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T•• T••• B•••• C•••••• I••••• F•••
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.
As of · the latest schedule of investments read for this BDC
- Fair value
- $4.9B
- Borrowers
- 304
- Mark on cost
- 99.7¢
- First lien
- 97%
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
- $13.6Mon 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•• → - $4.73Mnewly 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.
- 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 - 62 → 69loans 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.
- 285 → 304borrowers
Added a net 19 borrowers in the quarter to Jun 30, 2026, to 304.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1913724 · file 814-01523ShowHide
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
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.1B | 304 | 100c | 69 | 541 bp |
| Mar 31, 2026 | $4.6B | 285 | 100c | 62 | 552 bp |
| Dec 31, 2025 | $8.7B | 321 | 100c | 114 | 553 bp |
| Sep 30, 2025 | $4.0B | 278 | 100c | 53 | 556 bp |
All 19 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $3.7B | 264 | 100c | 50 | 562 bp |
| Mar 31, 2025 | $3.5B | 255 | 100c | 51 | 566 bp |
| Dec 31, 2024 | $3.4B | 312 | 100c | 41 | 572 bp |
| Sep 30, 2024 | $2.9B | 238 | 100c | 34 | 577 bp |
| Jun 30, 2024 | $2.4B | 227 | 100c | 36 | 600 bp |
| Mar 31, 2024 | $1.9B | 213 | 100c | 36 | 612 bp |
| Dec 31, 2023 | $1.5B | 258 | 100c | 36 | 602 bp |
| Sep 30, 2023 | $1.3B | 188 | 100c | 25 | 609 bp |
| Jun 30, 2023 | $1.0B | 60 | 100c | 3 | 601 bp |
| Mar 31, 2023 | $918M | 52 | 100c | 0 | 600 bp |
| Dec 31, 2022 | $855M | 199 | 100c | 0 | 600 bp |
| Sep 30, 2022 | $17.8M | 1 | n/a | 0 | n/a |
| Jun 30, 2022 | $2.2M | 1 | n/a | 0 | n/a |
| Mar 31, 2022 | $0 | 1 | n/a | 0 | n/a |
| Jan 26, 2022 | $0 | 1 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- G••••••••• I•• first lien term loan1 BDC hold it · matures Jul 29, 2028$79.0M 100c
- C•••••• H•••••••• L•• first lien term loan6 BDCs hold it · matures Jun 28, 2030$60.0M 100c
- S••• D••••• M••••••••• L•• first lien term loan1 BDC hold it · matures Dec 15, 2031 · possible sponsor L••••• C•••••• P•••••••$57.4M 100c
- A•• G••••• L•• first lien term loan1 BDC hold it · matures Aug 1, 2029$56.6M 95c
- H•• P•••••••• C••• first lien term loan4 BDCs hold it · matures Jun 17, 2029$53.1M 100c
- C• S••••••• A••••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Apr 25, 2028$47.7M 100c
- E•••••• D••••••••• S••••••••• L•• first lien term loan1 BDC hold it · matures Dec 30, 2028$47.5M 100c
- R••••• E•••••••• I••••••••• C••• first lien term loan1 BDC hold it · matures Oct 8, 2030 · possible sponsor S••••••••• C•••••• L•$46.8M 100c
- S•••• E•••••••• H•••••••• L•• first lien term loan1 BDC hold it · matures Dec 15, 2028$46.7M 100c
- A••••• P••••••• I•• L•• first lien term loan1 BDC hold it · matures Aug 15, 2031$46.1M 100c
- S••••••• I•••••••• P••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Oct 25, 2029$45.3M 101c
- V•••••• D•••••••• O•••••••• C••• first lien term loan1 BDC hold it · matures May 27, 2027$44.7M 100c
Schedule of investments at Sep 30, 2024
855 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M•••••••• P•••••• S•••••••• L•• | revolver first lien | $134,000 | $79,000 100c | S+550 bp | Mar 8, 2026 |
| R•••••• A••••• H•••••• L•• | revolver first lien | $131,000 | $77,000 100c | S+600 bp | Apr 6, 2026 |
