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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.

As of 2026-06-30 · 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 (1,308)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•• →
$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•• →
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 → 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 →
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

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 quarters

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
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

G••••••••• I•• first lien term loan
1 BDC hold it · matures Jul 29, 2028
$79.0M 100c
C•••••• H•••••••• L•• first lien term loan
6 BDCs hold it · matures Jun 28, 2030
$60.0M 100c
S••• D••••• M••••••••• L•• first lien term loan
1 BDC hold it · matures Dec 15, 2031 · possible sponsor L••••• C•••••• P•••••••
$57.4M 100c
A•• G••••• L•• first lien term loan
1 BDC hold it · matures Aug 1, 2029
$56.6M 95c
H•• P•••••••• C••• first lien term loan
4 BDCs hold it · matures Jun 17, 2029
$53.1M 100c
C• S••••••• A••••••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Apr 25, 2028
$47.7M 100c
E•••••• D••••••••• S••••••••• L•• first lien term loan
1 BDC hold it · matures Dec 30, 2028
$47.5M 100c
R••••• E•••••••• I••••••••• C••• first lien term loan
1 BDC hold it · matures Oct 8, 2030 · possible sponsor S••••••••• C•••••• L•
$46.8M 100c
S•••• E•••••••• H•••••••• L•• first lien term loan
1 BDC hold it · matures Dec 15, 2028
$46.7M 100c
A••••• P••••••• I•• L•• first lien term loan
1 BDC hold it · matures Aug 15, 2031
$46.1M 100c
S••••••• I•••••••• P••••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Oct 25, 2029
$45.3M 101c
V•••••• D•••••••• O•••••••• C••• first lien term loan
1 BDC hold it · matures May 27, 2027
$44.7M 100c

