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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $5.4B
Borrowers: 530
Mark on cost: 97.8¢
First lien: 84%

Schedule of investments (1,061)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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••••••• →
$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•• →
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
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 →
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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$5.6B	530	98c	68	483 bp
May 27, 2026	$20.0M	1	n/a	0	n/a
Mar 31, 2026	$5.4B	494	98c	67	494 bp
Dec 31, 2025	$5.2B	517	99c	70	504 bp

All 22 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Nov 25, 2025	$35.0M	1	n/a	0	n/a
Sep 30, 2025	$4.9B	398	100c	70	525 bp
Jun 30, 2025	$4.3B	355	100c	66	542 bp
Mar 31, 2025	$3.7B	324	99c	63	555 bp
Dec 31, 2024	$6.7B	393	98c	120	565 bp
Sep 30, 2024	$3.3B	322	99c	60	573 bp
Jun 30, 2024	$3.0B	306	98c	58	580 bp
Mar 31, 2024	$3.0B	312	98c	59	584 bp
Dec 31, 2023	$3.3B	341	98c	59	587 bp
Sep 30, 2023	$2.5B	306	97c	41	586 bp
Jun 30, 2023	$2.4B	296	98c	30	581 bp
Mar 31, 2023	$2.4B	295	98c	29	583 bp
Feb 1, 2023	$12.0M	1	n/a	0	n/a
Dec 31, 2022	$2.6B	315	97c	32	580 bp
Aug 12, 2022	$16.0M	1	n/a	0	n/a
Dec 31, 2021	$117M	3	n/a	0	725 bp
Sep 1, 2021	Not disclosed	2	n/a	0	n/a
Jul 8, 2021	$76.2M	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P•••••• C••••••••• first lien term loan
12 BDCs hold it · matures Oct 1, 2032
$79.8M 99c
B••••• I•• first lien term loan
3 BDCs hold it
$77.3M 100c
A•• P••••••••• L•• first lien term loan
8 BDCs hold it · matures Apr 1, 2033
$72.8M 100c
S••••••••• L•• first lien term loan
3 BDCs hold it
$71.4M 100c
C•• P•••••• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
V• S•••• I••••••••• I• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
R•• C••••••••• first lien term loan
6 BDCs hold it · matures Aug 2, 2030
$69.4M 100c
A•• I• M•• H••••••• I•• first lien term loan
3 BDCs hold it
$61.6M 100c
V•••• B••••• L•• first lien term loan
4 BDCs hold it · matures Aug 7, 2030
$61.2M 100c
P•••••• F•••••••• B•••••• L•• first lien term loan
3 BDCs hold it
$59.8M 100c
P••••• S••••••• C••••••• L•• first lien term loan
3 BDCs hold it
$58.3M 91c
F••••• B••••• L•• first lien term loan
3 BDCs hold it
$57.3M 94c

