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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 Sep 30, 2025
756 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
E•••••••• S••••••• H•••••• C•••••••••revolver first lienNot disclosedNot disclosedS+500 bp
T••unstated lien unstatedNot disclosedNot disclosed
A•• G•••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
B••••• S••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
B•••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
C•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
M••••••• L•revolver first lienNot disclosedNot disclosedS+475 bp
C••••• U• 1• I•••revolver first lienNot disclosedNot disclosedS+500 bp
E••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
G• W•••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
G•••••••• I•••revolver first lienNot disclosedNot disclosed
I••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
I••••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
B••••••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M•• S•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
A••••• S••••••• C••••revolver first lienNot disclosedNot disclosedS+475 bp
A•••••• T••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
K••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
K••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
A•••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
G••••• B•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
F•••••••• A••••••••• C••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
A•••• I••••••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
C•• C••••••••• P•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
D•••••••• D••••• H••••••• L••revolver first lienNot disclosedNot disclosedS+575 bp
E••• P••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
E•••••••• S••••••• H•••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
E•••••• W••• A••••••••• C••••••• L••revolver first lienNot disclosedNot disclosedS+625 bp
F•• I••••••••• H•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
I•••••• 3••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
N•• H•••••••• I•••revolver first lienNot disclosedNot disclosed
R••••••••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
S•••••• E••••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
V••••• M•••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
L••• H••••••• C••••
E•••••
delayed draw term loan first lienNot disclosedNot disclosed
E••••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
G• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
C••••• I••••••••• I•• L••revolver first lienNot disclosedNot disclosedS+450 bp
C•••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
L••• H••••••• C••••
E•••••
revolver first lienNot disclosedNot disclosed
F•••••••• O••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
F•• S•••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
V•••••• P••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
E••••••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
V•••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
R•••• T•••• U• B••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
R•••••••• I•••revolver first lienNot disclosedNot disclosedS+650 bp
R••••••• P•••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
A••••••••• I•••revolver first lienNot disclosedNot disclosedS+650 bp
C•• C••••••••• P•••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
F••••••• A••••••••• C•••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M••••• C••••••••• A••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
N•••••• C••••••••• A•• C•••••• S••••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
O•••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
P••••• H••••• I••••••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
R•••••• S••••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
R•••• T•••• U• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
T••••• B••••• I••• •••••• N••••••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
T•••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
T•••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+600 bp
V••••••• B•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+700 bp
V••••• S•••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
Y•• L••revolver first lienNot disclosedNot disclosedS+575 bp
A•• H•••• L••revolver first lienNot disclosedNot disclosedS+525 bp
C••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
C••••••• I••••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
E••••••• B••••• I•••revolver first lienNot disclosedNot disclosed
R••• C•••••••• I••••••••• I••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
L• A••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
A•••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
A•• H•••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
C•••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
R•• O•••• L••revolver first lienNot disclosedNot disclosed
T•••••• T••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
K••••• B••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
L••••••••• L••revolver first lienNot disclosedNot disclosedS+575 bp
F••••••••• R••• P••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
K••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
L••••••••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
M•••••• I••••••••• C•revolver first lienNot disclosedNot disclosedS+500 bp
P•• T• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
S••••• B•••••••• I•••revolver first lienNot disclosedNot disclosedS+600 bp
4•••••• S••••••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
A•••• U• F••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
S•••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
I•••••••• M•••••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
T•••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
I• I••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
G•• M••••• S••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
H••••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
G•• M••••• S••• L••revolver first lienNot disclosedNot disclosedS+525 bp
F••••••• A••••••••• C•••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
H••••• S•••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
C•••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
T••• H•••••• C••••revolver first lienNot disclosedNot disclosedS+600 bp
B•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M•• C•••••• M••••••••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
V•••••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
Page 7 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