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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 Jun 30, 2025
102 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• N••••••••• N••••••••• I••••••••• | unstated lien unstated | Not disclosed | $244M 98c | ||
| D••• I••••••••• • T•••• D••• I••••••••• | unstated lien unstated | Not disclosed | $205M 98c | ||
| D••• I••••••••• • F•••• L••• S••••• S•••••• • T•••• F•••• L• | term loan first lien | Not disclosed | $146M 97c | ||
| T•••• T••••••••• | term loan first lien | Not disclosed | $57.6M 92c | ||
| D••• I••••••••• • S••••• U•••••••• • T•••• S••••• U•••••••• | unstated unsecured or subordinated | Not disclosed | $53.0M 100c | ||
| D••• I••••••••• •••••• U•••••••• • C••••••• S••••••• • L••• C••••••• S••••••s | notes unsecured or subordinated | $38.4M | $37.6M 98c | 12.00% | Feb 26, 2027 |
| T•••• C••••••• S••••••s | unstated unsecured or subordinated | Not disclosed | $37.6M 98c | ||
| S••••••••• I••••••••• • T•••• U••• T••••••• B•••• | unstated lien unstated | Not disclosed | $36.6M 100c | ||
| T•••• S••••••••• I••••••••• | unstated lien unstated | Not disclosed | $36.6M 100c | ||
| D••• I••••••••• ••••••••• I••••••••• • U••• T••••••• B•••• • | unstated lien unstated | $21.0M | $20.8M 100c | 4.21% | Oct 7, 2025 |
| T•••• T••••••••• | unstated unsecured or subordinated | Not disclosed | $15.4M 103c | ||
| G••• T••••••••• | term loan second lien | $17.1M | $15.4M 103c | 17.00% | Feb 16, 2029 |
| D••• I••••••••• ••••••••• I••••••••• • U••• T••••••• B•••• • | unstated lien unstated | $14.0M | $13.8M 100c | 4.21% | Oct 21, 2025 |
| I••••••••• O•••• | term loan first lien | Not disclosed | $12.6M 100c | ||
| A••••••• I••• IT S••••••s | term loan first lien | $11.4M | $11.2M 99c | SOFR+688 bp | Dec 21, 2027 |
| T•••• IT S••••••s | term loan first lien | Not disclosed | $11.2M 99c | ||
| I•••••••• M•••••••• A••••••••• L•• | term loan first lien | $9.1M | $9.1M 100c | SOFR+500 bp | Aug 25, 2028 |
| I•••••••• L••• | term loan first lien | Not disclosed | $9.1M 100c | ||
| T•••• C••••••• S••••••s | term loan first lien | Not disclosed | $7.2M 100c | ||
| T•••• F•••••••• O•••• | term loan first lien | Not disclosed | $6.8M 99c | ||
| M•••••• S••••••• I••• T••••••••• | term loan first lien | $9.7M | $6.7M 70c | S+501 bp | Aug 18, 2028 |
| B•••••••• | term loan first lien | Not disclosed | $6.5M 100c | ||
| P•••• L•• C•••••••• | term loan first lien | $5.9M | $5.8M 100c | SOFR+575 bp | Jun 30, 2031 |
| D••• I••••••••• ••••• L••• S••••• S•••••• • C•••••••• • C••• C•••••••• | term loan first lien | Not disclosed | $5.8M 100c | ||
| D••• I••••••••• • S••••• L••• S••••• S•••••• • T•••• S••••• | term loan second lien | Not disclosed | $5.6M 108c | ||
| K• P••• S•••••••• N•••• H•••••• C•••••••• | term loan second lien | $5.5M | $5.6M 108c | 17.00% | Jan 30, 2029 |
| T•••• C•••••••• | term loan second lien | Not disclosed | $5.6M 108c | ||
| R•••••••• | term loan first lien | Not disclosed | $5.5M 103c | ||
| E•••••••• I••••••••• G•••• H•••••••• I••• T••••••••• | term loan first lien | $6.8M | $5.2M 79c | SOFR+361 bp | Feb 10, 2028 |
| T•••• F••• and B••••••• | term loan first lien | Not disclosed | $5.1M 100c | ||
| C••• I••••••••• B••••• I••• | term loan first lien | $5.0M | $5.0M 100c | SOFR+325 bp | Oct 17, 2031 |
| T•••• H••••••••• | term loan first lien | Not disclosed | $5.0M 109c | ||
| T••••• W•••• H•••••••• I••• F••• and B••••••• | term loan first lien | $4.9M | $5.0M 100c | SOFR+225 bp | Mar 31, 2028 |
