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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 Mar 31, 2026
1,058 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S•••••••• P•••••• C••• P•••••••• L••unstated lien unstatedNot disclosedNot disclosed
S••••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
B•••• M••••••••• C••••••• L••unstated lien unstatedNot disclosedNot disclosed
S••••• B••••• L••unstated lien unstatedNot disclosedNot disclosed
S•• C••• C•••• P•••••••• B•••• C•••unstated lien unstatedNot disclosedNot disclosed
P••••••• T••••••••• G••••• L••unstated lien unstatedNot disclosedNot disclosed
C•• P•••• B••••• L••unstated lien unstatedNot disclosedNot disclosed
P•• M••••••••• C••••••• L••unstated lien unstatedNot disclosedNot disclosed
P•• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
F••••••• L••unstated lien unstatedNot disclosedNot disclosed
L••• O•• P•••••••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
I•••••• I••••••••• H••••••• I•• L••unstated lien unstatedNot disclosedNot disclosed
F••••••••• L••unstated lien unstatedNot disclosedNot disclosed
G••• M•••• H•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
A•• I••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
A••• H•••••• L••unstated lien unstatedNot disclosedNot disclosed
C••••••• O••••••••• P••••••• C•••unstated lien unstatedNot disclosedNot disclosed
I•• P••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
I••••• H•••••••• L••unstated lien unstatedNot disclosedNot disclosed
V•••••••• H•••••••• L••unstated lien unstatedNot disclosedNot disclosed
B••••• B••••• L••unstated lien unstatedNot disclosedNot disclosedOct 31, 2025
M•••••••• I••unstated lien unstatedNot disclosedNot disclosed
M••••••• P•••• G•••• C••••unstated lien unstatedNot disclosedNot disclosed
5••••••• L••unstated lien unstatedNot disclosedNot disclosed
A•• P•••••••• I••unstated lien unstatedNot disclosedNot disclosed
A•• I••••••••• I••unstated lien unstatedNot disclosedNot disclosed
A••••• D••••••••• L••unstated lien unstatedNot disclosedNot disclosed
B••• W•• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
B••• L••• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
F•••••••• F•••••••• L••unstated lien unstatedNot disclosedNot disclosed
H•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
H••••••• U••• L••unstated lien unstatedNot disclosedNot disclosed
L••• C••• H••••••• P••••••••• I••unstated lien unstatedNot disclosedNot disclosed
Q•••••• L•••••• S••••••• o• N•••• A••••••• I••unstated lien unstatedNot disclosedNot disclosed
S••••••• B••••• I••unstated lien unstatedNot disclosedNot disclosed
S••• D••••• P••••••• L••unstated lien unstatedNot disclosedNot disclosed
T••• P•••••••• L••unstated lien unstatedNot disclosedNot disclosed
S•••••• L••unstated lien unstatedNot disclosedNot disclosed
K••••• D••••• L••unstated lien unstatedNot disclosedNot disclosed
G•••• M•••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
I•• G•••• M••••••••• C••••••• L••unstated lien unstatedNot disclosedNot disclosedMay 30, 2024
W••• B••••• L••unstated lien unstatedNot disclosedNot disclosed
I•••• L••unstated lien unstatedNot disclosedNot disclosed
B•• T•• S•••• B•••••• L••unstated lien unstatedNot disclosedNot disclosed
B••• E• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
A•• P•••••• I••••••••• H•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
D•••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
P•••••• E•••• C•••••••• E•••••••• P••••••• L••unstated lien unstatedNot disclosedNot disclosed
S••• D••••• M••••••••• L••unstated lien unstatedNot disclosedNot disclosed
S••••••• B••••••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
T•• S•••••••• L••unstated lien unstatedNot disclosedNot disclosed
T•••••• S••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
S••••••• S••••••••• L••unstated lien unstatedNot disclosedNot disclosed
V••••••• P••••••••• L••unstated lien unstatedNot disclosedNot disclosed
W•••••• a•• B••••••• L••unstated lien unstatedNot disclosedNot disclosed
C••••• A••••••••• H•••••••• L••unstated lien unstatedNot disclosedNot disclosed
S•••••••• L••unstated lien unstatedNot disclosedNot disclosed
C••••• A•••••• a• L••• o• t•• O•••••• L••unstated lien unstatedNot disclosedNot disclosed
Page 11 of 11Previous
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