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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 Dec 31, 2025
130 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••• S••••••• C••••revolver first lienNot disclosedNot disclosedS+475 bp
P•••• R•••unstated lien unstatedNot disclosedNot disclosed
C••••••• B•••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
S•••••••• P••••• I•• I•••revolver first lienNot disclosedNot disclosedS+475 bp
3••••••unstated lien unstatedNot disclosedNot disclosed
D•••••••• D••••• H••••••• L••revolver first lienNot disclosedNot disclosedS+300 bp
F•••••• S••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
C• I••• H••••• I• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
I•• M•••• L••revolver lien unstatedNot disclosedNot disclosedS+700 bp
O•••••• F•••••••• S••••••• L••
Financial Services
revolver first lienNot disclosedNot disclosed
n/a
SOFR+500 bpOct 7, 2031
I•• H••••• L••
W••••••••
equity equityNot disclosedNot disclosed
n/a
D••••• I••••••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
O••••• I••revolver first lienNot disclosedNot disclosedS+500 bp
T•• U•••••• G•••• M••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
V•• B•••• C••••delayed draw term loan lien unstatedNot disclosedNot disclosed
E•••••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
O•••••• F•••••••• S••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M•••••••• T••••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
A••••• P•••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+350 bp
M•••••• B•••• I•••
B••••••• Services
revolver first lienNot disclosedNot disclosed
n/a
Prime+400 bpJul 22, 2028
T•• U•••••• G•••• M••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
M•••••• B•••• I•••revolver first lienNot disclosedNot disclosedS+400 bp
C••••••• B•••• I•••revolver lien unstatedNot disclosedNot disclosedS+500 bp
a••••• P•••• M••••••••• C••••••revolver lien unstatedNot disclosedNot disclosed
T•••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
F••••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
S•••• S•••• H•••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
I•• H••••• L••
W••••••••
equity equityNot disclosedNot disclosed
n/a
M•••••••• T••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
V•• B•••• C••••revolver lien unstatedNot disclosedNot disclosed
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