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T• S••••• B•• L••
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 · 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, 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
What matters now
- $20.6Mon 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•• → - $8.88Mnewly 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.
- 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 → 54loans 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.
- 216 → 224borrowers
Added a net 8 borrowers in the quarter to Jun 30, 2026, to 224.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1885968 · file 814-01453ShowHide
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
| 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 quartersShow fewer
| 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
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- V•• C••••••••• L•• first lien term loan13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••$34.5M 100c
- P• I••••••••• H••••••• I••• L•• first lien term loan13 BDCs hold it · matures Apr 9, 2030 · possible sponsor W••••••••• C•••••• I••••••••$32.4M 101c
- W•••• I•••••••• A••••••••• L•• first lien term loan21 BDCs hold it · matures Apr 30, 2030 · possible sponsor C••••••••• C•••••• P•••••••• L••$30.8M 100c
- I•••••••• M•••••••• A••••••••• L•• first lien term loan35 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 loan14 BDCs hold it · matures Jun 3, 2030$29.1M 100c
- C•••••• I••••••••• I•• first lien term loan9 BDCs hold it · matures Aug 4, 2027$28.2M 100c
- B• P••••••••• L•• first lien term loan4 BDCs hold it · matures Dec 11, 2028$28.1M 75c
- A••• S•••••• P•••••••• L•• first lien term loan26 BDCs hold it · matures Oct 24, 2030 · possible sponsor A••••• I••••••••$27.9M 101c
- Z•••• H•••••• I•• first lien term loan10 BDCs hold it · matures Jul 1, 2027$27.8M 99c
- H••• S••••• B••••• I•• first lien term loan12 BDCs hold it · matures Apr 14, 2028 · possible sponsor A••• P••••••• I•• L••$27.4M 100c
- T••• H•••••• C••• first lien term loan17 BDCs hold it · matures Mar 31, 2028$27.4M 96c
- F•• H••••••• I•• first lien term loan4 BDCs hold it · matures Dec 15, 2028$27.1M 86c
Schedule of investments at Dec 31, 2024
1,347 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• A••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| G••••• B•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+450 bp | |
| A•••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| E••• P••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+550 bp | |
| P••••• H••••• I••••••••• H•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| A•• G•••• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+475 bp | |
| E••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| I•••••• P•••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+650 bp | |
| M••••• C••••••••• A••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+525 bp | |
| M••••• C••••••••• A••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+525 bp | |
| T•••• A••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+600 bp | |
| D••••••••• H•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| L••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| L••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| S• N•••• 2• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| R••••• B••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| P•••••• A••••••••• I••• ••••••• A••••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| P•••••• B•••• P••••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+525 bp | |
| P••••••••• F••• • S•••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+450 bp | |
| P• I••••••••• H••••••• I••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| G• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+525 bp | |
| E••••••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+500 bp | |
| V•••••• E••••••• S•••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••• A••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| L• A••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| B••••••••• T••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| L• A••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+500 bp | |
| I••• B••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+625 bp | |
| O•• P••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| m••••• M•••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+625 bp | |
| V• G••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+575 bp | |
| A••••••• B••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+450 bp | |
| S•••••• E••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+550 bp | |
| S• N•••• 2• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+475 bp | |
| P•••••• A••••••••• I••• ••••••• A••••••••• | revolver first lien | Not disclosed | Not disclosed | S+475 bp | |
| F•• H••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| F•••••••• O••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+825 bp | |
| F•••••••• O••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+825 bp | |
| M•••••• I••••••••• C• | revolver first lien | Not disclosed | Not disclosed | S+500 bp | |
| M••••••• W••• H••••••• | revolver first lien | Not disclosed | Not disclosed | S+650 bp | |
| H•••••••• V••••••••• P•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| M•••••• C••••••••• B••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+600 bp | |
| N•• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| A•••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| K••• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| Y•• L•• | revolver first lien | Not disclosed | Not disclosed | S+575 bp | |
| I••••••• B••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| S• N•••• 2• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| H••••••••• I•••••••• A•••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+450 bp | |
| S••••••• P•••••••• I••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| M•• C•••••• M••••••••• I••••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+475 bp | |
| K•••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+550 bp | |
| I•••••• 3••• L•• | revolver first lien | Not disclosed | Not disclosed | S+475 bp | |
| H••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+550 bp | |
| H••• S••••• B••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+525 bp | |
| F•••••••• O••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+825 bp | |
| G•••••• U• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+475 bp | |
| R••••••••• P•••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| T•••••• T••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| G•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+575 bp | |
| O••••••••• N•••• A••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| V••••••• B•••• H•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+700 bp | |
| L••••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+575 bp | |
| C•••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+550 bp | |
| R••••••••• P•••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+525 bp | |
| S••••••• B•••• C•••• | revolver first lien | Not disclosed | Not disclosed | S+575 bp | |
| T••• H•••••• C•••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+575 bp | |
| K••• A••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| C•••• I••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+475 bp | |
| P•••••• A••••••••• I••• ••••••• A••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| A•••••• T••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| A•••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| R•• O•••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| I•••••• M••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| S•••••• E••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| S••••••• H•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+450 bp | |
| N•••••• C••••••••• A•• C•••••• S••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| H•• H••• A••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| G••••• B•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+450 bp | |
| P•••••• P••••• B••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| P••••• H••••• I••••••••• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+500 bp | |
| R•••••• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+500 bp | |
| P••••••••• F••• • S•••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+450 bp | |
| P••••• H••••• I••••••••• H•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| E••••• L••• H••••••• C•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| E••••• H•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| C••••• I••••••••• I•• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+450 bp | |
| T•••••• T••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+475 bp | |
| S••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+700 bp | |
| S••••••• P•••••••• I••• I••• C••••••••• S••••••s & S••••••• | term loan first lien | Not disclosed | Not disclosed | //tseriesmiddlemarketloanfundsllc.com/20250930#Canadian Overnight Repo Rate Average CORRA+525 bp | Dec 28, 2029 |
| V••••••• B•••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+700 bp | |
| M•••• N• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| C••••• P•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| A•••••••• H•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| M•••••• B••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| S••••••• P•••••••• I••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+525 bp | |
| I••••••••• O•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L• A••••• H•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| O•• P••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+550 bp |
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