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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
W• B••••••• L••term loan first lien$644,000$645,000
100c
S+450 bp
P••••••• D••••• H••••••• L••term loan first lien$624,000$623,000
101c
S+830 bp
A•••••• B•••• L••••••term loan first lien$638,000$623,000
105c
S+525 bp
T•••• B•••• L••equity equityNot disclosed$614,000
121c
G••• L••term loan first lien$612,000$612,000
101c
S+600 bp
P•••••• B•••• B•term loan first lien$609,000$608,000
100c
S+250 bp
M••••••• A••••••••• I•••preferred equity equityNot disclosed$604,000
109c
P•••••• B•••• B•••term loan first lien$601,000$601,000
97c
S+600 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$720,000$596,000
127c
S+600 bp
PIK 1.00%
A••• S•••••• P•••••••• L••revolver lien unstated$596,000$596,000
100c
S+475 bp
K•••••• S••••• • S••••••• L••revolver lien unstated$617,000$594,000
101c
S+425 bp
C••••• K•• F•••••• I• L••revolver lien unstated$604,000$593,000
100c
S+750 bp
A••••• H••••• 2• L••equity equityNot disclosed$590,000
4917c
P••• S•• ••• M•••••• M•••••term loan first lien$588,000$588,000
95c
S+515 bp
I•• S••••••• E••••••••• L••equity equityNot disclosed$585,000
100c
A•• C••••••••• L••equity equityNot disclosed$577,000
180c
T•••• B•••• L••revolver lien unstated$611,000$569,000
98c
S+500 bp
B••••• I••term loan first lien$567,000$567,000
100c
S+225 bp
B•••••• I•••••••• G•••• H••••••• L••term loan first lien$565,000$552,000
98c
S+250 bp
G•• E••••••••• S••••••• I••term loan first lien$550,000$549,000
100c
S+250 bp
I•• H•••• A••••••• L•••••revolver lien unstated$568,000$547,000
98c
S+600 bp
B••••• S••••• U••••••••• L••equity equityNot disclosed$545,000
95c
A•••••••• T•••••••• G••••• L••revolver lien unstated$565,000$538,000
100c
S+475 bp
I••••••••• P•••••••• S••••••• L••revolver lien unstated$556,000$537,000
100c
S+475 bp
P••••••••• S•••••••• H•••••••• L••equity equityNot disclosed$528,000
140c
L•••••• I••term loan first lien$529,000$527,000
100c
S+200 bp
R•••• B•••• L••equity equityNot disclosed$507,000
99c
A••••••••• B••• C••• L••equity equityNot disclosed$501,000
128c
V••••••• T••••••••• I•••term loan first lien$3.6M$498,000
53c
S+425 bp
P•••••• I••••••••• I•••term loan first lien$498,000$498,000
100c
S+250 bp
A••••• S••• T•• F•••••• L••term loan first lien$497,000$498,000
100c
S+250 bp
S•••• B•••• B•••term loan first lien$508,000$491,000
97c
S+575 bp
W••••••• F••••• L••preferred equity equityNot disclosed$481,000
116c
PIK 20.00%
D••• B••• O•••••••• I• L••term loan first lien$479,000$480,000
100c
S+225 bp
C••••••••• P••••••• I••term loan first lien$479,000$478,000
100c
S+200 bp
B•••••• E••••• C••••• L••term loan first lien$469,000$471,000
101c
S+300 bp
P•••••• I••••••• A••••••••• I•••revolver lien unstated$666,000$458,000
71c
S+125 bp
PIK 4.60%
M••••••• A••••••••• I•••revolver lien unstated$449,000$449,000
106c
S+525 bp
L••••• B•••• L••••••term loan first lien$474,000$447,000
101c
S+625 bp
T•••••• W••••••••• M••••••••• L••term loan first lien$448,000$446,000
100c
S+225 bp
E• S••• B••••term loan first lien$439,000$433,000
104c
S+800 bp
PIK 10.80%
C••••••• U•• I•••term loan first lien$423,000$423,000
100c
S+250 bp
A•• G••• D•••• F•• L••term loan first lien$421,000$421,000
101c
S+275 bp
R•••• B•••• L••equity equityNot disclosed$419,000
106c
G••• L••revolver lien unstated$435,000$415,000
101c
S+525 bp
B•••••• P•••• P•••••••• C•••••••••equity equityNot disclosed$409,000
90c
D•••• I••••••••• H••••••• C••revolver lien unstated$417,000$407,000
104c
S+425 bp
J•••••• G••••••••• L••term loan first lien$395,000$395,000
100c
S+250 bp
C•••••• P••••••••• L••equity equityNot disclosed$393,000
314c
