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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.

Fair value
$2.3B
Borrowers
224
Mark on cost
97.7¢
First lien
98%
Schedule of investments (833)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. $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••• →
  3. 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
  4. 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 →
  5. 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
15
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.3B22498c54506 bp
Mar 31, 2026$2.2B21698c45505 bp
Dec 31, 2025$2.2B21898c37508 bp
Sep 30, 2025$2.1B20498c41514 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$2.1B19399c41523 bp
Mar 31, 2025$2.1B18799c40531 bp
Dec 31, 2024$4.1B18499c60537 bp
Sep 30, 2024$2.1B17399c33552 bp
Jun 30, 2024$2.0B15999c30569 bp
Mar 31, 2024$1.7B14299c21595 bp
Dec 31, 2023$1.7B13299c21603 bp
Sep 30, 2023$1.5B12499c12608 bp
Jun 30, 2023$1.4B11798c7604 bp
Mar 31, 2023$1.3B11598c5589 bp
Dec 31, 2022$1.2B10798c4585 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 Jun 30, 2024
587 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Z•••• I••••••••• L••revolver first lien$0$0S+650 bp
H••••• S•••••• P•••••••• L••revolver lien unstated$0$0
0c
S+625 bp
P•••••• A••••••••• I••• ••••••• A•••••••••revolver lien unstated$0$0
0c
S+500 bp
A••••••• I•••revolver lien unstated$0$0
0c
S+725 bp
H•••••••• V••••••••• P•••••••• L••revolver lien unstated$0$0
0c
S+475 bp
A•••••• H•••••••• I•••delayed draw term loan lien unstated$0$0
0c
S+525 bp
S••••••• S••••• H••••••••• S•••••••• L••revolver lien unstated$0$0
0c
S+500 bp
i••••• I•••unstated lien unstated$0$0
0c
S+725 bp
PIK 3.38%
S•••••• E••••••••• L••unstated lien unstated$0$0
0c
S+525 bp
S••••••• P•••••••• I••• I•••unstated lien unstated$0$0
0c
S+525 bp
E••••• L••• H••••••• C••••revolver lien unstated$0-$1,000
100c
S+500 bp
E••• P••••••••• I•••unstated lien unstated$0-$1,000
33c
S+550 bp
B••••••• H•••••••• L••unstated lien unstated$0-$1,000
9c
S+600 bp
L• A••••• H•••••••• L••unstated lien unstated$0-$1,000
9c
S+525 bp
C•••• I••••••••• L••unstated lien unstated$0-$2,000
67c
S+525 bp
K••• A••••••••• I•••unstated lien unstated$0-$2,000
14c
S+600 bp
G• W•••• H•••••••• I•••unstated lien unstated$0-$2,000
33c
S+525 bp
Y•• L••unstated lien unstated$0-$2,000
12c
S+575 bp
S••••••• H•••••••• L••delayed draw term loan first lien$0-$2,000
14c
S+575 bp
G•• M••••• S••• L••unstated lien unstated$0-$2,000
25c
S+600 bp
P•••••• A••••••••• P•••••• L••revolver lien unstated$0-$2,000
100c
S+525 bp
Y•• L••unstated lien unstated$0-$2,000
8c
S+575 bp
I•••••••• M•••••••• A••••••••• L••revolver lien unstated$0-$2,000
13c
S+600 bp
T••• L••••• P•••••••• I•••unstated lien unstated$0-$3,000
43c
S+550 bp
P• I••••••••• H••••••• I••• L••delayed draw term loan lien unstated$0-$3,000
75c
S+500 bp
PIK 1.75%
G•••••••• I•••unstated lien unstated$0-$3,000
30c
S+525 bp
PIK 2.25%
T••• L••••• P•••••••• I•••unstated lien unstated$0-$3,000
27c
S+550 bp
G•• M••••• S••• L••unstated lien unstated$0-$3,000
60c
S+600 bp
C•••• H•••••••• L••unstated lien unstated$0-$4,000
40c
S+550 bp
I••• B••••• L••unstated lien unstated$0-$4,000
40c
S+625 bp
A•••••• T••••••••• L••unstated lien unstated$0-$4,000
50c
S+475 bp
F•••••••• O••••••••• L••unstated lien unstated$0-$4,000
67c
S+825 bp
C•••• H•••••••• L••unstated lien unstated$0-$5,000
71c
S+550 bp
E••••••••• A••••••••• L••revolver lien unstated$0-$5,000
36c
S+650 bp
C••••• P•••••••• L••delayed draw term loan lien unstated$0-$6,000
100c
S+525 bp
I••••••• B••••• L••unstated lien unstated$0-$6,000
100c
S+500 bp
C••••• I••••••••• I•• L••unstated lien unstated$0-$6,000
100c
S+475 bp
C•••• A••••••••• L••revolver lien unstated$0-$7,000
35c
S+725 bp
PIK 2.75%
D••••unstated lien unstated$0-$7,000
27c
S+575 bp
A•••••• I•••unstated lien unstated$0-$7,000
47c
S+525 bp
O•• P••••••••• I•••unstated lien unstated$0-$8,000
200c
S+550 bp
G••••••• S•••••••• L••delayed draw term loan lien unstated$0-$8,000
100c
S+475 bp
I••••••• B••••• L••unstated lien unstated$0-$8,000
100c
S+500 bp
T•••• A••••••••• I•••revolver lien unstated$0-$8,000
