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P•••• C•••••• S•••••••• B•• C••••
Business development companymanaged by P•••••• I••••••••• M••••••••• C•••••• L••Non-traded· NEWPORT BEACH, CA
A non-traded business development company, managed by P•••••• I••••••••• M••••••••• C•••••• L••, holding $395M across 44 borrowers at Jun 30, 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
- $395M
- Borrowers
- 44
- Mark on cost
- 99.4¢
- First lien
- 34%
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
- 3 below 80¢$6.47M principal
3 positions across 3 borrowers marked below 80¢ on cost, $6.47M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 97.5¢ → 99.4¢book mark on cost
Marked its book up from 97.5¢ to 99.4¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
- 3 → 5loans paying in kind
Loans paying in kind rose from 3 to 5 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.
- $1.2B → $395Mfair value, 4 quarters
Its portfolio shrank 67% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1905824 · file 814-01549ShowHide
Fair value
$395M
as of Jun 30, 2026
Principal held
$196M
debt pieces, the filer's figure
Cost
$405M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
93
44 borrowers
First lien
34%
47% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
54
14 sponsors financed
Portfolio through time
Fair value by quarter end$395M as of Jun 30, 2026
Dec 31, 2022$1.1B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $395M | 44 | 99c | 5 | 494 bp |
| Mar 31, 2026 | $408M | 42 | 97c | 3 | 485 bp |
| Dec 31, 2025 | $390M | 40 | 99c | 3 | 480 bp |
| Nov 17, 2025 | Not disclosed | 1 | n/a | 0 | 425 bp |
All 14 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Sep 30, 2025 | $458M | 47 | 100c | 3 | 435 bp |
| Jun 30, 2025 | $1.2B | 45 | 98c | 0 | 463 bp |
| Mar 31, 2025 | $1.2B | 43 | 98c | 0 | 463 bp |
| Dec 31, 2024 | $1.7B | 46 | 99c | 0 | 447 bp |
| Sep 30, 2024 | $995M | 35 | 99c | 0 | 450 bp |
| Jun 30, 2024 | $859M | 28 | 99c | 0 | 469 bp |
| Mar 31, 2024 | $914M | 29 | 99c | 0 | 506 bp |
| Dec 31, 2023 | $1.4B | 27 | 99c | 0 | 512 bp |
| Sep 30, 2023 | $891M | 26 | 99c | 0 | 486 bp |
| Dec 31, 2022 | $1.1B | 29 | 90c | 0 | 430 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 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
- 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
Largest facilities held, with co-lenders
- W••• M••••••••• T••• H•••••••• I•• warrants1 BDC hold it · matures Sep 8, 2028$47.2M n/a
- V•••••• second lien term loan1 BDC hold it · matures Aug 21, 2029$13.0M 117c
- A•••••• I•• first lien term loan1 BDC hold it · matures Dec 21, 2027$11.1M 100c
- V•••••• first lien term loan1 BDC hold it · matures Jun 12, 2031$7.9M 100c
- K• P••• S•••••••• N•••• H•••••• 2• second lien term loan1 BDC hold it · matures Jan 30, 2029$6.2M 105c
- P•••• L•• first lien term loan4 BDCs hold it · matures Jun 30, 2031$5.8M 98c
- A••• S•••••• P•••••••• L•• first lien term loan26 BDCs hold it · matures Oct 24, 2030 · possible sponsor A••••• I••••••••$5.5M 101c
- N•••••• D•••••• H••••••• G••••• I•• first lien term loan1 BDC hold it · matures Apr 30, 2029 · possible sponsor C•••••••• C•••••• G••••• L•••$5.1M 80c
- A•••••• L•• first lien delayed draw term loan5 BDCs hold it · matures Sep 13, 2029$5.0M 99c
- A••••• E•••••• H•••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Mar 27, 2027$5.0M 99c
- R••••••••• H•••••• C••• first lien term loan12 BDCs hold it · matures Dec 11, 2031 · possible sponsor F•••••••• P•••••••$4.9M 80c
- M•• S••••••• L•• first lien term loan31 BDCs hold it · matures Feb 29, 2028$4.6M 98c