Schedule of investments at Jun 30, 2026

1,061 positions

Borrower	Instrument	Principal	Fair value	Rate
I•• S••••••• E••••••••• L••	revolver lien unstated	$230,000	$207,000 100c	S+475 bp
L•••••• G•••• H••••••• B•••• L••••••	term loan first lien	$214,000	$205,000 94c	S+575 bp
P••••••• D••••• H••••••• L••	equity equity	Not disclosed	$205,000 69c
M•••••••• B•••• L••••••	equity equity	Not disclosed	$204,000 148c
S•••• B•••• B•••	revolver lien unstated	$221,000	$201,000 91c	S+550 bp
S•• M•••••• P•••••••• L•••	equity equity	Not disclosed	$197,000 83c
M•• B••••• L••	equity equity	Not disclosed	$193,000 96c
E•• I•••••••••	equity equity	Not disclosed	$182,000 91c
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	5.40%
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	5.90%
P•••••••• M•••••	notes lien unstated	$182,000	$181,000 99c	8.50%
P•••••••• M•••••	notes lien unstated	$182,000	$180,000 99c	4.70%
P••••••••• L••	equity equity	Not disclosed	$179,000 275c
M••••••••• H•••••• B•••	term loan first lien	$251,000	$170,000 67c	S+675 bp
T••••••••• I•••	term loan unsecured or subordinated	$300,000	$166,000 56c	PIK 14.00%
F•• B•••• L••	equity equity	Not disclosed	$157,000 123c
N• H•••••• L••	equity equity	Not disclosed	$154,000 17c
S••••• A••••• I•••	revolver lien unstated	$349,000	$152,000 44c	S+550 bp PIK 9.30%
C••••••••• L••	revolver lien unstated	$153,000	$151,000 101c	S+525 bp
C• B••••• L••	equity equity	Not disclosed	$145,000 104c
W••••••• F••••• L••	preferred equity equity	Not disclosed	$142,000 100c	PIK 20.00%
A••••••••• B••• C••• L••	term loan unsecured or subordinated	$137,000	$139,000 101c	14.00%
P•••••• B•••• B•••	revolver lien unstated	$137,000	$137,000 97c	S+650 bp
L••••••••• L••	equity equity	Not disclosed	$133,000 211c
Q••• F•••••• L••	term loan first lien	$133,000	$130,000 97c	S+525 bp
E• S••• B••••	term loan unsecured or subordinated	$111,000	$110,000 99c	S+800 bp
F••••• B••••• L••	equity equity	Not disclosed	$109,000
V• G• H••••••• I• C•••	term loan first lien	$99,000	$99,000 100c	S+350 bp
M••••• B••••• L••	revolver lien unstated	$105,000	$98,000 100c	S+475 bp
P•••••• B•••• B•••	term loan first lien	$89,000	$89,000 103c	S+600 bp
M••••••••• H•••••• B•••	term loan first lien	$208,000	$85,000 46c	S+600 bp
E•• H•••••••• L••	equity equity	Not disclosed	$84,000 91c
P•••••• C•••••••••	equity equity	Not disclosed	$83,000 198c
M••••••••• H•••••• B•••	revolver lien unstated	$197,000	$80,000 46c	S+550 bp
W••••••• R•••• L••	unstated lien unstated	Not disclosed	$75,000 1c
M•••••• H•••••• A•	equity equity	Not disclosed	$73,000 66c
A•••• 1•••• G•••	preferred equity equity	Not disclosed	$63,000 52c
T••• A•• D••••••••• L••	preferred equity equity	Not disclosed	$48,000 100c
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••	term loan first lien	$45,000	$46,000 98c	S+750 bp
S••••••• B•••• S•••••••	term loan first lien	$43,000	$43,000 100c	S+500 bp
V•••• B••••• L••	equity equity	Not disclosed	$40,000 364c
T••• C•••••••• B••••• I•••	equity equity	Not disclosed	$40,000 800c
P••••••• D••••• H••••••• L••	preferred equity equity	Not disclosed	$39,000 300c	PIK 10.00%
T••• H•••••• C•••	revolver lien unstated	$76,000	$39,000 54c	S+575 bp
T• S• C••••• A••••••••• C••••	equity equity	Not disclosed	$38,000 158c
F•• B•••• L••	equity equity	Not disclosed	$36,000 124c
A•••• B•••• L••••••	preferred equity equity	Not disclosed	$35,000 25c	PIK 10.00%
A•••• B•••• L••••••	term loan lien unstated	Not disclosed	$35,000 25c	PIK 10.00%