200c
S+575 bp
R••••••••• P•••••• L••unstated lien unstated$0-$9,000
53c
S+550 bp
I•••••• P•••••• I•••revolver lien unstated$0-$9,000
100c
S+650 bp
R•• O••• L••unstated lien unstated$0-$10,000
100c
S+400 bp
F••••••••• R••• P••••••• C••••delayed draw term loan first lien$0-$10,000
100c
S+525 bp
I•••••• M••• L••unstated lien unstated$0-$11,000
48c
S+575 bp
A••••••••• I•••revolver lien unstated$0-$11,000
92c
S+625 bp
E•••••••• S••••••• H•••••• C•••••••••unstated lien unstated$0-$11,000
100c
S+500 bp
C••••• I••••••••• I•• L••unstated lien unstated$0-$11,000
100c
S+475 bp
A••••• A••••••••• L••revolver lien unstated$0-$12,000
40c
S+600 bp
H•• H••• A••••••••• I••unstated lien unstated$0-$13,000
100c
S+500 bp
A••••••• B••••• I••unstated lien unstated$0-$13,000
100c
S+450 bp
E•••••••• S••••••• H•••••• C•••••••••unstated lien unstated$0-$14,000
100c
S+500 bp
A••••• H••••••• C••••revolver lien unstated$0-$15,000
60c
S+550 bp
M•••• N• I•••unstated lien unstated$0-$16,000
100c
S+500 bp
E•••••••• T••••••••• C••••unstated lien unstated$0-$16,000
84c
S+525 bp
M•••• N• I•••unstated lien unstated$0-$17,000
100c
S+500 bp
D••••••• C•••••••••unstated lien unstated$0-$17,000
100c
S+500 bp
P••••••••• F••• • S•••••• L••unstated lien unstated$0-$17,000
100c
S+450 bp
H•• H••• A••••••••• I••unstated lien unstated$0-$17,000
100c
S+500 bp
A••••••• B••••• I••unstated lien unstated$0-$18,000
100c
S+450 bp
P••••••••• U•••• L••unstated lien unstated$0-$19,000
100c
S+500 bp
F•••••••• A••••••••• C•unstated lien unstated$0-$19,000
70c
S+525 bp
G••••••• S•••••••• L••delayed draw term loan lien unstated$0-$22,000
100c
S+475 bp
A•• H•••• L••unstated lien unstated$0-$23,000
100c
S+500 bp
D••••••• C•••••••••unstated lien unstated$0-$26,000
100c
S+500 bp
V•••••••• L••unstated lien unstated$0-$26,000
100c
S+525 bp
T••• H•••••• C••••unstated lien unstated$0-$27,000
159c
S+575 bp
M•••••• C••••••••• B••••• L••unstated lien unstated$0-$28,000
43c
S+600 bp
H•••••••• I•••unstated lien unstated$0-$29,000
97c
S+550 bp
M•••••• C••••••••• B••••• L••unstated lien unstated$0-$33,000
83c
S+600 bp
G• D• C•••••••• A••••••••• L••unstated lien unstated$0-$46,000
100c
S+450 bp
E•••••••• T••••••••• C••••unstated lien unstated$0-$48,000
98c
S+525 bp
T••••••• I••••••••• L••unstated lien unstated$0-$48,000
155c
S+550 bp
S• N•••• 2• I••unstated lien unstated$0-$64,000
100c
S+475 bp
S• N•••• 2• I••unstated lien unstated$0-$76,000
100c
S+475 bp
V•••••••• L••unstated lien unstated$0-$86,000
100c
S+525 bp
G••••• B•••••••• L••unstated lien unstated$0-$149,000
180c
S+525 bp
S••••••••• I•••revolver first lien$85,000-$156,000
-355c
S+700 bp
A•••••• G•••• H•••••••• L••delayed draw term loan lien unstated$0-$225,000
2045c
S+600 bp
V••••• S•••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
M•••• N• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
F•••••••• O••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+825 bp
I•••••• M••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+575 bp
O•• P••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+550 bp
A•••••• T••••••••• L••revolver lien unstatedNot disclosedNot disclosed
A•••••• I•••revolver lien unstatedNot disclosedNot disclosedS+525 bp
C••••• I••••••••• I•• L••revolver lien unstatedNot disclosedNot disclosedS+475 bp
H•• H••• A••••••••• I••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
C•••• H•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+550 bp
G•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
G••••••• S•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
P• I••••••••• H••••••• I••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
S•••••• E••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
V•••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
B•••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+500 bp
G••••• B•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
Page 4 of 6PreviousNext
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
Capital chain

T• S••••• B•• L•• sits on 52 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

2,732 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 2 connections across 1 kind
Manages (2)