| Q•••• B••••••• L•• | delayed draw term loan first lien | $75,000 | $74,000 100c | S+600 bp | May 5, 2027 |
| A•••••• I••••••••• I•• | revolver first lien | $134,000 | $74,000 95c | S+700 bp | Apr 15, 2026 |
| A•••••••• I•• | revolver first lien | $248,000 | $74,000 100c | S+650 bp | Jan 26, 2025 |
| P••• M• P••••••••• I•• | delayed draw term loan first lien | $80,000 | $73,000 92c | S+600 bp PIK 0.50% | May 27, 2027 |
| S•••••••• P•••••• C••• P•••••••• L•• | revolver first lien | $225,000 | $73,000 99c | S+525 bp | Dec 30, 2025 |
| 6•• H••••••• E••••• L•• | revolver first lien | $75,000 | $71,000 100c | S+500 bp | Feb 14, 2028 |
| M••••••• P•••• G•••• C••• | revolver first lien | $287,000 | $71,000 100c | S+700 bp | Apr 22, 2026 |
| B••••• B••••• L•• | revolver first lien | $370,000 | $70,000 97c | S+575 bp PIK 0.50% | Oct 31, 2025 |
| C••••••• O••••••••• P••••••• C••• | revolver first lien | $107,000 | $70,000 67c | S+700 bp | Dec 31, 2026 |
| A••••••• E•••••••• S•••••• L•• | term loan first lien | $70,000 | $69,000 100c | S+600 bp | Nov 5, 2026 |
| A•• P•••••• I••••••••• H•••••••• I•• | delayed draw term loan first lien | $70,000 | $69,000 100c | S+650 bp | Oct 5, 2027 |
| D••••••••• M•••••• P••••••• O••• L•• | delayed draw term loan first lien | $64,000 | $64,000 100c | S+650 bp | Oct 29, 2026 |
| V•••••• D•••••••• O•••••••• C••• | delayed draw term loan first lien | $64,000 | $63,000 100c | S+600 bp | May 27, 2026 |
| P••• D••••• S•••••••• L•• | delayed draw term loan first lien | $57,000 | $57,000 100c | S+675 bp | Dec 31, 2025 |
| T•••••••• G•••••• L•• | revolver first lien | $128,000 | $56,000 52c | S+850 bp | Jun 30, 2027 |
| B••••••••• L•• | revolver first lien | $52,000 | $52,000 100c | S+600 bp | Dec 14, 2026 |
| M••••••• P•••• G•••• C••• | delayed draw term loan first lien | $52,000 | $52,000 100c | S+700 bp | Apr 22, 2026 |
| C••••••• S•••••••• L•• | revolver first lien | $344,000 | $49,000 57c | S+650 bp | Oct 17, 2025 |
| G•••••••• M•••••• a•• S••••••• S•••••• L•• | revolver first lien | $300,000 | $49,000 100c | S+550 bp | Dec 21, 2025 |
| A••••••• E••••••••• G••••• L•• | delayed draw term loan first lien | $56,000 | $48,000 86c | S+500 bp PIK 6.00% | Dec 30, 2027 |
| B••••••••• L•• | delayed draw term loan first lien | $47,000 | $47,000 100c | S+600 bp | Dec 14, 2026 |
| C•••••••• C••• P•••••••• L•• | revolver first lien | $75,000 | $47,000 98c | S+600 bp | Jun 10, 2026 |
| T•• C•••••• C••••••• L•• | revolver first lien | $62,000 | $45,000 96c | S+675 bp | Nov 1, 2027 |
| S••••••• A••••••••• L•• | revolver first lien | $178,000 | $45,000 92c | S+700 bp | May 17, 2026 |
| A•• P•••••• I••••••••• H•••••••• I•• | revolver first lien | $48,000 | $45,000 100c | S+550 bp | Oct 5, 2027 |
| H••• I••••••••• L•• | revolver first lien | $60,000 | $43,000 100c | S+625 bp | Mar 31, 2028 |
| M••• S••••• G••••••• L•• | delayed draw term loan first lien | $41,000 | $41,000 100c | S+525 bp | Nov 10, 2025 |
| S•••• S•••• B•••• L•• | revolver first lien | $131,000 | $39,000 100c | S+600 bp | Apr 5, 2026 |
| U•••••••• P•••• L•• | delayed draw term loan first lien | $363,000 | $38,000 100c | S+600 bp | Oct 31, 2028 |
| G•••• M•••••• A••••••••• L•• | revolver first lien | $38,000 | $37,000 100c | S+600 bp | Dec 28, 2026 |
| R•• A••••••••• L•• | revolver first lien | $38,000 | $36,000 97c | S+675 bp | Aug 17, 2026 |
| A••••••• E•••••••• S•••••• L•• | delayed draw term loan first lien | $37,000 | $36,000 97c | S+600 bp | Nov 5, 2026 |
