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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
E•••••• G•••• L••term loan first lien$1.1M$1.1M
100c
S+225 bp
N• H•••••• L••revolver lien unstated$1.2M$1.1M
92c
S+650 bp
M••••••• M•••••• S••••••• T•• H••••••• I••term loan first lien$1.0M$1.0M
100c
S+225 bp
T••••••• M•••••••• P••••••• L••term loan first lien$1.0M$1.0M
100c
S+225 bp
S••• S••••• B•••• 3• L••••••term loan first lien$1.0M$1.0M
108c
S+645 bp
L••••• B•••• L••••••term loan second lien$1.1M$1.0M
92c
PIK 12.00%
C••••••• M•••••••• O•••••••• L••term loan first lien$1.0M$1.0M
100c
S+375 bp
C•••••• I••term loan first lien$1.0M$1.0M
100c
S+250 bp
V•••••• M•••• G•••• I•••term loan first lien$1.0M$1.0M
100c
S+350 bp
D••••••••• B•••term loan first lien$1.0M$1.0M
101c
S+525 bp
P•••• I••••••••• I•• L••term loan first lien$997,000$999,000
100c
S+300 bp
G•••••• I••••••••• S••••••• U•• I•••term loan first lien$998,000$999,000
101c
S+250 bp
A•••• A••••••••• L••term loan first lien$998,000$998,000
99c
S+250 bp
T••• H••••• H••••••• I•••term loan first lien$997,000$997,000
100c
S+400 bp
P••••• T•••• L••term loan first lien$992,000$995,000
100c
S+375 bp
C•••••• G••••• L•term loan first lien$995,000$995,000
100c
S+250 bp
B••• C• B••••• I•••term loan first lien$992,000$995,000
100c
S+325 bp
T••• B•••• L••term loan first lien$1.0M$995,000
101c
S+400 bp
C••••••• A•••••• A••••• L••term loan first lien$996,000$995,000
100c
S+250 bp
S•• O•••••••• I••term loan first lien$995,000$995,000
101c
S+400 bp
S••••• R•••• M•• C••••••• L••term loan first lien$992,000$994,000
99c
S+300 bp
F•••• U• B•••• I••term loan first lien$993,000$993,000
99c
S+275 bp
V•••••• C•••••• H••••••• I••term loan first lien$997,000$993,000
100c
S+175 bp
T••••••••• S•••••• S••••• B•••• P•• L••term loan first lien$1.0M$993,000
105c
S+500 bp
A••••••• G••••• I•••••••••term loan first lien$1.0M$992,000
101c
S+450 bp
V•••• F•••••• S•••term loan first lien$992,000$992,000
99c
S+375 bp
P•••••••• P•••••••• I•••term loan first lien$993,000$991,000
100c
S+250 bp
S••• L••term loan first lien$993,000$990,000
99c
S+450 bp
U• F•••••••• E••••••••• L••term loan first lien$989,000$990,000
101c
S+325 bp
S••••• M•••• 2• I•••revolver lien unstated$1.0M$989,000
101c
S+450 bp
O•••• H••••••• I••term loan first lien$998,000$983,000
99c
S+250 bp
S••••••• C••••• M••••••••• S••••••• I••term loan first lien$995,000$982,000
99c
S+250 bp
L•••••••• H••••• I••term loan first lien$997,000$981,000
99c
S+375 bp
A•••••• L••term loan first lien$992,000$980,000
99c
S+425 bp
Q••••••••• C•••term loan first lien$997,000$980,000
101c
S+400 bp
B••• E••••• H••••••• I•••term loan first lien$992,000$978,000
98c
S+325 bp
A••••••• A••••••• I••term loan first lien$991,000$978,000
100c
S+300 bp
A•••••• S••••••• I•••term loan first lien$995,000$976,000
98c
S+225 bp
B••••••• B••••• L••equity equityNot disclosed$971,000
124c
X••••••• B•••• L••••••equity equityNot disclosed$970,000
215c
P•••••• B•••• P•••••••• L••term loan first lien$992,000$965,000
98c
S+275 bp
E•••••••• I•••term loan first lien$995,000$964,000
97c
S+275 bp
C•••••••• P••• F•••••• L••term loan first lien$952,000$954,000
102c
S+325 bp
U••• C••••term loan first lien$954,000$954,000
96c
S+590 bp
T•••••• T•• H••••••• I•••term loan first lien$991,000$949,000
99c
S+375 bp
O•••••••• A•••••••• I•••term loan first lien$946,000$948,000
102c
S+350 bp
I•• I••••••••• I•••equity equityNot disclosed$947,000
126c
A•••••• L••term loan first lien$998,000$941,000
95c
S+375 bp
A••••• B••••••• H••••••• L••term loan first lien$931,000$934,000
100c
S+300 bp
I••••• N•••• L••term loan first lien$932,000$931,000
100c
S+275 bp
S••••••••• G••••• I•••equity equityNot disclosed$931,000
