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R•••••• E••••••• I••••• F•••• L•
Business development companymanaged by R•••••• C•••••• M••••••••• L••Non-tradedLatest schedule Sep 30, 2025· NEW YORK, NY
A non-traded business development company, managed by R•••••• C•••••• M••••••••• L••, holding $359M across 30 borrowers at Sep 30, 2025.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $359M
- Borrowers
- 30
- Mark on cost
- 91.6¢
- First lien
- 78%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
Nothing material in the last 200 days. Last change: 30 Sep 2025, 3 borrowers on non-accrual, $21.4M principal; the largest is A• H••• G••••• I•• ($7.48M).
Every headline figure, and the identifiersCIK 1870267 · file 814-01508ShowHide
Fair value
$359M
as of Sep 30, 2025
Principal held
$413M
debt pieces, the filer's figure
Cost
$391M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
62
30 borrowers
First lien
78%
98% debt by fair value
Quarters on the tape
12
since Dec 31, 2022
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$359M as of Sep 30, 2025
Dec 31, 2022$278M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Sep 30, 2025 | $359M | 30 | 92c | 8 | 623 bp |
| Jun 30, 2025 | $402M | 33 | 95c | 9 | 597 bp |
| Mar 31, 2025 | $2.0B | 38 | 96c | 11 | 595 bp |
| Dec 31, 2024 | $2.4B | 51 | 97c | 16 | 599 bp |
All 12 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Sep 30, 2024 | $416M | 40 | 95c | 8 | 645 bp |
| Jun 30, 2024 | $403M | 39 | 96c | 6 | 632 bp |
| Mar 31, 2024 | $364M | 39 | 96c | 6 | 630 bp |
| Dec 31, 2023 | $421M | 40 | 95c | 3 | 642 bp |
| Sep 30, 2023 | $357M | 36 | 93c | 3 | 661 bp |
| Jun 30, 2023 | $373M | 37 | 95c | 3 | 659 bp |
| Mar 31, 2023 | $308M | 31 | 96c | 2 | 622 bp |
| Dec 31, 2022 | $278M | 30 | 95c | 2 | 589 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleSep 30, 2025
- Placed on non-accrualSep 30, 2025
- Placed on non-accrualSep 30, 2025
- Placed on non-accrualSep 30, 2025
- New borrower on a BDC scheduleSep 30, 2025
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread increasedSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest appearsSep 30, 2025
- Returned to accrualSep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
Schedule of investments at Dec 31, 2024
176 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| I••••••••• I••••••••• • n••••••••• C•••••••• B••• R••••• A• | notes lien unstated | $8.4M | $3.4M 48c | 4.88% | Jul 15, 2028 |
| A• H••• G••••• I•••• C•••••••• | notes lien unstated | $8.4M | $3.4M 48c | 4.88% | Jul 15, 2028 |
| I••••••••• I••••••••• • n••••••••• T•••• E••••• | unstated lien unstated | Not disclosed | $3.4M 100c | ||
| S•• S••••• H••••••• I••• C••••••• G••••: D•••••• | equity equity | Not disclosed | $3.4M 100c | ||
| S•• S••••• H••••••• I••• E••••• | equity equity | Not disclosed | $3.4M 100c | ||
| I••••••••• I••••••••• • n••••••••• E••••• C••••••• G••••• D• C••••••• G••••: D•••••• | unstated lien unstated | Not disclosed | $3.4M 100c | ||
| E••••••••• F•• I••••••• I••• | term loan first lien | $4.0M | $3.2M 82c | SOFR+510 bp | Jul 23, 2026 |
| E•••••• S••••••• E••••••••• F•• I••••••• I••• T••••••••• | term loan first lien | $4.0M | $3.2M 82c | SOFR+510 bp | Jul 23, 2026 |
| I••••••••• I••••••••• • n••••••••• E••••• | unstated lien unstated | Not disclosed | $3.0M 363c | ||
| I••••••••• I••••••••• • n••••••••• E••••• S•••••••• B••••••• Services: B••••••• | unstated lien unstated | Not disclosed | $3.0M 363c | ||
| W•••••• I••• | term loan first lien | $2.9M | $2.9M 105c | SOFR+511 bp | Apr 19, 2030 |
| W•••••• I••• B•••••••, F••• & T•••••• | term loan first lien | $2.9M | $2.9M 105c | SOFR+511 bp | Apr 19, 2030 |
| I••••••••• I••••••••• • n••••••••• T•••• S••••• L••• S•••••• | term loan second lien | Not disclosed | $2.4M 115c | ||