A••••• M••••term loan second lien$384,000$384,000
102c
15.50%
S•••••• F•••••••• T••••••••• I•••equity equityNot disclosed$383,000
100c
F••• S••• H•••••• L••equity equityNot disclosed$376,000
74c
A•••••• H••••••• H• L••••••term loan unsecured or subordinated$376,000$376,000
101c
15.00%
C••• U••••••• G•••equity equityNot disclosed$363,000
67c
E••• T••••••••• I•••term loan first lien$363,000$362,000
100c
S+175 bp
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••term loan first lien$817,000$359,000
42c
S+750 bp
PIK 12.00%
E••••••• E•••••••• • E••••••••• C••equity equityNot disclosed$356,000
189c
S•• I••••••••• L••equity equityNot disclosed$356,000
171c
T•• A••••••••• L••revolver lien unstated$356,000$350,000
101c
S+475 bp
A••••• B••••• I•••equity equityNot disclosed$340,000
177c
O••••• B•••• L••••••term loan first lien$339,000$339,000
95c
S+500 bp
A••• I•••••••••term loan first lien$343,000$334,000
93c
S+600 bp
O•• H••••••• P••••••••• L••equity equityNot disclosed$334,000
106c
M• G•••• V••••••• C•••••••••equity equityNot disclosed$326,000
58c
C••••••• O••••••••• P••••••• C••••term loan first lien$5.5M$320,000
7c
S+700 bp
PIK 9.30%
P••••••••• S•••••••• H•••••••• L••revolver lien unstated$332,000$318,000
106c
S+425 bp
A•••••• C••••••• P•••••••• L••equity equityNot disclosed$307,000
117c
G••• L••equity equityNot disclosed$306,000
126c
A•••••• H••••••••• L••term loan first lien$301,000$302,000
101c
S+300 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••term loan first lien$362,000$300,000
128c
S+600 bp
PIK 1.00%
I•• H•••• A••••••• L•••••equity equityNot disclosed$292,000
67c
C••• U••••••• G•••equity equityNot disclosed$292,000
118c
S••••••• E••••• B••••••• L••term loan first lien$291,000$291,000
101c
S+325 bp
H••••••••• I•••equity equityNot disclosed$284,000
154c
A•••••••term loan first lien$1.5M$283,000
18c
S+290 bp
PIK 4.00%
K••• H••••••• I•••revolver lien unstated$331,000$282,000
90c
S+525 bp
E•• U•••• M•••••••• H••••••• L••term loan first lien$281,000$282,000
100c
S+350 bp
B•• B••••• I•••revolver lien unstated$286,000$276,000
100c
S+500 bp
B••••••• B••••• L••revolver lien unstated$291,000$272,000
101c
S+425 bp
A•• I•••••• P••••••••• L••equity equityNot disclosed$259,000
101c
C••• B••••• L••equity equityNot disclosed$256,000
114c
U••• C••••term loan first lien$253,000$253,000
101c
S+590 bp
F••••• B••••• L••equity equityNot disclosed$251,000
102c
A•••• B•••• L••••••term loan first lien$276,000$250,000
92c
S+670 bp
O•• I••••••••• H•••••••• L••revolver lien unstated$538,000$250,000
49c
S+475 bp
S••• B••••• L•••equity equityNot disclosed$248,000
48c
H••••••••• I•••revolver lien unstated$247,000$247,000
122c
S+450 bp
R••••• H•••••••• I•••revolver lien unstated$262,000$243,000
101c
S+500 bp
D••••••• I••••••••• L••preferred equity equityNot disclosed$237,000
123c
M•••••• S•••••••• P••••• H•••••••• I•••term loan lien unstated$1.2M$237,000
206c
S+700 bp
F•••••••• S••••••• I••••••••• H••••••• I•••preferred equity equityNot disclosed$235,000
4c
F••••• 4• L••••••term loan first lien$241,000$232,000
104c
S+600 bp
C••••••• O••••••••• P••••••• C••••term loan first lien$79,000$229,000
290c
S+700 bp
A•••••• A•••••••• C•••••••••equity equityNot disclosed$228,000
87c
I•• I••••••••• I•••revolver lien unstated$226,000$226,000
105c
S+650 bp
M• P••••••••• L••equity equityNot disclosed$225,000
123c
G•• P•••••• I•••revolver lien unstated$247,000$225,000
101c
S+450 bp
M•••••• S•••••••• P••••• H•••••••• I•••term loan lien unstated$1.8M$212,000
194c
S+350 bp
U••••••••• L••equity equityNot disclosed$211,000
55c
S•••••••• U• B•••• L••term loan first lien$208,000$208,000
100c
S+300 bp
Page 7 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