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T•• T••• B•••• C•••••• I••••• F•••

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

A non-traded business development company, managed by A••• F••• M••••••• L••, holding $4.9B across 304 borrowers at Jun 30, 2026.

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

Fair value
$4.9B
Schedule of investments, 10-Q and 10-K
Borrowers
304
Schedule of investments, 10-Q and 10-K
Mark on cost
99.7¢
Schedule of investments, 10-Q and 10-K
First lien
97%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,308)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $13.6M
    on non-accrual, 6 borrowers

    6 borrowers on non-accrual, $13.6M principal; the largest is I••••••••• F••••••• L•• ($4.73M).

    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••••••••• F••••••• L•• →
  2. $4.73M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $4.73M principal: I••••••••• F••••••• L•• ($4.73M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open I••••••••• F••••••• L•• →
  3. 46 below 80¢
    $39.3M principal

    46 positions across 18 borrowers marked below 80¢ on cost, $39.3M 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. 62 → 69
    loans paying in kind

    Loans paying in kind rose from 62 to 69 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. 285 → 304
    borrowers

    Added a net 19 borrowers in the quarter to Jun 30, 2026, to 304.

    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 1913724 · file 814-01523Show
Fair value
$4.9B
as of Jun 30, 2026
Principal held
$6.0B
debt pieces, the filer's figure
Cost
$4.9B
100c on cost, debt pieces
Unfunded
$760M
commitments not yet drawn
Positions
1,308
304 borrowers
First lien
97%
98% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
1,023
48 sponsors financed
Portfolio through time
Fair value by quarter end$5.1B as of Jun 30, 2026
Jan 26, 2022$0 then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$5.1B304100c69541 bp
Mar 31, 2026$4.6B285100c62552 bp
Dec 31, 2025$8.7B321100c114553 bp
Sep 30, 2025$4.0B278100c53556 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$3.7B264100c50562 bp
Mar 31, 2025$3.5B255100c51566 bp
Dec 31, 2024$3.4B312100c41572 bp
Sep 30, 2024$2.9B238100c34577 bp
Jun 30, 2024$2.4B227100c36600 bp
Mar 31, 2024$1.9B213100c36612 bp
Dec 31, 2023$1.5B258100c36602 bp
Sep 30, 2023$1.3B188100c25609 bp
Jun 30, 2023$1.0B60100c3601 bp
Mar 31, 2023$918M52100c0600 bp
Dec 31, 2022$855M199100c0600 bp
Sep 30, 2022$17.8M1n/a0n/a
Jun 30, 2022$2.2M1n/a0n/a
Mar 31, 2022$01n/a0n/a
Jan 26, 2022$01n/a0n/a
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 Jan 26, 2022
1 position
BorrowerInstrumentPrincipalFair valueRateMaturity
T••• B•••• E••••• H•••••••• L••unstated lien unstatedNot disclosed$0
Page 1 of 1
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2022 to 2026reported
Filings listed
15reported10-Q and 10-K since 2022
Former names
AG T••• B•••• Capital Income Fundreported
Latest schedule
0001913724-26-000024reported