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F••••••• P•••••• C••••• C• L••
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.
As of · the latest schedule of investments read for this BDC
- Fair value
- $1.6B
- Borrowers
- 130
- Mark on cost
- 97.4¢
- First lien
- 99%
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
- 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 - 121 → 130borrowers
Added a net 9 borrowers in the quarter to Mar 31, 2026, to 130.
Q1 2026 · The book is turning over faster than usual.
- $8.3B → $1.6Bfair value, 4 quarters
Its portfolio shrank 80% at fair value over the last four quarters.
Q1 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1899996 · file 814-01645ShowHide
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
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Mar 31, 2026 | $1.6B | 130 | 97c | 22 | 543 bp |
| Dec 31, 2025 | $1.6B | 121 | 98c | 22 | 554 bp |
| Sep 30, 2025 | $1.5B | 117 | 98c | 18 | 557 bp |
| Jun 30, 2025 | $1.6B | 113 | 99c | 12 | 558 bp |
All 13 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Mar 31, 2025 | $8.3B | 105 | 99c | 11 | 556 bp |
| Dec 31, 2024 | $8.6B | 96 | 100c | 9 | 557 bp |
| Sep 30, 2024 | $7.2B | 84 | 99c | 5 | 571 bp |
| Jun 30, 2024 | $7.2B | 68 | 100c | 5 | 591 bp |
| Mar 31, 2024 | $5.3B | 60 | 100c | 5 | 611 bp |
| Dec 31, 2023 | $5.5B | 57 | 101c | 0 | 608 bp |
| Sep 30, 2023 | $6.4B | 52 | 100c | 0 | 608 bp |
| Jun 30, 2023 | $6.1B | 50 | 100c | 0 | 608 bp |
| Dec 31, 2022 | $3.2B | 33 | 100c | 0 | 582 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
Full timeline · 20 eventsShow fewer
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Largest facilities held, with co-lenders
- S•• D••••••••• first lien term loan6 BDCs hold it · matures Oct 3, 2029$66.6M 44c
- H••••••••• H•••••••• L•• first lien term loan4 BDCs hold it · matures Dec 16, 2028 · possible sponsor I••••••• C•••••• P•••••••• L••$49.6M 100c
- R•••••• B•••• L•• first lien term loan4 BDCs hold it · matures Dec 23, 2028$48.1M 100c
- A••••• C••••••••• first lien term loan7 BDCs hold it · matures Dec 21, 2029$43.6M 103c
- U• F•••••••• E••••••••• L•• first lien term loan7 BDCs hold it · matures Dec 30, 2032 · possible sponsor A••••• C•••••• P•••••••• L•••$37.5M 101c
- L••• A•• P•••••••• L•• first lien term loan1 BDC hold it · matures Jan 9, 2029$35.6M 101c
- V•• C••••••••• L•• first lien term loan13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••$33.9M 100c
- V•• M•••••• U• B••••• L•• first lien term loan1 BDC hold it · matures Dec 12, 2028$33.8M 101c
- A••••••• T•••••• R••••• G••••• L•• first lien delayed draw term loan1 BDC hold it · matures Jun 1, 2028$33.5M 92c
- A•• A•••• B••••• L•• first lien term loan6 BDCs hold it · matures Oct 2, 2029$32.7M 101c
- S•••••••• F•••• first lien term loan1 BDC hold it · matures Aug 22, 2029 · possible sponsor C••••• P••••••• M••••••••• L••$32.7M 100c
- P•••• • P•••••• P•••••••• P••••••• • M••••••• B••• B••••• L•• first lien term loan1 BDC hold it · matures Jan 13, 2029$32.0M 101c
Schedule of investments at Dec 31, 2024
476 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| R•• R• C••••••• I••• | equity equity | Not disclosed | Not disclosed n/a | ||
| M••••••• U••••••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| E•••••••• P• T••••••••• H••••••• L•• | preferred equity equity | Not disclosed | Not disclosed | ||
| B••• P•••• P•••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| A•• F••••• B••••• I••• A••••••••• S••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+550 bp | Aug 1, 2029 |
| W•••••• P••••••••• L•• L••• S••••••• T•••• & S••••••s | revolver first lien | Not disclosed | Not disclosed n/a | S+625 bp | Nov 6, 2029 |
| R•• E••••••••• L•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| V•• M•••••• H••••••• L•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| V•• M•••••• H•••••••• L•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| P••••••• C••• •••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| M••••••• U••••••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| M•• A••••••••• I•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| D•••••••• U••••••• H••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| A•••• A• B•••• P•• L•• • A•••• U• F••••• I••• A••••••••• S••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+500 bp | Dec 9, 2028 |
| M•••••• P•••••••• H•••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| F•• P••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| C•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| A•• F••••• B•••• I•• A••••••••• S••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+550 bp | Aug 1, 2029 |
| S•••••• F•••••••• C••••••••• C•••••••• C•••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+550 bp | Aug 15, 2029 |
| E•••••••• P• T••••••••• H••••••• L•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| M•• A••••••••• I•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| M•••••• P•••••••• H•••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| A•••• A• B•••• P•• L•• • A•••• U• F••••• I••• A••••••••• S••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+500 bp | Dec 9, 2028 |