| C•••••• T•••••• I••• | term loan second lien | $2.1M | $2.4M 115c | PIK 15.00% | May 8, 2029 |
| I••••••••• I••••••••• • n••••••••• S••••• L••• S•••••• D••• Services: B••••••• | term loan second lien | Not disclosed | $2.4M 115c | ||
| C•••••• T•••••• I••• Services: B••••••• | term loan second lien | $2.1M | $2.4M 115c | PIK 15.00% | May 8, 2029 |
| C•••••• T•••••• I••• Services: B••••••• | preferred equity equity | Not disclosed | $2.4M 289c | ||
| C•••••• T•••••• I••• E••••• | preferred equity equity | Not disclosed | $2.4M 289c | ||
| A•••••• U• H••••• 1• L•• M••••• & M••••• | term loan first lien | $2.3M | $2.4M 96c | EURIBOR+650 bp | Jul 31, 2029 |
| A•••••• U• H••••• 1• L•• | term loan first lien | $2.3M | $2.4M 96c | EURIBOR+650 bp | Jul 31, 2029 |
| A• H••• G••••• I••• | term loan first lien | $5.6M | $2.3M 48c | SOFR+436 bp | Jul 24, 2028 |
| A• H••• G••••• I••• R••••• | term loan first lien | $5.6M | $2.3M 48c | SOFR+436 bp | Jul 24, 2028 |
| T•••• P••••••••• I••• | term loan first lien | $2.1M | $2.1M 102c | SOFR+600 bp | Mar 1, 2030 |
| T•••• P••••••••• I•• M••••• & M••••• | term loan first lien | $2.1M | $2.1M 102c | SOFR+600 bp | Mar 1, 2030 |
| I••••••••• I••••••••• • n••••••••• S••••• L••• S•••••• D••• S••••••• | term loan second lien | Not disclosed | $2.0M 52c | ||
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• | term loan second lien | $5.1M | $2.0M 52c | SOFR+100 bp PIK 6.50% | May 5, 2028 |
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• S••••••• | term loan second lien | $5.1M | $2.0M 52c | SOFR+100 bp PIK 6.50% | May 5, 2028 |
| S••••••• I••• | term loan first lien | $1.8M | $1.8M 99c | SOFR+575 bp | Sep 1, 2029 |
| S••••••• I••• Services: C••••••• | term loan first lien | $1.8M | $1.8M 99c | SOFR+575 bp | Sep 1, 2029 |
| K• S••••• I•• | delayed draw term loan first lien | $4.2M | $1.6M 97c | SOFR+625 bp | Jan 2, 2029 |
| K• S••••• I•• H••••, G••••• & L•••••• | delayed draw term loan first lien | $4.2M | $1.6M 97c | SOFR+625 bp | Jan 2, 2029 |
| H••••••••• H•••••••• L• T•••••••••: C••••••• | revolver first lien | $2.7M | $1.3M 98c | SOFR+550 bp | Jul 3, 2029 |
| H••••••••• H•••••••• L• | revolver first lien | $2.7M | $1.3M 98c | SOFR+550 bp | Jul 3, 2029 |
| I••••••••• I••••••••• • n••••••••• F•••• L••• S•••••• D••• S S••••••• | term loan first lien | Not disclosed | $1.3M 94c | ||
| S•• S••••• H••••••• I••• | term loan second lien | $1.3M | $1.3M 100c | SOFR+576 bp | Jun 30, 2029 |
| S•• S••••• H••••••• I••• C••••••• G••••: D•••••• | term loan second lien | $1.3M | $1.3M 100c | SOFR+576 bp | Jun 30, 2029 |
| L•••••••• U• H•••••••• I••• | revolver first lien | $2.2M | $812,000 102c | SOFR+600 bp | Nov 18, 2029 |
| C••••••••• • B••••••••• U• H•••••••• I••• | revolver first lien | $2.2M | $812,000 102c | SOFR+600 bp | Nov 18, 2029 |
| L•••••••• U• H•••••••• I••• C••••••••• & B••••••• | revolver first lien | $2.2M | $812,000 102c | SOFR+600 bp | Nov 18, 2029 |
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• | term loan first lien | $803,000 | $738,000 95c | SOFR+700 bp PIK 7.00% | May 5, 2028 |
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• S••••••• | term loan first lien | $803,000 | $738,000 95c | SOFR+700 bp | May 5, 2028 |
| C•••••• T•••••• I••• E••••• | equity equity | Not disclosed | $617,000 | ||
| C•••••• T•••••• I••• Services: B••••••• | equity equity | Not disclosed | $617,000 | ||
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• | term loan first lien | $628,000 | $578,000 92c | SOFR+100 bp PIK 5.00% | May 5, 2028 |
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• S••••••• | term loan first lien | $628,000 | $578,000 92c | SOFR+100 bp PIK 5.00% | May 5, 2028 |
