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N••••• C•••••••• P•••••• C•••••• I••••• F•••

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

A non-traded business development company, managed by C•••••••• P••• A•••••• L••, holding $3.3B across 412 borrowers at Jun 30, 2026.

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

Fair value
$3.3B
Borrowers
412
Mark on cost
98.8¢
First lien
93%
Schedule of investments (874)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $33.9M
    on non-accrual, 3 borrowers

    3 borrowers on non-accrual, $33.9M principal; the largest is I•••• I••••••••• I••••••••• H••••• I•• L•• ($18.2M).

    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 I•••• I••••••••• I••••••••• H••••• I•• L•• →
  2. $26.8M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $26.8M principal: I•••• I••••••••• I••••••••• H••••• I•• L•• ($18.2M), D••••• I••••••••• G•••• L•• ($8.54M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open I•••• I••••••••• I••••••••• H••••• I•• L•• →
  3. 12 below 80¢
    $57.8M principal

    12 positions across 9 borrowers marked below 80¢ on cost, $57.8M principal.

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

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 38 → 45
    loans paying in kind

    Loans paying in kind rose from 38 to 45 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 →
  5. 382 → 412
    borrowers

    Added a net 30 borrowers in the quarter to Jun 30, 2026, to 412.

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

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
Every headline figure, and the identifiersCIK 1911066 · file 814-01494Show
Fair value
$3.3B
as of Jun 30, 2026
Principal held
$3.6B
debt pieces, the filer's figure
Cost
$3.3B
99c on cost, debt pieces
Unfunded
$383M
commitments not yet drawn
Positions
874
412 borrowers
First lien
93%
97% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
610
64 sponsors financed
Portfolio through time
Fair value by quarter end$3.3B as of Jun 30, 2026
Dec 31, 2022$350M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$3.3B41299c45443 bp
Mar 31, 2026$2.4B38299c38440 bp
Dec 31, 2025$2.2B383100c38447 bp
Sep 30, 2025$2.0B34399c22454 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$2.0B32799c27461 bp
Mar 31, 2025$1.9B31699c28463 bp
Dec 31, 2024$3.4B356100c53469 bp
Sep 30, 2024$1.1B24099c22469 bp
Jun 30, 2024$946M24399c19466 bp
Mar 31, 2024$634M21399c19485 bp
Dec 31, 2023$523M26899c15524 bp
Sep 30, 2023$446M15999c12494 bp
Jun 30, 2023$390M9398c10581 bp
Mar 31, 2023$378M8399c10581 bp
Dec 31, 2022$350M12299c10566 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, 2026
812 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
L•• V•••••• H••••••• I•••revolver lien unstated$311,000$0
0c
S+475 bpApr 28, 2032
L•• V•••••• H••••••• I•••delayed draw term loan first lien$368,000$0S+475 bpApr 28, 2032
T•••••• B••••• L•• ••••••• M••••••••delayed draw term loan first lien$2.4M-$1,000S+475 bpJan 31, 2029
W••••••••• B••••• L••delayed draw term loan first lien$699,000-$1,000S+475 bpDec 31, 2032
P•• ••• B••••• I•••delayed draw term loan first lien$690,000-$3,000S+325 bpMar 16, 2033
M•• H••••••• B••••• I•••delayed draw term loan first lien$941,000-$3,000S+475 bpDec 23, 2032
U•• I••••••••• H••••••• L••delayed draw term loan first lien$3.5M-$5,000S+425 bpDec 10, 2032
V•••••• C•• B•••• L•• ••••••••• C•••••••••delayed draw term loan first lien$1.0M-$5,000S+500 bpJun 1, 2029
N••••••• P•• B•••• L••delayed draw term loan first lien$2.1M-$6,000S+450 bpDec 22, 2032
C••••• S•••••••• A••••••••• I•••delayed draw term loan first lien$460,000-$7,000
700c
S+500 bpAug 7, 2031
H••••• S••••••••• L••delayed draw term loan first lien$1.4M-$7,000S+450 bpAug 6, 2032
B••••••• S••• I••••••••• I•••delayed draw term loan first lien$2.5M-$7,000S+475 bpAug 28, 2031
S•••••••• M••••••••• H•••••••• L••delayed draw term loan first lien$1.9M-$9,000S+450 bpMar 31, 2033
C•••••• U• M•••• I••• L•delayed draw term loan first lien$1.3M-$11,000S+250 bpNov 1, 2032
