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T• S••••• B•• L••

Business development companymanaged by M• C•••••• P••••••• A•••••• I•••Non-traded· NEW YORK, NY

A non-traded business development company, managed by M• C•••••• P••••••• A•••••• I•••, holding $2.3B across 224 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: $2.3B
Borrowers: 224
Mark on cost: 97.7¢
First lien: 98%

Schedule of investments (833)Quarter by quarter Sponsors

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

What matters now

$20.6M
on non-accrual, 2 borrowers
2 borrowers on non-accrual, $20.6M principal; the largest is V••••••• B•••• H•••••••• L•• ($11.8M).
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 V••••••• B•••• H•••••••• L•• →
$8.88M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $8.88M principal: B•• H••••••• I• C••• ($8.88M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open B•• H••••••• I• C••• →
15 below 80¢
$73.4M principal
15 positions across 15 borrowers marked below 80¢ on cost, $73.4M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
45 → 54
loans paying in kind
Loans paying in kind rose from 45 to 54 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 →
216 → 224
borrowers
Added a net 8 borrowers in the quarter to Jun 30, 2026, to 224.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1885968 · file 814-01453Show

Fair value

$2.3B

as of Jun 30, 2026

Principal held

$2.3B

debt pieces, the filer's figure

Cost

$2.3B

98c on cost, debt pieces

Unfunded

$297M

commitments not yet drawn

Positions

833

224 borrowers

First lien

98%

99% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

515

35 sponsors financed

Portfolio through time

Fair value by quarter end$2.3B as of Jun 30, 2026

Dec 31, 2022$1.2B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.3B	224	98c	54	506 bp
Mar 31, 2026	$2.2B	216	98c	45	505 bp
Dec 31, 2025	$2.2B	218	98c	37	508 bp
Sep 30, 2025	$2.1B	204	98c	41	514 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$2.1B	193	99c	41	523 bp
Mar 31, 2025	$2.1B	187	99c	40	531 bp
Dec 31, 2024	$4.1B	184	99c	60	537 bp
Sep 30, 2024	$2.1B	173	99c	33	552 bp
Jun 30, 2024	$2.0B	159	99c	30	569 bp
Mar 31, 2024	$1.7B	142	99c	21	595 bp
Dec 31, 2023	$1.7B	132	99c	21	603 bp
Sep 30, 2023	$1.5B	124	99c	12	608 bp
Jun 30, 2023	$1.4B	117	98c	7	604 bp
Mar 31, 2023	$1.3B	115	98c	5	589 bp
Dec 31, 2022	$1.2B	107	98c	4	585 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
Placed on non-accrualJun 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
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 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

Every position change, including routine ones

Largest facilities held, with co-lenders

V•• C••••••••• L•• first lien term loan
13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••
$34.5M 100c
P• I••••••••• H••••••• I••• L•• first lien term loan
13 BDCs hold it · matures Apr 9, 2030 · possible sponsor W••••••••• C•••••• I••••••••
$32.4M 101c
W•••• I•••••••• A••••••••• L•• first lien term loan
21 BDCs hold it · matures Apr 30, 2030 · possible sponsor C••••••••• C•••••• P•••••••• L••
$30.8M 100c
I•••••••• M•••••••• A••••••••• L•• first lien term loan
35 BDCs hold it · matures Aug 31, 2028 · possible sponsor S••••• L••• T••••••••• M••••••••• L••
$29.2M 100c
P••••• H••••• I••••••••• H•••••••• I•• first lien term loan
14 BDCs hold it · matures Jun 3, 2030
$29.1M 100c
C•••••• I••••••••• I•• first lien term loan
9 BDCs hold it · matures Aug 4, 2027
$28.2M 100c
B• P••••••••• L•• first lien term loan
4 BDCs hold it · matures Dec 11, 2028
$28.1M 75c
A••• S•••••• P•••••••• L•• first lien term loan
26 BDCs hold it · matures Oct 24, 2030 · possible sponsor A••••• I••••••••
$27.9M 101c
Z•••• H•••••• I•• first lien term loan
10 BDCs hold it · matures Jul 1, 2027
$27.8M 99c
H••• S••••• B••••• I•• first lien term loan
12 BDCs hold it · matures Apr 14, 2028 · possible sponsor A••• P••••••• I•• L••
$27.4M 100c
T••• H•••••• C••• first lien term loan
17 BDCs hold it · matures Mar 31, 2028
$27.4M 96c
F•• H••••••• I•• first lien term loan
4 BDCs hold it · matures Dec 15, 2028
$27.1M 86c

Schedule of investments at Dec 31, 2022

370 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
K••• A••••••••• I•••	revolver first lien	Not disclosed	Not disclosed
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
R•••••• I•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+625 bp
S•••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
T••	unstated lien unstated	Not disclosed	Not disclosed
A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
F••••••••• R••• P••••••• C••••	unstated lien unstated	Not disclosed	Not disclosed
L•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
Z•••• I••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+650 bp
L•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
O•••••••• I•••••••• A•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
P•••••• B•••• P••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
S••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• G•••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
A•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
D•• I••••••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
D•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
R•••••• I•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
S••••••• P•••••••• I••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+675 bp
A•• C•••••• O•••••• G••••• L••	revolver lien unstated	Not disclosed	Not disclosed
H•••••••• H••• S•••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
H••••••••• I•••••••• A•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
M•••••• I••••••••• C•	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
R••••••••• P•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
V•• C••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
4•••••• S••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed
A•• C•••••• O•••••• G••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• H•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
N•••••• C••••••••• A•• C•••••• S••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
P•••••• A••••••••• I••• ••••••• A•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
R•••••• S••••••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
K•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
T••••	unstated lien unstated	Not disclosed	Not disclosed
T••• H•••••• C••••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• T••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
G••••••• S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
M••••••• W••• H•••••••	unstated lien unstated	Not disclosed	Not disclosed
P•••••••• G••••	unstated lien unstated	Not disclosed	Not disclosed
Q• H•••••• C•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
A••••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C••••• U• 1• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
G••••• B•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+525 bp
K•••• A••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
L•• C•• W••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
L••••••••• S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+650 bp
M•••••• I••••••••• C•	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
M•• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed		Feb 10, 2027
A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• T••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H•••••••• V••••••••• P•••••••• L•• 1•	delayed draw term loan lien unstated	Not disclosed	Not disclosed
L••••••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•• S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
M••••••• W••• H•••••••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
R•••••• P•••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+675 bp
R•••••• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
T••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
m••••• M•••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+525 bp
E••••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••••••• B•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F•• H••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
V•• C••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••• A••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
A•••• U• F••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+725 bp
H••••••••• I•••••••• A•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed

Page 4 of 4Previous

Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: T Series Middle Market Loan Fund LLCreported
Latest schedule: 0001193125-26-344703reported