| C•••••••• I••• T••••••••• | term loan first lien | $5.0M | $4.9M 100c | SOFR+275 bp | May 1, 2031 |
| B••• E••••• H•••••••• I••• C••••••• S••••••s | term loan first lien | $5.0M | $4.9M 99c | SOFR+325 bp | Dec 11, 2030 |
| C•••••• M•••••• | term loan first lien | $5.0M | $4.9M 100c | SOFR+700 bp | Mar 27, 2029 |
| A••••••• L•• B••• | term loan first lien | $5.0M | $4.9M 99c | SOFR+425 bp | Sep 19, 2030 |
| T•••• C••••••• P••••••• | term loan first lien | Not disclosed | $4.8M 100c | ||
| D•• H••••••• I••• I••• C••••••• P••••••• | term loan first lien | $4.7M | $4.7M 100c | SOFR+525 bp | Nov 1, 2028 |
| M•• S•••••••• L•• T••••••••• | term loan first lien | $4.7M | $4.7M 100c | SOFR+475 bp | Feb 10, 2027 |
| R••••••••• H•••••• C•••• T••••••••• | term loan first lien | $5.0M | $4.5M 91c | SOFR+400 bp | Apr 5, 2030 |
| A••••• W••• N•••••••• I••• | term loan first lien | $4.0M | $3.9M 99c | SOFR+575 bp | Feb 4, 2030 |
| D••••••••• T••••••••• | term loan first lien | $3.9M | $3.9M 101c | SOFR+475 bp | Aug 28, 2029 |
| P•••••• G••••••••• I••• H••••••••• | term loan first lien | $3.5M | $3.5M 100c | SOFR+250 bp | Feb 21, 2031 |
| A•••••• P•••••••• I••• | term loan first lien | $3.5M | $3.5M 100c | SOFR+350 bp | Feb 14, 2031 |
| M• W•••••• a•• D••••• L•• | term loan first lien | $3.5M | $3.5M 100c | SOFR+300 bp | Mar 28, 2031 |
| C•••••••• C•••••• A••••••••• C•• I•• L•• T••••••••• | term loan first lien | $5.0M | $3.4M 104c | SOFR+600 bp | May 16, 2029 |
| A••• S•••••• P•••••••• L•• | term loan first lien | $3.2M | $3.2M 100c | SOFR+500 bp | Oct 24, 2030 |
| H•• I••••••••• L•••••• | term loan first lien | $3.0M | $3.0M 100c | SOFR+250 bp | Jun 20, 2030 |
| S••••••••• 2• S•• r••• E••••••••• | term loan first lien | $2.4M | $2.8M 111c | //pimco.com/20250630#Euro Interbank Offered Rate+575 bp | Aug 14, 2029 |
| T•••• E••••••••• | term loan first lien | Not disclosed | $2.8M 111c | ||
| D••••••••• M••••••••• | term loan first lien | Not disclosed | $2.5M 100c | ||
| T• E••••••• M•••• G••• F••••••• B• L••• | term loan first lien | $2.5M | $2.5M 100c | SOFR+300 bp | Apr 30, 2030 |
| S•••••••• G•••• M•••• 2• G••• | term loan first lien | $2.5M | $2.4M 97c | SOFR+450 bp | Dec 19, 2031 |
| P•••••• N••••• L•• D••••• T••••••••• | term loan first lien | $2.4M | $2.3M 100c | SOFR+401 bp | Jun 2, 2028 |
| D••• I••••••••• • F•••• L••• S••••• S•••••• • C••••••• S•••• C••••••• S••••••s | term loan first lien | $2.3M | $2.3M 100c | SOFR+550 bp | May 19, 2031 |
| M••••• C•••• T••••••••• | term loan first lien | $2.3M | $2.3M 102c | SOFR+300 bp | Mar 1, 2029 |
| T•••• P••••••••• | term loan first lien | Not disclosed | $2.1M 97c | ||
| G••••••• A••••••••• C•••• T••• B• L••• P••••••••• | term loan first lien | $2.2M | $2.1M 97c | SOFR+410 bp | Oct 1, 2027 |
| L•• A••••••••• L•• | term loan first lien | $2.2M | $2.1M 110c | SOFR+385 bp | Jun 6, 2031 |
| F•••••••• O•••• | term loan first lien | $1.9M | $1.9M 101c | SOFR+300 bp | Jun 21, 2032 |
| C•••• S••••••• G••••• I••• T••••••••• | term loan first lien | $1.8M | $1.8M 100c | SOFR+350 bp | Mar 29, 2029 |
| C••••••••• A••••••••• H•••••••• I••• S•••• Y••• P•••••••• | term loan first lien | $1.8M | $1.8M 103c | SOFR+318 bp | Apr 13, 2029 |
| T•••• P•••••••• | term loan first lien | Not disclosed | $1.8M 103c | ||
| C•••••••• I••• T••••••••• | term loan first lien | $1.8M | $1.8M 101c | SOFR+275 bp | Mar 26, 2032 |
| D••• I••••••••• • W••••••• • T•••• W••••••• | warrants equity | Not disclosed | $1.7M 69c | ||
