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G•••• C•••••• B•• 4• I•••

Business development companymanaged by G• A••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by G• A••••••• L••, holding $2.7B across 265 borrowers at Jun 30, 2026.

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

Fair value
$2.7B
Schedule of investments, 10-Q and 10-K
Borrowers
265
Schedule of investments, 10-Q and 10-K
Mark on cost
99.6¢
Schedule of investments, 10-Q and 10-K
First lien
98%
Schedule of investments, 10-Q and 10-K
Schedule of investments (922)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $75K
    on non-accrual, 1 borrower

    1 borrower on non-accrual, $75K principal; the largest is P••••••• L•• ($75K).

    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 P••••••• L•• →
  2. 15 below 80¢
    $6.08M principal

    15 positions across 13 borrowers marked below 80¢ on cost, $6.08M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  3. 95 → 105
    loans paying in kind

    Loans paying in kind rose from 95 to 105 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 →
  4. 252 → 265
    borrowers

    Added a net 13 borrowers in the quarter to Jun 30, 2026, to 265.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
  5. $1.9B → $2.7B
    fair value, 4 quarters

    Its portfolio grew 40% 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 1901612 · file 814-01504Show
Fair value
$2.7B
as of Jun 30, 2026
Principal held
$2.7B
debt pieces, the filer's figure
Cost
$2.7B
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
922
265 borrowers
First lien
98%
99% debt by fair value
Quarters on the tape
15
since Sep 30, 2022
Facilities held
319
42 sponsors financed
Portfolio through time
Fair value by quarter end$2.7B as of Jun 30, 2026
Sep 30, 2022$113M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.7B265100c105507 bp
Mar 31, 2026$2.5B252100c95508 bp
Dec 31, 2025$2.4B240101c94513 bp
Sep 30, 2025$4.4B221101c175524 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.9B190102c59531 bp
Mar 31, 2025$1.6B175101c52544 bp
Dec 31, 2024$1.5B165101c51552 bp
Sep 30, 2024$1.3B148101c53564 bp
Jun 30, 2024$1.1B133101c34580 bp
Mar 31, 2024$821M111101c34611 bp
Dec 31, 2023$647M98100c31621 bp
Sep 30, 2023$359M75100c30630 bp
Jun 30, 2023$227M58100c23649 bp
Mar 31, 2023$198M54100c16639 bp
Sep 30, 2022$113M3799c5613 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, 2025
608 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
E••••••• B••••• I•••term loan first lien$0-$22,000
200c
S+525 bpMar 1, 2032
B••••••••• H•••••••• L••term loan first lien$0-$24,000
71c
S+575 bpJan 1, 2031
E••••••• P•••••• I•••term loan first lien$0-$25,000
100c
S+650 bpJan 1, 2031
T•••••••• B•••• L••••••term loan first lien$0-$28,000
255c
S+700 bpJan 1, 2031
T•••••••• B•••• L••••••term loan first lien$0-$30,000
200c
S+700 bpJan 1, 2031
P•••••••• C••••••••• M••••• I•••term loan first lien$0-$50,000S+475 bpJan 1, 2032
P••••• C••• C•••••• L••term loan first lien$0-$83,000
277c
S+600 bpNov 1, 2029
M••••• S•••••• I••••••••• L•••••••• F•••• • T••••••• P••••••unstated lien unstatedNot disclosedNot disclosed4.20%
Page 7 of 7Previous
Registration
Fiscal year end
0930reported
Incorporated
MDreported
On the SEC BDC report
2026 to 2026reported
Filings listed
17reported10-Q and 10-K since 2022
Former names
G•••• C•••••• B•• 4• LLCreported
Latest schedule
0001901612-26-000031reported