| S•••• G••••• S•••••••• I••••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| E•••••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| B••• B••••• L•• P•••• & P•••••• P•••••••• P••••••• & M•••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+675 bp | Jan 13, 2029 |
| D••••• E• E•••••• L••• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| K•• F••• 1•••••••• L• | equity equity | Not disclosed | Not disclosed n/a | ||
| E•••••••• P• T••••••••• H••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| S•••••••• H••••••• L•• R•••••• S••••••s | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| S•• 3•• T••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| F•• P••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| M•• G•••• H••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| V•• M•••••• H••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| C•••• I•• H••••• C••• S••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+525 bp | Mar 19, 2030 |
| V•• M•••••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| E•••••••• P• T••••••••• H••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| D••••• E• E•••••• L••• | equity equity | Not disclosed | Not disclosed n/a | ||
| B••• P•••• P•••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| A•• C•••••• C••••••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| S•• 3•• T••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| U•• H••••••• | equity equity | Not disclosed | Not disclosed | ||
| S•••••••• H•••••••• L•• R•••••• S••••••s | equity equity | Not disclosed | Not disclosed | ||
| D•••••••• P••• W•••• E••••••••• & F••••••••• S••••••s | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+525 bp | Aug 16, 2030 |
| S•••••• F•••••••• C••••••••• C•••••••• C•••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+550 bp | Aug 15, 2029 |
| C•• F•••••••• I••••••••• L•• D••••••••• Financial S••••••s | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+475 bp | Jun 28, 2030 |
| R•• E••••••••• L•• S••••• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| P•••••••• S•••••••• H•••••••• L• | equity equity | Not disclosed | Not disclosed n/a | ||
| S•••••••• H••••••• L•• R•••••• S••••••s | equity equity | Not disclosed | Not disclosed | ||
| E•• B••••• L•• E••••••••• C••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+575 bp | Jan 10, 2029 |
| F•••••••• •••• I••••••••• H•••••• L•• • F•••••••• •••• B••••• I••• H••••• C••• S••••••s | revolver first lien | Not disclosed | Not disclosed n/a | S+650 bp | Jan 3, 2029 |
| F•••••••• •••• I••••••••• H•••••• L•• • F•••••••• •••• B••••• I••• H••••• C••• S••••••s | revolver first lien | Not disclosed | Not disclosed n/a | S+650 bp | Jan 3, 2029 |
| S•• 3•• T••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| S•••••••• H•••••••• L•• S••••••••• C••••••• S••••••s | equity equity | Not disclosed | Not disclosed | ||
| A•• C•••••• C••••••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| F•• P••••••• L•• | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| N•• G•••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| M•• G•••• H••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| F•• P••••••• L•• | preferred equity equity | Not disclosed | Not disclosed | ||
| I••••••• H••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| C•• F•••••••• I••••••••• L•• D••••••••• Financial S••••••s | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+475 bp | Jun 28, 2030 |
| A•• F••••• B••••• I••• A••••••••• S••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+550 bp | Aug 1, 2029 |
| D•••••••• P••• W•••• E••••••••• & F••••••••• S••••••s | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | S+525 bp | Aug 16, 2030 |
| E•• B••••• L•• E••••••••• C••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+575 bp | Jan 10, 2029 |
| A•• F••••• B••••• I••• A••••••••• S••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+550 bp | Aug 1, 2029 |
| W•••••• P••••••••• L•• L••• S••••••• T•••• & S••••••s | revolver first lien | Not disclosed | Not disclosed n/a | S+625 bp | Nov 6, 2029 |
| L••• A•• P•••••••• L•• I••••••••• M•••••••• & S••••••• & C••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+700 bp | Jan 9, 2029 |
| S•••••••• H•••••••• L•• R•••••• S••••••s | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| C••••••••• I•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| B••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| A••• P•••••• L••• | equity equity | Not disclosed | Not disclosed n/a | ||
| B••• P•••• H••••••• L•• T•••••• Companies & D••••••••• | term loan first lien | Not disclosed | Not disclosed n/a | S+550 bp | Aug 22, 2028 |
| Q•••• R•••••• T••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| P••••••• C••• •••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| S•••••••• S•••• H••••••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| L••• A•• P•••••••• L•• I••••••••• M•••••••• & S••••••• & C••••••••• | revolver first lien | Not disclosed | Not disclosed n/a | S+700 bp | Jan 9, 2029 |
Page 5 of 5Previous
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