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B••• C•••••• P•••••• C•••••

Business development companymanaged by B••• A•••••••• L•Non-traded· BOSTON, MA

A non-traded business development company, managed by B••• A•••••••• L•, holding $2.2B across 200 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: $2.2B
Borrowers: 200
Mark on cost: 99.8¢
First lien: 85%

Schedule of investments (429)Quarter by quarter Sponsors

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

What matters now

4 below 80¢
$4.02M principal
4 positions across 3 borrowers marked below 80¢ on cost, $4.02M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
178 → 200
borrowers
Added a net 22 borrowers in the quarter to Jun 30, 2026, to 200.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$1.2B → $2.2B
fair value, 4 quarters
Its portfolio grew 87% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1899017 · file 814-01474Show

Fair value

$2.2B

as of Jun 30, 2026

Principal held

$2.1B

debt pieces, the filer's figure

Cost

$2.2B

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

429

200 borrowers

First lien

85%

96% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

380

34 sponsors financed

Portfolio through time

Fair value by quarter end$2.2B as of Jun 30, 2026

Jun 30, 2023$646,250 then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.2B	200	100c	21	555 bp
Mar 31, 2026	$1.8B	178	100c	25	546 bp
Dec 31, 2025	$2.3B	162	100c	37	554 bp
Sep 30, 2025	$1.4B	148	98c	23	552 bp

All 13 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.2B	141	100c	18	546 bp
Mar 31, 2025	$917M	130	100c	14	536 bp
Dec 31, 2024	$828M	89	99c	11	572 bp
Sep 30, 2024	$518M	74	100c	6	581 bp
Jun 30, 2024	$353M	52	100c	4	559 bp
Mar 31, 2024	$313M	49	100c	3	547 bp
Dec 31, 2023	$212M	19	100c	2	607 bp
Sep 30, 2023	$1.2M	1	n/a	0	n/a
Jun 30, 2023	$646,250	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

V••••••• B••• C•••••• unsecured or subordinated term loan
2 BDCs hold it · matures Dec 24, 2036
$95.0M 100c
S••••• O•••••••• H••••••• I•• L•• first lien term loan
1 BDC hold it · matures Jun 30, 2032
$68.0M 100c
A••••••••• L•• first lien term loan
11 BDCs hold it · matures Jan 2, 2031 · possible sponsor T•••• C•••••• M••••••••• I•••
$60.9M 100c
S•••••• H•••••• L•• first lien term loan
2 BDCs hold it · matures May 13, 2030
$48.6M 103c
K••••• L•• first lien term loan
2 BDCs hold it · matures Apr 14, 2031
$48.5M 100c
C•••• I••••••••• I•• first lien term loan
4 BDCs hold it · matures Nov 12, 2029 · possible sponsor C•••• S••••• C••••••
$38.6M 100c
O••••••• I•• first lien term loan
10 BDCs hold it · matures Apr 27, 2032
$36.2M 100c
I•• M••••••••• L•• first lien term loan
5 BDCs hold it · matures Jan 23, 2031
$35.7M 99c
G•• F••• A••••••••• L•• first lien term loan
2 BDCs hold it · matures Jan 30, 2032
$34.7M 99c
H• I•••••••• I•• first lien term loan
2 BDCs hold it · matures Jun 16, 2031
$34.0M 100c
S••• E••••••••• L•• first lien term loan
2 BDCs hold it · matures Jun 20, 2033 · possible sponsor U••••••
$32.6M 100c
L••••••••• L•• first lien term loan
4 BDCs hold it · matures Dec 30, 2032
$32.5M 101c