| A••••••• M••••••• S••••••••• L• | revolver first lien | $45,000 | $34,000 100c | S+500 bp | Sep 2, 2026 |
| C•• H••• G••••• L•• | delayed draw term loan first lien | $34,000 | $33,000 100c | S+575 bp | Dec 15, 2026 |
| D••••• E•••••••• C••••••• L•• | revolver first lien | $83,000 | $33,000 41c | S+650 bp | Apr 1, 2026 |
| A••••••• T••••••••• I••••••••• L•• | revolver first lien | $173,000 | $33,000 100c | S+625 bp | Apr 30, 2026 |
| T••• P•••••••• L•• | revolver first lien | $324,000 | $32,000 100c | S+400 bp | Jan 24, 2025 |
| A••••••• E••••••••• G••••• L•• | revolver first lien | $38,000 | $32,000 86c | S+500 bp | Dec 30, 2027 |
| I••••••••• L•• | revolver first lien | $38,000 | $32,000 100c | S+500 bp | Jul 30, 2026 |
| S••••••• S••••• M••••••• P•••••••• L•• | revolver first lien | $60,000 | $31,000 100c | S+800 bp | Feb 23, 2027 |
| M••••••••• L•• | revolver first lien | $75,000 | $31,000 100c | S+675 bp | May 17, 2027 |
| C•• H••• G••••• L•• | revolver first lien | $38,000 | $30,000 100c | S+575 bp | Dec 15, 2026 |
| M•• R••• C••••••• L•• | revolver first lien | $395,000 | $30,000 103c | S+625 bp | May 7, 2026 |
| D••••••••• M•••••• P••••••• O••• L•• | revolver first lien | $38,000 | $28,000 100c | S+650 bp | Oct 29, 2026 |
| S•• B••••••• B••••• L•• | revolver first lien | $38,000 | $28,000 100c | S+575 bp | Nov 24, 2026 |
| D••••••• A••• L•• | revolver first lien | $38,000 | $26,000 100c | S+625 bp | Oct 22, 2026 |
| S•••• M••••• S•• L•• | revolver first lien | $56,000 | $22,000 100c | S+600 bp | Apr 7, 2027 |
| S•••• C••• W•••• L•• | revolver first lien | $38,000 | $22,000 105c | S+600 bp | Dec 27, 2026 |
| I•• G•••• M••••••••• C••••••• L•• | revolver first lien | $35,000 | $20,000 100c | S+675 bp | Jun 30, 2028 |
| A•• O•••• M••••••••• C••••••• L•• | revolver first lien | $38,000 | $19,000 95c | S+650 bp | Dec 31, 2026 |
| T••• B•••• S••••••••• E••••• H•••••••• L•• ••• •••• E••••• | equity equity | Not disclosed | $19,000 100c | ||
| T••• B•••• S••••••••• E••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $19,000 | ||
| B•• B•••• H•••••• C••• | delayed draw term loan first lien | $124,000 | $17,000 100c | S+550 bp | Dec 14, 2027 |
| D•••••• A••••••••• C••• | revolver first lien | $56,000 | $16,000 100c | S+450 bp | Nov 23, 2026 |
| E•••••••• A••••••••• C•• I•• | revolver first lien | $75,000 | $15,000 100c | S+550 bp | Jun 23, 2027 |
| D••••••••• B••••• L•• | revolver first lien | $75,000 | $15,000 100c | S+525 bp | Jul 22, 2026 |
| P•• A••••••••• L•• | revolver first lien | $38,000 | $15,000 94c | S+575 bp | Sep 30, 2026 |
| C••••••• O••••••••• P••••••• C••• | revolver first lien | $23,000 | $15,000 68c | S+700 bp | Dec 31, 2026 |
| P••• M• P••••••••• I•• | revolver first lien | $75,000 | $14,000 70c | S+600 bp PIK 0.50% | May 20, 2027 |
| S••••••• O••••••••• P••••••• M••••••••• L•• | revolver first lien | $171,000 | $14,000 93c | S+550 bp | Jul 27, 2026 |
| E••• A••••••••• L•• | revolver first lien | $38,000 | $11,000 100c | S+600 bp | Jun 25, 2026 |
| E••••• E•••••••• C••••••• L••• S•••••• | notes unsecured or subordinated | $15,000 | $10,000 71c | S+1250 bp PIK 7.00% | Jul 17, 2026 |
| C• S••••••• I••••••••• L•• | revolver first lien | $38,000 | $7,000 100c | S+650 bp | Jul 28, 2028 |
| P• a•• R• D••••• S••••••••• L•• | revolver first lien | $23,000 | $7,000 100c | S+525 bp | Dec 22, 2026 |