| I••••••••• C••• E••••••••• | unstated lien unstated | Not disclosed | $356,000 100c | ||
| I••••••••• T•••• C••• E••••••••• | unstated lien unstated | Not disclosed | $356,000 100c | ||
| I•••••••• P••••••••• L•• | revolver first lien | $1.0M | $352,000 103c | SOFR+525 bp | Sep 30, 2027 |
| I•••••••• P••••••••• L•• E••••••••• I••••••••• | revolver first lien | $1.0M | $352,000 103c | SOFR+525 bp | Sep 30, 2027 |
| A•••••• U• H••••• 1• L•• | delayed draw term loan first lien | $967,000 | $118,000 94c | SOFR+650 bp | Jul 31, 2029 |
| A•••••• U• H••••• 1• L•• M••••• & M••••• | delayed draw term loan first lien | $967,000 | $118,000 94c | SOFR+650 bp | Jul 31, 2029 |
| I•••••••• P••••••••• L•• E••••••••• I••••••••• | delayed draw term loan first lien | $1.0M | $0 | SOFR+525 bp | Sep 30, 2027 |
| E•••••• S••••••• A•••••• L•• T••••••••• | revolver first lien | $435,000 | -$8,000 | SOFR+575 bp | Sep 13, 2029 |
| A•••••• L•• | revolver first lien | $435,000 | -$8,000 | SOFR+575 bp | Sep 13, 2029 |
| K••• P•••••••• L•• | delayed draw term loan first lien | $1.2M | -$12,000 150c | SOFR+525 bp | Jan 19, 2031 |
| K••• P•••••••• L•• A•••••••• & D•••••• | delayed draw term loan first lien | $1.2M | -$12,000 150c | SOFR+525 bp | Jan 19, 2031 |
| D••••••••• U• F•••••• L•• A•••••••• & D•••••• | delayed draw term loan first lien | $1.4M | -$14,000 100c | SOFR+650 bp | Apr 23, 2030 |
| D••••••••• U• F•••••• L•• | delayed draw term loan first lien | $1.4M | -$14,000 100c | SOFR+650 bp | Apr 23, 2030 |
| E••••• A••••••••• L• Services: B••••••• | delayed draw term loan first lien | $1.0M | -$16,000 89c | SOFR+650 bp | May 9, 2029 |
| E••••• A••••••••• L• | delayed draw term loan first lien | $1.0M | -$16,000 89c | SOFR+650 bp | May 9, 2029 |
| N•••••• L•• | revolver first lien | $602,000 | -$21,000 105c | SOFR+750 bp | Nov 4, 2029 |
| F•••• I•••••••• N•••••• L•• | revolver first lien | $602,000 | -$21,000 105c | SOFR+750 bp | Nov 4, 2029 |
| E•••••• S••••••• A•••••• L•• T••••••••• | delayed draw term loan first lien | $2.6M | -$24,000 | SOFR+575 bp | Sep 13, 2029 |
| A•••••• L•• | delayed draw term loan first lien | $2.6M | -$24,000 | SOFR+575 bp | Sep 13, 2029 |
| L•••••••• U• H•••••••• I••• C••••••••• & B••••••• | delayed draw term loan first lien | $3.3M | -$75,000 156c | SOFR+600 bp | Nov 18, 2029 |
| L•••••••• U• H•••••••• I••• | delayed draw term loan first lien | $3.3M | -$75,000 156c | SOFR+600 bp | Nov 18, 2029 |
| D••••••••• a• f••• v•••• | unstated lien unstated | Not disclosed | Not disclosed | Jun 17, 2027 | |
| T•••• D••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| K••• P•••••••• L•• A•••••••• & D•••••• | term loan first lien | Not disclosed | Not disclosed | S+525 bp | Jan 19, 2031 |
| I•••••••• P••••••••• L•• | delayed draw term loan first lien | $1.0M | Not disclosed | SOFR+525 bp | Sep 30, 2027 |
| I••••••• R••• S•••• M••••••• D••• J••• 7• 2•••• D••••••••• | unstated lien unstated | Not disclosed | Not disclosed | Jul 7, 2027 | |
| D••••••••• a• f••• v•••• | unstated lien unstated | Not disclosed | Not disclosed | Jul 7, 2027 | |
| C•••••• T•••••• I••• Services: B••••••• | term loan second lien | Not disclosed | Not disclosed | May 8, 2029 | |
| C•••••• T•••••• I••• Services: B••••••• | equity equity | Not disclosed | Not disclosed | ||
| I••••••• R••• S••• M••••••• D••• J••• 1•• 2••• D••••••••• | unstated lien unstated | Not disclosed | Not disclosed | Jun 17, 2027 | |
| F•••• R••• E••••• P•••• A••••••••• L• | term loan first lien | Not disclosed | Not disclosed | S+700 bp | Apr 1, 2029 |
Page 2 of 2Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2022 to 2025reported
- Filings listed
- 14reported10-Q and 10-K since 2022
- Former names
- R•••••• E••••••• Income Corp.reported
- Latest schedule
- 0001193125-25-280026reported