| G••• T••••••••• | warrants equity | Not disclosed | $1.7M 69c | Aug 11, 2033 | |
| T•••• T••••••••• | warrants equity | Not disclosed | $1.7M 69c | ||
| D••• I••••••••• ••••• L••• S••••• S•••••• • T••••••••• • D•• T••••••••• | term loan first lien | $1.6M | $1.6M 100c | SOFR+550 bp | Apr 3, 2032 |
| U••• R•••• C•••• I••• H••••••••• | term loan first lien | $1.6M | $1.5M 135c | SOFR+511 bp | Jun 20, 2028 |
| D••••••••• I••• T••••••••• | term loan first lien | $1.4M | $1.5M 102c | SOFR+450 bp | Jan 3, 2031 |
| D••• I••••••••• ••••••••• I••••••••• • U••• T••••••• B•••• • | unstated lien unstated | $1.4M | $1.4M 100c | 4.13% | Aug 7, 2025 |
| M• S•• I• L•• T••••••••• | term loan first lien | $1.5M | $1.4M 97c | SOFR+425 bp | May 3, 2028 |
| D••• I••••••••• • C••••• S••••• • T•••• C••••• S••••• | equity equity | Not disclosed | $1.1M 154c | ||
| T•••• C•••••••• | equity equity | Not disclosed | $894,000 279c | ||
| M• S•• I• L•• T••••••••• | term loan first lien | $992,000 | $865,000 90c | SOFR+425 bp | Dec 31, 2031 |
| K• P••••• C•••••••• | equity equity | $897,000 | $794,000 279c | ||
| A••• S•••••• P•••••••• L•• I•••••• D•••••• | term loan first lien | $761,000 | $757,000 100c | SOFR+500 bp | Oct 24, 2030 |
| A••• S•••••• P•••••••• L•• D•••••• | term loan first lien | $758,000 | $754,000 100c | SOFR+500 bp | Oct 24, 2030 |
| C•••• S••••••• G••••• I••• T••••••••• | term loan first lien | $635,000 | $637,000 100c | SOFR+375 bp | Mar 21, 2031 |
| M•••••• S••••••• I••• T••••••••• | term loan first lien | $633,000 | $621,000 99c | SOFR+1000 bp | Sep 2, 2025 |
| D••• I••••••••• ••••••••• I••••••••• • U••• T••••••• B•••• • | unstated lien unstated | $600,000 | $598,000 100c | 4.02% | Jul 31, 2025 |
| M•••••• S••••••• I••• T••••••••• | term loan first lien | $469,000 | $460,000 99c | SOFR+1000 bp | Sep 2, 2025 |
| A••• S•••••• P•••••••• L•• S••••• A•••••••• D•••••• | term loan first lien | $646,000 | $265,000 99c | SOFR+500 bp | Oct 24, 2030 |
| M•••••• S••••••• I••• T••••••••• | term loan first lien | $234,000 | $229,000 99c | SOFR+1000 bp | Sep 2, 2025 |
| A••• S•••••• P•••••••• L•• S••••• A•••••••• | term loan first lien | $221,000 | $219,000 100c | SOFR+500 bp | Oct 24, 2030 |
| W••• M••••••••• T••• H•••••••• I••• | equity equity | Not disclosed | $158,000 44c | ||
| R•••••••• | equity equity | Not disclosed | $158,000 44c | ||
| N••• M•••• P••••••••• I••• C••••••• P••••••• | term loan first lien | $100,000 | $100,000 100c | SOFR+300 bp | Nov 17, 2031 |
| G••••• S•••• F••••• L•• F••• and B••••••• | term loan first lien | $99,000 | $100,000 101c | SOFR+425 bp | Dec 4, 2031 |
| K• P••• S•••••••• C•••••••• | equity equity | $113,000 | $100,000 278c | ||
| D••• I••••••••• ••••• L••• S••••• S•••••• • T••••••••• • D•• T••••••••• | revolver first lien | $606,000 | $93,000 111c | SOFR+475 bp | Jul 20, 2029 |
| M•• S•••••••• L•• T••••••••• | revolver first lien | $17,000 | $16,000 100c | SOFR+475 bp | Feb 10, 2027 |
| W••• M••••••••• T••• H•••••••• I••• | warrants equity | $47.2M | $0 | Sep 8, 2028 | |
| R•••••••• | warrants equity | Not disclosed | $0 | ||
| M•••••• S••••••• I••• T••••••••• | warrants equity | $1.2B | $0 | ||
| T•••• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+194 bp | |
| O•• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+193 bp | |
| T•••• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+429 bp | |
| S•• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+415 bp |
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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