Schedule of investments at Dec 31, 2025

481 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
G•••••••• G•••• H•••••••• L•••••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	-$28,000 100c	S+550 bp	Dec 24, 2031
B•••••• A•••••••• G•••• H•••••••• I••• A•••••••• & D••••••	revolver first lien	Not disclosed	-$34,000 106c	S+600 bp	Oct 28, 2030
B•••••• A•••••••• G•••• H•••••••• I••• A•••••••• & D••••••	revolver first lien	Not disclosed	-$34,000 106c	S+600 bp	Oct 28, 2030
H•••• C••••••• goods: N•••••••••	revolver first lien	Not disclosed	-$35,000 219c	S+525 bp	Oct 25, 2029
C••• B•• H••••, G••••• & L••••••	delayed draw term loan first lien	Not disclosed	-$35,000	S+535 bp	Sep 4, 2030
H•••• C••••••• goods: N•••••••••	revolver first lien	Not disclosed	-$35,000 219c	S+525 bp	Oct 25, 2029
S••••• F••••••• L•• C••••••• G••••: N•••••••••	revolver first lien	Not disclosed	-$39,000 111c	S+525 bp	May 16, 2031
C•• H••••••••• P••••••••• I••• H••••••••• & P•••••••••	delayed draw term loan first lien	Not disclosed	-$41,000 205c	S+525 bp	Sep 17, 2031
P••••••••• M•••••• C••• L•• H••••••••• & P•••••••••	revolver first lien	Not disclosed	-$50,000 109c	S+475 bp	Jul 1, 2032
E•••••••• N••••• L•• M••••• & M•••••	delayed draw term loan first lien	Not disclosed	-$54,000	S+575 bp	Aug 1, 2031
E•••••••• N••••• L•• M••••• & M•••••	delayed draw term loan first lien	Not disclosed	-$54,000	S+575 bp	Aug 1, 2031
D••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	-$63,000 263c	S+750 bp	Sep 30, 2029
D••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	-$63,000 263c	S+750 bp	Sep 30, 2029
C•••••• A•••••••••	delayed draw term loan first lien	Not disclosed	-$77,000 350c	S+550 bp	Feb 5, 2031
P••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	-$116,000 352c	S+550 bp	Dec 20, 2030
O•• A••••••••• L•• Services: C•••••••	revolver first lien	Not disclosed	-$144,000 600c	S+475 bp	Apr 17, 2032
P••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 31, 2030
V••••• W•••• U••••••••: W••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+450 bp	Jul 24, 2031
F•••• I•••••••• S•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Dec 31, 2031
G•••••••• G•••• H•••••••• L•••••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+550 bp	Jun 24, 2031
A••••••• A•••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed	S+650 bp	Jul 26, 2030
E••••••••• M••••••• S•••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Aug 1, 2030
F•••• F•••••• A••••••• F•••••••• G••••• L•••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Dec 23, 2027
S••••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+750 bp	Mar 15, 2029
G••••••• S•••••••• ••• B•••• M•••••••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 7, 2030
E•• A••••••••• I••• Capital E••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+525 bp	Dec 19, 2031
A•••••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	Mar 10, 2031
P•••• T••••••• H••••, G•••••, & L••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Oct 23, 2029
R•• S••••••• C••••••• goods: N•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Feb 21, 2030
P••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 31, 2030
D•••••••• S••••• L••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Mar 18, 2030
D•••••••• S••••• L••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Mar 18, 2030
E•••••••• N•••• I••••••••• L•• M••••• & M•••••	equity equity	$328,000	Not disclosed
M••••• U• B•••• L•••••• E••••••••• I•••••••••	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Nov 14, 2031
A••••••• A•••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed	S+650 bp	Jul 26, 2030
G••••••• S•••••••• ••• B•••• M•••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 7, 2030
A•••••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Jun 5, 2030
A•• A•••••••• & D••••••	revolver first lien	Not disclosed	Not disclosed	S+575 bp	Jul 12, 2029
B•• P•••••••• A•••••••• & D••••••	revolver first lien	Not disclosed	Not disclosed n/a		Jul 25, 2030
C••• F•••• F••••• L•• W••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+600 bp	Jun 6, 2031
V••••• W•••• U••••••••: W••••	revolver first lien	Not disclosed	Not disclosed n/a	S+450 bp	Jul 24, 2031
P••• W•••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+535 bp	Nov 12, 2030
O•••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Nov 21, 2030
C•••••••• Y•••• L•• Services: C•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 30, 2031
A•••••• H••••, G••••• & L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	May 6, 2032
B••••• S••••••••• L••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Mar 25, 2028
F•••• F•••••• W••••• E••••••••• G•••• ••••	revolver first lien	Not disclosed	Not disclosed n/a	S+450 bp	Oct 2, 2028
B•••••••• P••••••••• I••• W••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+575 bp	Dec 19, 2030
A•••••• H••••, G••••• & L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	May 6, 2032
A•••••• H•••••• G••• H••••••••• & P•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+550 bp	Nov 15, 2032
V••••• W•••• U••••••••: W••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+450 bp	Jul 24, 2031
B•• B••••• I••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp	Oct 31, 2031
R•• S••••••• C••••••• goods: N•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Feb 21, 2030
A•• A•••••••• & D••••••	revolver first lien	Not disclosed	Not disclosed	S+575 bp	Jul 12, 2029
C••• F•••• F••••• L•• W••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+600 bp	Jun 6, 2031
A•••••••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+550 bp	Jun 5, 2030
A•• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 17, 2031
E•••••••• N•••• I••••••••• L•• M••••• & M•••••	equity equity	$328,000	Not disclosed
R••••• O••••••••• ••••••• R••••••••• H••••••••• & P•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	Feb 28, 2031
P••••••• P••••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+650 bp	Feb 28, 2029
A•••••••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+550 bp	Jun 5, 2030
P•••• T••••••• H••••, G•••••, & L••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Oct 23, 2029
F•••• F•••••• W••••• E••••••••• G•••• ••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+450 bp	Oct 2, 2028
E•• H••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Aug 7, 2030
A•••••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Jun 5, 2030
A•••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Dec 30, 2031
A•••••• H••••, G••••• & L••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	May 6, 2032
B•• B••••• I••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp	Oct 31, 2031
B•• P•••••••• A•••••••• & D••••••	revolver first lien	Not disclosed	Not disclosed n/a		Jul 25, 2030
C•••••••• Y•••• L•• Services: C•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 30, 2031
S••••••• A•••••••• & D••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a		Jul 22, 2030
A•• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 17, 2031
P••• W••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+535 bp	Nov 12, 2030
D••• Services: B•••••••	equity equity	$3.4M	Not disclosed
V••••• W•••• U••••••••: W••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+450 bp	Jul 24, 2031
F•••• F•••••• P••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Jan 31, 2031
S••••• P•••••••• C•••• A•••••••• & D••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+485 bp	Jul 22, 2030
E••••••••• M••••••• S•••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Aug 1, 2030
V••••• W•••• U••••••••: W••••	revolver first lien	Not disclosed	Not disclosed n/a	S+450 bp	Jul 24, 2031
D••• Services: B•••••••	equity equity	$3.4M	Not disclosed
A•••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Dec 30, 2031

Page 5 of 5Previous

Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 15reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-349812reported