K••••• A••••••••• L••delayed draw term loan first lien$3.4M-$11,000S+450 bpNov 8, 2032
C••••• S•••••••• A••••••••• I•••delayed draw term loan first lien$798,000-$12,000
600c
S+500 bpAug 7, 2031
H••• I••••••••• L••delayed draw term loan first lien$2.6M-$12,000S+475 bpFeb 2, 2033
R•••• L••••• I•••revolver lien unstated$2.8M-$12,000
92c
S+475 bpFeb 6, 2032
H••••• M••••••••• A••••••••• I•••delayed draw term loan first lien$2.4M-$12,000S+625 bpMar 30, 2029
L•••• G••••• I•••delayed draw term loan first lien$1.9M-$15,000
250c
S+500 bpOct 12, 2029
B•• A•••• A•••••••• L••revolver lien unstated$1.7M-$15,000
107c
S+450 bpNov 18, 2031
O•••••• H•••••••• I•••delayed draw term loan first lien$3.0M-$15,000S+475 bpFeb 4, 2030
K••• A••••••••• I••• ••••••••delayed draw term loan first lien$2.8M-$16,000
178c
S+475 bpJul 31, 2031
R•••• L••••• I•••delayed draw term loan first lien$3.6M-$16,000
94c
S+475 bpFeb 6, 2032
C••••• S•••••••• A••••••••• I•••revolver lien unstated$1.1M-$16,000
200c
S+500 bpAug 7, 2031
V•••••• E••••••• S•••••••• I•••delayed draw term loan first lien$2.1M-$17,000
170c
S+500 bpSep 27, 2031
H•• A••••••• C••••delayed draw term loan first lien$2.1M-$18,000
450c
S+450 bpNov 5, 2031
A•••••• I•••delayed draw term loan first lien$3.9M-$18,000S+475 bpFeb 3, 2032
T•••• I•••delayed draw term loan first lien$949,000-$19,000
475c
S+475 bpNov 24, 2031
K•••• P•• B•••• L••delayed draw term loan first lien$4.9M-$21,000
64c
S+425 bpNov 15, 2029
Y••••••••• I•••delayed draw term loan first lien$3.4M-$21,000S+475 bpSep 29, 2028
E•••• F•••••• C••••••••• L••delayed draw term loan first lien$1.7M-$21,000
233c
S+475 bpApr 29, 2030
B••••••• H•••••••• I•••delayed draw term loan first lien$4.8M-$22,000S+475 bpMar 18, 2031
T•••• I•••revolver lien unstated$1.2M-$24,000
240c
S+475 bpNov 22, 2030
E••••••• I•••delayed draw term loan first lien$1.8M-$24,000S+525 bpJun 1, 2027
C••••••••• A••••••• L••delayed draw term loan first lien$1.0M-$24,000
800c
S+325 bpMar 31, 2032
C••••••• H••• S••••••• L••delayed draw term loan unsecured or subordinated$442,000-$26,000
650c
12.00%Nov 27, 2031
A••• B••••• L••revolver lien unstated$2.8M-$27,000
270c
S+450 bpFeb 18, 2033
U•• W•••• I••••••••• H•••••••• L••delayed draw term loan first lien$5.7M-$29,000S+450 bpFeb 21, 2031
V••••• M•••• H•••••••• L••revolver lien unstated$1.7M-$33,000
254c
S+450 bpJul 24, 2031
C•• M••••••••• S•••••••• L•• •••••••• L••• S•••••delayed draw term loan first lien$7.2M-$35,000S+500 bpMar 27, 2030
S•••••• R••••••••• L••delayed draw term loan first lien$8.2M-$39,000S+450 bpDec 16, 2032
K••• A••••••••• I•••delayed draw term loan first lien$6.9M-$40,000S+475 bpJul 31, 2031
C••• B••••• I••• ••••••••• A•• C••••••••• L••••••delayed draw term loan unsecured or subordinated$1.0M-$40,000
400c
10.00%
PIK 2.75%
Apr 30, 2031
A••••••••• L••delayed draw term loan first lien$3.3M-$41,000S+500 bpSep 10, 2030
I••••• A•••••••• L••delayed draw term loan first lienNot disclosed-$43,000
-358c
S+450 bpMar 19, 2032
K• B••••• A••••••••• I••• ••••••••• L••••delayed draw term loan first lien$8.5M-$43,000S+475 bpJun 30, 2030
T••••••••• P•••••••• I••• I•••delayed draw term loan first lien$9.1M-$45,000
237c
S+425 bpAug 31, 2028
A•• H••••• O•••• L••delayed draw term loan unsecured or subordinated$1.7M-$47,000
204c
8.00%
PIK 5.00%
Apr 10, 2031
E••• P••••••••• I••• ••••••••• L•••••••• T••••••••• B••••• L•••delayed draw term loan first lien$2.1M-$49,000
700c
S+475 bpFeb 14, 2031
B•••••• C••••••• H••••••••• I••••••••• L••delayed draw term loan first lien$4.3M-$61,000
339c
S+525 bpDec 22, 2031
G•• H•• P•••••• L••delayed draw term loan first lien$4.3M-$65,000S+475 bpOct 1, 2031
D••••••• C••••••••• ••• D•••••• M••••• S•• I•• C•••••delayed draw term loan first lien$2.6M-$66,000
733c
S+500 bpAug 2, 2030
P••••••• S••••• P•••••••• L••delayed draw term loan first lien$1.6M-$70,000
2333c
S+625 bpApr 3, 2030
I••••••••• A•• F••• D•••••••• I•••delayed draw term loan first lien$4.2M-$73,000S+500 bpAug 14, 2030
L••••• S•••••• P•••••••• L••delayed draw term loan first lien$12.0M-$74,000S+450 bpNov 10, 2031
