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O•••••• S•••••••• C••••• F•••

Business development companymanaged by O•••••• F••• A•••••••• L••Non-traded· LOS ANGELES, CA

A non-traded business development company, managed by O•••••• F••• A•••••••• L••, holding $6.8B across 159 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: $6.8B
Borrowers: 159
Mark on cost: 98.5¢
First lien: 87%

Schedule of investments (454)Quarter by quarter Sponsors

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

What matters now

$11.5M
on non-accrual, 1 borrower
1 borrower on non-accrual, $11.5M principal; the largest is P••••••••• L•• ($11.5M).
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 P••••••••• L•• →
7 below 80¢
$118M principal
7 positions across 7 borrowers marked below 80¢ on cost, $118M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
10 → 17
loans paying in kind
Loans paying in kind rose from 10 to 17 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 →

Every headline figure, and the identifiersCIK 1872371 · file 814-01471Show

Fair value

$6.8B

as of Jun 30, 2026

Principal held

$7.3B

debt pieces, the filer's figure

Cost

$6.9B

99c on cost, debt pieces

Unfunded

$825M

commitments not yet drawn

Positions

454

159 borrowers

First lien

87%

99% debt by fair value

Quarters on the tape

since Sep 30, 2022

Facilities held

330

19 sponsors financed

Portfolio through time

Fair value by quarter end$6.8B as of Jun 30, 2026

Sep 30, 2022$429M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$6.8B	159	99c	17	518 bp
Mar 31, 2026	$7.0B	163	99c	10	514 bp
Dec 31, 2025	$7.4B	169	100c	11	518 bp
Sep 30, 2025	$7.4B	189	100c	10	528 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$6.4B	175	101c	12	544 bp
Mar 31, 2025	$6.1B	181	100c	14	553 bp
Dec 31, 2024	$5.4B	172	100c	15	563 bp
Sep 30, 2024	$4.6B	210	101c	14	580 bp
Jun 30, 2024	$4.2B	173	100c	11	604 bp
Mar 31, 2024	$3.5B	161	101c	13	618 bp
Dec 31, 2023	$2.9B	142	101c	10	624 bp
Sep 30, 2023	$1.9B	155	100c	15	629 bp
Jun 30, 2023	$1.3B	109	100c	13	620 bp
Mar 31, 2023	$900M	105	99c	13	606 bp
Sep 30, 2022	$429M	115	96c	2	561 bp

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
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

E••••• B•••• A• first lien term loan
2 BDCs hold it · matures Sep 22, 2032
$344M 97c
K••••• I••••••••• A• first lien term loan
1 BDC hold it · matures Apr 22, 2032
$206M 99c
S••••• B•••• I• I•• first lien term loan
7 BDCs hold it · matures Jan 30, 2032
$137M 100c
N•••• S••• A••••••••• L•• first lien term loan
7 BDCs hold it · matures May 29, 2030
$130M 100c
C•••• P•••••• I•• first lien term loan
18 BDCs hold it · matures Dec 18, 2031
$105M 100c
P•••••• P•••••• L•• first lien term loan
3 BDCs hold it · matures Nov 25, 2032
$101M 100c
P•• A••• B••••• I•• first lien term loan
14 BDCs hold it · matures Sep 30, 2031 · G••••••••• E••••• G••••
$97.6M 101c
R••••• T•••• P••••••••• L• unsecured or subordinated term loan
2 BDCs hold it · matures Jan 26, 2032
$97.1M 100c
A••• H•••••• C••• first lien term loan
9 BDCs hold it · matures Dec 5, 2031
$95.9M 100c
B•••••• P•••••• L•• first lien term loan
6 BDCs hold it · matures Feb 27, 2031
$92.8M 101c
A••••• B•••• I•• first lien term loan
7 BDCs hold it · matures Dec 31, 2027
$92.1M 101c
A•••••• N••••••••• M•••• 2• B•• first lien term loan
8 BDCs hold it · matures May 29, 2031
$90.5M 101c