Schedule of investments at Sep 30, 2025

1,030 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
D•••••• C••••• A••••••••• I•••	revolver first lien	$3.0M	-$36,000 88c	S+475 bp	Feb 14, 2031
O•••••••• L••	delayed draw term loan first lien	$4.1M	-$36,000 88c	S+500 bp	Jun 7, 2028
A••••••• B••••• I••	revolver first lien	$2.8M	-$37,000 90c	S+550 bp	Mar 12, 2030
E•••••• C••••••••• S••••••••• I•••	revolver first lien	$3.2M	-$37,000 86c	S+500 bp	Dec 30, 2030
N•• M••••• S••• I••	revolver first lien	$2.5M	-$38,000 90c	S+500 bp	Dec 4, 2029
G••••••••• I•••	delayed draw term loan first lien	$8.0M	-$38,000 100c	S+500 bp	Jul 29, 2028
M•••••••• T••••••••• I•••	revolver first lien	$2.6M	-$38,000 100c	S+500 bp	Aug 22, 2031
E••••••••• P••••••• P•••••••• L••	delayed draw term loan first lien	$4.1M	-$40,000 100c	S+550 bp	Nov 2, 2027
B••• V•••••• M•••• A••••••••• L••	revolver first lien	$2.9M	-$40,000 91c	S+525 bp	Dec 31, 2030
C•••••• R••••••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$2.5M	-$40,000 93c	S+500 bp	Jan 31, 2030
J•••• B•••• L••	delayed draw term loan first lien	$2.6M	-$40,000 98c	S+625 bp	Aug 31, 2029
B•• B•••• H•••••• C•••	delayed draw term loan first lien	$6.6M	-$41,000 89c	S+600 bp	Dec 14, 2027
M••••• F••••• I••	revolver first lien	$3.7M	-$42,000 88c	S+500 bp	Dec 19, 2030
C••••••• O•••••• H•••••• I••	revolver first lien	$4.2M	-$42,000 71c	S+500 bp	Jun 26, 2030
V•••• A•••• D••••••••• L••	revolver first lien	$3.8M	-$43,000 84c	S+475 bp	Dec 19, 2029
I•••••••• P••••••••• L••	revolver first lien	$5.8M	-$43,000 77c	S+525 bp	Sep 30, 2027
P••••••• L••	revolver first lien	$3.7M	-$44,000 71c	S+475 bp	Jan 24, 2030
P•••••••• M••• C•••••••••	revolver first lien	$3.7M	-$44,000 64c	S+550 bp	Apr 26, 2029
C•• P•••• B••••• L••	delayed draw term loan first lien	$8.8M	-$44,000 100c	S+550 bp	Sep 26, 2027
T•••• H•••••• L••	delayed draw term loan first lien	$3.6M	-$45,000 87c	S+475 bp	Jun 13, 2031
G• S••••••• B••••• L••	revolver first lien	$3.1M	-$45,000 100c	S+475 bp	Aug 26, 2030
D•••• H••• L••	revolver first lien	$3.0M	-$45,000 90c	S+550 bp	Jun 6, 2030
C•••••• C••••••••• L••	delayed draw term loan first lien	$9.2M	-$46,000 82c	S+575 bp	Oct 22, 2026
C•• I••••••••• A••••••••• L••	delayed draw term loan first lien	$3.6M	-$46,000 90c	S+525 bp	Nov 8, 2029
K••••••••• I••	revolver first lien	$3.6M	-$47,000 92c	S+525 bp	May 1, 2029
C•• P••••••••• L••	revolver first lien	$4.2M	-$48,000 89c	S+500 bp	Dec 30, 2029
S••••• B••••• L••	revolver first lien	$4.3M	-$48,000 91c	S+475 bp	Nov 12, 2030
B••• W•• I••••••••• L••	delayed draw term loan first lien	$7.6M	-$49,000 82c	S+600 bp	Aug 19, 2028
C•• P••••••••• L••	delayed draw term loan first lien	$11.0M	-$49,000 70c	S+500 bp	Dec 30, 2029
B••••• O••• S••••••••• M••••••••• L••	delayed draw term loan first lien	$13.7M	-$49,000 100c	S+550 bp	Dec 14, 2026
A••••••• F••••• C•••• L••	revolver first lien	$4.9M	-$49,000 91c	S+475 bp	Feb 28, 2029
T•••••••• F•••• L••	delayed draw term loan first lien	$3.3M	-$49,000 100c	S+500 bp	Aug 1, 2031
K••••• D••••• L••	revolver first lien	$4.3M	-$49,000 88c	S+525 bp	Nov 26, 2030
T•• S•••••••• L••	delayed draw term loan first lien	$7.3M	-$53,000 100c	S+550 bp	Jul 31, 2031
A•••••••• L••	revolver first lien	$4.5M	-$55,000 75c	S+500 bp	Jul 29, 2030
A••••• P•••••• S•••••• P••••••• M•• L••	revolver first lien	$4.2M	-$55,000 92c	S+550 bp	May 3, 2029
H••••• E•••••••• A••••••••• L••	delayed draw term loan first lien	$3.9M	-$56,000 93c	S+550 bp	Aug 1, 2029
D••••••••• L••	delayed draw term loan first lien	$3.9M	-$57,000 100c	S+500 bp	Aug 27, 2031
W••• G••••• I••	revolver first lien	$3.8M	-$59,000 94c	S+525 bp	May 1, 2029
A••• T•••••••• I••••••••• L••	revolver first lien	$3.0M	-$60,000 100c	S+500 bp	Aug 29, 2031
B••• N•• I••••••••• I••	revolver first lien	$5.9M	-$60,000 87c	S+475 bp	May 17, 2030
L•• H•••••• C•••••• L••	delayed draw term loan first lien	$9.8M	-$62,000 78c	S+475 bp	Jul 29, 2030
S•• O••••••• L••	revolver first lien	$5.3M	-$63,000 100c	S+550 bp	Jul 8, 2028
A••• T•••••••• I••••••••• L••	delayed draw term loan first lien	$6.6M	-$65,000 100c	S+500 bp	Aug 29, 2031