L•••••• G•••• H••••••• B•••• L••••••	revolver lien unstated	$35,000	$34,000 97c	S+525 bp
P••••••••• L••	term loan unsecured or subordinated	$32,000	$31,000 97c	8.00%
A•••• B•••• L••••••	term loan unsecured or subordinated	$30,000	$30,000 97c	24.00%
C••••• K•• F•••••• I• L••	warrants equity	Not disclosed	$24,000
P•••••• I••••••• A••••••••• I•••	preferred equity equity	Not disclosed	$22,000 100c	PIK 12.00%
A•••••• A•••••••• C•••••••••	equity equity	Not disclosed	$16,000 89c
G••• I• G•••	term loan first lien	$571,000	$14,000 3c	S+600 bp PIK 10.00%
A•••• B•••• L••••••	equity equity	Not disclosed	$7,000 100c
T••••••••• I•••	equity equity	Not disclosed	$0 0c
S••••••• C•••••••••	equity equity	Not disclosed	$0
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	equity equity	Not disclosed	$0
T••• A•• D••••••••• L••	preferred equity equity	Not disclosed	$0 0c
A•••• 1•••• G•••	equity equity	Not disclosed	$0 0c
C••••••• O••••••••• P••••••• C••••	equity equity	Not disclosed	$0
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$0
S•• H••••••• L•	revolver lien unstated	$0	$0 0c	S+500 bp
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	term loan unsecured or subordinated	$4.1M	$0 0c	S+700 bp PIK 9.10%
H•••• C••••••••• S•••••• S••••••••• L••	revolver lien unstated	$0	$0 0c	S+675 bp
M••••••• A••••••••• I•••	equity equity	Not disclosed	$0 0c
S••••• H•••••••• L•• ••••• S••••• H•••••••• I••••	revolver lien unstated	$0	$0 0c	S+450 bp
G••• I• G•••	equity equity	Not disclosed	$0
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$0
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$0
N•••••••• R••••••••• L••	revolver lien unstated	$0	$0 0c	S+440 bp
G••• I• G•••	term loan first lien	$492,000	$0 0c	S+600 bp PIK 8.90%
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$0
S•••• I••••••••• I••• I•••	revolver lien unstated	$0	$0 0c	S+450 bp
I••••••••• L••	warrants equity	Not disclosed	$0
B•••••• M••••••• ••• L••••••	warrants equity	Not disclosed	$0
A••••••••• B••• C••• L••	revolver lien unstated	$0	$0 0c	S+475 bp
A••••• B••••• I•••	revolver lien unstated	$0	$0 0c	S+525 bp
M•••• R•••••••• I••• ••••••••	revolver lien unstated	$0	$0 0c	S+450 bp
G• E•••• B••••• I•••	revolver lien unstated	$0	$0 0c	S+475 bp
A•••• B•••• L••••••	equity equity	Not disclosed	$0 0c
G••• L••	revolver lien unstated	$0	$0 0c	S+600 bp
M•••••• H•••••• A•	equity equity	Not disclosed	$0
S••••••••• G••••• I•••	revolver lien unstated	$0	$0 0c	S+500 bp
P•••••• I••••••• A••••••••• I•••	equity equity	Not disclosed	$0 0c
B••••• G••••	equity equity	Not disclosed	$0
S••••••• C•••••••••	equity equity	Not disclosed	$0
E••••• I•••••••• G•••• I•••	revolver lien unstated	$0	$0 0c	S+425 bp
D••••••••• L••	equity equity	Not disclosed	$0 0c
M••••••••• H•••••• B•••	equity equity	Not disclosed	$0
C••••••• O••••••••• P••••••• C••••	equity equity	Not disclosed	$0 0c
R•• S••• M••••• S•• L••	equity equity	Not disclosed	$0 0c
P••••• S••••••• C••••••• L••	equity equity	Not disclosed	$0
W•••• 5•• I•••	revolver lien unstated	$0	$0 0c	S+450 bp
T••• A•• D••••••••• L••	equity equity	Not disclosed	$0 0c
P••••• E••••••••• L•••••	revolver lien unstated	$0	$0 0c	S+450 bp
M•••• R•••••••• I••• ••••••••	revolver lien unstated	$0	$0 0c	S+450 bp
A•••• B•••• L••••••	equity equity	Not disclosed	$0
V• S•••• I••••••••• I• L••	equity equity	Not disclosed	$0

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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