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O••• D••••• L•••••• B•• F•••

Business development companymanaged by O••• C••••• A••••••• L••Non-traded· ENGLEWOOD CLIFFS, NJ

A non-traded business development company, managed by O••• C••••• A••••••• L••, holding $288M across 47 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$288M
Schedule of investments, 10-Q and 10-K
Borrowers
47
Schedule of investments, 10-Q and 10-K
Mark on cost
90.4¢
Schedule of investments, 10-Q and 10-K
First lien
99%
Schedule of investments, 10-Q and 10-K
Schedule of investments (100)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $27.4M
    on non-accrual, 1 borrower

    1 borrower on non-accrual, $27.4M principal; the largest is M•••••••• I•• ($27.4M).

    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 M•••••••• I•• →
  2. 86.7¢ → 90.4¢
    book mark on cost

    Marked its book up from 86.7¢ to 90.4¢ on the dollar in the quarter to Jun 30, 2026.

    Q2 2026 · The whole portfolio was marked up.

    Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
  3. 8 below 80¢
    $53M principal

    8 positions across 7 borrowers marked below 80¢ on cost, $53M 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. 66 → 47
    borrowers

    Lost a net 19 borrowers in the quarter to Jun 30, 2026, to 47.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
  5. $468M → $288M
    fair value, 4 quarters

    Its portfolio shrank 39% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1860424 · file 814-01405Show
Fair value
$288M
as of Jun 30, 2026
Principal held
$322M
debt pieces, the filer's figure
Cost
$323M
90c on cost, debt pieces
Unfunded
$15.2M
commitments not yet drawn
Positions
100
47 borrowers
First lien
99%
99% debt by fair value
Quarters on the tape
14
since Dec 31, 2022
Facilities held
78
9 sponsors financed
Portfolio through time
Fair value by quarter end$288M as of Jun 30, 2026
Dec 31, 2022$2.0B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$288M4790c6507 bp
Mar 31, 2026$352M6687c8500 bp
Dec 31, 2025$409M7192c7501 bp
Sep 30, 2025$407M7093c7509 bp
All 14 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$468M5996c7523 bp
Mar 31, 2025$2.1B6497c7535 bp
Dec 31, 2024$2.1B6098c13576 bp
Sep 30, 2024$2.0B4897c9605 bp
Jun 30, 2024$907M4198c9617 bp
Mar 31, 2024$2.0B3499c5654 bp
Dec 31, 2023$2.3B3699c6661 bp
Sep 30, 2023$2.1B3599c6658 bp
Jun 30, 2023$2.1B3399c1639 bp
Dec 31, 2022$2.0B3299c1640 bp
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 Mar 31, 2024
103 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
T•• U•••••• G•••• M••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
F••••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
A••••• S••••••• C••• ••• P•••••• U• A••••••••• C•••••delayed draw term loan lien unstatedNot disclosedNot disclosedS+600 bp
Page 2 of 2Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2021 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Former names
O••• Falcon Direct Lending BDC Fund; O••• Falcon BDC Fundreported
Latest schedule
0001193125-26-339194reported