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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.

Fair value
$6.8B
Schedule of investments, 10-Q and 10-K
Borrowers
159
Schedule of investments, 10-Q and 10-K
Mark on cost
98.5¢
Schedule of investments, 10-Q and 10-K
First lien
87%
Schedule of investments, 10-Q and 10-K
Schedule of investments (454)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. 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
  3. 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
15
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$6.8B15999c17518 bp
Mar 31, 2026$7.0B16399c10514 bp
Dec 31, 2025$7.4B169100c11518 bp
Sep 30, 2025$7.4B189100c10528 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$6.4B175101c12544 bp
Mar 31, 2025$6.1B181100c14553 bp
Dec 31, 2024$5.4B172100c15563 bp
Sep 30, 2024$4.6B210101c14580 bp
Jun 30, 2024$4.2B173100c11604 bp
Mar 31, 2024$3.5B161101c13618 bp
Dec 31, 2023$2.9B142101c10624 bp
Sep 30, 2023$1.9B155100c15629 bp
Jun 30, 2023$1.3B109100c13620 bp
Mar 31, 2023$900M10599c13606 bp
Sep 30, 2022$429M11596c2561 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, 2024
418 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M•• S••••••• L••unstated lien unstatedNot disclosedNot disclosed
P•• A••• B••••• I•••unstated lien unstatedNot disclosedNot disclosed
B•••••• T••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
A•••••••• A••••••••• C• L••unstated lien unstatedNot disclosedNot disclosed
A•••••••• R••• M••••••••• G••••• I•••unstated lien unstatedNot disclosedNot disclosed
C••••••• B••••• I•••unstated lien unstatedNot disclosedNot disclosed
C••••••••• T••••••••• L••unstated lien unstatedNot disclosedNot disclosed
O••••••••• L••unstated lien unstatedNot disclosedNot disclosed
U••••• L••unstated lien unstatedNot disclosedNot disclosed
i••••• I•••unstated lien unstatedNot disclosedNot disclosed
A••• H•••••• C••••unstated lien unstatedNot disclosedNot disclosed
i••••• I•••term loan first lienNot disclosedNot disclosedS+625 bpAug 18, 2028
M••••••• A••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
O••••• H•••••• I•••unstated lien unstatedNot disclosedNot disclosed
J•••• B•••• L••••••unstated lien unstatedNot disclosedNot disclosed
I••••••• P••••• I•••unstated lien unstatedNot disclosedNot disclosed
I•••••• P•••••• I•••unstated lien unstatedNot disclosedNot disclosed
B••••• U• B•••• L••unstated lien unstatedNot disclosedNot disclosed
Page 5 of 5Previous
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