Schedule of investments at Dec 31, 2023

315 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B••••• U• B•••• L••	term loan first lien	$268,000	$209,000 102c	S+600 bp	Sep 30, 2030
i••••• I•••	revolver first lien	$241,000	$176,000 79c	S+675 bp	Aug 18, 2028
M••••••• I••••••••• I•••	term loan second lien	$170,000	$167,000 102c	S+650 bp	Oct 15, 2029
P•• A••• B••••• I•••	revolver first lien	$240,000	$108,000 92c	S+700 bp	Feb 15, 2029
S•••• T••••••••• I•••	warrants equity	Not disclosed	$70,000 24c
H•• P•• C••••••• L••	revolver first lien	$108,000	$26,000 87c	S+650 bp	Dec 31, 2027
B•••••• T••••••••• I•••	warrants equity	Not disclosed	$22,000 30c
A•• T••••••••• S•	warrants equity	Not disclosed	$21,000 8c
M••••••••• I•••	warrants equity	Not disclosed	$17,000 11c
M••••••••• I•••	warrants equity	Not disclosed	$7,000
D•••• L•••••• S•• I• L••	equity equity	Not disclosed	$2,000 100c
i••••• I•••	term loan first lien	$0	$0	S+725 bp	Aug 18, 2028
M•• S••••••• L••	term loan first lien	$0	$0 0c	S+550 bp	Feb 10, 2027
N•• • J• L•••	term loan first lien	$0	$0 0c	S+575 bp	Nov 10, 2029
I•••• P••••••••• I•••	warrants equity	Not disclosed	$0
B•••••• T••••••••• I•••	term loan first lien	$0	$0	S+750 bp PIK 2.25%	Apr 19, 2027
E••••••••• L••• H••••••• I•••	term loan first lien	$0	$0 0c	3.00% PIK 6.00%	Apr 21, 2027
S•••• T••••••••• I•••	term loan first lien	$0	$0	S+788 bp	Apr 27, 2029
I••••••• P••••••••• L••••••	warrants equity	Not disclosed	$0 0c
s••••••••• I•••	term loan first lien	$0	$0	S+875 bp	Oct 13, 2027
s••••••••• I•••	term loan first lien	$0	$0	S+875 bp	Oct 13, 2027
B•••••• T••••••••• I•••	term loan first lien	$0	$0	S+750 bp	Apr 19, 2027
D•••• L•••••• S•• I• L••	warrants equity	Not disclosed	$0
E••••••••• L••• H••••••• I•••	term loan first lien	$0	$0 0c	3.00% PIK 6.00%	Apr 21, 2027
B•••••• T••••••••• I•••	term loan first lien	$0	$0	S+750 bp PIK 2.25%	Apr 19, 2027
S•••• T••••••••• I•••	term loan first lien	$0	$0	S+788 bp	Apr 27, 2029
S•• H•••••• I• C•••••••••	revolver first lien	$0	-$8,000 21c	S+675 bp	Mar 27, 2028
K•••• B••••• L••	revolver first lien	$0	-$10,000 143c	S+650 bp	Oct 29, 2027
C•••• H•••••••• L••	term loan first lien	$0	-$11,000 73c	S+750 bp	Feb 27, 2030
C•••• H•••••••• L••	revolver first lien	$0	-$19,000 95c	S+750 bp	Feb 27, 2029
M•• S••••••• L••	revolver first lien	$0	-$23,000	S+550 bp	Feb 10, 2027
A••••••• I•••	revolver first lien	$0	-$24,000 63c	S+725 bp	Oct 19, 2028
G•••• H•••• P••••• O••••• L••	revolver first lien	$0	-$29,000 116c	S+800 bp	Jun 21, 2027
O••••• H•••••• I•••	revolver first lien	$0	-$30,000 71c	S+775 bp	Feb 1, 2029
N•••• S••• A••••••••• L••	term loan first lien	$0	-$31,000 94c	S+575 bp	May 3, 2029
A•••••••• A••••••••• C• L••	revolver first lien	$0	-$35,000 438c	S+600 bp	Dec 29, 2027
E•••••• H•••••••• I•••	term loan first lien	$0	-$41,000 100c	S+550 bp	Dec 24, 2029
N•• • J• L•••	revolver first lien	$0	-$47,000 47c	S+575 bp	Nov 10, 2029
S•••• W••••••• C••••••••• L••	revolver first lien	$0	-$52,000 98c	S+1000 bp	Oct 7, 2026
S•• H•••••• I• C•••••••••	term loan first lien	$0	-$54,000 102c	S+625 bp	Mar 27, 2028
N••• H•••••• L••	revolver first lien	$0	-$55,000 82c	S+600 bp	Nov 9, 2029
G•••• H•••• P••••• O••••• L••	term loan first lien	$0	-$59,000 120c	S+800 bp	Jun 21, 2027
A•• T••••••••• S•	term loan first lien	$0	-$60,000 100c	S+750 bp	Aug 15, 2029
E•••••• H•••••••• I•••	revolver first lien	$0	-$62,000 100c	S+550 bp	Dec 24, 2029
H•••••• I•••	term loan first lien	$0	-$63,000 69c	S+650 bp	Jan 19, 2026
C••••• M••••••••• L••	revolver first lien	$0	-$69,000 100c	S+650 bp	May 22, 2029
K•••• B••••• L••	revolver first lien	$0	-$73,000 107c	S+650 bp	Oct 29, 2027
L•• H•••••• L••	revolver first lien	$0	-$76,000 543c	S+600 bp	Jan 31, 2028
N•••• S••• A••••••••• L••	revolver first lien	$0	-$81,000 104c	S+575 bp	May 3, 2029
