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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
S•••••• A••••••••• B•••• L••••••term loan first lien$3.1M$3.0M
101c
S+525 bp
P•••••• I••••••• A••••••••• I•••term loan first lien$3.5M$3.0M
85c
S+125 bp
PIK 4.60%
A••••••••• H•••••••equity equityNot disclosed$2.9M
88c
A••••••• H••••••• I••term loan first lien$3.0M$2.9M
98c
S+300 bp
C••• F•••••• 2••••••• L•••notes unsecured or subordinated$2.9M$2.9M
100c
S+570 bp
B••••••••• P••••••• G•••• L•• P•• R•••••••••term loan first lien$3.0M$2.9M
96c
S+250 bp
C••••••• I•••••••••term loan first lien$2.9M$2.9M
104c
S+500 bp
M••••• P•••••••• S•••••••• H•••••• C•term loan first lien$2.9M$2.8M
99c
S+350 bp
U•••• B•••• L••••••term loan first lien$2.8M$2.8M
110c
S+430 bp
G••••• A••••••• G•••• L••••••term loan first lien$2.8M$2.8M
101c
S+491 bp
I• S•••••term loan first lien$2.9M$2.8M
96c
S+600 bp
A•••• B•••• L••••••term loan first lien$3.0M$2.7M
97c
S+670 bp
N•••••term loan first lien$2.7M$2.7M
108c
S+650 bp
P•••••• E••••• C••••• L••term loan first lien$2.7M$2.7M
106c
6.90%
A•• I•••••• P••••••••• L••term loan first lien$2.7M$2.7M
100c
S+525 bp
R•• S••• M••••• S•• L••term loan first lien$2.7M$2.7M
101c
S+1000 bp
PIK 13.70%
T•••••• B•••term loan first lien$2.7M$2.7M
98c
S+475 bp
R• 3• L••notes unsecured or subordinated$2.6M$2.6M
100c
S+600 bp
A••••• M••••equity equityNot disclosed$2.6M
235c
S••••••• B•term loan first lien$2.6M$2.6M
103c
S+525 bp
M•• E•••••• I•••revolver lien unstated$2.7M$2.6M
98c
S+375 bp
G••••• G•••••term loan first lien$2.7M$2.6M
106c
S+675 bp
U•• 6•• E••••• M••••••••• G•••term loan first lien$2.6M$2.5M
98c
S+525 bp
L••••••••• F•••• S•••term loan first lien$2.6M$2.5M
99c
S+475 bp
F••••••• R• S••••••••• P•••••••• 2•••••preferred equity equityNot disclosed$2.5M
148c
U•••••• •••••••••term loan first lien$2.5M$2.5M
108c
S+495 bp
H••• S••••• B•••• I•••term loan first lien$2.6M$2.5M
100c
S+425 bp
W•••••••• H•••••••• I•••revolver lien unstated$2.6M$2.5M
102c
S+500 bp
V•••••• P••••• L•• ••••• I•••••••••term loan first lien$2.5M$2.5M
100c
S+425 bp
T•••••••• S••••••••• I•••term loan first lien$2.6M$2.5M
99c
S+600 bp
H•••• S••••••• G•••• L••revolver lien unstated$2.8M$2.5M
91c
S+450 bp
W•• I••••••••• C•••term loan first lien$2.5M$2.5M
99c
S+275 bp
N•••••• B•••• U• I•••term loan first lien$2.5M$2.5M
100c
S+500 bp
E••••• I••term loan first lien$2.5M$2.5M
98c
S+400 bp
P••••••• H••••••• I•••term loan first lien$2.5M$2.4M
98c
S+400 bp
F••• S••• H•••••• L••term loan first lien$2.5M$2.4M
98c
S+425 bp
M•••• R••••••• I•••term loan first lien$2.4M$2.4M
98c
S+600 bp
H•••••• P•••• P••• C•• D••
S••••••••• finance (CLO)
notes unsecured or subordinated$2.5M$2.4M
96c
S+550 bp
C•• U• B••••• I•••term loan first lien$2.4M$2.4M
103c
S+600 bp
O•••••• I••••••••• P••••••• 2•••• L••notes unsecured or subordinated$2.5M$2.4M
96c
S+759 bp
H••••• M••••• S•• I••term loan first lien$2.4M$2.4M
98c
S+225 bp
R••••• B••••• B•••term loan first lien$2.4M$2.4M
104c
S+600 bp
D•••• T••••• I•••term loan first lien$2.5M$2.3M
95c
S+275 bp
R••••••• P•••• S••••••• I•••term loan first lien$2.3M$2.3M
100c
S+575 bp
T••••••••• H••••••• I••term loan first lien$2.5M$2.3M
94c
S+325 bp
U•• I•• ••••• U•••••••
S•••••••)
term loan first lien$2.5M$2.3M
94c
S+225 bp
B••• F•••• B•term loan first lien$2.3M$2.3M
98c
S+450 bp
T••••• C•••term loan first lien$2.5M$2.3M
94c
S+475 bp
U• B••• N••••••• A••••••••• S••••• 2•••••notes lien unstated$2.2M$2.3M
102c
S+750 bp
A•••••• I•••••••••term loan first lien$2.3M$2.3M