Schedule of investments at Mar 31, 2024
71 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• N••••••••• N••••••••• I••••••••• | unstated lien unstated | Not disclosed | $192M 98c | ||
| T•••• D••• I••••••••• | unstated lien unstated | Not disclosed | $146M 98c | ||
| D••• I••••••••• • F•••• L••• S••••• S•••••• • T•••• F•••• L• | term loan first lien | Not disclosed | $95.5M 98c | ||
| D••• I••••••••• • S••••• U•••••••• • T•••• S••••• U•••••••• | unstated unsecured or subordinated | Not disclosed | $43.2M 96c | ||
| D••• I••••••••• • S••••• U•••••••• • C••••••• S••••••• • L•• C••••••• S••••••s | notes unsecured or subordinated | $34.2M | $32.2M 95c | 12.00% | Feb 26, 2027 |
| T•••• C••••••• S••••••s | unstated unsecured or subordinated | Not disclosed | $32.2M 95c | ||
| T•••• T••••••••• | term loan first lien | Not disclosed | $30.3M 93c | ||
| T•••• S••••••••• I••••••••• | unstated lien unstated | Not disclosed | $24.1M 100c | ||
| S••••••••• I••••••••• • T•••• U••• T••••••• B•••• | unstated lien unstated | Not disclosed | $24.1M 100c | ||
| R••••• H••••••••• L•• A••••••••• | notes lien unstated | $18.6M | $18.8M 102c | S+563 bp | Oct 15, 2026 |
| D••• I••••••••• • S••••• U•••••••• • C•••••••• B•••• • T•••• | notes unsecured or subordinated | Not disclosed | $18.8M 102c | ||
| T•••• A••••••••• | notes lien unstated | Not disclosed | $18.8M 102c | ||
| T•••• E••••••••• | term loan first lien | Not disclosed | $15.3M 100c | ||
| A••••••• I••• IT S••••••s | term loan first lien | $11.7M | $11.6M 100c | S+688 bp | Dec 21, 2027 |
| T•••• IT S••••••s | term loan first lien | Not disclosed | $11.6M 100c | ||
| P•••• H•••••••• L•• E••••••••• | term loan first lien | $11.1M | $11.0M 100c | S+826 bp | Mar 22, 2026 |
| T•••• T••••••••• | unstated unsecured or subordinated | Not disclosed | $11.0M 97c | ||
| G••• T••••••••• | unstated unsecured or subordinated | $13.8M | $11.0M 97c | 17.00% | Feb 16, 2029 |
| T•••• I•••••••• L••• | term loan first lien | Not disclosed | $9.2M 101c | ||
| D••• I••••••••• • S••••• L••• S••••• S•••••• • T•••• S••••• | term loan second lien | Not disclosed | $7.5M 100c | ||
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $7.5M | $7.4M 100c | 5.20% | Jun 13, 2024 |
| M•••••• S••••••• I••• T••••••••• | term loan first lien | $9.8M | $7.0M 72c | S+501 bp | Aug 18, 2028 |
| T•••• W••••••• | term loan first lien | Not disclosed | $6.9M 103c | ||
| W••••••••• S•••••••• L•• | term loan first lien | $7.0M | $6.9M 103c | S+410 bp | Feb 23, 2027 |
| P••••••• P•••••• I••• T••••••••• | term loan first lien | $6.9M | $6.9M 102c | S+426 bp | Dec 17, 2027 |
| E•••••••• I••••••••• G•••• H•••••••• I••• T••••••••• | term loan first lien | $6.9M | $6.7M 102c | S+393 bp | Feb 10, 2028 |
| T•••• R•••••••• | term loan first lien | Not disclosed | $6.6M 100c | ||
| I•••••••• M•••••••• A••••••••• L•• | term loan first lien | $5.5M | $5.5M 102c | S+600 bp | Aug 27, 2026 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $5.2M | $5.2M 100c | 5.13% | Jun 4, 2024 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $5.1M | $5.0M 100c | 5.22% | Jul 2, 2024 |
| T•••• P•••••••• | term loan first lien | Not disclosed | $4.6M 101c | ||
| K• P••• S•••••••• N•••• H•••••• C•••••••• | term loan second lien | $5.1M | $4.6M 100c | 17.00% | Jan 30, 2029 |
| T•••• C•••••••• | term loan second lien | Not disclosed | $4.6M 100c | ||
| R••••• T••• H•••••••• I••• F••• | term loan first lien | $4.6M | $4.4M 100c | S+900 bp | Jun 1, 2026 |
| I•••••••• M•••••••• A••••••••• L•• | delayed draw term loan first lien | $3.7M | $3.7M 100c | S+600 bp | Aug 27, 2026 |