B••••• S••••• U••••••••• L••delayed draw term loan first lien$8.2M-$77,000S+525 bpJul 31, 2031
P• B••••• I•••delayed draw term loan first lien$4.4M-$113,000S+450 bpJul 31, 2031
R••••• H•••••••• I••• ••••••• W••••••••
A•••••••••)
delayed draw term loan first lien$8.0M-$113,000S+500 bpNov 1, 2029
A•••• A••••••• G••••• L••delayed draw term loan first lien$12.4M-$147,000S+475 bpAug 1, 2031
T•• B••••• L••revolver lien unstatedNot disclosedNot disclosedS+450 bp
H••• I••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
P•••••••• S••••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosed
A•• S••• R••••••••• L•••••• L•• ••• S••• H••••••••• S•••••••••delayed draw term loan first lienNot disclosedNot disclosed
Y••••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
U•••••delayed draw term loan first lienNot disclosedNot disclosed
T•••• M••••unstated lien unstatedNot disclosedNot disclosedS+368 bp
R• A••• C•••••••• U•• L• •••• I••••••••• P••••••••unstated lien unstatedNot disclosedNot disclosed
K••• A••••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+475 bp
B•• A•••• A•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
C••••• S•••••••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
I••••••••• A•• F••• D•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
G•• H•• P•••••• L••delayed draw term loan first lienNot disclosedNot disclosed
F•••••••• M••••••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosed
C••••••• H••• S••••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
A••• I••••••••• P••••••• H•••••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
C•• C••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
3•• H•••••• I••• ••• T••••••••delayed draw term loan first lienNot disclosedNot disclosed
A••••• P•••••• S••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
S•••• P•• B•••• L•• ••••• F•••••delayed draw term loan first lienNot disclosedNot disclosed
A•• C•••••• A••••••••• L• •••• C•••••• S•••••••• C•••••••unstated lien unstatedNot disclosedNot disclosed
V••••• S•••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
V•• S•••••••• M•••••• A••••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
R••••• H•••••••• I••• ••••••• W••••••••
A•••••••••)
delayed draw term loan first lienNot disclosedNot disclosed
W•• E••••••••• H••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
S•••• • H••••• A••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
S•••••• R••••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
S•••••••• F•••••••• H••••••• L•unstated lien unstatedNot disclosedNot disclosed
R•••••• S••••••• G••••• L•• ••••••••• S••••••• G•••••delayed draw term loan first lienNot disclosedNot disclosed
P• I••••••••• H••••••• I••• L••delayed draw term loan first lienNot disclosedNot disclosed
V•••••• B••••• L•• ••••••••delayed draw term loan first lienNot disclosedNot disclosed
L•• V•••••• H••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
K••• A••••••••• I••• ••• E•••••••revolver lien unstatedNot disclosedNot disclosed
R•••• L••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
E••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+425 bp
M••••• C••••••••• A••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
C••• B••••• I••• ••••••••• A•• C••••••••• L••••••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
M•• H••••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
K•••• P•• B•••• L••delayed draw term loan first lienNot disclosedNot disclosed
A••• S•••••• P•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+500 bp
Page 7 of 9PreviousNext
Registration
Fiscal year end
1231reported
Incorporated
unknownreported
On the SEC BDC report
2022 to 2026reported
Filings listed
17reported10-Q and 10-K since 2022
Latest schedule
0001628280-26-055912reported
Capital chain

N••••• C•••••••• P•••••• C•••••• I••••• F••• sits on 269 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

3,999 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 2 connections across 1 kind
Manages (2)