M$4.3M
62c
S+700 bp
PIK 10.70%
L••• T••• C••• G••••• I•••term loan first lien$4.6M$4.3M
95c
S+600 bp
P••• S•• ••• M•••••• M•••••term loan first lien$4.3M$4.3M
100c
S+525 bp
M••• B•••• L••••••term loan first lien$4.5M$4.3M
100c
S+525 bp
S••••••• D••••••••• A••••••• C••••••term loan first lien$4.3M$4.2M
107c
S+513 bp
M••••• 5••• G•••term loan first lien$4.3M$4.2M
101c
S+625 bp
B••• C•••••• C••••• C•• 2•••••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.3M$4.2M
99c
S+615 bp
I•• H•••• A••••••• L•••••term loan first lien$4.4M$4.2M
98c
S+600 bp
B•••••• P•••• P•••••••• C•••••••••term loan second lien$4.5M$4.2M
94c
S+900 bp
J•• B•••• L••••••term loan first lien$4.2M$4.2M
84c
S+400 bp
P•••••• B•••• P•• L••term loan first lien$4.2M$4.1M
100c
S+500 bp
G••••• A••••••• G•••• L••••••term loan first lien$4.1M$4.1M
92c
S+491 bp
F••••••• B••••• L••term loan first lien$4.0M$4.0M
100c
S+450 bp
B•••••• S••••• P••••••• C•• X•••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.0M$4.0M
100c
S+615 bp
S•••• B•••• B•••term loan first lien$4.2M$4.0M
104c
S+575 bp
P••••• S••••• C•• 2•••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.0M$3.9M
99c
S+600 bp
A••••• M••••term loan unsecured or subordinated$4.1M$3.9M
106c
2.00%
PIK 9.00%
A•••• B•••• L••••••term loan first lien$4.3M$3.9M
100c
S+670 bp
E•• H•••••••• L••term loan first lien$3.9M$3.9M
100c
S+475 bp
G•••• C•••••• P••••••• C•• 6••••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$4.3M$3.8M
90c
S+640 bp
E••••• I•••••••• G•••• I•••term loan first lien$3.8M$3.8M
102c
S+425 bp
D••••••• C•••••• C•• 8• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$3.8M$3.8M
100c
S+615 bp
O•• C•• 2••••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$3.8M$3.8M
100c
S+590 bp
V•••• G••••• H•••••• L••notes lien unstated$3.9M$3.8M
98c
9.50%
C•••• P••••• N•term loan first lien$3.8M$3.8M
100c
S+700 bp
C••••• K•• F•••••• I• L••preferred equity equityNot disclosed$3.7M
100c
10.00%
PIK 10.00%
C•••••• M••••• H•••••••• L••term loan unsecured or subordinated$3.8M$3.7M
100c
8.00%
C•••••• M••••• H•••••••• L••term loan unsecured or subordinatedNot disclosed$3.7M
PIK 8.00%
C•••••• B••••••••• I•••unstated lien unstatedNot disclosed$3.6M
118c
B••••• G••••term loan first lienNot disclosed$3.6M
61c
S+450 bp
PIK 6.60%
C•• F•••• H••••••• C••• L••equity equityNot disclosed$3.6M
A•••• B•••• L••••••term loan first lien$3.5M$3.5M
101c
S+500 bp
M••••• B••••• L••term loan first lien$3.6M$3.5M
100c
S+475 bp
B••••••••• G•••• U• L••term loan first lien$3.6M$3.5M
105c
S+475 bp
F••••••term loan first lien$3.5M$3.5M
105c
S+610 bp
G•••••••••term loan first lien$3.5M$3.5M
109c
S+450 bp
P••••••• S•••••••• I•••term loan first lien$6.4M$3.5M
54c
S+600 bp
R••• B•••• P•• L••term loan first lien$3.6M$3.5M
104c
S+525 bp
S••• P•••••• M•••• L••••••term loan first lien$3.5M$3.4M
100c
S+525 bp
S••••••••• G•••• H••••••• L•term loan first lien$3.5M$3.4M
99c
S+300 bp
P••••• B•••• P•• L••term loan first lien$3.5M$3.4M
97c
S+475 bp
I••••••••• G•••• B•••term loan first lien$3.6M$3.4M
103c
S+620 bp
C••• B••••• L••term loan first lien$3.3M$3.3M
101c
S+500 bp
O•• H••••••• I• C•••term loan first lien$3.3M$3.3M
101c
S+500 bp
H••••••• ••••• S••••• •••• B•••• B•••••term loan first lien$3.3M$3.2M
100c
S+475 bp
E•••••• B••••••• C••••••• L••term loan second lien$3.2M$3.2M
100c
S+750 bp
S•••• G••• I•••term loan first lien$3.5M$3.2M
92c
S+600 bp
E•••••• M•••• L••••••term loan first lien$3.1M$3.1M
98c
S+500 bp
E• D•••••••••term loan first lien$3.2M$3.1M
99c
S+525 bp
C••••• S••• R•••• S••term loan first lien$3.1M$3.1M
101c
S+600 bp
M•••••• H•••••• A•term loan first lien$3.2M$3.0M
94c
S+525 bp
Page 3 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