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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.

Fair value
$395M
Schedule of investments, 10-Q and 10-K
Borrowers
44
Schedule of investments, 10-Q and 10-K
Mark on cost
99.4¢
Schedule of investments, 10-Q and 10-K
First lien
34%
Schedule of investments, 10-Q and 10-K
Schedule of investments (93)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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
  2. 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.

    Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
  3. 3 → 5
    loans 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.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
  4. $1.2B → $395M
    fair value, 4 quarters

    Its portfolio shrank 67% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1905824 · file 814-01549Show
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$395M4499c5494 bp
Mar 31, 2026$408M4297c3485 bp
Dec 31, 2025$390M4099c3480 bp
Nov 17, 2025Not disclosed1n/a0425 bp
All 14 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Sep 30, 2025$458M47100c3435 bp
Jun 30, 2025$1.2B4598c0463 bp
Mar 31, 2025$1.2B4398c0463 bp
Dec 31, 2024$1.7B4699c0447 bp
Sep 30, 2024$995M3599c0450 bp
Jun 30, 2024$859M2899c0469 bp
Mar 31, 2024$914M2999c0506 bp
Dec 31, 2023$1.4B2799c0512 bp
Sep 30, 2023$891M2699c0486 bp
Dec 31, 2022$1.1B2990c0430 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 Jun 30, 2025
102 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
O•• M••••unstated lien unstatedNot disclosedNot disclosedS+432 bp
S•• M••••unstated lien unstatedNot disclosedNot disclosedS+204 bp
Page 2 of 2Previous
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