| C••••••• O••••••••• P••••••• C••• | delayed draw term loan first lien | $31,000 | $7,000 100c | S+700 bp | Mar 19, 2026 |
| G••••• B••• P• P•••••••• L•• | revolver first lien | $38,000 | $5,000 100c | S+600 bp | Oct 22, 2026 |
| A••••••• H•••••• C••• | delayed draw term loan first lien | Not disclosed | $5,000 36c | S+550 bp | Apr 9, 2027 |
| M•• K••••• A••••••••• L•• | delayed draw term loan first lien | $4,000 | $4,000 100c | S+600 bp PIK 0.50% | Dec 4, 2025 |
| Q•••• B••••••• L•• | revolver first lien | $38,000 | $3,000 100c | S+600 bp | May 5, 2027 |
| B••••••• F••••••••• L•• | revolver first lien | $38,000 | $0 0c | S+600 bp | May 21, 2026 |
| A••••••• L••••••• A••••••••• L•• | revolver first lien | $324,000 | $0 | S+600 bp | Nov 22, 2025 |
| S•••• B••••• I•• | revolver first lien | $138,000 | $0 | S+550 bp | Apr 14, 2025 |
| E• M••••••••• C••••••• L•• | revolver first lien | $38,000 | $0 | S+550 bp | Jul 15, 2026 |
| N•••••• P••••••• A••••••••• L•• | revolver first lien | $38,000 | $0 | S+600 bp | Dec 30, 2026 |
| S••• H•••••• C••••••• L•• | revolver first lien | $60,000 | $0 | S+500 bp | Oct 29, 2026 |
| H••• B••••• G•••• H•••••••• I•• | revolver first lien | $48,000 | $0 | S+475 bp | Nov 8, 2026 |
| S•••••••• D••••• P••••••• L•• | revolver first lien | $38,000 | $0 | S+625 bp | Oct 29, 2026 |
| F•••••••• F•••••••• L•• | revolver first lien | $15,000 | $0 | S+525 bp | May 2, 2027 |
| M••• S••••• G••••••• L•• | revolver first lien | $38,000 | $0 | S+525 bp | Nov 10, 2025 |
| C•••••••• C•••••••• G•••• A••••••••• C••• | revolver first lien | $19,000 | $0 | S+500 bp | May 17, 2027 |
| W•••••• V••••••••• P••••••• L•• | revolver first lien | $24,000 | $0 | S+500 bp | Oct 29, 2027 |
| E•••••••• C•••••••• L•• | revolver first lien | $23,000 | $0 | S+600 bp | Dec 9, 2026 |
| B•• A••• M•• H••••••• I•• | revolver first lien | $30,000 | $0 | S+575 bp | Jul 23, 2026 |
| I•••••••• M•••• B••••• L•• | revolver first lien | $38,000 | $0 | S+550 bp | Nov 1, 2026 |
| B•• A••• M•• H••••••• I•• | revolver first lien | $75,000 | $0 | S+575 bp | Jul 23, 2026 |
| F••••••••• L•• | revolver first lien | $30,000 | $0 | S+550 bp | Oct 5, 2025 |
| A•••••• L•• | revolver first lien | $38,000 | -$1,000 | S+200 bp PIK 5.00% | Nov 12, 2026 |
| A••••••• H••••• H•••••••• L•• | revolver first lien | $267,000 | -$1,000 50c | S+525 bp | May 3, 2026 |
| P•• A••••••••• L•• | revolver first lien | $56,000 | -$1,000 100c | S+650 bp | May 12, 2028 |
| 6•• H••••••• E••••• L•• | delayed draw term loan first lien | $36,000 | -$1,000 | S+500 bp | Feb 14, 2028 |
| C••••••• M••••••••• G••••• L•• | revolver first lien | $56,000 | -$1,000 100c | S+625 bp | Oct 8, 2026 |
| M••••• F••••• I•• | revolver first lien | $506,000 | -$1,000 100c | S+475 bp | Dec 6, 2024 |
| P••• I••••••••• H•••••••• L•• | delayed draw term loan first lien | $113,000 | -$1,000 100c | S+700 bp | Dec 31, 2025 |
| M•••••• L•• | revolver first lien | $150,000 | -$1,000 100c | S+625 bp | Nov 4, 2025 |
| B•• B•••• H•••••• C••• | revolver first lien | $79,000 | -$1,000 100c | S+550 bp | Dec 14, 2027 |
| S•••••••• L•• | revolver first lien | $110,000 | -$1,000 100c | S+575 bp | Jun 21, 2027 |
| N••••••••• I••••••••• L•• | revolver first lien | $131,000 | -$1,000 100c | S+700 bp | Apr 21, 2026 |
| A••• D••••• P•••••••• L•• | revolver first lien | $150,000 | -$1,000 100c | S+550 bp PIK 1.00% | Nov 23, 2025 |
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