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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
G•••••••• I• B•term loan first lien$1.7M$1.7M
109c
S+485 bp
S•••••••• N••• P••••• L••term loan first lien$1.7M$1.7M
100c
S+200 bp
E••••• E••••••••• S•••••••• I•••term loan first lien$1.7M$1.7M
100c
S+550 bp
O•• B••••••• S•••••••• L••term loan first lien$1.7M$1.7M
100c
S+300 bp
P••••••••• P•••• L••term loan first lien$1.7M$1.7M
100c
S+200 bp
U•• L•••••• H•••••• A•term loan first lien$1.7M$1.7M
111c
S+525 bp
C•• P•••••• L••preferred equity equityNot disclosed$1.6M
228c
H•• C•••••••••term loan first lien$1.7M$1.6M
103c
S+525 bp
F••••• 4• L••••••term loan first lien$1.7M$1.6M
99c
S+600 bp
T• S• C••••• A••••••••• C••••term loan unsecured or subordinated$1.6M$1.6M
100c
S+775 bp
PIK 11.40%
G• C••••••• P••••• L••term loan first lien$2.0M$1.6M
97c
S+375 bp
F•••• F•••••••• P••••••• L••term loan first lien$1.6M$1.6M
98c
S+250 bp
Z•••• L•••• S••••term loan first lien$1.6M$1.6M
99c
S+525 bp
E••••• S••••••• B•••• P•• L••term loan first lien$1.7M$1.6M
86c
S+650 bp
D••••• I••term loan first lien$1.6M$1.6M
100c
S+175 bp
S•••• C••••••••• L••term loan first lien$1.7M$1.6M
93c
S+325 bp
R••••••••• L•••••••• I•••term loan first lien$2.0M$1.6M
86c
S+400 bp
R•••••••• P••••••• I•••term loan first lien$1.6M$1.6M
100c
S+450 bp
C••••••• A•••••••• L••term loan first lien$1.6M$1.6M
100c
S+175 bp
S••••••• B•••• S•••••••term loan first lien$1.6M$1.5M
99c
S+500 bp
X••••••• B•••• L••••••term loan first lien$1.5M$1.5M
104c
S+625 bp
E••• B•••• L••term loan first lien$1.5M$1.5M
100c
S+350 bp
A•• G•••• H•••••••• I•••revolver lien unstated$1.6M$1.5M
100c
S+525 bp
PIK 3.30%
A•• R•••• P••••• L••term loan first lien$1.5M$1.5M
100c
S+225 bp
W•••••• A••••••• L••term loan first lien$1.6M$1.5M
97c
S+275 bp
W••••••••• S••••••• L••term loan first lien$1.5M$1.5M
101c
S+400 bp
H••••••• A••••••••• A••••••••• L••term loan first lien$1.5M$1.5M
100c
S+350 bp
F•• A••••••••• I••term loan first lien$1.5M$1.5M
100c
S+325 bp
P•••••• P••••••• L••term loan first lien$1.5M$1.5M
100c
S+275 bp
S••• P••••• I•••term loan first lien$1.5M$1.5M
100c
S+400 bp
M•••••• I•• L••term loan first lien$1.5M$1.5M
100c
S+175 bp
E••••••• R•• L••term loan first lien$1.5M$1.5M
100c
S+300 bp
W•••• C•• S••••• H••••••• L••term loan first lien$1.5M$1.5M
100c
S+350 bp
A••••• G•••• I••term loan first lien$1.5M$1.5M
100c
S+300 bp
T••••• • L•••••• C•term loan first lien$1.5M$1.5M
100c
S+200 bp
Q•• B••••••• P••••••• I••term loan first lien$1.5M$1.5M
100c
S+225 bp
G••• E•••••• B••••••• L••term loan first lien$1.5M$1.5M
99c
S+250 bp
P•• D•• L••term loan first lien$1.5M$1.5M
100c
S+325 bp
F•••• R••••••••• G•••• L•term loan first lien$1.5M$1.5M
100c
S+375 bp
C•••••••• I•••term loan first lien$1.5M$1.5M
98c
S+350 bp
R•••••• H•••••• C•••term loan first lien$1.5M$1.5M
100c
S+225 bp
C•• F•••• H••••••• C••• L••term loan lien unstated$1.5M$1.5M
100c
S+900 bp
PIK 12.90%
A••••• L•••••••• L••term loan first lien$1.5M$1.4M
98c
S+300 bp
K•• D••••• H•••••••• L••equity equityNot disclosed$1.4M
135c
L•••••• B•••• L••••••equity equityNot disclosed$1.4M
289c
G•••••• C•••• S••••••• H••••••• I• L••term loan first lien$1.5M$1.4M
96c
S+250 bp
W••••••• F••••• L••equity equityNot disclosed$1.4M
118c
P••••••••• L••term loan first lien$1.4M$1.4M
100c
S+500 bp
F••••••••• B•••• L••••••term loan first lien$1.4M$1.4M
100c
S+600 bp
P•• I••••••••• 4• L••term loan first lien$1.4M$1.4M
