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F••••••• P•••••• C••••• C• L••

Business development companymanaged by F••••••• D••••••••• S•••••••• L••Non-traded· BOSTON, MA

A non-traded business development company, managed by F••••••• D••••••••• S•••••••• L••, holding $1.6B across 130 borrowers at Mar 31, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.6B
Schedule of investments, 10-Q and 10-K
Borrowers
130
Schedule of investments, 10-Q and 10-K
Mark on cost
97.4¢
Schedule of investments, 10-Q and 10-K
First lien
99%
Schedule of investments, 10-Q and 10-K
Schedule of investments (384)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 7 below 80¢
    $67.7M principal

    7 positions across 6 borrowers marked below 80¢ on cost, $67.7M principal.

    Q1 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 31 Mar 2026
  2. 121 → 130
    borrowers

    Added a net 9 borrowers in the quarter to Mar 31, 2026, to 130.

    Q1 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
  3. $8.3B → $1.6B
    fair value, 4 quarters

    Its portfolio shrank 80% at fair value over the last four quarters.

    Q1 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1899996 · file 814-01645Show
Fair value
$1.6B
as of Mar 31, 2026
Principal held
$1.7B
debt pieces, the filer's figure
Cost
$1.7B
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
384
130 borrowers
First lien
99%
99% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
323
18 sponsors financed
Portfolio through time
Fair value by quarter end$1.6B as of Mar 31, 2026
Dec 31, 2022$3.2B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Mar 31, 2026$1.6B13097c22543 bp
Dec 31, 2025$1.6B12198c22554 bp
Sep 30, 2025$1.5B11798c18557 bp
Jun 30, 2025$1.6B11399c12558 bp
All 13 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Mar 31, 2025$8.3B10599c11556 bp
Dec 31, 2024$8.6B96100c9557 bp
Sep 30, 2024$7.2B8499c5571 bp
Jun 30, 2024$7.2B68100c5591 bp
Mar 31, 2024$5.3B60100c5611 bp
Dec 31, 2023$5.5B57101c0608 bp
Sep 30, 2023$6.4B52100c0608 bp
Jun 30, 2023$6.1B50100c0608 bp
Dec 31, 2022$3.2B33100c0582 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 Mar 31, 2024
213 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A• C•••••• A••••••••• C•••••••••
H••••• C••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+600 bpSep 6, 2028
D••••• E• C••••••• L••
I••••••••• M•••••••• & S••••••• & C•••••••••
delayed draw term loan first lienNot disclosedNot disclosedS+675 bpJun 21, 2028
E•••••••• P• T••••••••• H••••••• L••preferred equity equityNot disclosedNot disclosed
F•• P••••••• L••equity equityNot disclosedNot disclosed
C••preferred equity equityNot disclosedNot disclosed
P••••••• P••••••• I••••••• L••• I••
E••••••••• & F••••••••• S••••••s
revolver first lienNot disclosedNot disclosedFeb 7, 2028
B••• P•••• P•••••• L••equity equityNot disclosedNot disclosed
L••• A•• P••••••• A••••••••• L••equity equityNot disclosedNot disclosed
W•••••• P••••••••• L••
L••• S••••••• T•••• & S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+625 bpNov 6, 2029
U•• H•••••••• L••equity equityNot disclosedNot disclosed
F•••••••• •••• I••••••••• H•••••• L•• • F•••••••• •••• B••••• I••
H••••• C••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+650 bpJan 3, 2029
D••••• E• E•••••• L••equity equityNot disclosedNot disclosed
W•••••• I••••••••• H••••••• L•equity equityNot disclosedNot disclosed
Page 3 of 3Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2023 to 2026reported
Filings listed
12reported10-Q and 10-K since 2022
Former names
F••••••• P•••••• C••••• Central Fund LLC; F••••••• Direct Lending Fund, LPreported
Latest schedule
0001193125-26-214221reported