V•••••••• M••••••••• L••	delayed draw term loan first lien	$4.5M	-$69,000 92c	S+550 bp	Nov 25, 2029
A•• P•••••••• I••	revolver first lien	$6.0M	-$73,000 100c	S+450 bp	Jul 16, 2031
A••••••• F••••• C•••• L••	delayed draw term loan first lien	$7.3M	-$73,000 203c	S+475 bp	Feb 28, 2029
T•••• H•••••• L••	revolver first lien	$6.1M	-$75,000 86c	S+475 bp	Jun 13, 2031
H••••• a•• W••••••• P••••••• L••	delayed draw term loan first lien	$5.8M	-$82,000 92c	S+500 bp	Mar 12, 2030
H• H•••••• I••	delayed draw term loan first lien	$7.6M	-$83,000 86c	S+600 bp	May 5, 2028
C••••••• O•••••• H•••••• I••	delayed draw term loan first lien	$8.7M	-$87,000 84c	S+500 bp	Jun 26, 2030
A••••• P••••••• I•• L••	revolver first lien	$6.1M	-$90,000 100c	S+575 bp	Aug 15, 2031
M• P•••• L••	delayed draw term loan first lien	$6.0M	-$93,000 92c	S+550 bp	Dec 4, 2029
B•••••• I••	revolver first lien	$7.1M	-$94,000 88c	S+550 bp	Mar 29, 2029
N•• M••••• S••• I••	delayed draw term loan first lien	$6.4M	-$99,000 92c	S+500 bp	Dec 4, 2029
B••••• B••••• L••	revolver first lien	$370,000	-$107,000	S+275 bp PIK 3.50%	May 31, 2026
S•• M••••••• L••	delayed draw term loan first lien	$5.6M	-$108,000 100c	S+550 bp	Aug 8, 2030
D••••• A••••••••• L••	revolver first lien	$7.3M	-$111,000 91c	S+475 bp	Sep 30, 2030
R•••••• B••••• L••	delayed draw term loan first lien	$7.6M	-$119,000 92c	S+475 bp	Jan 3, 2030
D•••••• C••••• A••••••••• I•••	delayed draw term loan first lien	$10.2M	-$119,000 87c	S+475 bp	Feb 14, 2031
G• S••••••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G•••••••• M•••••• a•• S••••••• S•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I•••••••• P••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••••••• T••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
R••••••• M•••••• S••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R••• P•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•• C••• C•••• P•••••••• B•••• C•••	unstated lien unstated	Not disclosed	Not disclosed
O•••• c••• a•• c••• e•••••••••	unstated lien unstated	Not disclosed	Not disclosed
G••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
G•••• M•••••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
K••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
P••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••• C••• W•••• L••	unstated lien unstated	Not disclosed	Not disclosed
C••••• A•••••• a• L••• o• t•• O•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H••••• a•• W••••••• P••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H••••••• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
I•••• L••	unstated lien unstated	Not disclosed	Not disclosed
J•••••• L••••••••• H••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R•• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R•••••• A••••• H•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
J••••••• U••• G••••••••• M•••• M••••• F••• • S•••• C••••• C•	unstated lien unstated	Not disclosed	Not disclosed
G••••• B••• P• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••• T•••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• R•• A••••••••• C•••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• F••••• C•••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
B•• T•• S•••• B•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
K••••• A••• C•••• L••	unstated lien unstated	Not disclosed	Not disclosed
W•••••• V••••••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
B••••• C••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S••• H•••••• C••••••• L••	revolver first lien	Not disclosed	Not disclosed
S•• M••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•• H•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
N•• M••••• S••• I••	unstated lien unstated	Not disclosed	Not disclosed
P••••••• T••••••••• G••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P••• L••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
O•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
N••••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed

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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