100c
S+475 bp
A••••••••• G•••• I••term loan first lien$1.4M$1.4M
100c
S+275 bp
P•••••• R••• U••••••• P••••• C•••term loan first lien$1.4M$1.4M
99c
S+275 bp
G••• P••••••••• S•••••••• L••term loan first lien$1.5M$1.4M
98c
S+425 bp
R•••• A••••••••• H•••••••• L••term loan first lien$1.4M$1.4M
100c
S+300 bp
A••••••••• H•••••• G•••term loan first lien$1.4M$1.4M
96c
S+558 bp
A•••• B•••• L••••••term loan second lien$1.6M$1.4M
93c
PIK 10.50%
A••• B•••• L••••••term loan first lien$1.4M$1.4M
104c
S+675 bp
X••••••• B•••• L••••••term loan first lien$1.4M$1.4M
97c
S+625 bp
P••••••• P••••• L••term loan first lien$1.6M$1.3M
94c
S+450 bp
Z••••••• B•••• L••••••term loan first lien$1.3M$1.3M
124c
S+650 bp
E••••• V••••••• H••••••• I•••term loan first lien$1.4M$1.3M
98c
S+400 bp
M••••• C•••term loan first lien$1.5M$1.3M
98c
S+300 bp
R•••••• C•••• R••••••••• L••term loan first lien$1.3M$1.3M
100c
S+200 bp
F•••• S•••••• B•••• I•••term loan first lien$1.3M$1.3M
100c
S+225 bp
N•••••• M•••• I••term loan first lien$1.3M$1.3M
100c
S+275 bp
S•••••••• B••••••• P••••••• H•••••••• L••term loan first lien$1.4M$1.3M
92c
S+375 bp
C•• H••••••••• S••••••• I•••term loan first lien$1.3M$1.3M
100c
S+300 bp
D••••••••• P•••••••• H••••••• L••term loan second lien$1.3M$1.3M
100c
11.00%
H••• C••• A••••••••• L••term loan first lien$1.5M$1.3M
84c
S+500 bp
PIK 1.00%
R••••• M••••••••• I•••term loan first lien$1.3M$1.3M
100c
S+200 bp
H• A••••••• B•••• L••revolver lien unstated$1.3M$1.3M
100c
S+475 bp
A•••• I••••••••• L••revolver lien unstated$1.3M$1.3M
102c
S+475 bp
K•••• R•••• C•••term loan first lien$1.3M$1.3M
100c
S+175 bp
A••••• M••••warrants equityNot disclosed$1.2M
31175c
T•••• A••••••••• L••term loan first lien$1.2M$1.2M
100c
S+250 bp
S•••••••• P••••• L••term loan first lien$1.5M$1.2M
84c
S+400 bp
B••••••••• L••equity equityNot disclosed$1.2M
134c
C•• T•••• R••••• L••term loan first lien$1.2M$1.2M
100c
S+275 bp
E• S••• B••••term loan first lien$1.3M$1.2M
104c
S+500 bp
E••••••• H••••••• I•••term loan first lien$1.2M$1.2M
96c
S+250 bp
O•• H••••••• P••••••••• L••revolver lien unstated$1.2M$1.2M
99c
S+425 bp
P•••••• O••• L••term loan first lien$1.2M$1.2M
101c
S+325 bp
G• A•• B•••• I•••term loan first lien$1.2M$1.2M
100c
S+425 bp
D•••••••• F•••• U• L••term loan first lien$1.3M$1.2M
91c
S+325 bp
B•• B••••• I•••equity equityNot disclosed$1.2M
120c
P••••• H••••••• L••••••preferred equity equityNot disclosed$1.2M
100c
PIK 10.00%
A•• G•••• D• I••term loan first lien$1.1M$1.1M
100c
S+175 bp
A••••••• T••• E••••• L••term loan first lien$1.1M$1.1M
100c
S+175 bp
D•••••••• G••••• H••••••• I••term loan first lien$1.1M$1.1M
100c
S+250 bp
G••••• M•••••• R••••••• I•••term loan first lien$1.1M$1.1M
100c
S+325 bp
C••• F•••••• 2••••••• L•••notes unsecured or subordinated$1.1M$1.1M
100c
S+575 bp
F••••••••• B•••• L••••••term loan first lien$1.1M$1.1M
100c
S+600 bp
L••••••••• F•••• S•••term loan first lien$1.1M$1.1M
97c
S+475 bp
L•••••••• H••••• I••term loan first lien$1.1M$1.1M
99c
S+350 bp
T••••••• R••••• L••unstated lien unstatedNot disclosed$1.1M
13c
M••••••••• I••term loan first lien$1.1M$1.1M
100c
S+200 bp
M••••• A••••••• F•• H••••••• L••term loan first lien$1.1M$1.1M
100c
S+300 bp
L•• B•••••••• L••revolver lien unstated$1.2M$1.1M
95c
S+525 bp
S••••• M•••••• C•••••••••term loan first lien$1.1M$1.1M
101c
S+300 bp
G••• H••••• L••term loan first lien$1.1M$1.1M
100c
S+250 bp
Page 5 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