N••• H•••••• L••	term loan first lien	$0	-$90,000 100c	S+600 bp	Nov 12, 2030
E•••••••• I• B••••••• 2•••• L••	revolver first lien	$0	-$92,000 97c	S+600 bp	Sep 29, 2029
P••••• C••• C••••••• L••	term loan first lien	$0	-$96,000 100c	S+600 bp	Nov 15, 2030
O••••••••• L••	term loan first lien	$0	-$100,000 93c	S+625 bp	Jun 9, 2030
O••••••••• L••	revolver first lien	$0	-$106,000 102c	S+625 bp	Jun 9, 2030
C••••••• B••••• I•••	revolver first lien	$0	-$110,000 98c	S+675 bp	Nov 8, 2030
I••••••• P••••• I•••	revolver first lien	$0	-$112,000 101c	S+750 bp	Jun 30, 2025
A•• F••••• B•••• I••	revolver first lien	$0	-$123,000 83c	S+650 bp	Aug 1, 2029
A••••• P••••• L••	term loan first lien	$0	-$127,000 100c	S+575 bp	Dec 5, 2030
E••••••• I•••	revolver first lien	$0	-$135,000 114c	S+600 bp	Jul 10, 2028
W• C•• H•••••••• L••	revolver first lien	$0	-$146,000 101c	S+675 bp	Nov 28, 2029
B••••• U• B•••• L••	revolver first lien	$0	-$156,000 105c	S+600 bp	Oct 1, 2029
I• B•••• L••	revolver first lien	$0	-$177,000 101c	S+675 bp	Jun 28, 2029
P••••• C••• C••••••• L••	revolver first lien	$0	-$186,000 99c	S+600 bp	Nov 15, 2029
A••••• P••••• L••	revolver first lien	$0	-$238,000 101c	S+575 bp	Dec 5, 2029
A•• F••••• B•••• I••	unstated lien unstated	Not disclosed	Not disclosed
D•••• R••• C•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
I••••••• P••••••••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
L•• H•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•• H••••••• I•• C•••	unstated lien unstated	Not disclosed	Not disclosed
O••••• H•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S•• H•••••• I• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• F•••••• G•••• N• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
T•••••• B•••• L••	unstated lien unstated	Not disclosed	Not disclosed
H•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B••••• U• B•••• L••	unstated lien unstated	Not disclosed	Not disclosed
E••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S•• E•• C••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•• T••••••••• S•	unstated lien unstated	Not disclosed	Not disclosed
E•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed		Dec 24, 2029
S•••• W••••••• C••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I• B•••• L••	unstated lien unstated	Not disclosed	Not disclosed
E•••••••• I• B••••••• 2•••• L••	unstated lien unstated	Not disclosed	Not disclosed
C••••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
1•••••• B•••• O•••• L••	unstated lien unstated	Not disclosed	Not disclosed
E••••••••• L••• H••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
N••• H•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
1•• F••• S••••• L••	unstated lien unstated	Not disclosed	Not disclosed
1•••••• V•• H••••• R••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B•••••• T••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C••••• M••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F••••••• U••• I•••	unstated lien unstated	Not disclosed	Not disclosed
H•• P•• C••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I••••••• P••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
K•••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
N•••• S••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
D•••• L•••••• S•• I• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••••••• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C•••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P••••• C••• C••••••• L••	unstated lien unstated	Not disclosed	Not disclosed

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Registration

Fiscal year end: 0930reported
Incorporated: unknownreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: O•••••• Opportunistic Income Fundreported
Latest schedule: 0001872371-26-000013reported