205c
P•• I••••••••• 4• L••term loan first lien$934,000$930,000
109c
S+475 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$1.1M$930,000
287c
S+600 bp
PIK 1.00%
C•••••• N••••• G••••• A••••••••term loan first lien$929,000$928,000
100c
S+475 bp
S••••• E••••• S••••••••• L••revolver lien unstated$1.0M$919,000
93c
S+500 bp
R••• L•••• L••equity equityNot disclosed$901,000
84c
K••••••• B•••• B•••term loan first lien$917,000$898,000
102c
S+525 bp
A•••••• A•••••••• C•••••••••revolver lien unstated$899,000$896,000
100c
S+475 bp
O•• B••••• I•••revolver lien unstated$912,000$889,000
100c
S+475 bp
W••• B•••• I••term loan first lien$873,000$874,000
100c
S+300 bp
R•• S••• M••••• S•• L••term loan first lien$870,000$870,000
100c
S+1050 bp
PIK 9.50%
S••••• E••••• S••••••••• L••equity equityNot disclosed$870,000
87c
H••••••••• B•••• P•• L••term loan first lien$886,000$870,000
106c
S+500 bp
T•••• C•••• I••••••••• L••term loan first lien$846,000$850,000
100c
S+325 bp
A•••• B•••• L••••••term loan first lien$843,000$843,000
104c
S+500 bp
U•• A•••••••• I•••revolver lien unstated$838,000$838,000
102c
S+475 bp
K•••••• I•••term loan first lien$1.1M$834,000
77c
S+325 bp
T•• O••••• M•••• G••••• I•••equity equityNot disclosed$834,000
236c
G•• P•••• A••••••••• P••••••• L•term loan first lien$827,000$826,000
100c
S+200 bp
T• K•• A••••••••• L•••equity equityNot disclosed$822,000
151c
R••••• H•••••••• I•••equity equityNot disclosed$818,000
123c
P•••••••• P•••••• E••••••••• H••••••• L••term loan first lien$818,000$818,000
101c
S+475 bp
E••• G••••• L••••••••• I•••equity equityNot disclosed$815,000
182c
N•• B•••• L••equity equityNot disclosed$811,000
141c
T••••• G•••• L••term loan first lien$797,000$796,000
100c
S+350 bp
S••••• A••••• I•••term loan first lien$1.8M$796,000
44c
S+550 bp
PIK 9.30%
O•• H••••••• I• C•••revolver lien unstated$783,000$783,000
101c
S+500 bp
I•• I••••••••• I•••term loan first lien$782,000$782,000
101c
S+625 bp
R•• P••••• B••••••• L••term loan first lien$776,000$776,000
101c
S+375 bp
S••• B••••• L•••revolver lien unstated$831,000$765,000
94c
S+625 bp
H•••••••• H•••••••• I•••revolver lien unstated$770,000$761,000
100c
S+525 bp
V••••• S•••••••• I•••term loan first lien$990,000$753,000
80c
S+400 bp
U•• L•••••• H•••••• A•term loan first lien$749,000$749,000
106c
S+525 bp
S•• M•••••• P•••••••• L•••revolver lien unstated$762,000$746,000
101c
S+475 bp
T••• A•• D••••••••• L••term loan unsecured or subordinated$812,000$737,000
92c
PIK 14.00%
E••••••• E•••••••• • E••••••••• C••term loan first lien$735,000$722,000
100c
10.50%
PIK 3.00%
E•• I•••••••••term loan unsecured or subordinated$721,000$713,000
101c
11.00%
PIK 2.50%
E• S••• B••••term loan first lien$705,000$695,000
97c
S+500 bp
D••••••••• P•••••••• H••••••• L••equity equityNot disclosed$688,000
199c
R••••••••• P••••• H•••••••• L••equity equityNot disclosed$686,000
113c
D•••• I••••••••• H••••••• C••equity equityNot disclosed$681,000
134c
L•••••• G•••• H••••••• B•••• L••••••term loan first lien$738,000$680,000
94c
S+525 bp
C•••••• R••••••••• S••••••• L••revolver lien unstated$777,000$674,000
89c
S+600 bp
F••••••••• L••equity equityNot disclosed$670,000
72c
A••• C•••••• S••••••••• I•••revolver lien unstated$659,000$659,000
108c
S+575 bp
C•••••• P••••••••• L••term loan unsecured or subordinated$658,000$658,000
100c
11.00%
PIK 1.00%
G•• P•••••• I•••equity equityNot disclosed$657,000
82c
B••• P•••••• L••revolver lien unstated$670,000$653,000
98c
S+475 bp
B••••••••• L••••••••• L••term loan first lien$656,000$652,000
100c
S+200 bp
M••••• M•••• L••••••term loan first lien$782,000$652,000
81c
S+625 bp
Page 6 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