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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, 2025
144 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
O•••••• F•••••••• S••••••• L••
Financial Services
delayed draw term loan first lien$113,462$111,038
99c
SOFR+500 bpOct 7, 2031
N••••••••• i••••••••• E••••• W••••••••
W••••••••
unstated lien unstatedNot disclosed$45,695
1c
I•• H••••• L••
W••••••••
equity equityNot disclosed$45,695
28c
A••••• P•••••• L••
B••••••• Services
delayed draw term loan lien unstatedNot disclosed$168
-13c
SOFR+425 bpDec 20, 2031
A•••••••• R••• M••••••••• G••••• I••• S•••••••••
I••••••••
revolver lien unstatedNot disclosed-$1,400
32c
SOFR+475 bpNov 1, 2029
O•••••• F•••••••• S••••••• L••
Financial Services
revolver first lienNot disclosed-$1,731
77c
SOFR+500 bpOct 7, 2031
S••••• S••••••••• I•••
C••••••••• & B•••••••
revolver lien unstatedNot disclosed-$7,161
47c
SOFR+725 bpMar 18, 2027
C••••••• B••••• I•••
H••••••••• & P•••••••••
revolver lien unstatedNot disclosed-$10,473
61c
SOFR+500 bpNov 3, 2028
C••••••• B••••• I•••
H••••••••• & P•••••••••
delayed draw term loan lien unstatedNot disclosed-$20,946
60c
SOFR+500 bpNov 5, 2029
J•••••• P•••• M••••••••• C••••••
F••••• P••••••• & P••••
revolver first lienNot disclosed-$31,867
371c
SOFR+725 bpAug 26, 2026
M•••••••• T••••••••• I•••
B••••••• Services
revolver first lienNot disclosed-$48,414
254c
SOFR+650 bpDec 7, 2028
I•• M•••• L••
W••••••••
revolver lien unstatedNot disclosed-$95,003
2505c
SOFR+700 bpApr 27, 2028
T•• U•••••• G•••• M••••• L••
Financial Services
revolver first lienNot disclosedNot disclosed
n/a
SOFR+525 bpMar 7, 2030
T•••• N•• A•••••unstated lien unstatedNot disclosedNot disclosed
A•••••• P•••••• I•••revolver lien unstatedNot disclosedNot disclosedS+600 bp
I•• M•••• L••revolver lien unstatedNot disclosedNot disclosedS+700 bp
O•••••• F•••••••• S••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
P•••••• C•••• H•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+625 bp
A••••• P•••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+425 bp
I•• H••••• L••
W••••••••
equity equityNot disclosedNot disclosed
n/a
I•• H••••• L••
W••••••••
equity equityNot disclosedNot disclosed
n/a
T•• U•••••• G•••• M••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
S••••• S••••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+725 bp
S•••• D••• L••revolver lien unstatedNot disclosedNot disclosedS+390 bp
M•••••• B•••• I•••revolver first lienNot disclosedNot disclosedS+400 bp
T•••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
Z••• C•• W•••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+725 bp
S•••••••• T••••••••• H••••••• I•••
H••• T••• I•••••••••
revolver lien unstatedNot disclosedNot disclosed
n/a
SOFR+575 bpAug 16, 2028
A•••••••• R••• M••••••••• G••••• I•••revolver lien unstatedNot disclosedNot disclosedS+475 bp
T•• U•••••• G•••• M••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
A•••••••• R••• M••••••••• G••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
A•• O•••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+650 bp
M•• A••••••••• L••
B••••••• Services
revolver lien unstatedNot disclosedNot disclosed
n/a
SOFR+625 bpNov 17, 2028
S•••••••• T••••••••• H••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+575 bp
M•• A••••••••• L••revolver lien unstatedNot disclosedNot disclosedS+625 bp
J•••••• P•••• M••••••••• C••••••revolver first lienNot disclosedNot disclosedS+725 bp
C••••••• B•••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
M•••••••• T••••••••• I•••revolver first lienNot disclosedNot disclosedS+650 bp
O•••••• F•••••••• S••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
F••••••••• R••• P•••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
C••••••• B•••• I•••revolver lien unstatedNot disclosedNot disclosedS+500 bp
T•• U•••••• G•••• M••••• L••
Financial Services
delayed draw term loan first lienNot disclosedNot disclosed
n/a
SOFR+525 bpMar 7, 2031
L••••••••• i• E••••• o• O•••• A•••••unstated lien unstatedNot disclosedNot disclosed
S•• H••••••• C••••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 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