| A•••• B••••• I••• T••••••••• | term loan second lien | $2.9M | $2.9M 100c | S+560 bp | Feb 1, 2030 |
| T•••• T••••••••• | term loan second lien | Not disclosed | $2.9M 100c | ||
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $2.6M | $2.6M 100c | 5.13% | May 2, 2024 |
| T•••• C••••••• S••••••s | term loan first lien | Not disclosed | $2.5M 100c | ||
| B••• E••••• H•••••••• I••• C••••••• S••••••s | term loan first lien | $2.5M | $2.5M 100c | S+400 bp | Dec 11, 2028 |
| T• E••••••• M•••• G••• F••••••• B• L••• | term loan first lien | $2.5M | $2.5M 100c | S+350 bp | Apr 30, 2030 |
| T•••• D••••••••• M••••••••• | term loan first lien | Not disclosed | $2.5M 100c | ||
| T•••• S•••••••• I••• D••••• T••••••••• | term loan first lien | $2.5M | $2.5M 104c | S+460 bp | Mar 30, 2029 |
| M• S•• I• L•• T••••••••• | term loan first lien | $2.5M | $2.5M 103c | S+425 bp | May 3, 2028 |
| A••••••• L•• B•• | term loan first lien | $2.5M | $2.4M 101c | S+336 bp | Dec 23, 2026 |
| T•••• F•••••••• O•••• | term loan first lien | Not disclosed | $2.4M 101c | ||
| L•••• I••• I•••••• D••••• P•••••••• | term loan first lien | $2.5M | $2.4M 98c | S+510 bp | Oct 29, 2028 |
| P•••••• N••••• L•• D••••• T••••••••• | term loan first lien | $2.4M | $2.4M 102c | S+426 bp | Jun 2, 2028 |
| M••••• C•••• T••••••••• | term loan first lien | $2.3M | $2.3M 105c | S+385 bp | Mar 1, 2029 |
| L•• A••••••••• L•• | term loan first lien | $2.2M | $2.2M 101c | S+385 bp | Dec 17, 2027 |
| G••• T••••••••• | warrants equity | Not disclosed | $2.2M 89c | Aug 11, 2033 | |
| T•••• W••••••• | warrants equity | Not disclosed | $2.2M 89c | ||
| T•••• T••••••••• | warrants equity | Not disclosed | $2.2M 89c | ||
| C••••••••• A••••••••• H•••••••• I••• S•••• Y••• P•••••••• | term loan first lien | $2.2M | $2.2M 104c | S+428 bp | Apr 13, 2029 |
| A• C••• H••••••• I•• L•• T••• B•• L••• E••••••••• | term loan first lien | $2.2M | $2.2M 99c | S+561 bp | Sep 1, 2027 |
| G••••••• A••••••••• C•••• T••• B• L••• P••••••••• | term loan first lien | $2.2M | $2.1M 96c | S+410 bp | Oct 1, 2027 |
| T•••• P••••••••• | term loan first lien | Not disclosed | $2.1M 96c | ||
| A• C••• H••••••• I•• L•• T••• B•• L••• E••••••••• | term loan first lien | $2.1M | $2.1M 99c | S+561 bp | Sep 1, 2027 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $1.7M | $1.7M 100c | 5.20% | May 21, 2024 |
| T•••• H••••••••• | term loan first lien | Not disclosed | $1.4M 139c | ||
| U••• R•••• C•••• I••• H••••••••• | term loan first lien | $1.6M | $1.4M 139c | S+536 bp | Jun 20, 2028 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $1.1M | $1.1M 100c | 4.66% | Apr 9, 2024 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $1.1M | $1.1M 100c | 5.21% | May 30, 2024 |
| C••••• S••••• • T•••• C••••• S••••• | equity equity | Not disclosed | $584,000 86c | ||
| T•••• C•••••••• | equity equity | Not disclosed | $321,000 100c | ||
| K• P••••• C•••••••• | equity equity | $897,000 | $285,000 100c | ||
| R•••••••• | equity equity | Not disclosed | $263,000 73c | ||
| W••• M••••••••• T••• H•••••••• I••• | equity equity | Not disclosed | $263,000 73c | ||
| K• P••• S•••••••• C•••••••• | equity equity | $113,000 | $36,000 100c | ||
| R•••••••• | warrants equity | Not disclosed | Not disclosed | ||
| W••• M••••••••• T••• H•••••••• I••• | warrants equity | $47.2M | Not disclosed | Sep 8, 2028 |
Page 1 of 1
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2023 to 2026reported
- Filings listed
- 16reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-344935reported