103c
S+498 bp
W••••••• F••••• L••revolver lien unstated$2.3M$2.3M
100c
S+525 bp
M•••••••• B•••• L••••••term loan first lien$2.3M$2.3M
103c
S+510 bp
W•••• B•••• L••••••term loan first lien$2.3M$2.3M
101c
S+450 bp
B•••• P••••• C•••••• I•••term loan first lien$2.5M$2.2M
89c
S+275 bp
L••••• B•••• L••••••term loan first lien$2.3M$2.2M
97c
S+650 bp
A••••••••• H•••••• G•••term loan first lien$2.2M$2.2M
99c
S+558 bp
B••• E••••• H••••••• I•••term loan first lien$2.2M$2.2M
100c
S+350 bp
A••••• B••••• I•••term loan unsecured or subordinated$2.2M$2.2M
100c
PIK 12.00%
I• S•••••term loan first lien$2.2M$2.2M
109c
S+650 bp
P•••••• A•••• I••••••••• H•••••• I•••term loan first lien$3.0M$2.1M
72c
S+325 bp
S••••••• P••••••• M••••••• L••term loan first lien$2.1M$2.1M
100c
S+200 bp
G••••• A••term loan first lien$2.1M$2.1M
100c
S+200 bp
A••••••• C••••••term loan first lien$2.1M$2.0M
100c
S+475 bp
W•••••••• H•••••••• I•••equity equityNot disclosed$2.0M
242c
A••••••••• B••• C••• L••term loan first lien$2.0M$2.0M
101c
S+475 bp
A•••••• H••••••• I••••••••• L••term loan first lien$2.1M$2.0M
99c
S+250 bp
P••• I••••••• H•••••• C•••term loan first lien$2.1M$2.0M
97c
S+275 bp
B••••• • L••• C•••term loan first lien$2.0M$2.0M
100c
S+375 bp
R••••••••• P••••• L••term loan first lien$2.0M$2.0M
100c
S+250 bp
B•••• H••••••• I• L••term loan first lien$2.0M$2.0M
100c
S+475 bp
Q••• F•••••• L••term loan first lien$2.0M$2.0M
100c
S+525 bp
J•••••• P••••••• C••• C•••term loan first lien$2.0M$2.0M
100c
S+375 bp
S•••••• H•••••• L••term loan first lien$2.0M$2.0M
100c
S+300 bp
M••••••• I••••••••• I•••term loan first lien$2.1M$2.0M
95c
S+300 bp
A••••• C••••••• B•••• P•• L••term loan first lien$1.9M$1.9M
98c
S+450 bp
P•• A••• G•••• L••term loan first lien$2.0M$1.9M
102c
S+400 bp
B••••• A••••••• G•••• I••term loan second lien$2.0M$1.9M
99c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$2.0M$1.9M
99c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$2.0M$1.9M
99c
S+750 bp
P••••• E••••••••• L•••••equity equityNot disclosed$1.9M
262c
C••••••••• A••••••••• H••••••• I•••term loan first lien$2.0M$1.9M
97c
S+325 bp
C••••• H••••••• 2• L••term loan first lien$2.0M$1.9M
95c
S+375 bp
O•• C•• 2••••••• L•••
S••••••••• finance (CLO)
notes unsecured or subordinated$1.9M$1.9M
100c
S+600 bp
L•••••• C•••••• I•••••••• B•••••• L••term loan first lien$2.0M$1.9M
94c
S+375 bp
C•• F•••• H••••••• C••• L••term loan first lien$1.9M$1.9M
100c
S+700 bp
PIK 10.90%
C••••••• P•••••••• I••term loan first lien$1.8M$1.8M
100c
S+350 bp
I•• F•••••••• L••term loan first lien$1.8M$1.8M
100c
S+300 bp
D••• B•••• L••term loan first lien$2.0M$1.8M
91c
S+300 bp
B••••• A••••••• G•••• I••term loan second lien$1.8M$1.8M
99c
S+750 bp
B••••• A••••••• G•••• I••term loan second lien$1.8M$1.8M
99c
S+750 bp
W•••••••• L••term loan first lien$2.0M$1.8M
93c
S+425 bp
B••••• A••••••• G•••• I••term loan second lien$1.8M$1.8M
99c
S+750 bp
T•••••••• B•••• L••••••term loan first lien$1.8M$1.8M
116c
S+500 bp
C••••••••• H••••••• L••term loan first lien$1.8M$1.8M
99c
S+225 bp
L•••• H•••• P••••• L••term loan first lien$1.8M$1.8M
98c
S+350 bp
I••••••••• F•••• F•••••••• N••• B•••revolver lien unstated$1.8M$1.8M
98c
10.50%
C• B••••• L••term loan first lien$1.8M$1.8M
101c
S+625 bp
R• H•••••••• L••revolver lien unstated$1.9M$1.7M
96c
S+675 bp
C•••• S••••••• G•••• I•••term loan first lien$2.0M$1.7M
87c
S+325 bp
S••••• I•••••term loan first lien$2.1M$1.7M
88c
S+650 bp
Page 4 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