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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
Schedule of investments, 10-Q and 10-K
Borrowers
224
Schedule of investments, 10-Q and 10-K
Mark on cost
97.7¢
Schedule of investments, 10-Q and 10-K
First lien
98%
Schedule of investments, 10-Q and 10-K
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, 2025
729 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
P•• T• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
G•• M••••• S••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
F•••••••• O••••••••• L••revolver first lienNot disclosedNot disclosedS+825 bp
G•••••• U• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
S••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
S••••••• P•••••••• I••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
F•••••••• A••••••••• C••revolver first lienNot disclosedNot disclosedS+550 bp
N•• G••••• H••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
U•• A•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
V••••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
V••••• M•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
Z•••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+650 bp
C••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
G••••••• S•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
A•••••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
E•••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
A••••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
N•• H•••••••• I•••revolver first lienNot disclosedNot disclosed
T••••• B••••• I••• •••••• N••••••••revolver first lienNot disclosedNot disclosedS+475 bp
R•••• T•••• U• B••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
S••••• B•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+600 bp
A••• S•••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
A•• H•••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
K••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+625 bp
G• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
A•••• U• F••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
P•• P••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
N••••• C•••••••••revolver first lienNot disclosedNot disclosedS+500 bp
D••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
V•••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
S•••• B••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
R••••• M••••• S•• D•••• L••revolver first lienNot disclosedNot disclosedS+550 bp
T•••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+600 bp
S• N•••• 2• I•••revolver first lienNot disclosedNot disclosedS+475 bp
T••• L••••• P•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
S••••••••• I•••revolver first lienNot disclosedNot disclosedS+700 bp
R•••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
E•••••••• S••••••• H•••••• C•••••••••revolver first lienNot disclosedNot disclosedS+500 bp
P••••••••• F••• • S•••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
L••••••••• I•••revolver first lienNot disclosedNot disclosedS+750 bp
K••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
L• A••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
L••••••••• L••revolver first lienNot disclosedNot disclosedS+575 bp
P•••••• B•••• P••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
H••••••••• I•••••••• A•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
R•••• T•••• U• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
E••••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
G••••••• S•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
F••••••••• R••• P••••••• C••••revolver first lienNot disclosedNot disclosedS+475 bp
P•••••• A••••••••• I••• ••••••• A•••••••••revolver first lienNot disclosedNot disclosedS+475 bp
V•• C••••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
P•••••• B•••• P••••••••• L••revolver first lienNot disclosedNot disclosed
V•••• P••••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
V•••••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C•••••• I••••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+650 bp
C••• L••••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
C•• C••••••••• P•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
B•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
P• I••••••••• H••••••• I••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
B••••••••• T••••••••• I•••revolver first lienNot disclosedNot disclosed
E•••••••• S••••••• H•••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
G•••••••• I•••revolver first lienNot disclosedNot disclosed
I••••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
H•• H••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
H•••••••• V••••••••• P•••••••• L••revolver first lienNot disclosedNot disclosed
B••••• S••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
I••••••• B••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
A•••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M•• S•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
M•••••• C••••••••• B••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
N•••••• C••••••••• A•• C•••••• S••••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
O••••••••• N•••• A••••••• I•••revolver first lienNot disclosedNot disclosed
R•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
S••••••• S••••• H••••••••• S•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
R••••••••• P•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
T••••• B••••• I••• •••••• N••••••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
P•••••• A••••••••• P•••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
A•••••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
A•••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
M••••• C••••••••• A••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
I••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
H••• S••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
G• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
R•• O•••• L••revolver first lienNot disclosedNot disclosed
V•••••• E••••••• S•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
M•• C•••••• M••••••••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
E••••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
F•••••••• O••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+825 bp
E••••••• I•••revolver first lienNot disclosedNot disclosedS+425 bp
K••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
E••• P••••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
C••••••• I••••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
S••••••• P•••••••• I••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
T••• H•••••• C••••revolver first lienNot disclosedNot disclosedS+600 bp
F•• H••••••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
Y•• L••revolver first lienNot disclosedNot disclosedS+575 bp
T•••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+600 bp
Page 6 of 8PreviousNext
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